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REGISTERED NUMBER: SC364448 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

LONDON CAB SALES LIMITED

LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LONDON CAB SALES LIMITED

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: R A Harris



REGISTERED OFFICE: 136 Boden Street
Glasgow
G40 3PX



REGISTERED NUMBER: SC364448 (Scotland)



ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



SOLICITORS: Brodies LLP
110 Queen Street
Glasgow
G2 1BX

LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)

Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 720,912 498,782

CURRENT ASSETS
Stocks 5 - 32,000
Debtors 6 23,389 16,758
Cash at bank 6,497 28,194
29,886 76,952
CREDITORS
Amounts falling due within one year 7 1,342,221 1,041,134
NET CURRENT LIABILITIES (1,312,335 ) (964,182 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(591,423

)

(465,400

)

CREDITORS
Amounts falling due after more than one
year

8

49,878

10,088
NET LIABILITIES (641,301 ) (475,488 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (641,303 ) (475,490 )
SHAREHOLDERS' FUNDS (641,301 ) (475,488 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)

Balance Sheet - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:





R A Harris - Director


LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

London Cab Sales Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Going concern
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. During the year to 30 April 2024 the company incurred a loss of £165,813 (2023 : £90,066) and it's total liabilities exceeded its assets by £641,301 (2023 : £345,123).

The company is thus dependent on the continued financial support of the group to meets its day to day working capital requirements. On the basis of information available and from discussions with the director the company will be able to continue to operate and meet it's day to day working capital requirements. The director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result from the withdrawal of financial support.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on a straight line basis
Motor vehicles - 10% on a straight line basis
Computer equipment - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 9,324 772,888 904 783,116
Additions - 351,437 - 351,437
Disposals - (126,759 ) - (126,759 )
At 30 April 2024 9,324 997,566 904 1,007,794
DEPRECIATION
At 1 May 2023 8,142 275,288 904 284,334
Charge for year 118 80,111 - 80,229
Eliminated on disposal - (77,681 ) - (77,681 )
At 30 April 2024 8,260 277,718 904 286,882
NET BOOK VALUE
At 30 April 2024 1,064 719,848 - 720,912
At 30 April 2023 1,182 497,600 - 498,782

LONDON CAB SALES LIMITED (REGISTERED NUMBER: SC364448)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. STOCKS
2024 2023
£    £   
Stocks - 32,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 8,664 -
Prepayments and accrued income 14,725 16,758
23,389 16,758

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,800 2,800
Other loans 9,996 -
Hire purchase contracts 4,149 8,299
Amounts owed to group undertakings 1,316,700 1,005,148
VAT - 14,832
Associated company loan 5,505 7,005
Directors' current accounts - 100
Accruals and deferred income 3,071 2,950
1,342,221 1,041,134

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 3,230 5,939
Other loans - 1-2 years 46,648 -
Hire purchase contracts - 4,149
49,878 10,088

9. ULTIMATE CONTROLLING PARTY

The controlling party is R A Harris.

The ultimate controlling party is JJ Harris & Son Taxi Repairs(Glasgow) Ltd.