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Registration number: SC396523

Perth Radio Taxis Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Perth Radio Taxis Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Perth Radio Taxis Limited

Company Information

Directors

Mr Alexander Smith

Mr Christopher Smith

James Smith

Registered office

10 Ethel Moorhead Place
Perth
PH2 8FA

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Perth Radio Taxis Limited

(Registration number: SC396523)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

536,807

438,506

Current assets

 

Debtors

5

292,521

223,629

Cash at bank and in hand

 

520,965

476,266

 

813,486

699,895

Creditors: Amounts falling due within one year

6

(277,045)

(242,530)

Net current assets

 

536,441

457,365

Net assets

 

1,073,248

895,871

Capital and reserves

 

Called up share capital

7

81

81

Capital redemption reserve

19

19

Retained earnings

1,073,148

895,771

Shareholders' funds

 

1,073,248

895,871

 

Perth Radio Taxis Limited

(Registration number: SC396523)
Statement of Financial Position as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr Alexander Smith
Director

.........................................
Mr Christopher Smith
Director

.........................................
James Smith
Director

 

Perth Radio Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
10 Ethel Moorhead Place
Perth
PH2 8FA

These financial statements were authorised for issue by the Board on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Perth Radio Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Perth Radio Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 10).

 

Perth Radio Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

-

22,476

1,012,026

1,034,502

Additions

46,853

820

212,159

259,832

At 30 April 2024

46,853

23,296

1,224,185

1,294,334

Depreciation

At 1 May 2023

-

18,125

577,871

595,996

Charge for the year

-

1,035

160,496

161,531

At 30 April 2024

-

19,160

738,367

757,527

Carrying amount

At 30 April 2024

46,853

4,136

485,818

536,807

At 30 April 2023

-

4,351

434,155

438,506

Included within the net book value of land and buildings above is £46,853 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

39,388

8,117

Amounts owed by related parties

8

80,069

112,252

Other debtors

 

173,064

103,260

   

292,521

223,629

 

Perth Radio Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

102,530

23,381

Taxation and social security

174,515

157,053

Accruals and deferred income

-

62,096

277,045

242,530

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

81

81

81

81

       

8

Related party transactions

Summary of transactions with other related parties

Perth Radio Garage Services Limited
 (A Smith is the ultimate controlling party)
 During the year ended 30 April 2024, Perth Radio Taxis Limited and Perth Radio Garage Services Limited provided services of to eachother, under normal commercial terms. At 30 April 2024 the balance due to Perth Radio Taxis Limited from Perth Radio Garage Services Limited was £nil (2023: £42,252).
 
Drainmaster Limited
(A Smith is a director)
During the year ended 30 April 2024, a loan account was operated between Perth Radio Taxis Limited and Drainmaster Limited. At 30 April 2024 the balance due to Perth Radio Taxis Limited from Drainmaster Limited was £nil (2023: £15,000).

Lux Executive Limited
(J Smith is a director)
During the year ended 30 April 2024, a loan account was operated between Perth Radio Taxis Limited and Lux Executive Limited. At 30 April 2024 the balance due to Perth Radio Taxis Limited from Lux Executive Limited was £80,069 (2023: £55,000).