Company Registration No. 14852793 (England and Wales)
Teifi Taxis Ltd
Unaudited accounts
for the period from 8 May 2023 to 31 May 2024
Teifi Taxis Ltd
Unaudited accounts
Contents
Teifi Taxis Ltd
Company Information
for the period from 8 May 2023 to 31 May 2024
Directors
Nicholas William Wright
Elaine Karis Wright
Company Number
14852793 (England and Wales)
Registered Office
TEIFI CASTLE
CWMANN
LAMPETER
SA48 8JN
UNITED KINGDOM
Teifi Taxis Ltd
Statement of financial position
as at 31 May 2024
Cash at bank and in hand
10,798
Creditors: amounts falling due within one year
(116,397)
Net current liabilities
(52,310)
Total assets less current liabilities
183,657
Creditors: amounts falling due after more than one year
(105,997)
Called up share capital
100
Profit and loss account
77,560
Shareholders' funds
77,660
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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 and delivered 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 - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by
Nicholas William Wright
Director
Company Registration No. 14852793
Teifi Taxis Ltd
Notes to the Accounts
for the period from 8 May 2023 to 31 May 2024
Teifi Taxis Ltd is a private company, limited by shares, registered in England and Wales, registration number 14852793. The registered office is TEIFI CASTLE, CWMANN, LAMPETER, SA48 8JN, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
30% reducing balance
Computer equipment
25% reducing balance
Interest-bearing borrowings are initially recognized at fair value, net of transaction costs. Subsequently, these borrowings are carried at amortized cost. The differential between the net proceeds and the redemption amount is systematically charged to the profit and loss account over the period of the related borrowing.
Interest expense is calculated using the effective interest method and is included under interest payable and similar charges.
Borrowings are classified as current liabilities unless the company possesses an unconditional right to defer the settlement of the liability for a minimum period of twelve months subsequent to the reporting date.
Teifi Taxis Ltd
Notes to the Accounts
for the period from 8 May 2023 to 31 May 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
Additions
13,500
271,301
284,801
At 31 May 2024
13,500
271,301
284,801
Charge for the period
2,600
51,234
53,834
At 31 May 2024
2,600
51,234
53,834
At 31 May 2024
10,900
220,067
230,967
Amounts falling due within one year
Teifi Taxis Ltd
Notes to the Accounts
for the period from 8 May 2023 to 31 May 2024
7
Creditors: amounts falling due within one year
2024
Bank loans and overdrafts
5,804
Obligations under finance leases and hire purchase contracts
37,040
Taxes and social security
42,437
Loans from directors
8,999
8
Creditors: amounts falling due after more than one year
2024
Obligations under finance leases and hire purchase contracts
66,894
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
11
Average number of employees
During the period the average number of employees was 16.