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ABACUS AND FALMOUTH TAXIS LIMITED

Registered Number
06636778
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

ABACUS AND FALMOUTH TAXIS LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

ARRINGTON, Thomas William

Registered Address

Jubilee House
Jubilee Road
Falmouth
TR11 2BA

Registered Number

06636778 (England and Wales)
ABACUS AND FALMOUTH TAXIS LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4257,087243,423
257,087243,423
Current assets
Debtors517,91117,086
Cash at bank and on hand109,249102,171
127,160119,257
Creditors amounts falling due within one year6(289,408)(285,825)
Net current assets (liabilities)(162,248)(166,568)
Total assets less current liabilities94,83976,855
Creditors amounts falling due after one year7(99,752)(133,331)
Provisions for liabilities9(720)-
Net assets(5,633)(56,476)
Capital and reserves
Called up share capital22
Profit and loss account(5,635)(56,478)
Shareholders' funds(5,633)(56,476)
The financial statements were approved and authorised for issue by the Director on 24 February 2025, and are signed on its behalf by:
ARRINGTON, Thomas William
Director
Registered Company No. 06636778
ABACUS AND FALMOUTH TAXIS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery10-
Vehicles-5
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year43
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 July 2355,00055,000
At 30 June 2455,00055,000
Amortisation and impairment
At 01 July 2355,00055,000
At 30 June 2455,00055,000
Net book value
At 30 June 24--
At 30 June 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 23135,70332,710236,666127,800532,879
Additions--80,900-80,900
Disposals--(49,407)-(49,407)
At 30 June 24135,70332,710268,159127,800564,372
Depreciation and impairment
At 01 July 23-20,871140,785127,800289,456
Charge for year-1,18448,469-49,653
On disposals--(31,824)-(31,824)
At 30 June 24-22,055157,430127,800307,285
Net book value
At 30 June 24135,70310,655110,729-257,087
At 30 June 23135,70311,83995,881-243,423
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,7551,626
Other debtors16,15615,460
Total17,91117,086
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-234
Bank borrowings and overdrafts20,67920,193
Taxation and social security17,93814,177
Finance lease and HP contracts13,97113,971
Other creditors234,642235,270
Accrued liabilities and deferred income2,1781,980
Total289,408285,825
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts90,807110,417
Other creditors8,94522,914
Total99,752133,331
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts8,94422,915
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)720-
Total720-