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Registered number: 13349096
Midlands Chauffeurs Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
SGL Accountancy Limited
ICAEW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13349096
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 700 800
Tangible Assets 5 176,420 149,838
177,120 150,638
CURRENT ASSETS
Debtors 6 51,819 50,033
Cash at bank and in hand 23,852 19,070
75,671 69,103
Creditors: Amounts Falling Due Within One Year 7 (135,545 ) (102,012 )
NET CURRENT ASSETS (LIABILITIES) (59,874 ) (32,909 )
TOTAL ASSETS LESS CURRENT LIABILITIES 117,246 117,729
Creditors: Amounts Falling Due After More Than One Year 8 (113,019 ) (118,628 )
NET ASSETS/(LIABILITIES) 4,227 (899 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 4,226 (900 )
SHAREHOLDERS' FUNDS 4,227 (899)
Page 1
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Justin Maine
Director
03/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Midlands Chauffeurs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13349096 . The registered office is Regus House Herald Way, Castle Donington, Derby, DE74 2TZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold
Motor Vehicles 20% straight line
Computer Equipment 33% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 1,000
As at 30 June 2024 1,000
Amortisation
As at 1 July 2023 200
Provided during the period 100
As at 30 June 2024 300
Net Book Value
As at 30 June 2024 700
As at 1 July 2023 800
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 - 203,054 374 203,428
Additions 28,814 59,941 1,839 90,594
Disposals - (26,683 ) - (26,683 )
As at 30 June 2024 28,814 236,312 2,213 267,339
...CONTINUED
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Depreciation
As at 1 July 2023 - 53,466 124 53,590
Provided during the period - 47,263 738 48,001
Disposals - (10,672 ) - (10,672 )
As at 30 June 2024 - 90,057 862 90,919
Net Book Value
As at 30 June 2024 28,814 146,255 1,351 176,420
As at 1 July 2023 - 149,588 250 149,838
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,400 32,045
Director's loan account - 8,669
Called up share capital not paid 1 1
Amounts owed by associates 10,418 9,318
51,819 50,033
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 56,061 52,402
Trade creditors 1,647 1,644
Corporation tax 20,394 9,382
VAT 21,020 13,529
Other creditors 9,716 5,049
Other creditors (1) 19,814 -
Accruals and deferred income - 1,000
Director's loan account 6,893 -
Amounts owed to joint ventures - 19,006
135,545 102,012
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 113,019 118,628
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 56,061 52,402
Later than one year and not later than five years 113,019 118,628
169,080 171,030
169,080 171,030
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10. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 1 1
Amount of Allotted, Called Up Share Capital 1 1
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