17 20 Basildon Taxis Limited 8156631 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Taxi Company Digita Accounts Production Advanced 6.30.9574.0 true 8156631 2023-08-01 2024-07-31 8156631 2024-07-31 8156631 bus:OrdinaryShareClass1 2024-07-31 8156631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 8156631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 8156631 core:CurrentFinancialInstruments 2024-07-31 8156631 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 8156631 core:Non-currentFinancialInstruments 2024-07-31 8156631 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 8156631 core:Goodwill 2024-07-31 8156631 core:FurnitureFittingsToolsEquipment 2024-07-31 8156631 core:LandBuildings 2024-07-31 8156631 core:MotorVehicles 2024-07-31 8156631 core:OtherPropertyPlantEquipment 2024-07-31 8156631 bus:SmallEntities 2023-08-01 2024-07-31 8156631 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 8156631 bus:FullAccounts 2023-08-01 2024-07-31 8156631 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 8156631 bus:RegisteredOffice 2023-08-01 2024-07-31 8156631 bus:Director1 2023-08-01 2024-07-31 8156631 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 8156631 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 8156631 bus:Agent1 2023-08-01 2024-07-31 8156631 core:Goodwill 2023-08-01 2024-07-31 8156631 core:CommercialMotorVehicles 2023-08-01 2024-07-31 8156631 core:FurnitureFittings 2023-08-01 2024-07-31 8156631 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 8156631 core:LandBuildings 2023-08-01 2024-07-31 8156631 core:MotorVehicles 2023-08-01 2024-07-31 8156631 core:OfficeEquipment 2023-08-01 2024-07-31 8156631 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 8156631 core:PlantMachinery 2023-08-01 2024-07-31 8156631 countries:AllCountries 2023-08-01 2024-07-31 8156631 2023-07-31 8156631 core:Goodwill 2023-07-31 8156631 core:FurnitureFittingsToolsEquipment 2023-07-31 8156631 core:LandBuildings 2023-07-31 8156631 core:MotorVehicles 2023-07-31 8156631 core:OtherPropertyPlantEquipment 2023-07-31 8156631 2022-08-01 2023-07-31 8156631 2023-07-31 8156631 bus:OrdinaryShareClass1 2023-07-31 8156631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 8156631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 8156631 core:CurrentFinancialInstruments 2023-07-31 8156631 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 8156631 core:Non-currentFinancialInstruments 2023-07-31 8156631 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 8156631 core:Goodwill 2023-07-31 8156631 core:FurnitureFittingsToolsEquipment 2023-07-31 8156631 core:LandBuildings 2023-07-31 8156631 core:MotorVehicles 2023-07-31 8156631 core:OtherPropertyPlantEquipment 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 8156631

Basildon Taxis Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Basildon Taxis Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Basildon Taxis Limited

Company Information

Directors

Mr Gary Brand

Registered office

A & B Taxis
16 Olympic Business Centre
Paycocke Road
Basildon
Essex
SS14 3ET

Accountants

Watson & Co 204C High Street
Ongar
Essex
CM5 9JJ

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Basildon Taxis Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Basildon Taxis Limited for the year ended 31 July 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Basildon Taxis Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Basildon Taxis Limited and state those matters that we have agreed to state to the Board of Directors of Basildon Taxis Limited, as a body, in this report in accordance with the Certified Public Accountants Association. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Basildon Taxis Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Basildon Taxis Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Basildon Taxis Limited. You consider that Basildon Taxis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Basildon Taxis Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Watson & Co
204C High Street
Ongar
Essex
CM5 9JJ

11 April 2025

 

Basildon Taxis Limited

(Registration number: 8156631)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1,586,635

1,586,635

Tangible assets

6

986,972

1,027,608

 

2,573,607

2,614,243

Current assets

 

Debtors

7

307,435

441,059

Cash at bank and in hand

 

20,428

67,950

 

327,863

509,009

Creditors: Amounts falling due within one year

8

(653,864)

(573,429)

Net current liabilities

 

(326,001)

(64,420)

Total assets less current liabilities

 

2,247,606

2,549,823

Creditors: Amounts falling due after more than one year

8

(1,522,157)

(1,521,582)

Net assets

 

725,449

1,028,241

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

725,448

1,028,240

Shareholders' funds

 

725,449

1,028,241

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 11 April 2025
 

.........................................
Mr Gary Brand
Director

   
     
 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
A & B Taxis
16 Olympic Business Centre
Paycocke Road
Basildon
Essex
SS14 3ET

These financial statements were authorised for issue by the director on 11 April 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.

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.

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.

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Commercial Motor Vehicles

25% Reducing Balance Method

Office Equipment

25% Reducing Balance Method

Furniture and fittings

25% Reducing Balance Method

Radio Equipment

25% Reducing Balance Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Goodwill is not amortised but reviewed annually

Asset class

Amortisation method and rate

Goodwill

Nil rate but reviewed annually

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 during the year was 17 (2023 - 20).

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

318,765

336,588

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

1,586,635

1,586,635

At 31 July 2024

1,586,635

1,586,635

Amortisation

Carrying amount

At 31 July 2024

1,586,635

1,586,635

At 31 July 2023

1,586,635

1,586,635

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

32,987

129,626

1,581,778

412,572

2,156,963

Additions

-

608

436,060

-

436,668

Disposals

-

-

(520,422)

-

(520,422)

At 31 July 2024

32,987

130,234

1,497,416

412,572

2,073,209

Depreciation

At 1 August 2023

-

89,125

799,115

241,115

1,129,355

Charge for the year

-

10,846

265,055

42,864

318,765

Eliminated on disposal

-

-

(361,883)

-

(361,883)

At 31 July 2024

-

99,971

702,287

283,979

1,086,237

Carrying amount

At 31 July 2024

32,987

30,263

795,129

128,593

986,972

At 31 July 2023

32,987

40,501

782,663

171,457

1,027,608

Included within the net book value of land and buildings above is £32,987 (2023 - £32,987) in respect of freehold land and buildings.
 

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

38,603

135,549

Other debtors

268,832

305,510

 

307,435

441,059

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

388,985

277,956

Trade creditors

 

69,768

94,118

Taxation and social security

 

15,606

57,205

Accruals and deferred income

 

84,301

84,301

Other creditors

 

95,204

59,849

 

653,864

573,429

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

1,522,157

1,521,582

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

10

Related party transactions

 

Basildon Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,060

12,045

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

190,018

190,019

Hire purchase contracts

363,212

362,636

Other borrowings

968,927

968,927

1,522,157

1,521,582

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

13,375

-

Hire purchase contracts

375,610

277,956

388,985

277,956