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REGISTERED NUMBER: 06939711 (England and Wales)










G M Taxi Hire Ltd

Unaudited Financial Statements

for the Period 29 June 2023 to 27 June 2024






G M Taxi Hire Ltd (Registered number: 06939711)






Contents of the Financial Statements
for the Period 29 June 2023 to 27 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G M Taxi Hire Ltd

Company Information
for the Period 29 June 2023 to 27 June 2024







DIRECTOR: Mr M Khan





REGISTERED OFFICE: Taxi Maintenance House
Hammerstone Road
Gorton
Manchester
M18 8EQ





REGISTERED NUMBER: 06939711 (England and Wales)






G M Taxi Hire Ltd (Registered number: 06939711)

Balance Sheet
27 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - 297
Tangible assets 6 76,364 83,100
76,364 83,397

CURRENT ASSETS
Stocks 7 11,750 15,000
Cash in hand 2,200 4,501
13,950 19,501
CREDITORS
Amounts falling due within one year 8 (81,281 ) (78,789 )
NET CURRENT LIABILITIES (67,331 ) (59,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,033

24,109

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 9,032 24,108
SHAREHOLDERS' FUNDS 9,033 24,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G M Taxi Hire Ltd (Registered number: 06939711)

Balance Sheet - continued
27 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 May 2025 and were signed by:





Mr M Khan - Director


G M Taxi Hire Ltd (Registered number: 06939711)

Notes to the Financial Statements
for the Period 29 June 2023 to 27 June 2024

1. GENERAL INFORMATION

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

The address of its registered office is:
Taxi Maintenance House
Hammerstone Road
Gorton
Manchester
M18 8EQ

2. 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).

3. 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.

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.

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
Software 10% Straight Line
Motor Vehicles 25% Reducing Balance
Plant & Machinery 25% Reducing Balance
Equipment 25% Reducing Balance


G M Taxi Hire Ltd (Registered number: 06939711)

Notes to the Financial Statements - continued
for the Period 29 June 2023 to 27 June 2024

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.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.




G M Taxi Hire Ltd (Registered number: 06939711)

Notes to the Financial Statements - continued
for the Period 29 June 2023 to 27 June 2024

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2023 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Software
£   
COST
At 29 June 2023
and 27 June 2024 2,996
AMORTISATION
At 29 June 2023 2,699
Amortisation for period 297
At 27 June 2024 2,996
NET BOOK VALUE
At 27 June 2024 -
At 28 June 2023 297

G M Taxi Hire Ltd (Registered number: 06939711)

Notes to the Financial Statements - continued
for the Period 29 June 2023 to 27 June 2024

6. TANGIBLE FIXED ASSETS
Building Plant and Motor Office
Improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 29 June 2023
and 27 June 2024 56,156 19,129 173,673 5,698 254,656
DEPRECIATION
At 29 June 2023 - 14,590 152,089 4,877 171,556
Charge for period - 1,134 5,396 206 6,736
At 27 June 2024 - 15,724 157,485 5,083 178,292
NET BOOK VALUE
At 27 June 2024 56,156 3,405 16,188 615 76,364
At 28 June 2023 56,156 4,539 21,584 821 83,100

7. STOCKS
2024 2023
£    £   
Stocks 11,750 15,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors (1,763 ) -
Taxation and social security 26,960 24,346
Other creditors 56,084 54,443
81,281 78,789

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary Share 1 1 1