REGISTERED NUMBER: SC364316 (Scotland)

Financial Statements

for the Year Ended

31st August 2024

for

Timms Taxis Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

6

DIRECTOR:

Mrs S Young

REGISTERED OFFICE:

58 Long Lane

Broughty Ferry

Dundee

DD5 1HH

REGISTERED NUMBER:

SC364316 (Scotland)

ACCOUNTANTS:

AWH

Chartered Certified Accountants

Fort Street House

63 Fort Street

Broughty Ferry

Dundee

Angus

DD5 2AB

FIXED ASSETS

Tangible assets

4

894,936

1,047,871

CURRENT ASSETS

Debtors

5

58,723

89,804

Cash at bank and in hand

2,240

75,678

60,963

165,482

CREDITORS

Amounts falling due within one year

6

509,273

543,762

NET CURRENT LIABILITIES

(448,310

)

(378,280

)

TOTAL ASSETS LESS CURRENT LIABILITIES

446,626

669,591

CREDITORS

Amounts falling due after more than one year

7

447,215

680,820

NET LIABILITIES

(589

)

(11,229

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(590

)

(11,230

)

SHAREHOLDERS' FUNDS

(589

)

(11,229

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th January 2025 and were signed by:

Mrs S Young - Director

1.	STATUTORY INFORMATION

Timms Taxis Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance, 15% on reducing balance and 10% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st September 2023

and 31st August 2024

266,715

53,686

1,207

1,579,297

1,900,905

DEPRECIATION

At 1st September 2023

180,093

43,863

982

628,096

853,034

Charge for year

8,662

1,559

33

142,681

152,935

At 31st August 2024

188,755

45,422

1,015

770,777

1,005,969

NET BOOK VALUE

At 31st August 2024

77,960

8,264

192

808,520

894,936

At 31st August 2023

86,622

9,823

225

951,201

1,047,871

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Trade debtors

3,328

14,104

Other debtors

55,395

75,700

58,723

89,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans and overdrafts

9,850

9,850

Hire purchase contracts

217,712

217,967

Trade creditors

86,302

207,077

Taxation and social security

68,280

48,370

Other creditors

127,129

60,498

509,273

543,762

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans

15,299

25,246

Hire purchase contracts

262,765

469,767

Other creditors

169,151

185,807

447,215

680,820

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timms Taxis Ltd for the year ended 31st August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Timms Taxis Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Timms Taxis Ltd and state those matters that we have agreed to state to the director of Timms Taxis Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Timms Taxis Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Timms Taxis Ltd. You consider that Timms Taxis Ltd 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 financial statements of Timms Taxis Ltd. 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 financial statements.

AWH

Chartered Certified Accountants

Fort Street House

63 Fort Street

Broughty Ferry

Dundee

Angus

DD5 2AB

28th January 2025