Registered number
10871011
Preston City Taxis Ltd
Filleted Accounts
30 September 2024
Preston City Taxis Ltd
Registered number: 10871011
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 158,338 151,183
Current assets
Debtors 4 2,877 10,364
Cash at bank and in hand 5,267 1,650
8,144 12,014
Creditors: amounts falling due within one year 5 (88,520) (92,953)
Net current liabilities (80,376) (80,939)
Total assets less current liabilities 77,962 70,244
Provisions for liabilities - (1,114)
Net assets 77,962 69,130
Capital and reserves
Called up share capital 100 100
Profit and loss account 77,862 69,030
Shareholders' funds 77,962 69,130
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sodack Moosa Ally
Director
Approved by the board on 9 June 2025
Preston City Taxis Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
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
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 1
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 October 2023 105,065 59,608 164,673
Additions 13,044 9,790 22,834
Disposals - (11,995) (11,995)
At 30 September 2024 118,109 57,403 175,512
Depreciation
At 1 October 2023 - 13,490 13,490
Charge for the year - 11,481 11,481
On disposals - (7,797) (7,797)
At 30 September 2024 - 17,174 17,174
Net book value
At 30 September 2024 118,109 40,229 158,338
At 30 September 2023 105,065 46,118 151,183
4 Debtors 2024 2023
£ £
Trade debtors 2,529 364
Other debtors 348 10,000
2,877 10,364
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 36,329 40,555
Obligations under finance lease and hire purchase contracts 25,596 37,494
Trade creditors 12,630 -
Taxation and social security costs 11,682 12,660
Other creditors 2,283 2,244
88,520 92,953
6 Other information
Preston City Taxis Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Winston Road
Blackburn
Lancashire
BB1 8BJ
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