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Registration number: 01065269

Red Cab Taxis Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Red Cab Taxis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Red Cab Taxis Limited

Company Information

Directors

Miss D A Grant

Mr T W Slater

Mr G Valente

Registered office

6 Caunce Street
Blackpool
Lancashire
FY1 3DN

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

Red Cab Taxis Limited

(Registration number: 01065269)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

38,408

41,842

Investments

5

56,565

58,190

 

94,973

100,032

Current assets

 

Stocks

6

11,245

17,743

Debtors

7

76,720

55,018

Cash at bank and in hand

 

485,417

573,780

 

573,382

646,541

Creditors: Amounts falling due within one year

8

(397,135)

(437,052)

Net current assets

 

176,247

209,489

Total assets less current liabilities

 

271,220

309,521

Provisions for liabilities

-

(1,506)

Net assets

 

271,220

308,015

Capital and reserves

 

Called up share capital

9

4,425

4,425

Share premium reserve

96,120

96,120

Revaluation reserve

42,639

42,639

Retained earnings

128,036

164,831

Shareholders' funds

 

271,220

308,015

 

Red Cab Taxis Limited

(Registration number: 01065269)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 

.........................................
Miss D A Grant
Director

.........................................
Mr T W Slater
Director

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
6 Caunce Street
Blackpool
Lancashire
FY1 3DN

These financial statements were authorised for issue by the Board on 10 June 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents subscriptions due from drivers for the year, stated net of Value Added Tax.

Tax

The tax expense for the period comprises current and deferred 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.

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets other than land and buildings 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.

Land and buildings are included at valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less their residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

is not depreciated

Buildings

over 50 years on valuation

Plant

over 3 to 5 years on cost

Furniture and fittings

over 5 years on cost

Office equipment

over 3 years on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Merger accounting

As noted above, except in unusual circumstances, Financial Reporting Standard 102 Section 1A requires investments arising from business combinations to be accounted for using the purchase method. On transition to Financial Reporting Standard 102 Section 1A there is an exemption that allows past investments to continue to be accounted for using the merger basis of accounting where that method was used before the transition.

Investments

Investments in subsidiary companies are measured using the purchase method except where past acquisitions have previously been accounted for using the merger method of accounting.

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 net realisable value.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 27).

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

50,000

125,038

479,066

654,104

At 30 November 2024

50,000

125,038

479,066

654,104

Depreciation

At 1 December 2023

14,000

119,196

479,066

612,262

Charge for the year

-

3,434

-

3,434

At 30 November 2024

14,000

122,630

479,066

615,696

Carrying amount

At 30 November 2024

36,000

2,408

-

38,408

At 30 November 2023

36,000

5,842

-

41,842

Included within the net book value of land and buildings above is £36,000 (2023 - £36,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 30 November 2002 by an independent valuer.
The basis for the valuation was market value. The name and qualification of the independent valuer are Duxburys Chartered Surveyors and Property Consultants.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £7,361 (2023 - £7,361).

5

Investments

2024
£

2023
£

Investments in subsidiaries

52,500

52,500

Other investments

4,065

5,690

56,565

58,190

Subsidiaries

£

Fair value

At 1 December 2023

52,500

At 30 November 2024

52,500

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The value of the company's investment in the entire share capital of Tower Taxis (Blackpool) Ltd at the year end using the purchase method of accounting was £51,000 (2021 £51,000).

The value of the company's investment in the entire share capital of C Cabs (Blackpool) Ltd at the year end using the merger basis of accounting was £1,500 (2021 £1,500).

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Tower Taxis (Blackpool) Ltd

6 Caunce Street
Blackpool
Lancashire

England

Ordinary

100%

100%

C Cabs (Blackpool) Ltd

6 Caunce Street
Blackpool
Lancashire

England

Ordinary

100%

100%

Subsidiary undertakings

Tower Taxis (Blackpool) Ltd

The principal activity of Tower Taxis (Blackpool) Ltd is non trading. The loss for the financial period of Tower Taxis (Blackpool) Ltd was £34 and the aggregate amount of capital and reserves at the end of the period was £84,696.

C Cabs (Blackpool) Ltd

The principal activity of C Cabs (Blackpool) Ltd is non trading. The loss for the financial period of C Cabs (Blackpool) Ltd was £34 and the aggregate amount of capital and reserves at the end of the period was £38,766.

Other investments

The company has previously acquired 225 shares in Taxi Alliance Software Ltd at a cost of £8,129. One of the benefits of owning the shares is a discount in the cost of the taxi management software the company uses in its day to day activities. The value of the investment is being written down over the period the benefit is expected to last.

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Stocks

2024
£

2023
£

Other inventories

11,245

17,743

7

Debtors

2024
£

2023
£

Prepayments

73,013

54,828

Other debtors

3,707

190

76,720

55,018

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

46,859

40,045

Amounts owed to group undertakings

11

124,792

124,860

Taxation and social security

 

73,577

86,306

Accruals and deferred income

 

20,482

19,637

Other creditors

 

131,425

166,204

 

397,135

437,052

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

44,250

4,425

44,250

4,425

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £45,475 (2023 - £9,446).

11

Related party transactions

 

Red Cab Taxis Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

125,560

123,268

Contributions paid to money purchase schemes

2,771

2,674

128,331

125,942

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

4

Summary of transactions with subsidiaries

Tower Taxis (Blackpool) Ltd
At the balance sheet date the amount due to Tower Taxis (Blackpool) Ltd was £86,025 (2023 £86,059).

C Cabs (Blackpool) Ltd
At the balance sheet date the amount due to C Cabs Blackpool Ltd was £38,766 (2023 £38,800).

 
The outstanding balances are interest free, unsecured and repayable on demand.