ML Taxis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC355192 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

ML TAXIS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms L J Miller

M Singh

REGISTERED OFFICE:

49 Blairhill Street

Coatbridge

Lanarkshire

ML5 1PH

REGISTERED NUMBER:

SC355192 (Scotland)

ACCOUNTANTS:

Curle & Co

Chartered Accountants

22 Backbrae Street

Kilsyth

G65 0NH

BANKERS:

The Royal Bank of Scotland

339 Byres Road

Glasgow

G12 8QP

FIXED ASSETS

Tangible assets

3

-

109,261

CURRENT ASSETS

Debtors

117,222

124,500

Cash at bank

16,063

1,307

133,285

125,807

CREDITORS

Amounts falling due within one year

98,462

131,185

NET CURRENT ASSETS/(LIABILITIES)

34,823

(5,378

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,823

103,883

CREDITORS

Amounts falling due after more than one year

(35,125

)

(122,441

)

PROVISIONS FOR LIABILITIES

-

(4,619

)

NET LIABILITIES

(302

)

(23,177

)

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

(602

)

(23,477

)

SHAREHOLDERS' FUNDS

(302

)

(23,177

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 November 2019 and were signed on its behalf by:

M Singh - Director

1.	STATUTORY INFORMATION

ML Taxis Limited 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 and revenue recognition

Turnover represents taxi hire. Revenue is recognised when vehicles are hired out to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2018

195,948

Disposals

(195,948

)

At 28 February 2019

-

DEPRECIATION

At 1 March 2018

86,687

Charge for year

26,060

Eliminated on disposal

(112,747

)

At 28 February 2019

-

NET BOOK VALUE

At 28 February 2019

-

At 28 February 2018

109,261

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 March 2018

195,948

Disposals

(195,948

)

At 28 February 2019

-

DEPRECIATION

At 1 March 2018

86,687

Charge for year

26,060

Eliminated on disposal

(112,747

)

At 28 February 2019

-

NET BOOK VALUE

At 28 February 2019

-

At 28 February 2018

109,261

4.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.19

28.2.18

£

£

Bank loans

58,024

80,921

The bank loan is secured over the assets of the business.

5.	RELATED PARTY DISCLOSURES

Inter-company loans payable total £20,140 (2017: £17,610).

Inter-company loans receivable total £124,500 (2018: £124,500).

6.	ULTIMATE CONTROLLING PARTY

The company is controlled equally by the Directors.