ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

NORWICH AIRPORT TAXIS LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2020-04-302020-04-30truetrue2019-05-01falseNo description of principal activity34The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10711977 2019-05-01 2020-04-30 10711977 2018-05-01 2019-04-30 10711977 2020-04-30 10711977 2019-04-30 10711977 c:Director1 2019-05-01 2020-04-30 10711977 d:CurrentFinancialInstruments 2020-04-30 10711977 d:CurrentFinancialInstruments 2019-04-30 10711977 d:CurrentFinancialInstruments d:WithinOneYear 2020-04-30 10711977 d:CurrentFinancialInstruments d:WithinOneYear 2019-04-30 10711977 d:ShareCapital 2020-04-30 10711977 d:ShareCapital 2019-04-30 10711977 d:RetainedEarningsAccumulatedLosses 2020-04-30 10711977 d:RetainedEarningsAccumulatedLosses 2019-04-30 10711977 c:FRS102 2019-05-01 2020-04-30 10711977 c:AuditExemptWithAccountantsReport 2019-05-01 2020-04-30 10711977 c:FullAccounts 2019-05-01 2020-04-30 10711977 c:PrivateLimitedCompanyLtd 2019-05-01 2020-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2019-05-01 2020-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2020-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2019-04-30 10711977 2 2019-05-01 2020-04-30 iso4217:GBP xbrli:pure

Registered number: 10711977










NORWICH AIRPORT TAXIS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2020
 
NORWICH AIRPORT TAXIS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORWICH AIRPORT TAXIS LIMITED
FOR THE YEAR ENDED 30 APRIL 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norwich Airport Taxis Limited for the year ended 30 April 2020 which comprise the 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Norwich Airport Taxis Limited in accordance with the terms of our engagement letter dated 4 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Norwich Airport Taxis Limited and state those matters that we have agreed to state to the director of Norwich Airport Taxis Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norwich Airport Taxis Limited and its director for our work or for this report. 

It is your duty to ensure that Norwich Airport Taxis Limited 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 Norwich Airport Taxis Limited. You consider that Norwich Airport Taxis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norwich Airport Taxis Limited. 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.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
30 April 2021
Page 1
 
NORWICH AIRPORT TAXIS LIMITED
REGISTERED NUMBER: 10711977

BALANCE SHEET
AS AT 30 APRIL 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
56,758
31,710

Cash at bank and in hand
  
50,799
25,252

  
107,557
56,962

Creditors: amounts falling due within one year
 5 
(68,011)
(46,689)

Net current assets
  
 
 
39,546
 
 
10,273

Total assets less current liabilities
  
39,546
10,273

  

Net assets
  
39,546
10,273


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
39,446
10,173

  
39,546
10,273


Page 2
 
NORWICH AIRPORT TAXIS LIMITED
REGISTERED NUMBER: 10711977
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2021.




Mr C Mcaulay
Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3
 
NORWICH AIRPORT TAXIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Terminal Building, Amsterdam Way, Norwich, Norfolk, NR6 6JA.
The company's principle activity is that of supplies to the taxi industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Company’s needs. A period of twelve months from the date of approval of the financial statements has been considered and no further disclosures relating to the company’s ability to continue as a going concern need to be made in the financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 4
 
NORWICH AIRPORT TAXIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other
Page 5
 
NORWICH AIRPORT TAXIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)


2.11
Financial instruments (continued)

consideration expected to be paid or received.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 4).


4.


Debtors

2020
2019
£
£


Trade debtors
38,444
30,705

Other debtors
18,314
1,005

56,758
31,710



5.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
3,400
4,363

Other taxation and social security
54,019
34,204

Other creditors
5,851
4,630

Accruals and deferred income
4,741
3,492

68,011
46,689



6.


Transactions with directors

As at 1 May 2019 the balance owed to the directors was £917. During the year the company paid personal expenses of £64,550 on behalf of the director who reimbursed the company with £48,750. Interest amounting to £218 was charged in the year and there is no set date for repayment.
As a result the balance owed by the director was £16,717 at the year end.

 
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