Company No: SC264623 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	282,174		322,912
Tangible assets	4	142,950		121,774
Investments	5	11,108		1,714
		436,232		446,400
Current assets
Debtors	6	167,246		195,960
Cash at bank and in hand		157,060		29,985
		324,306		225,945
Creditors: amounts falling due within one year	7	( 172,099)		( 161,556)
Net current assets		152,207		64,389
Total assets less current liabilities		588,439		510,789
Creditors: amounts falling due after more than one year	8	( 21,761)		( 31,761)
Provision for liabilities		0		( 10,548)
Net assets		566,678		468,480
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		566,578		468,380
Total shareholders' funds		566,678		468,480

For the financial year ending 31 March 2023 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of United Maxis Taxis (Wishaw) Limited (registered number: SC264623) were approved and authorised for issue by the Director on 21 December 2023. They were signed on its behalf by:

Mr Mark Grier Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

United Maxis Taxis (Wishaw) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 6b Netherdale Road, Netherton Industrial Estate, Wishaw, ML2 0ER, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	20 years straight line
Plant and machinery etc.	20 % reducing balance

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		20

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2022	906,186		906,186
At 31 March 2023	906,186		906,186
Accumulated amortisation
At 01 April 2022	583,274		583,274
Charge for the financial year	40,738		40,738
At 31 March 2023	624,012		624,012
Net book value
At 31 March 2023	282,174		282,174
At 31 March 2022	322,912		322,912

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2022	23,254		524,017		547,271
Additions	0		50,532		50,532
Disposals	0		( 5,000)		( 5,000)
At 31 March 2023	23,254		569,549		592,803
Accumulated depreciation
At 01 April 2022	15,116		410,381		425,497
Charge for the financial year	1,163		25,633		26,796
Disposals	0		( 2,440)		( 2,440)
At 31 March 2023	16,279		433,574		449,853
Net book value
At 31 March 2023	6,975		135,975		142,950
At 31 March 2022	8,138		113,636		121,774

5. Fixed asset investments

	2023		2022
	£		£
Subsidiary undertakings	1,714		1,714
Other investments and loans	9,394		0
	11,108		1,714

Investments in subsidiaries

	2023
	£
Cost
At 01 April 2022	1,714
At 31 March 2023	1,714
Carrying value at 31 March 2023	1,714
Carrying value at 31 March 2022	1,714

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.03.2023	Ownership 31.03.2022
A1 Cars (Viewpark) Limited	6b Netherdale Road, Netherton Industrial Estate, Wishaw, Scotland, ML2 0ER	Taxi Operator	Ordinary	100.00%	100.00%
Club Taxis Limited	6b Netherdale Road, Netherton Industrial Estate, Wishaw, Scotland, ML2 0ER	Taxi Operator	Ordinary	100.00%	100.00%
Maxis Taxis (Scotland) Limited	6b Netherdale Road, Netherton Industrial Estate, Wishaw, Scotland, ML2 0ER	Taxi Operator	Ordinary	100.00%	100.00%

6. Debtors

	2023		2022
	£		£
Trade debtors	117,921		161,796
Amounts owed by Group undertakings	34,164		34,164
Other debtors	15,161		0
	167,246		195,960

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,000		10,000
Trade creditors	4,249		28,429
Amounts owed to Group undertakings	32,597		33,117
Taxation and social security	55,105		49,294
Other creditors	70,148		40,716
	172,099		161,556

There is a bond and floating charge over all assets and undertakings of the company

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	21,761		31,761

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 0.50 each	100		100

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2023		2022
	£		£
Amounts owed by subsidiary undertakings	34,164		34,164
Amounts owed to subsidiary undertakings	(32,597)		(33,117)

Transactions with the entity's directors

	2023		2022
	£		£
Amounts owed to directors	(37,986)		(37,308)