LONDON_TAXI_INSURANCE_LIM - Accounts

LONDON TAXI INSURANCE LTD. - Company Information

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Company Registration No. 06532886 (England and Wales)

LONDON TAXI INSURANCE LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

LONDON TAXI INSURANCE LIMITED

COMPANY INFORMATION

Directors

Mr P Fosker

Mr D Fosker

Mr J E Fosker

Secretary

Mrs G Fosker

Company number

06532886

Registered office

Kings Parade

Lower Coombe Street

Croydon

Surrey

CRO 1AA

Accountants

Bryden Johnson

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

Business address

c/o Ascott Cab Company

Blackhorse Road

London

SE8 5HY

LONDON TAXI INSURANCE LIMITED

CONTENTS

Page

Directors' report

Accountants' report

Profit and loss account

Balance sheet

4 - 5

Notes to the financial statements

6 - 11

LONDON TAXI INSURANCE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2016

- 1 -

The directors present their report and financial statements for the year ended 31 March 2016.

Directors

The following directors have held office since 1 April 2015:

Mr P Fosker

Mr D Fosker

Mr J E Fosker

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

Mr J E Fosker

Director

7 June 2016

LONDON TAXI INSURANCE LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON TAXI INSURANCE LIMITED FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Taxi Insurance Limited for the year ended 31 March 2016 set out on pages 3 to 11 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of London Taxi Insurance Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2013. Our work has been undertaken solely to prepare for your approval the financial statements of London Taxi Insurance Limited and state those matters that we have agreed to state to the Board of Directors of London Taxi Insurance Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Taxi Insurance Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that London Taxi Insurance 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 London Taxi Insurance Limited. You consider that London Taxi Insurance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of London Taxi Insurance 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.

Bryden Johnson

8 June 2016

Chartered Accountants

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

LONDON TAXI INSURANCE LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

2016

2015

Notes

Turnover

924,883

807,846

Administrative expenses

(713,072)

(661,035)

Operating profit

211,811

146,811

Other interest receivable and similar income

Profit on ordinary activities before taxation

211,822

146,811

Tax on profit on ordinary activities

(42,938)

(30,152)

Profit for the year

168,884

116,659

LONDON TAXI INSURANCE LIMITED

BALANCE SHEET

AS AT

31 MARCH 2016

- 4 -

2016

2015

Notes

Fixed assets

Intangible assets

51,900

69,200

Tangible assets

24,496

28,493

76,396

97,693

Current assets

Debtors

96,562

57,592

Cash at bank and in hand

229,385

172,409

325,947

230,001

Creditors: amounts falling due within one year

(69,336)

(56,914)

Net current assets

256,611

173,087

Total assets less current liabilities

333,007

270,780

Creditors: amounts falling due after more than one year

(85,000)

Provisions for liabilities

(4,899)

(5,699)

243,108

180,081

Capital and reserves

Called up share capital

Profit and loss account

243,083

180,056

Shareholders' funds

243,108

180,081

LONDON TAXI INSURANCE LIMITED

BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 5 -

For the financial year ended 31 March 2016 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 year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board for issue on 7 June 2016

Mr J E Fosker

Director

Company Registration No. 06532886

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

- 6 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

It is impracticable to devise accounting policies which consistently match revenue from brokerage with the related expenses. Accordingly the following basis are adopted:

i) Turnover

Turnover represents brokerage which is taken to credit when debit notes are issued which is generally the date of inception. Alterations in brokerage arising from return and additional premiums and adjustments are taken into account as and when they occur.

ii) Expenses

Costs are written off as incurred.

1.3

Goodwill

Goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Operating profit

2016

2015

Operating profit is stated after charging:

Depreciation of tangible assets

25,465

25,766

Directors' remuneration

136,000

Investment income

2016

2015

Bank interest

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 7 -

Taxation

2016

2015

Domestic current year tax

U.K. corporation tax

43,738

30,521

Total current tax

43,738

30,521

Deferred tax

Origination and reversal of timing differences

(800)

(369)

42,938

30,152

Dividends

2016

2015

Ordinary A shares interim paid

25,219

25,485

Ordinary B shares interim paid

28,954

28,886

Ordinary C shares interim paid

51,684

42,593

105,857

96,964

Intangible fixed assets

Goodwill

Cost

At 1 April 2015 & at 31 March 2016

173,000

Amortisation

At 1 April 2015

103,800

Charge for the year

17,300

At 31 March 2016

121,100

Net book value

At 31 March 2016

51,900

At 31 March 2015

69,200

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 8 -

Tangible fixed assets

Plant and machinery etc

Cost

At 1 April 2015

55,628

Additions

4,168

At 31 March 2016

59,796

Depreciation

At 1 April 2015

27,135

Charge for the year

8,165

At 31 March 2016

35,300

Net book value

At 31 March 2016

24,496

At 31 March 2015

28,493

Debtors

2016

2015

Other debtors

96,562

57,592

Debtors include an amount of £30,000 (2015 - £-) which is due after more than one year.

Creditors: amounts falling due within one year

2016

2015

Trade creditors

3,021

2,793

Taxation and social security

48,959

35,288

Other creditors

17,356

18,833

69,336

56,914

Creditors: amounts falling due after more than one year

2016

2015

Other Creditors

85,000

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 9 -

Provisions for liabilities

Deferred tax liability

Balance at 1 April 2015

5,699

Profit and loss account

(800)

Balance at 31 March 2016

4,899

The deferred tax liability is made up as follows:

2016

2015

Accelerated capital allowances

4,899

5,699

Pension costs

Defined contribution

2016

2015

Contributions payable by the company for the year

100,000

Share capital

2016

2015

Allotted, called up and fully paid

20 Ordinary A shares of £1 each

3 Ordinary B shares of £1 each

2 Ordinary C shares of £1 each

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 10 -

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 April 2015

180,056

Profit for the year

168,884

Dividends paid

(105,857)

Balance at 31 March 2016

243,083

Reconciliation of movements in Shareholders' funds

2016

2015

Profit for the financial year

168,884

116,659

Dividends

(105,857)

(96,964)

Net addition to shareholders' funds

63,027

19,695

Opening Shareholders' funds

180,081

160,386

Closing Shareholders' funds

243,108

180,081

Control

The company is under the control of its directors.

Related party relationships and transactions

Dividends Paid

The following directors were paid dividends during the year as outlined in the table below:

2016

2015

Mr J E Fosker

25,219

25,486

Mrs G Fosker

28,954

28,886

Mr D Fosker

25,842

21,296

Mr P Fosker

25,842

21,296

105,857

96,964

LONDON TAXI INSURANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

Related party relationships and transactions

(Continued)

- 11 -

Included in creditors due within one year is the balance of £9,633 (2015 - £12,953) due to Mr J Fosker a director of the company. Included in creditors falling due after more than one year is the balance of £85,000 (2015 - £85,000) due to Mr J Fosker a director of the company.

Included in other debtors is £30,000 (2015 - £Nil) due from Fast Glass Windscreens Ltd, a company in which the directors have an interest.