Pratts Taxis Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07938829 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

PRATTS TAXIS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S Pratt

M Pratt

A H M Hurst

REGISTERED OFFICE:

Maven House

Frankland Lane

Durham

DH1 5TA

REGISTERED NUMBER:

07938829 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

2

24,000

25,500

Tangible assets

3

60,151

71,641

84,151

97,141

CURRENT ASSETS

Stocks

1,000

Debtors

16,628

20,412

Cash in hand

1,023

1,213

18,651

22,625

CREDITORS

Amounts falling due within one year

4

67,378

58,869

NET CURRENT LIABILITIES

(48,727

)

(36,244

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

35,424

60,897

CREDITORS

Amounts falling due after more than one
year

4

35,324

44,856

NET ASSETS

100

16,041

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

-

15,941

SHAREHOLDERS' FUNDS

100

16,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7 October 2016 and were signed on its behalf by:

S Pratt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover is derived from the principal activity of the company which is that of a hackney and private hire taxi

and minibus service. Turnover is recognised when the company becomes entitled to it.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised

evenly over its estimated useful life of twenty years. The directors consider that to be a fair assessment of the

period over which the company will gain economic benefit from that goodwill.

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.

Plant and machinery etc

-

33% on cost, 25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

30,000

AMORTISATION

At 1 April 2015

4,500

Amortisation for year

1,500

At 31 March 2016

6,000

NET BOOK VALUE

At 31 March 2016

24,000

At 31 March 2015

25,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

108,701

Additions

46,742

Disposals

(51,372

)

At 31 March 2016

104,071

DEPRECIATION

At 1 April 2015

37,060

Charge for year

22,845

Eliminated on disposal

(15,985

)

At 31 March 2016

43,920

NET BOOK VALUE

At 31 March 2016

60,151

At 31 March 2015

71,641

4.

CREDITORS

Creditors include an amount of £ 67,390 (2015 - £ 80,611 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100