Pratts Taxis Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 07938829 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2016 TO 31 OCTOBER 2016

FOR

PRATTS TAXIS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A H M Hurst

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

4

23,125

24,000

Tangible assets

5

-

60,151

23,125

84,151

CURRENT ASSETS

Stocks

-

1,000

Debtors

6

18,513

16,628

Cash at bank and in hand

4,974

1,023

23,487

18,651

CREDITORS

Amounts falling due within one year

7

57,731

67,378

NET CURRENT LIABILITIES

(34,244

)

(48,727

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,119

)

35,424

CREDITORS

Amounts falling due after more than one year

8

-

35,324

NET (LIABILITIES)/ASSETS

(11,119

)

100

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(11,219

)

-

SHAREHOLDERS' FUNDS

(11,119

)

100

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 5 July 2017 and were signed on its behalf by:

H M Hurst - Director

1.	STATUTORY INFORMATION

Pratts Taxis Limited is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Fixtures, fittings & equipment

-

25% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% 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.

Taxation

Taxation for the period 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 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 period 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2016 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 October 2016

30,000

AMORTISATION

At 1 April 2016

6,000

Charge for period

875

At 31 October 2016

6,875

NET BOOK VALUE

At 31 October 2016

23,125

At 31 March 2016

24,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

104,071

Disposals

(104,071

)

At 31 October 2016

-

DEPRECIATION

At 1 April 2016

43,920

Eliminated on disposal

(43,920

)

At 31 October 2016

-

NET BOOK VALUE

At 31 October 2016

-

At 31 March 2016

60,151

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

Plant and

machinery

etc

£

COST

At 1 April 2016

57,160

Disposals

(57,160

)

At 31 October 2016

-

DEPRECIATION

At 1 April 2016

9,630

Eliminated on disposal

(9,630

)

At 31 October 2016

-

NET BOOK VALUE

At 31 October 2016

-

At 31 March 2016

47,530

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Trade debtors

16,013

16,014

Other debtors

2,500

614

18,513

16,628

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Bank loans and overdrafts

-

18,162

Hire purchase contracts

-

13,904

Trade creditors

3,228

4,156

Amounts owed to group undertakings

42,060

-

Taxation and social security

10,443

7,812

Other creditors

2,000

23,344

57,731

67,378

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2016

£

£

Bank loans

-

19,943

Hire purchase contracts

-

15,381

-

35,324

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2016

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of:

Readypay Limited

Northumberland Taxi & Coach Centre

South Albion Retail Park

Albion Way

Blyth

Northumberland

NE24 5BW