Plymouth Taxis Ltd - Period Ending 2017-03-31

Plymouth Taxis Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 02360077

Plymouth Taxis Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Plymouth Taxis Ltd

Company Information

Directors

Mr M Arscott Mr A Bignell Mr G Dyer Mr N Sufrin

Company secretary

Mr G Dyer

Registered office

44a Devonport Road Stoke Plymouth Devon PL3 4DH

Accountants

Francis Clark LLP Chartered Accountants North Quay House Sutton Harbour Plymouth Devon PL4 0RA

Page 1

Plymouth Taxis Ltd

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	-	7,000
Tangible assets	5	85,493	88,223
		85,493	95,223
Current assets
Stocks		1,359	1,446
Debtors	6	38,157	48,592
Cash at bank and in hand		34,704	40,377
		74,220	90,415
Creditors: Amounts falling due within one year	7	(74,074)	(74,092)
Net current assets		146	16,323
Total assets less current liabilities		85,639	111,546
Creditors: Amounts falling due after more than one year	7	(68,346)	(78,188)
Net assets		17,293	33,358
Capital and reserves
Called up share capital		100	100
Share premium reserve		24,900	24,900
Profit and loss account		(7,707)	8,358
Total equity		17,293	33,358

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Plymouth Taxis Ltd

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 May 2017 and signed on its behalf by:
 

.........................................

Mr M Arscott

Director

Company Registration Number: 02360077

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
44a Devonport Road
Stoke
Plymouth
Devon
PL3 4DH

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line basis
Plant & machinery	25% reducing balance basis
Computer equipment	20% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Page 4

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

Asset class	Amortisation method and rate
Goodwill	5 Year straight line basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 5

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2016 - 27).

Page 6

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	48,949	48,949
At 31 March 2017	48,949	48,949
Amortisation
At 1 April 2016	41,949	41,949
Amortisation charge	7,000	7,000
At 31 March 2017	48,949	48,949
Carrying amount
At 31 March 2017	-	-
At 31 March 2016	7,000	7,000

5	Tangible assets

	Land and buildings £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	104,505	118,307	222,812
At 31 March 2017	104,505	118,307	222,812
Depreciation
At 1 April 2016	20,800	113,789	134,589
Charge for the year	1,600	1,130	2,730
At 31 March 2017	22,400	114,919	137,319
Carrying amount
At 31 March 2017	82,105	3,388	85,493
At 31 March 2016	83,705	4,518	88,223

Page 7

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

6

Debtors

	2017  £	2016  £
Trade debtors	37,651	47,291
Prepayments	506	1,301
	38,157	48,592

7

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	9,384	9,350
Trade creditors		29,927	25,095
Social security and other taxes		19,273	20,690
Other creditors		11,050	15,488
Accrued expenses		4,440	2,750
Corporation tax		-	719
		74,074	74,092
Due after one year
Loans and borrowings	8	68,346	78,188

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	68,346	78,188

Page 8

Plymouth Taxis Ltd

Notes to the Financial Statements

Year Ended 31 March 2017

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	9,350	9,350
Bank overdrafts	34	-
	9,384	9,350

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Secured bank loan repayable over 10 years from September 2013 at 5.67% fixed interest.

9	Related party transactions

Summary of transactions with other related parties

Taxi drivers, some of whom are directors
 Plymouth Taxis Limited acts as an agent for taxi drivers, some of whom are directors. The drivers are charged a weekly rent by the company along with an administration fee for any advances. The company collects customer receipts as agent for taxi drivers. The company also holds returnable deposits from taxi drivers in respect of the radios.
At the balance sheet date the amount due to taxi drivers, some of whom are directors, was £32,634 (2016 £31,892).

Directors
Directors may also work as staff members for the company. During the year four directors were paid a total of £14,045 (2016 - £18,488) as staff members.
At the balance sheet date the amount due to directors was £nil (2016 £nil).
 

10	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS102.

Page 9