Easyrentacab Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04178294 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

EASYRENTACAB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Kott

REGISTERED OFFICE:

Langley House

Park Road

East Finchley

London

N2 8EY

REGISTERED NUMBER:

04178294 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

556,191

475,435

Investments

5

-

-

556,191

475,435

CURRENT ASSETS

Stocks

11,280

10,660

Debtors

6

30,293

26,139

Cash at bank and in hand

19,051

39,223

60,624

76,022

CREDITORS

Amounts falling due within one year

7

388,664

295,135

NET CURRENT LIABILITIES

(328,040

)

(219,113

)

TOTAL ASSETS LESS CURRENT LIABILITIES

228,151

256,322

CREDITORS

Amounts falling due after more than one year

8

126,144

315,324

NET ASSETS/(LIABILITIES)

102,007

(59,002

)

CAPITAL AND RESERVES

Called up share capital

500

100

Retained earnings

9

101,507

(59,102

)

SHAREHOLDERS' FUNDS

102,007

(59,002

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and loss account has not been delivered.

The financial statements were approved by the director on 26 January 2018 and were signed by:

H Kott - Director

1.	STATUTORY INFORMATION

Easyrentacab 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.

Turnover

Turnover for the year is wholly derived from the hiring out of london taxi cabs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value

of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the

shorter.

Fixtures and fittings - 25% reducing balance

Motor vehicles - 20% reducing balance

Plant and Machinery - 25% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 July 2016

29,485

899,099

928,584

Additions

17,202

260,656

277,858

Disposals

(16,829

)

(81,031

)

(97,860

)

At 30 June 2017

29,858

1,078,724

1,108,582

DEPRECIATION

At 1 July 2016

17,434

435,715

453,149

Charge for year

5,663

134,801

140,464

Eliminated on disposal

(10,226

)

(30,996

)

(41,222

)

At 30 June 2017

12,871

539,520

552,391

NET BOOK VALUE

At 30 June 2017

16,987

539,204

556,191

At 30 June 2016

12,051

463,384

475,435

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

Motor

vehicles

£

COST

At 1 July 2016

836,599

Additions

122,999

Disposals

(28,333

)

At 30 June 2017

931,265

DEPRECIATION

At 1 July 2016

398,815

Charge for year

109,836

Eliminated on disposal

(16,728

)

At 30 June 2017

491,923

NET BOOK VALUE

At 30 June 2017

439,342

At 30 June 2016

437,784

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

400

Disposals

(400

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

23,128

2,760

Other debtors

7,165

23,379

30,293

26,139

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

251,172

243,251

Taxation and social security

28,064

30,824

Other creditors

109,428

21,060

388,664

295,135

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

126,144

315,324

9.

RESERVES

Retained

earnings

£

At 1 July 2016

(59,102

)

Profit for the year

160,609

At 30 June 2017

101,507

10.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £62,794 (2016: £2,750 due from) due to the director H Kott. The loan

is repayable on demand and no interest is payable.

Included in other creditors is an amount of £12,000 (2016: £Nil) due to Mrs L Kott the wife of the director. The

loan is repayable on demand and no interest is payable.

Included in other creditors is an amount of £6,217 due to H K Taxi Rentals Ltd. The loan repayable on demand

and no interest payable.

On the 1st July 2016 the company acquired the share capital and took over the assets and liabilities of GMS Taxi

Rentals Ltd, LAK Taxi Rentals Ltd, LRK Taxi Rentals Ltd and LS Taxi Rentals Ltd companies in which H. Kott

had an interest.

The undistributed reserves of each company are disclosed in the accounts as dividends received.

11.	CONTROLLING PARTY

The company was controlled throughout the year by H Kott by virtue of his holding of 100% of the issued share

capital.

12.	FIRST YEAR ADOPTION

In the transition to FRS 102 Section 1A from UK GAAP, the entity has made no measurement or recognition

adjustments. The accounting policies set out below have, unless otherwise stated, been applied consistently to all

periods presented in these financial statements. On first time adoption of FRS 102 Section 1A, the entity has not

retrospectively changed its accounting under UK GAAP for accounting estimates