ABC Taxis (Inverclyde) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC215370 (Scotland)

Financial Statements

for the Year Ended 31 December 2017

for

ABC Taxis (Inverclyde) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

12

DIRECTOR:

Mr G Campbell

REGISTERED OFFICE:

6 MacDougall Street

Greenock

Renfrewshire

PA15 2TG

REGISTERED NUMBER:

SC215370 (Scotland)

ACCOUNTANTS:

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

FIXED ASSETS

Intangible assets

4

44,410

21,338

Tangible assets

5

428,581

439,888

Investment property

6

300,558

300,558

773,549

761,784

CURRENT ASSETS

Debtors

7

141,649

123,935

Prepayments and accrued income

5,833

6,092

Cash at bank

154,794

99,602

302,276

229,629

CREDITORS

Amounts falling due within one year

8

281,309

258,817

NET CURRENT ASSETS/(LIABILITIES)

20,967

(29,188

)

TOTAL ASSETS LESS CURRENT LIABILITIES

794,516

732,596

CREDITORS

Amounts falling due after more than one year

9

95,988

155,377

NET ASSETS

698,528

577,219

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

39,900

39,900

Revaluation reserve

11

(8,887

)

(8,887

)

Retained earnings

667,415

546,106

SHAREHOLDERS' FUNDS

698,528

577,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director on 11 September 2018 and were signed by:

Mr G Campbell - Director

1.	STATUTORY INFORMATION

ABC Taxis (Inverclyde) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of

discounts and Value Added Tax.

Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer,

usually on use of the service; the amount of revenue can be measured reliably; it is probable that the associated

economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions

can be measured reliably.

Depreciation of intangible fixed assets

Goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised on a

straight line basis at 33% and 15% p.a. It is reviewed for impairment at the end of the first full financial year

following the acquisition, and in other periods if events or changes in circumstances indicate that the carrying

value may not be recoverable.

Intangible assets

Licence expenditure is capitalised where there is expected to be a benefit to future periods; the company able to

demonstrate revenue from the licence; and the expenditure attributable can be reliably measured.

Capitalised licence expenditure is stated at cost less accumulated amortisation and impairment losses and

amortised over its useful economic life. The assessment of useful economic life is 7 years.

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.

Land and buildings

-

5% on cost

Plant and machinery etc

-

25% on cost and 15% on cost

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over

their expected useful lives as follows:

Land and buildings - 5% on cost

Plant and machinery etc - 25% on cost and 15% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate or if there is an indication of significant change since the last reporting date.

Investment properties are stated in the statement of financial position at their revalued amounts. Revaluations

are carried out regularly so that carrying amounts do not materially differ from fair value at the date of financial

position. Any revaluation increase or decrease on investment properties is credited to other reserves.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Taxation

The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported

in the statement of comprehensive income because of items of income or expense that are taxable or deductible

in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax

rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax

liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible

temporary differences to the extent that it is probable that taxable profits will be available against which those

deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end

of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits

will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively

enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are

recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is

also recognised in other comprehensive income or directly in equity respectively.

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.

Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position

as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease

payments, which is determined at the inception of the lease term. Lease payments are apportioned between the

finance charges and reduction of the outstanding lease liability using the effective interest method. Finance

charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the

liability.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where

another systematic basis is more representative of the time pattern in which economic benefits from the leased

asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a

liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line

basis over the lease term, except where another systematic basis is more representative of the time pattern in

which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a

pension plan under which the company pays fixed contributions into a separate entity. Once the contributions

have been paid the company has no further payment obligations. The contributions are recognised as an

expense when they are due. The assets of the plan are held separately from the company in independently

administered funds.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term

highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement

of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value and thereafter stated at amortised cost using the effective interest method, less any

impairment.

Creditors

Basic financial instruments, including preference shares that are classified as debt, are measured at transaction

price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured

at fair value and subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

375,040

Additions

28,500

At 31 December 2017

403,540

AMORTISATION

At 1 January 2017

353,702

Charge for year

5,428

At 31 December 2017

359,130

NET BOOK VALUE

At 31 December 2017

44,410

At 31 December 2016

21,338

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2017

325,991

93,398

6,611

Additions

-

4,695

-

At 31 December 2017

325,991

98,093

6,611

DEPRECIATION

At 1 January 2017

84,560

62,513

6,353

Charge for year

5,369

10,173

70

Eliminated on disposal

-

-

-

At 31 December 2017

89,929

72,686

6,423

NET BOOK VALUE

At 31 December 2017

236,062

25,407

188

At 31 December 2016

241,431

30,885

258

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2017

262,779

207,095

895,874

Additions

29,879

15,694

50,268

Disposals

(9,944

)

-

(9,944

)

At 31 December 2017

282,714

222,789

936,198

DEPRECIATION

At 1 January 2017

100,251

202,309

455,986

Charge for year

41,770

3,086

60,468

Eliminated on disposal

(8,837

)

-

(8,837

)

At 31 December 2017

133,184

205,395

507,617

NET BOOK VALUE

At 31 December 2017

149,530

17,394

428,581

At 31 December 2016

162,528

4,786

439,888

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

Motor

vehicles

£

COST

At 1 January 2017

191,481

Additions

28,029

Transfer to ownership

(26,792

)

At 31 December 2017

192,718

DEPRECIATION

At 1 January 2017

46,166

Charge for year

32,311

Transfer to ownership

(13,746

)

At 31 December 2017

64,731

NET BOOK VALUE

At 31 December 2017

127,987

At 31 December 2016

145,315

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

and 31 December 2017

300,558

NET BOOK VALUE

At 31 December 2017

300,558

At 31 December 2016

300,558

All of the company's investment properties were valued at 31 December 2017 by the director at fair value.

Fair value at 31 December 2017 is represented by:

£

Valuation in 2010

(8,887

)

Cost

309,445

300,558

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

43,052

17,508

Amounts owed by group undertakings

62,115

83,945

Other debtors

36,482

22,482

141,649

123,935

Included within in debtors is a deferred tax asset of £11,431 (2016 - £10,273). This balance is recoverable in

more than twelve months from the balance sheet date.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

33,954

40,765

Hire purchase contracts

51,560

50,378

Trade creditors

42,990

25,133

Amounts owed to group undertakings

-

25,774

Taxation and social security

81,006

70,320

Other creditors

71,799

46,447

281,309

258,817

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

55,481

86,030

Hire purchase contracts

40,507

69,347

95,988

155,377

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan

9,297

13,069

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

89,435

126,795

The bank has a bond and floating charge over all monies of the company as well as a standard security over the

properties owned by the company.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2017

and 31 December 2017

(8,887

)

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of ABC Taxis (Inverclyde) Limited for the year ended 31 December 2017 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of ABC Taxis (Inverclyde) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ABC Taxis (Inverclyde) Limited and state those matters that we have agreed to state to the director of ABC Taxis (Inverclyde) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that ABC Taxis (Inverclyde) 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 ABC Taxis (Inverclyde) Limited. You consider that ABC Taxis (Inverclyde) 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 ABC Taxis (Inverclyde) 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.

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

11 September 2018