REGISTERED NUMBER: 04130123 (England and Wales)

Able Taxis Limited

Unaudited Financial Statements

for the Period

1st April 2016 to 31st August 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

P Bailey

REGISTERED OFFICE:

Unit 8 Hopper Way

Diss Business Park

Diss

Norfolk

IP22 4GT

REGISTERED NUMBER:

04130123 (England and Wales)

ACCOUNTANTS:

Haines Watts

8 Hopper Way

Diss Business Park

Diss

Norfolk

IP22 4GT

FIXED ASSETS

Intangible assets

4

11,100

14,500

Tangible assets

5

68,998

75,179

80,098

89,679

CURRENT ASSETS

Debtors

6

38,985

89,541

Cash at bank and in hand

3,271

4,530

42,256

94,071

CREDITORS

Amounts falling due within one year

7

253,789

191,631

NET CURRENT LIABILITIES

(211,533

)

(97,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(131,435

)

(7,881

)

CREDITORS

Amounts falling due after more than one year

8

15,750

26,251

NET LIABILITIES

(147,185

)

(34,132

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(147,186

)

(34,133

)

SHAREHOLDERS' FUNDS

(147,185

)

(34,132

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st August 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 11th May 2018 and were signed by:

P Bailey - Director

1.	STATUTORY INFORMATION

Able 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.

The company has a deficit on the balance sheet. The majority of the long term funding of the company is

from the director. The director is confident the company can operate within it's agreed banking facility, and

has made a commitment to support the company if needed, therefore the financial statements have been

prepared on the going concern concept.

Turnover

Turnover represents cash and invoiced sales from taxi services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of four years.

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.

Plant and machinery

- 15% on reducing balance

Vehicles are depreciated annually based upon a review of their values at the year end by the director.

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 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.

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 period was 42 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st August 2017

48,000

AMORTISATION

At 1st April 2016

33,500

Amortisation for period

3,400

At 31st August 2017

36,900

NET BOOK VALUE

At 31st August 2017

11,100

At 31st March 2016

14,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st April 2016

7,883

107,602

115,485

Additions

-

12,750

12,750

Disposals

-

(22,621

)

(22,621

)

At 31st August 2017

7,883

97,731

105,614

DEPRECIATION

At 1st April 2016

6,695

33,611

40,306

Charge for period

252

4,467

4,719

Eliminated on disposal

-

(8,409

)

(8,409

)

At 31st August 2017

6,947

29,669

36,616

NET BOOK VALUE

At 31st August 2017

936

68,062

68,998

At 31st March 2016

1,188

73,991

75,179

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

35,318

88,060

Other debtors

3,667

1,481

38,985

89,541

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

68,391

74,455

Trade creditors

5,231

9,321

Taxation and social security

30,292

53,388

Other creditors

149,875

54,467

253,789

191,631

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

15,750

26,251

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

61,391

67,455

Bank loans

22,750

33,251

84,141

100,706

The company has an agreed overdraft facility of £70,000 which is secured by the director.

The director has personally guaranteed the bank loan.

10.	RELATED PARTY DISCLOSURES

At the year end the director is owed £125,220 (2016 - £52,892) relating to an interest free loan with no set

repayment terms.