Abacus & Falmouth Taxis Ltd - Filleted accounts

Registered number

06636778

Abacus & Falmouth Taxis Ltd

Filleted Accounts

30 June 2017

Abacus & Falmouth Taxis Ltd
Registered number:		06636778
Balance Sheet
as at 30 June 2017

Notes			2017			2016
£				£
Fixed assets
Intangible assets	2		8,250			16,500
Tangible assets	3		182,232			69,136
			190,482			85,636

Current assets
Debtors	4	29,950			5,897
Cash at bank and in hand		7,049			7,453
		36,999			13,350

Creditors: amounts falling due within one year	5	(220,804)			(107,022)

Net current liabilities			(183,805)			(93,672)

Total assets less current liabilities			6,677			(8,036)

Creditors: amounts falling due after more than one year	6		(61,451)			(18,910)

Provisions for liabilities			-			(3,073)


Net liabilities			(54,774)			(30,019)

Capital and reserves
Called up share capital			2			2
Profit and loss account			(54,776)			(30,021)

Shareholders' funds			(54,774)			(30,019)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



Mr T Arrington
Director
Approved by the board on 30 October 2017

Abacus & Falmouth Taxis Ltd
Notes to the Accounts
for the year ended 30 June 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated independantly to each asset class.

	Motor Vehicles	20% straight line
	Plant and machinery	10% reducing balance

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 July 2016					55,000
	At 30 June 2017					55,000

	Amortisation
	At 1 July 2016					38,500
	Provided during the year					8,250
	At 30 June 2017					46,750

	Net book value
	At 30 June 2017					8,250
	At 30 June 2016					16,500

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 July 2016	45,570		55,716		101,286
	Additions	105,250		26,145		131,395
	Disposals	-		(2,800)		(2,800)
	At 30 June 2017	150,820		79,061		229,881

	Depreciation
	At 1 July 2016	9,347		22,803		32,150
	Charge for the year	1,367		15,812		17,179
	On disposals	-		(1,680)		(1,680)
	At 30 June 2017	10,714		36,935		47,649

	Net book value
	At 30 June 2017	140,106		42,126		182,232
	At 30 June 2016	36,223		32,913		69,136


4	Debtors			2017		2016
£					£

	Trade debtors			1,103		2,167
	Deferred tax asset			588		-
	Other debtors			28,259		3,730
				29,950		5,897


5	Creditors: amounts falling due within one year			2017		2016
£					£

	Bank loans and overdrafts			10,400		-
	Obligations under finance lease and hire purchase contracts			27,638		8,177
	Other taxes and social security costs			1,970		4,118
	Other creditors			180,796		94,727
				220,804		107,022


6	Creditors: amounts falling due after one year			2017		2016
£					£

	Bank loans			38,133		-
	Obligations under finance lease and hire purchase contracts			23,318		-
	Other creditors			-		18,910
				61,451		18,910


7	Loans			2017		2016
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			52,000		-


	Secured bank loans			50,957		22,542

	Loans are made up of car leases, with the value of the loan secured against the value of the vehicles.


8	Related party transactions

	At the period end the company owed £144,875 (2016: £48,032) to Mr T W Arrington, Director and £27,309 (2016: £27,309) to Mr P Shepherd (deceased) director. The loans are interest free and repayable in less than one year.


9	Controlling party

	The company is ultimately controlled by Mr T Arrington and Mr P Shepherd (deceased), directors, who together own 100% of the issued share capital.


10	Basis of Preparation

	At the period end, the company's balance sheet showed net current liabilities of £183,805 (2016: £93,672). This includes £144,875 (2016: £48,032) payable to Mr T W Arrington, director, and companies under his control, and £27,310 (2016: £27,310) payable to Mr P Shepherd (deceased), director, and companies under his control. The director has indicated that they will continue to support the company financially until such a time that it can afford to repay them. On this basis, the director feels it is appropriate that the accounts are prepared on a going concern basis.

10	Other information

	Abacus & Falmouth Taxis Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Jubilee House
	Jubilee Road
	Falmouth
	Cornwall
	TR11 2BA