Registration number:
Station Taxis (Newton Abbot) Limited
for the Year Ended 30 June 2017
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS
Station Taxis (Newton Abbot) Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Station Taxis (Newton Abbot) Limited
Company Information
Directors |
Mr Fariborz Khojasteh Mr Dominic Khojasteh |
Company secretary |
Mrs Christine Khojasteh |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Station Taxis (Newton Abbot) Limited
for the Year Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Station Taxis (Newton Abbot) Limited for the year ended 30 June 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Station Taxis (Newton Abbot) Limited, as a body, in accordance with the terms of our engagement letter dated 7 June 2006. Our work has been undertaken solely to prepare for your approval the accounts of Station Taxis (Newton Abbot) Limited and state those matters that we have agreed to state to the Board of Directors of Station Taxis (Newton Abbot) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Station Taxis (Newton Abbot) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Station Taxis (Newton Abbot) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Station Taxis (Newton Abbot) Limited. You consider that Station Taxis (Newton Abbot) 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 accounts of Station Taxis (Newton Abbot) 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 accounts.
......................................
Chelston
Torquay
Devon
TQ2 6HS
Page 2 |
Station Taxis (Newton Abbot) Limited
Statement of Comprehensive Income for the Year Ended 30 June 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Station Taxis (Newton Abbot) Limited
(Registration number: 05415596)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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.
Approved and authorised by the
.........................................
Mr Fariborz Khojasteh
Director
Page 4 |
Station Taxis (Newton Abbot) Limited
Statement of Changes in Equity for the Year Ended 30 June 2017
Share capital |
Profit and loss account |
Total |
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At 1 July 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 June 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2015 |
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( |
( |
Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 June 2016 |
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Page 5 |
Station Taxis (Newton Abbot) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 6 |
Station Taxis (Newton Abbot) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Station Taxis (Newton Abbot) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2017 |
- |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Included within the net book value of land and buildings above is £604 (2016 - £604) in respect of freehold land and buildings.
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Total current trade and other debtors |
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Creditors |
Page 8 |
Station Taxis (Newton Abbot) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £Nil (2016 - £
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- |
9,500 |
Related party transactions |
Transactions with directors |
2017 |
At 1 July 2016 |
Advances to directors |
Repayments by director |
At 30 June 2017 |
Mr Fariborz Khojasteh |
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Director loan |
(55,880) |
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( |
( |
2016 |
At 1 July 2015 |
Advances to directors |
Repayments by director |
At 30 June 2016 |
Mr Fariborz Khojasteh |
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Director loan |
(59,772) |
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( |
( |
Page 9 |
Station Taxis (Newton Abbot) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Dividends paid to directors |
2017 |
2016 |
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Mr Fariborz Khojasteh |
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Interim dividend |
- |
9,500 |
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Transition to FRS 102 |
Page 10 |