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REGISTERED NUMBER: SC175420 (Scotland)

Financial Statements for the Year Ended 30 November 2022

for

Spring Radio Cars Ltd

Spring Radio Cars Ltd (Registered number: SC175420)

Contents of the Financial Statements

for the Year Ended 30 November 2022

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Spring Radio Cars Ltd

Company Information

for the Year Ended 30 November 2022

| DIRECTOR: | J Cassidy

| REGISTERED OFFICE: | 15 Rosyth Road

| Glasgow

| G5 0YD

| REGISTERED NUMBER: | SC175420 (Scotland)

| AUDITORS: | McLay McAlister & McGibbon LLP

| Chartered Accountants and Statutory Auditors

| 145 St Vincent Street

| Glasgow

| G2 5JF

Spring Radio Cars Ltd (Registered number: SC175420)

Balance Sheet

30 November 2022

| 30.11.22 |  | 30.11.21

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | - |  | 1,427,104 |  |

- |  | 1,427,104 |  |

CURRENT ASSETS

Stocks | - |  | 7,925 |  |

Debtors | 6 | 2,115,979 |  | 1,118,706 |  |

Cash at bank and in hand | 26,341 |  | 1,415,226 |  |

2,142,320 |  | 2,541,857 |  |

CREDITORS

Amounts falling due within one year | 7 | (155,484 | ) | (1,942,451 | ) |

NET CURRENT ASSETS | 1,986,836 |  | 599,406 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,986,836 |  | 2,026,510 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (12,374 | ) |

NET ASSETS | 1,986,836 |  | 2,014,136 |  |

CAPITAL AND RESERVES

Called up share capital | 164 |  | 164 |  |

Share premium | 927,936 |  | 927,936 |  |

Retained earnings | 1,058,736 |  | 1,086,036 |  |

SHAREHOLDERS' FUNDS | 1,986,836 |  | 2,014,136 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 4 October 2023 and were signed by:

J Cassidy - Director

Spring Radio Cars Ltd (Registered number: SC175420)

Notes to the Financial Statements

for the Year Ended 30 November 2022

1. | STATUTORY INFORMATION

| Spring Radio Cars Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover represents net invoiced sales of goods and services, excluding value added tax.

| Goodwill

| Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

| 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.

| Improvements to property | - | over the term of the lease

| Plant and machinery | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Debtors

| Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

| Cash and cash equivalents

| Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts.

| Creditors

| Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

| Taxation

| Taxation for the year 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.

Spring Radio Cars Ltd (Registered number: SC175420)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2022

2. | ACCOUNTING POLICIES - continued

| 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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| 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 NIL (2021 - 42 ).

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 December 2021 | 1,250,376 |  |

| Disposals | (1,250,376 | ) |

| At 30 November 2022 | - |  |

| AMORTISATION

| At 1 December 2021 | 1,250,376 |  |

| Eliminated on disposal | (1,250,376 | ) |

| At 30 November 2022 | - |  |

| NET BOOK VALUE

| At 30 November 2022 | - |  |

| At 30 November 2021 | - |  |

Spring Radio Cars Ltd (Registered number: SC175420)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2022

5. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2021 | 266,900 |  | 740,142 |  | 3,339,267 |  | 4,346,309 |  |

| Disposals | (266,900 | ) | (740,142 | ) | (3,339,267 | ) | (4,346,309 | ) |

| At 30 November 2022 | - |  | - |  | - |  | - |  |

| DEPRECIATION

| At 1 December 2021 | 266,899 |  | 490,765 |  | 2,161,541 |  | 2,919,205 |  |

| Eliminated on disposal | (266,899 | ) | (490,765 | ) | (2,161,541 | ) | (2,919,205 | ) |

| At 30 November 2022 | - |  | - |  | - |  | - |  |

| NET BOOK VALUE

| At 30 November 2022 | - |  | - |  | - |  | - |  |

| At 30 November 2021 | 1 |  | 249,377 |  | 1,177,726 |  | 1,427,104 |  |

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

| Motor

| vehicles

£ |

| COST

| At 1 December 2021 | 403,279 |  |

| Transfer to ownership | (403,279 | ) |

| At 30 November 2022 | - |  |

| DEPRECIATION

| At 1 December 2021 | 177,170 |  |

| Transfer to ownership | (177,170 | ) |

| At 30 November 2022 | - |  |

| NET BOOK VALUE

| At 30 November 2022 | - |  |

| At 30 November 2021 | 226,109 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.11.22 |  | 30.11.21

£ | £ |

| Trade debtors | - |  | 395,780 |  |

| Amounts owed by group undertakings | 2,115,979 |  | - |  |

| Other debtors | - |  | 722,926 |  |

2,115,979 |  | 1,118,706 |  |

Spring Radio Cars Ltd (Registered number: SC175420)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2022

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.11.22 |  | 30.11.21

£ | £ |

| Hire purchase contracts | - |  | 167,828 |  |

| Trade creditors | 753 |  | 44,103 |  |

| Taxation and social security | 107,606 |  | 375,178 |  |

| Other creditors | 47,125 |  | 1,355,342 |  |

155,484 |  | 1,942,451 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.11.22 |  | 30.11.21

£ | £ |

| Hire purchase contracts | - |  | 12,374 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.11.22 |  | 30.11.21

£ | £ |

| Hire purchase contracts | - |  | 180,202 |  |

| Hire purchase creditors are secured over the assets to which they relate.

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Paul Martin (Senior Statutory Auditor)

| for and on behalf of McLay McAlister & McGibbon LLP

11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. | ULTIMATE CONTROLLING PARTY

| The share capital of the company is owned 100% by Network Private Hire Limited.

| Network Private Hire Limited's shares were acquired in full by Glasgow Private Hire Limited via a merger during the year under review.