REGISTERED NUMBER: SC175420 (Scotland)

Financial Statements for the Year Ended 30 November 2022

for

Spring Radio Cars Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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

-

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

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.