REGISTERED NUMBER: SC201189 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 November 2022 |
for |
Glasgow Private Hire Limited |
REGISTERED NUMBER: SC201189 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 November 2022 |
for |
Glasgow Private Hire Limited |
Glasgow Private Hire Limited (Registered number: SC201189) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
Glasgow Private Hire Limited |
Company Information |
for the Year Ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
145 St Vincent Street |
Glasgow |
G2 5JF |
Glasgow Private Hire Limited (Registered number: SC201189) |
Group Strategic Report |
for the Year Ended 30 November 2022 |
The directors present their strategic report of the company and the group for the year ended 30 November 2022. |
REVIEW OF BUSINESS |
Turnover for the year increased by 200% to £17,732,070 compared to £5,920,150 last year. This increase was primarily as a result of the group's acquisition of Network Private Hire Limited and S.S.R.G Limited in December and November 2021, respectively, as well as the first full year of trade since the acquisition of HPN Leasing Limited in May 2021. Increases from the merged trade have been mitigated by an ongoing impact of the Coronavirus pandemic which resulted in a significant reduction in private hire drivers. |
However, despite this, profit before tax increased from £2,957,185 to £12,087,739. The balance sheet of the group also remains strong with net assets of £4,134,447, an increase of 86% on the previous year. |
The directors are satisfied with the results for the year and are confident that the group is well positioned to continue to grow in the future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors continue to monitor the key risks facing the company and assess the controls for managing these risks. |
ON BEHALF OF THE BOARD: |
Glasgow Private Hire Limited (Registered number: SC201189) |
Report of the Directors |
for the Year Ended 30 November 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2022. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £2,450 per share. |
The total distribution of dividends for the year ended 30 November 2022 will be £8,084,000. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Glasgow Private Hire Limited |
Opinion |
We have audited the financial statements of Glasgow Private Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Glasgow Private Hire Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and |
non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance; |
- results of our enquiries of management about their own identification and assessment of the risks and irregularities; |
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or |
non- compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the |
financial statements and any potential indicators of fraud. |
We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR, taxi base licence and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings.These limited procedures did not identify actual or suspected non-compliance. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Glasgow Private Hire Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
145 St Vincent Street |
Glasgow |
G2 5JF |
Glasgow Private Hire Limited (Registered number: SC201189) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
TURNOVER | 17,732,070 | 5,920,150 |
Administrative expenses | (5,570,611 | ) | (3,174,062 | ) |
12,161,459 | 2,746,088 |
Other operating income | 75,424 | 282,917 |
OPERATING PROFIT | 4 | 12,236,883 | 3,029,005 |
Interest receivable and similar income | 192 | - |
12,237,075 | 3,029,005 |
Interest payable and similar expenses | 5 | (149,336 | ) | (71,820 | ) |
PROFIT BEFORE TAXATION | 12,087,739 | 2,957,185 |
Tax on profit | 6 | (2,086,074 | ) | (592,350 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
10,001,665 |
2,364,835 |
Profit attributable to: |
Owners of the parent | 10,001,665 | 2,364,835 |
Total comprehensive income attributable to: |
Owners of the parent | 10,001,665 | 2,364,835 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Consolidated Balance Sheet |
30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 1,687,125 | 3,764,871 |
Tangible assets | 10 | 4,837,477 | 2,260,296 |
Investments | 11 | - | - |
6,524,602 | 6,025,167 |
CURRENT ASSETS |
Debtors | 12 | 692,967 | 478,195 |
Cash at bank and in hand | 2,504,363 | 144,171 |
3,197,330 | 622,366 |
CREDITORS |
Amounts falling due within one year | 13 | (4,477,581 | ) | (4,077,856 | ) |
NET CURRENT LIABILITIES | (1,280,251 | ) | (3,455,490 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,244,351 |
2,569,677 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(1,109,904 |
) |
(353,995 |
) |
NET ASSETS | 4,134,447 | 2,215,682 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 3,300 | 2,200 |
Share premium | 18 | 349,900 | 349,900 |
Retained earnings | 18 | 3,781,247 | 1,863,582 |
SHAREHOLDERS' FUNDS | 4,134,447 | 2,215,682 |
The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by: |
S Conley - Director |
Glasgow Private Hire Limited (Registered number: SC201189) |
Company Balance Sheet |
30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 9,916,385 | 2,399,221 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Glasgow Private Hire Limited (Registered number: SC201189) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 November 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2020 | 1,100 | 223,591 | 349,900 | 574,591 |
Changes in equity |
Issue of share capital | 1,100 | - | - | 1,100 |
Dividends | - | (724,844 | ) | - | (724,844 | ) |
Total comprehensive income | - | 2,364,835 | - | 2,364,835 |
Balance at 30 November 2021 | 2,200 | 1,863,582 | 349,900 | 2,215,682 |
Changes in equity |
Issue of share capital | 1,100 | - | - | 1,100 |
Dividends | - | (8,084,000 | ) | - | (8,084,000 | ) |
Total comprehensive income | - | 10,001,665 | - | 10,001,665 |
Balance at 30 November 2022 | 3,300 | 3,781,247 | 349,900 | 4,134,447 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Company Statement of Changes in Equity |
for the Year Ended 30 November 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2020 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2021 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2022 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Consolidated Cash Flow Statement |
for the Year Ended 30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 10,951,757 | 2,871,988 |
Interest paid | (149,336 | ) | (71,820 | ) |
Tax paid | (813,254 | ) | (232,399 | ) |
Net cash from operating activities | 9,989,167 | 2,567,769 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (571,540 | ) | (252,483 | ) |
Purchase of fixed asset investments | (10,500 | ) | (2,000,000 | ) |
Sale of tangible fixed assets | 514,661 | 433,619 |
Cash acquired on acquisition | 1,415,226 | 198,866 |
Interest received | 192 | - |
Net cash from investing activities | 1,348,039 | (1,619,998 | ) |
Cash flows from financing activities |
Loan repayments in year | (20,000 | ) | - |
Capital repayments in year | (873,014 | ) | (143,853 | ) |
Equity dividends paid | (8,084,000 | ) | (724,844 | ) |
Net cash from financing activities | (8,977,014 | ) | (868,697 | ) |
Increase in cash and cash equivalents | 2,360,192 | 79,074 |
Cash and cash equivalents at beginning of year |
2 |
144,171 |
65,097 |
Cash and cash equivalents at end of year | 2 | 2,504,363 | 144,171 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 November 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.22 | 30.11.21 |
£ | £ |
Profit before taxation | 12,087,739 | 2,957,185 |
Depreciation charges | 870,078 | 706,139 |
Profit on disposal of fixed assets | (108,362 | ) | (46,108 | ) |
Finance costs | 149,336 | 71,820 |
Finance income | (192 | ) | - |
12,998,599 | 3,689,036 |
Decrease/(increase) in trade and other debtors | 1,030,333 | (305,474 | ) |
Decrease in trade and other creditors | (3,077,175 | ) | (511,574 | ) |
Cash generated from operations | 10,951,757 | 2,871,988 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 2,504,363 | 144,171 |
Year ended 30 November 2021 |
30.11.21 | 1.12.20 |
£ | £ |
Cash and cash equivalents | 144,171 | 65,097 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.12.21 | Cash flow | changes | At 30.11.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 144,171 | 2,360,192 | 2,504,363 |
144,171 | 2,360,192 | 2,504,363 |
Debt |
Finance leases | (754,074 | ) | 873,014 | - | (1,660,765 | ) |
Debts falling due |
within 1 year | (20,000 | ) | - | - | (20,000 | ) |
Debts falling due |
after 1 year | (70,833 | ) | 20,000 | - | (50,833 | ) |
(844,907 | ) | 893,014 | - | (1,731,598 | ) |
Total | (700,736 | ) | 3,253,206 | - | 772,765 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Glasgow Private Hire Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements incorporate Glasgow Private Hire Limited and its subsidiaries made up to 30 November 2022. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, as well as the acquisition of the subsidiaries of the parent company, is being amortised evenly over its estimated useful life of twenty years. |
Intangible assets |
Plates and licenses are initially measured at cost. After initial recognition, plates and licenses are measured at cost less any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
The company's policy is to review the remaining useful economic 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. |
No depreciation is provided on Freehold Property as they are revalued annually by the directors. |
Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
30.11.22 | 30.11.21 |
£ | £ |
Wages and salaries | 1,761,839 | 930,109 |
Social security costs | 160,870 | 65,878 |
Other pension costs | 30,167 | 13,830 |
1,952,876 | 1,009,817 |
The average number of employees during the year was as follows: |
30.11.22 | 30.11.21 |
Management | 5 | 2 |
Administrative | 67 | 52 |
The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2021 - 54 ) . |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
30.11.22 | 30.11.21 |
£ | £ |
Directors' remuneration | - | 11,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.11.22 | 30.11.21 |
£ | £ |
Other operating leases | 95,647 | 36,480 |
Depreciation - owned assets | 624,005 | 508,235 |
Depreciation - assets on hire purchase contracts | 170,863 | - |
Profit on disposal of fixed assets | (108,362 | ) | (46,108 | ) |
Goodwill amortisation | 75,210 | 197,905 |
Auditors' remuneration | 12,500 | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.22 | 30.11.21 |
£ | £ |
Bank interest | - | 3,577 |
Bank loan interest | 2,050 | 1,057 |
Hire purchase interest | 143,580 | 67,186 |
HMRC interest | 3,706 | - |
149,336 | 71,820 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.22 | 30.11.21 |
£ | £ |
Current tax: |
UK corporation tax | 2,212,473 | 592,350 |
Deferred tax | (126,399 | ) | - |
Tax on profit | 2,086,074 | 592,350 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
30.11.22 | 30.11.21 |
£ | £ |
Ordinary shares of £1 each |
Final | 8,084,000 | 724,844 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Plates |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 December 2021 | 3,827,426 | 347,291 | 4,174,717 |
Additions | (2,002,536 | ) | - | (2,002,536 | ) |
At 30 November 2022 | 1,824,890 | 347,291 | 2,172,181 |
AMORTISATION |
At 1 December 2021 | 409,846 | - | 409,846 |
Amortisation for year | 75,210 | - | 75,210 |
At 30 November 2022 | 485,056 | - | 485,056 |
NET BOOK VALUE |
At 30 November 2022 | 1,339,834 | 347,291 | 1,687,125 |
At 30 November 2021 | 3,417,580 | 347,291 | 3,764,871 |
Company |
Goodwill |
£ |
COST |
At 1 December 2021 |
Additions |
At 30 November 2022 |
AMORTISATION |
At 1 December 2021 |
Amortisation for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2021 | 137,421 | 180,941 | 5,515,223 | 5,833,585 |
Additions | 10,140 | 19,018 | 2,322,087 | 2,351,245 |
Disposals | (137,421 | ) | - | (342,821 | ) | (480,242 | ) |
Reclassification/transfer | - | 740,142 | 3,339,267 | 4,079,409 |
At 30 November 2022 | 10,140 | 940,101 | 10,833,756 | 11,783,997 |
DEPRECIATION |
At 1 December 2021 | 46,004 | 31,292 | 3,495,993 | 3,573,289 |
Charge for year | - | 110,761 | 684,107 | 794,868 |
Eliminated on disposal | (46,004 | ) | - | (27,939 | ) | (73,943 | ) |
Reclassification/transfer | - | 490,765 | 2,161,541 | 2,652,306 |
At 30 November 2022 | - | 632,818 | 6,313,702 | 6,946,520 |
NET BOOK VALUE |
At 30 November 2022 | 10,140 | 307,283 | 4,520,054 | 4,837,477 |
At 30 November 2021 | 91,417 | 149,649 | 2,019,230 | 2,260,296 |
Included within the net book value above are assets held under hire purchase agreements of £1,696,208 (2021: £1,205,875). |
Company |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Included within the net book value above are assets held under hire purchase agreements of £1,696,208 (2021: £1,205,875). |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2021 |
Additions |
Disposals | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.22 | 30.11.21 | 30.11.22 | 30.11.21 |
£ | £ | £ | £ |
Trade debtors | 536,836 | 473,596 |
Amounts owed by group undertakings | - | - |
Deferred tax asset | 153,699 | - | 153,699 | - |
Prepayments and accrued income | 2,432 | 4,599 |
692,967 | 478,195 |
Deferred tax asset |
Group | Company |
30.11.22 | 30.11.21 | 30.11.22 | 30.11.21 |
£ | £ | £ | £ |
Deferred tax | 153,699 | - | 153,699 | - |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.22 | 30.11.21 | 30.11.22 | 30.11.21 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 20,000 | 20,000 |
Hire purchase contracts (see note 16) | 601,694 | 470,912 |
Trade creditors | 79,913 | 79,704 |
Amounts owed to group undertakings | - | - |
Tax | 2,320,774 | 789,090 |
Social security and other taxes | 797,944 | 585,858 |
VAT | - | 799 | - | - |
Other creditors | 639,841 | 2,105,326 |
Accrued expenses | 17,415 | 26,167 |
4,477,581 | 4,077,856 |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.11.22 | 30.11.21 | 30.11.22 | 30.11.21 |
£ | £ | £ | £ |
Bank loans (see note 15) | 50,833 | 70,833 |
Hire purchase contracts (see note 16) | 1,059,071 | 283,162 |
1,109,904 | 353,995 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.11.22 | 30.11.21 | 30.11.22 | 30.11.21 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 20,000 | 20,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 50,833 | 70,833 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.11.22 | 30.11.21 |
£ | £ |
Net obligations repayable: |
Within one year | 601,694 | 470,912 |
Between one and five years | 1,059,071 | 283,162 |
1,660,765 | 754,074 |
Company |
Hire purchase contracts |
30.11.22 | 30.11.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Glasgow Private Hire Limited (Registered number: SC201189) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2022 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.22 | 30.11.21 |
value: | £ | £ |
Ordinary | £1 | 3,300 | 2,200 |
1,100 Ordinary shares of £1 each were allotted and fully paid for |
18. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2021 | 1,863,582 | 349,900 | 2,213,482 |
Profit for the year | 10,001,665 | 10,001,665 |
Dividends | (8,084,000 | ) | (8,084,000 | ) |
At 30 November 2022 | 3,781,247 | 349,900 | 4,131,147 |