IRIS Accounts Production v23.1.5.20 SC201189 Board of Directors 30.11.22 1.12.21 30.11.22 30.11.22 . true true false true true false false false true false Ordinary 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2011892021-11-30SC2011892022-11-30SC2011892021-12-012022-11-30SC2011892020-11-30SC2011892020-12-012021-11-30SC2011892021-11-30SC201189ns16:Scotland2021-12-012022-11-30SC201189ns15:PoundSterling2021-12-012022-11-30SC201189ns11:Director12021-12-012022-11-30SC201189ns11:Consolidated2022-11-30SC201189ns11:ConsolidatedGroupCompanyAccounts2021-12-012022-11-30SC201189ns11:PrivateLimitedCompanyLtd2021-12-012022-11-30SC201189ns11:FRS102ns11:Consolidated2021-12-012022-11-30SC201189ns11:Auditedns11:Consolidated2021-12-012022-11-30SC201189ns11:SmallCompaniesRegimeForDirectorsReport2021-12-012022-11-30SC201189ns11:SmallCompaniesRegimeForAccounts2021-12-012022-11-30SC201189ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-12-012022-11-30SC201189ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2021-12-012022-11-30SC201189ns11:FullAccounts2021-12-012022-11-30SC20118912021-12-012022-11-30SC201189ns11:OrdinaryShareClass12021-12-012022-11-30SC2011891ns11:OrdinaryShareClass12021-12-012022-11-30SC201189ns11:Consolidated2021-12-012022-11-30SC201189ns11:Director22021-12-012022-11-30SC201189ns11:RegisteredOffice2021-12-012022-11-30SC201189ns11:Director32021-12-012022-11-30SC201189ns11:Consolidated2020-12-012021-11-30SC201189ns6:CurrentFinancialInstruments2022-11-30SC201189ns6:CurrentFinancialInstruments2021-11-30SC201189ns6:Non-currentFinancialInstruments2022-11-30SC201189ns6:Non-currentFinancialInstruments2021-11-30SC201189ns6:ShareCapital2022-11-30SC201189ns6:ShareCapital2021-11-30SC201189ns6:SharePremium2022-11-30SC201189ns6:SharePremium2021-11-30SC201189ns6:RetainedEarningsAccumulatedLosses2022-11-30SC201189ns6:RetainedEarningsAccumulatedLosses2021-11-30SC201189ns6:ShareCapital2020-11-30SC201189ns6:RetainedEarningsAccumulatedLosses2020-11-30SC201189ns6:SharePremium2020-11-30SC201189ns6:ShareCapital2020-12-012021-11-30SC201189ns6:SharePremium2020-12-012021-11-30SC201189ns6:RetainedEarningsAccumulatedLosses2020-12-012021-11-30SC201189ns6:ShareCapital2021-12-012022-11-30SC201189ns6:SharePremium2021-12-012022-11-30SC201189ns6:RetainedEarningsAccumulatedLosses2021-12-012022-11-30SC201189ns6:NetGoodwill2021-12-012022-11-30SC201189ns6:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-30SC201189ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-12-012022-11-30SC201189ns6:PlantMachinery2021-12-012022-11-30SC201189ns6:MotorVehicles2021-12-012022-11-30SC201189ns6:NetGoodwill2021-11-30SC201189ns6:NetGoodwill2022-11-30SC201189ns6:NetGoodwill2021-11-30SC201189ns6:LandBuildings2021-11-30SC201189ns6:PlantMachinery2021-11-30SC201189ns6:MotorVehicles2021-11-30SC201189ns6:LandBuildings2021-12-012022-11-30SC201189ns6:LandBuildings2022-11-30SC201189ns6:PlantMachinery2022-11-30SC201189ns6:MotorVehicles2022-11-30SC201189ns6:LandBuildings2021-11-30SC201189ns6:PlantMachinery2021-11-30SC201189ns6:MotorVehicles2021-11-30SC201189ns6:LeasedAssetsHeldAsLessee2021-12-012022-11-30SC201189ns6:CostValuation2021-11-30SC201189ns6:AdditionsToInvestments2022-11-30SC201189ns6:DisposalsRepaymentsInvestments2022-11-30SC201189ns6:CostValuation2022-11-30SC201189ns6:WithinOneYearns6:CurrentFinancialInstruments2022-11-30SC201189ns6:WithinOneYearns6:CurrentFinancialInstruments2021-11-30SC201189ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-11-30SC201189ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-11-30SC201189ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-11-30SC201189ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-11-30SC201189ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-11-30SC201189ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-11-30SC201189ns6:HirePurchaseContracts2022-11-30SC201189ns6:HirePurchaseContracts2021-11-30SC201189ns11:OrdinaryShareClass12022-11-30
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: M Cassidy
S Conley





REGISTERED OFFICE: 15 Rosyth Road
Glasgow
G5 0YD





REGISTERED NUMBER: SC201189 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
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:





S Conley - Director


4 October 2023

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
M Cassidy has held office during the whole of the period from 1 December 2021 to the date of this report.

Other changes in directors holding office are as follows:

S Conley was appointed as a director after 30 November 2022 but prior to the date of this report.

S P Malcolm ceased to be a director after 30 November 2022 but prior to the date of this report.

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:





S Conley - Director


4 October 2023

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.




Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

4 October 2023

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 10,001,665 2,364,835

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 3,491,160 1,693,942
Tangible assets 10 4,837,477 1,374,745
Investments 11 2,620 2,001,400
8,331,257 5,070,087

CURRENT ASSETS
Debtors 12 790,437 760,851
Cash at bank and in hand 2,474,333 80,139
3,264,770 840,990
CREDITORS
Amounts falling due within one year 13 (6,427,570 ) (3,473,216 )
NET CURRENT LIABILITIES (3,162,800 ) (2,632,226 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,168,457

2,437,861

CREDITORS
Amounts falling due after more than one
year

14

(1,084,904

)

(187,793

)
NET ASSETS 4,083,553 2,250,068

CAPITAL AND RESERVES
Called up share capital 17 3,300 2,200
Share premium 349,900 349,900
Retained earnings 3,730,353 1,897,968
SHAREHOLDERS' FUNDS 4,083,553 2,250,068

Company's profit for the financial year 9,916,385 2,399,221

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

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)

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 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 - 2,399,221 - 2,399,221
Balance at 30 November 2021 2,200 1,897,968 349,900 2,250,068

Changes in equity
Issue of share capital 1,100 - - 1,100
Dividends - (8,084,000 ) - (8,084,000 )
Total comprehensive income - 9,916,385 - 9,916,385
Balance at 30 November 2022 3,300 3,730,353 349,900 4,083,553

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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
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.
Freehold property - at varying rates on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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
72 54

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 2,103,788
Additions 1,985,656
At 30 November 2022 4,089,444
AMORTISATION
At 1 December 2021 409,846
Amortisation for year 188,438
At 30 November 2022 598,284
NET BOOK VALUE
At 30 November 2022 3,491,160
At 30 November 2021 1,693,942

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 - 178,986 1,986,163 2,165,149
Additions 10,140 268,395 4,293,947 4,572,482
Disposals - - (342,821 ) (342,821 )
At 30 November 2022 10,140 447,381 5,937,289 6,394,810
DEPRECIATION
At 1 December 2021 - 29,337 761,067 790,404
Charge for year - 110,761 684,107 794,868
Eliminated on disposal - - (27,939 ) (27,939 )
At 30 November 2022 - 140,098 1,417,235 1,557,333
NET BOOK VALUE
At 30 November 2022 10,140 307,283 4,520,054 4,837,477
At 30 November 2021 - 149,649 1,225,096 1,374,745

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 2,001,400
Additions 11,600
Disposals (2,010,380 )
At 30 November 2022 2,620
NET BOOK VALUE
At 30 November 2022 2,620
At 30 November 2021 2,001,400


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.22 30.11.21 30.11.22 30.11.21
£    £    £    £   
Trade debtors 536,836 473,596 536,836 412,621
Amounts owed by group undertakings - - 97,470 343,631
Deferred tax asset 153,699 - 153,699 -
Prepayments and accrued income 2,432 4,599 2,432 4,599
692,967 478,195 790,437 760,851

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 10,000 10,000
Hire purchase contracts (see note 16) 601,694 470,912 601,694 304,061
Trade creditors 79,913 79,704 79,160 69,325
Amounts owed to group undertakings - - 2,116,099 -
Tax 2,320,774 789,090 2,211,847 589,110
Social security and other taxes 797,944 585,858 798,639 526,614
VAT - 799 - -
Other creditors 639,841 2,105,326 592,715 1,961,520
Accrued expenses 17,415 26,167 17,416 12,586
4,477,581 4,077,856 6,427,570 3,473,216

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 25,833 35,833
Hire purchase contracts (see note 16) 1,059,071 283,162 1,059,071 151,960
1,109,904 353,995 1,084,904 187,793

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 10,000 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 50,833 70,833 25,833 35,833

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 601,694 304,061
Between one and five years 1,059,071 151,960
1,660,765 456,021

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: £    £   
3,300 Ordinary £1 3,300 2,200

1,100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

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