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REGISTERED NUMBER: SC201189 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2023

for

Glasgow Private Hire Limited

Glasgow Private Hire Limited (Registered number: SC201189)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Glasgow Private Hire Limited

Company Information
for the Year Ended 30 November 2023







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 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
Turnover for the year increased by 8.7% to £19,268,392 compared to £17,732,070 last year.

Profit before tax increased from £12,087,739 to £12,712,196, an increase of 5.1%. Furthermore, the balance sheet of the group also remains strong with net assets of £5,049,991 as at 30 November 2023 compared to £4,134,447 as at 30 November 2022, an increase of 22.1%.

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 following risks and associated mitigation processes represent the key risks and uncertainties which affect the group and how the directors address these. They are not intended to be an exhaustive analysis of all the risks facing the business.

1. COVID-19

Risks:
The last three years has exposed the majority of businesses to the economic impact of a global pandemic. While the threat of a pandemic has dissipated, there remains the possibility that other variants could materialise and restrictions reintroduced.

Mitigating processes:
While mitigating actions will depend on the nature and extent of any pandemic, the group remains resilient given its
strong financial position and market share in the geographical area it operates in.

2. Economic risks

Risks:
The group's business operations are sensitive to economic conditions and, in particular, to inflationary pressures on the hospitality sector which affects the night-time trade and the consequential demand for private hire drivers.

Mitigation processes:
The directors regularly review the impact of the economic conditions on the group's budget and strategic plans, to ensure that we maintain our competitive position in the market. We continue to encourage the use of our private hire drivers via continued promotion of our booking application and discounted fares.

3. Regulatory risks

Risks:
A failure to comply with health and safety legislation could lead to an incident which causes serious illness, injury or even loss of life to one of our customers, employees or other stakeholders, in turn leading to a significant impact on our reputation. Furthermore, continued compliance with taxi booking license conditions via local councils is crucial to the continued operation of the business.

Mitigation processes:
We have a range of policies and procedures in place, including training, improved reporting and regular monitoring, to ensure compliance with existing regulatory requirements. This includes processes and procedures in relation to health and safety.


Glasgow Private Hire Limited (Registered number: SC201189)

Group Strategic Report
for the Year Ended 30 November 2023


4. People risks

Risks:
We recognise the importance of attracting, retaining, developing and motivating the best people to help take our business forward and to ensure that we can deliver our operational and strategic objectives. Failure to attract these individuals could impact our ability to achieve our operational and strategic objectives.

Mitigation processes:
Directors aim to recruit the best people with the right skills and offer training and development programmes to ensure that we retain them. Staff contracts and turnover trends are reviewed and benchmarked to highlight any potential issues.

ON BEHALF OF THE BOARD:





M Cassidy - Director


20 August 2024

Glasgow Private Hire Limited (Registered number: SC201189)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £2,698 per share.

The total distribution of dividends for the year ended 30 November 2023 will be £8,904,000.

DIRECTORS
M Cassidy has held office during the whole of the period from 1 December 2022 to the date of this report.

Other changes in directors holding office are as follows:

S P Malcolm - resigned 1 September 2023
S Conley - appointed 7 July 2023

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:





M Cassidy - Director


20 August 2024

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 2023 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 2023 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 four, 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

20 August 2024

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 19,268,392 17,732,070

Administrative expenses (6,211,169 ) (5,570,611 )
13,057,223 12,161,459

Other operating income - 75,424
OPERATING PROFIT 4 13,057,223 12,236,883

Interest receivable and similar income - 192
13,057,223 12,237,075

Interest payable and similar expenses 5 (345,027 ) (149,336 )
PROFIT BEFORE TAXATION 12,712,196 12,087,739

Tax on profit 6 (2,892,652 ) (2,086,074 )
PROFIT FOR THE FINANCIAL YEAR 9,819,544 10,001,665

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

9,819,544

10,001,665

Profit attributable to:
Owners of the parent 9,819,544 10,001,665

Total comprehensive income attributable to:
Owners of the parent 9,819,544 10,001,665

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 1,611,916 1,687,125
Tangible assets 10 5,167,045 4,837,477
Investments 11 26,149 -
6,805,110 6,524,602

CURRENT ASSETS
Debtors 12 1,800,756 692,967
Cash at bank and in hand 1,756,299 2,504,363
3,557,055 3,197,330
CREDITORS
Amounts falling due within one year 13 (4,731,603 ) (4,477,581 )
NET CURRENT LIABILITIES (1,174,548 ) (1,280,251 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,630,562

5,244,351

CREDITORS
Amounts falling due after more than one
year

14

(580,571

)

(1,109,904

)
NET ASSETS 5,049,991 4,134,447

CAPITAL AND RESERVES
Called up share capital 17 3,300 3,300
Share premium 18 349,900 349,900
Retained earnings 18 4,696,791 3,781,247
SHAREHOLDERS' FUNDS 5,049,991 4,134,447

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M Cassidy - Director


Glasgow Private Hire Limited (Registered number: SC201189)

Company Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 3,302,722 3,491,160
Tangible assets 10 5,167,045 4,837,477
Investments 11 28,769 2,620
8,498,536 8,331,257

CURRENT ASSETS
Debtors 12 1,905,530 790,437
Cash at bank and in hand 1,756,232 2,474,333
3,661,762 3,264,770
CREDITORS
Amounts falling due within one year 13 (6,708,859 ) (6,427,570 )
NET CURRENT LIABILITIES (3,047,097 ) (3,162,800 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,451,439

5,168,457

CREDITORS
Amounts falling due after more than one
year

14

(565,571

)

(1,084,904

)
NET ASSETS 4,885,868 4,083,553

CAPITAL AND RESERVES
Called up share capital 17 3,300 3,300
Share premium 18 349,900 349,900
Retained earnings 18 4,532,668 3,730,353
SHAREHOLDERS' FUNDS 4,885,868 4,083,553

Company's profit for the financial year 9,706,315 9,916,385

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M Cassidy - Director


Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 December 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

Changes in equity
Dividends - (8,904,000 ) - (8,904,000 )
Total comprehensive income - 9,819,544 - 9,819,544
Balance at 30 November 2023 3,300 4,696,791 349,900 5,049,991

Glasgow Private Hire Limited (Registered number: SC201189)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 December 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

Changes in equity
Dividends - (8,904,000 ) - (8,904,000 )
Total comprehensive income - 9,706,315 - 9,706,315
Balance at 30 November 2023 3,300 4,532,668 349,900 4,885,868

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 14,224,593 10,951,757
Interest paid (345,027 ) (149,336 )
Tax paid (3,312,673 ) (813,254 )
Net cash from operating activities 10,566,893 9,989,167

Cash flows from investing activities
Purchase of tangible fixed assets (1,599,743 ) (571,540 )
Purchase of fixed asset investments (26,149 ) (10,500 )
Sale of tangible fixed assets 804,061 514,661
Cash acquired on acquisition - 1,415,226
Interest received - 192
Net cash from investing activities (821,831 ) 1,348,039

Cash flows from financing activities
Loan repayments in year (20,000 ) (20,000 )
Capital repayments in year (1,569,126 ) (873,014 )
Equity dividends paid (8,904,000 ) (8,084,000 )
Net cash from financing activities (10,493,126 ) (8,977,014 )

(Decrease)/increase in cash and cash equivalents (748,064 ) 2,360,192
Cash and cash equivalents at beginning of
year

2

2,504,363

144,171

Cash and cash equivalents at end of year 2 1,756,299 2,504,363

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.23 30.11.22
£    £   
Profit before taxation 12,712,196 12,087,739
Depreciation charges 1,214,403 870,078
Loss/(profit) on disposal of fixed assets 271,027 (108,362 )
Finance costs 345,027 149,336
Finance income - (192 )
14,542,653 12,998,599
(Increase)/decrease in trade and other debtors (955,963 ) 1,030,333
Increase/(decrease) in trade and other creditors 637,903 (3,077,175 )
Cash generated from operations 14,224,593 10,951,757

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 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,756,299 2,504,363
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 2,504,363 144,171


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.12.22 Cash flow changes At 30.11.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,504,363 (748,064 ) 1,756,299
2,504,363 (748,064 ) 1,756,299
Debt
Finance leases (1,660,765 ) 1,569,126 (944,106 ) (1,035,745 )
Debts falling due
within 1 year (20,000 ) - - (20,000 )
Debts falling due
after 1 year (50,833 ) 19,999 - (30,834 )
(1,731,598 ) 1,589,125 (944,106 ) (1,086,579 )
Total 772,765 841,061 (944,106 ) 669,720

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

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 2023.

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.


Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

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.

Investments
Fixed asset investments are initially measured at cost. After initial recognition, investments are measured at cost less any accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 1,654,106 1,761,839
Social security costs 141,004 160,870
Other pension costs 27,066 30,167
1,822,176 1,952,876

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.23 30.11.22

Management 5 5
Administrative 56 67
61 72

The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2022 - 72 ) .

30.11.23 30.11.22
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.23 30.11.22
£    £   
Other operating leases 80,269 95,647
Depreciation - owned assets 884,284 624,005
Depreciation - assets on hire purchase contracts 254,909 170,863
Loss/(profit) on disposal of fixed assets 271,027 (108,362 )
Goodwill amortisation 75,210 75,210
Auditors' remuneration 30,500 12,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank loan interest 1,626 2,050
Hire purchase interest 244,765 143,580
HMRC interest 98,636 3,706
345,027 149,336

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax 3,044,478 2,212,473

Deferred tax (151,826 ) (126,399 )
Tax on profit 2,892,652 2,086,074

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.23 30.11.22
£    £   
Profit before tax 12,712,196 12,087,739
Profit multiplied by the standard rate of corporation tax in the UK of
23.011 % (2022 - 19 %)

2,925,203

2,296,670

Effects of:
Expenses not deductible for tax purposes 7,030 2,893
Capital allowances in excess of depreciation - (87,090 )
Depreciation in excess of capital allowances 112,245 -
Deferred tax (151,826 ) (126,399 )
Total tax charge 2,892,652 2,086,074

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
30.11.23 30.11.22
£    £   
Ordinary shares of £1 each
Final 8,904,000 8,084,000

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

9. INTANGIBLE FIXED ASSETS

Group
Plates
and
Goodwill licences Totals
£    £    £   
COST
At 1 December 2022 1,824,890 347,291 2,172,181
Disposals (320,690 ) - (320,690 )
At 30 November 2023 1,504,200 347,291 1,851,491
AMORTISATION
At 1 December 2022 485,056 - 485,056
Amortisation for year 75,210 - 75,210
Eliminated on disposal (320,691 ) - (320,691 )
At 30 November 2023 239,575 - 239,575
NET BOOK VALUE
At 30 November 2023 1,264,625 347,291 1,611,916
At 30 November 2022 1,339,834 347,291 1,687,125

Company
Goodwill
£   
COST
At 1 December 2022 4,089,444
Disposals (320,691 )
At 30 November 2023 3,768,753
AMORTISATION
At 1 December 2022 598,284
Amortisation for year 188,438
Eliminated on disposal (320,691 )
At 30 November 2023 466,031
NET BOOK VALUE
At 30 November 2023 3,302,722
At 30 November 2022 3,491,160

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 10,140 940,101 10,833,756 11,783,997
Additions - 7,350 2,536,499 2,543,849
Disposals - - (1,300,733 ) (1,300,733 )
At 30 November 2023 10,140 947,451 12,069,522 13,027,113
DEPRECIATION
At 1 December 2022 - 632,818 6,313,702 6,946,520
Charge for year - 113,120 1,026,073 1,139,193
Eliminated on disposal - - (225,645 ) (225,645 )
At 30 November 2023 - 745,938 7,114,130 7,860,068
NET BOOK VALUE
At 30 November 2023 10,140 201,513 4,955,392 5,167,045
At 30 November 2022 10,140 307,283 4,520,054 4,837,477

Included within the net book value above are assets held under hire purchase agreements of £1,274,700 (2022: £1,696,208).

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 10,140 447,381 5,937,289 6,394,810
Additions - 7,350 2,536,499 2,543,849
Disposals - - (1,300,733 ) (1,300,733 )
At 30 November 2023 10,140 454,731 7,173,055 7,637,926
DEPRECIATION
At 1 December 2022 - 140,098 1,417,235 1,557,333
Charge for year - 113,120 1,026,073 1,139,193
Eliminated on disposal - - (225,645 ) (225,645 )
At 30 November 2023 - 253,218 2,217,663 2,470,881
NET BOOK VALUE
At 30 November 2023 10,140 201,513 4,955,392 5,167,045
At 30 November 2022 10,140 307,283 4,520,054 4,837,477

Included within the net book value above are assets held under hire purchase agreements of £1,274,700 (2022: £1,696,208).

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
Additions 26,149
At 30 November 2023 26,149
NET BOOK VALUE
At 30 November 2023 26,149
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 December 2022 2,620 - 2,620
Additions - 26,149 26,149
At 30 November 2023 2,620 26,149 28,769
NET BOOK VALUE
At 30 November 2023 2,620 26,149 28,769
At 30 November 2022 2,620 - 2,620


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Trade debtors 548,104 536,836 548,104 536,836
Amounts owed by group undertakings - - 104,774 97,470
Deferred tax asset 305,525 153,699 305,525 153,699
Prepayments and accrued income 947,127 2,432 947,127 2,432
1,800,756 692,967 1,905,530 790,437

Deferred tax asset
Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Deferred tax 305,525 153,699 305,525 153,699

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Bank loans and overdrafts (see note 15) 20,000 20,000 10,000 10,000
Hire purchase contracts (see note 16) 486,008 601,694 486,008 601,694
Trade creditors 65,995 79,913 65,995 79,160
Amounts owed to group undertakings - - 1,986,956 2,116,099
Tax 2,052,579 2,320,774 2,052,579 2,211,847
Social security and other taxes 379,688 797,944 379,688 798,639
Other creditors 760,111 639,841 760,411 592,715
Other loans 724,364 - 724,364 -
Accrued expenses 242,858 17,415 242,858 17,416
4,731,603 4,477,581 6,708,859 6,427,570

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Bank loans (see note 15) 30,834 50,833 15,834 25,833
Hire purchase contracts (see note 16) 549,737 1,059,071 549,737 1,059,071
580,571 1,109,904 565,571 1,084,904

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 20,000 20,000 10,000 10,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 - 10,000 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 20,834 50,833 5,834 25,833

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 486,008 601,694
Between one and five years 549,737 1,059,071
1,035,745 1,660,765

Company
Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 486,008 601,694
Between one and five years 549,737 1,059,071
1,035,745 1,660,765

Group
Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 66,000 65,200
Between one and five years 25,000 60,000
In more than five years - 25,000
91,000 150,200

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
3,300 Ordinary £1 3,300 3,300

18. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 3,781,247 349,900 4,131,147
Profit for the year 9,819,544 9,819,544
Dividends (8,904,000 ) (8,904,000 )
At 30 November 2023 4,696,791 349,900 5,046,691

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

18. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 3,730,353 349,900 4,080,253
Profit for the year 9,706,315 9,706,315
Dividends (8,904,000 ) (8,904,000 )
At 30 November 2023 4,532,668 349,900 4,882,568


19. RELATED PARTY DISCLOSURES

Included within other loans is a balance of £724,364 (2022: £NIL) owed to Xpress Transport Limited, a company in which Michael Cassidy is a director and shareholder. Interest is payable at 5.9% per annum on the loan balance. The loan is due to be repaid by September 2024.