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REGISTERED NUMBER: SC175420 (Scotland)
















Financial Statements for the Year Ended 30 November 2023

for

Spring Radio Cars Ltd

Spring Radio Cars Ltd (Registered number: SC175420)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spring Radio Cars Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: J Cassidy





REGISTERED OFFICE: 15 Rosyth Road
Glasgow
G5 0YD





REGISTERED NUMBER: SC175420 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Spring Radio Cars Ltd (Registered number: SC175420)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
CURRENT ASSETS
Debtors 4 1,986,836 2,115,979
Cash at bank - 26,341
1,986,836 2,142,320
CREDITORS
Amounts falling due within one year 5 - (155,484 )
NET CURRENT ASSETS 1,986,836 1,986,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,986,836

1,986,836

CAPITAL AND RESERVES
Called up share capital 164 164
Share premium 927,936 927,936
Retained earnings 1,058,736 1,058,736
SHAREHOLDERS' FUNDS 1,986,836 1,986,836

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2024 and were signed by:





J Cassidy - Director


Spring Radio Cars Ltd (Registered number: SC175420)

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

1. STATUTORY INFORMATION

Spring Radio Cars Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

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

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Spring Radio Cars Ltd (Registered number: SC175420)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Amounts owed by group undertakings 1,986,836 2,115,979

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors - 753
Taxation and social security - 107,606
Other creditors - 47,125
- 155,484

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

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

7. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

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

Spring Radio Cars Ltd (Registered number: SC175420)

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

8. ULTIMATE CONTROLLING PARTY

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

As at the balance sheet date, Network Private Hire Limited was 100% owned by Glasgow Private Hire Limited.