IRIS Accounts Production v25.1.4.42 SC201189 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. . true true true false true true false false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2011892023-11-30SC2011892024-11-30SC2011892023-12-012024-11-30SC2011892022-11-30SC2011892022-12-012023-11-30SC2011892023-11-30SC201189ns15:Scotland2023-12-012024-11-30SC201189ns14:PoundSterling2023-12-012024-11-30SC201189ns10:Director12023-12-012024-11-30SC201189ns10:Consolidated2024-11-30SC201189ns10:ConsolidatedGroupCompanyAccounts2023-12-012024-11-30SC201189ns10:PrivateLimitedCompanyLtd2023-12-012024-11-30SC201189ns10:Consolidatedns10:MediumEntities2023-12-012024-11-30SC201189ns10:Consolidatedns10:Audited2023-12-012024-11-30SC201189ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-30SC201189ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-30SC201189ns10:Consolidated2023-12-012024-11-30SC201189ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-30SC201189ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-30SC201189ns10:FullAccounts2023-12-012024-11-30SC201189ns5:Subsidiary12023-12-012024-11-30SC201189ns5:Subsidiary22023-12-012024-11-30SC201189ns5:Subsidiary32023-12-012024-11-30SC20118912023-12-012024-11-30SC201189ns10:OrdinaryShareClass12023-12-012024-11-30SC201189ns10:Director22023-12-012024-11-30SC201189ns10:RegisteredOffice2023-12-012024-11-30SC201189ns10:Consolidated2022-12-012023-11-30SC201189ns5:CurrentFinancialInstruments2024-11-30SC201189ns5:CurrentFinancialInstruments2023-11-30SC201189ns5:Non-currentFinancialInstruments2024-11-30SC201189ns5:Non-currentFinancialInstruments2023-11-30SC201189ns5:ShareCapital2024-11-30SC201189ns5:ShareCapital2023-11-30SC201189ns5:SharePremium2024-11-30SC201189ns5:SharePremium2023-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2024-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2023-11-30SC201189ns5:ShareCapital2022-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2022-11-30SC201189ns5:SharePremium2022-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-30SC201189ns5:NetGoodwill2023-12-012024-11-30SC201189ns5:IntangibleAssetsOtherThanGoodwill2023-12-012024-11-30SC201189ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-12-012024-11-30SC201189ns5:PlantMachinery2023-12-012024-11-30SC201189ns5:MotorVehicles2023-12-012024-11-30SC201189ns5:NetGoodwill2023-11-30SC201189ns5:NetGoodwill2024-11-30SC201189ns5:NetGoodwill2023-11-30SC201189ns5:LandBuildings2023-11-30SC201189ns5:PlantMachinery2023-11-30SC201189ns5:MotorVehicles2023-11-30SC201189ns5:LandBuildings2023-12-012024-11-30SC201189ns5:LandBuildings2024-11-30SC201189ns5:PlantMachinery2024-11-30SC201189ns5:MotorVehicles2024-11-30SC201189ns5:LandBuildings2023-11-30SC201189ns5:PlantMachinery2023-11-30SC201189ns5:MotorVehicles2023-11-30SC201189ns5:LeasedAssetsHeldAsLessee2023-12-012024-11-30SC201189ns5:CostValuation2023-11-30SC201189ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-11-30SC201189ns5:DisposalsRepaymentsInvestments2024-11-30SC201189ns5:UnlistedNon-exchangeTradedns5:DisposalsRepaymentsInvestments2024-11-30SC201189ns5:CostValuation2024-11-30SC201189ns5:UnlistedNon-exchangeTradedns5:CostValuation2024-11-30SC201189ns5:UnlistedNon-exchangeTraded2024-11-30SC201189ns5:UnlistedNon-exchangeTraded2023-11-30SC2011891ns5:Subsidiary12023-12-012024-11-30SC201189ns5:Subsidiary232023-12-012024-11-30SC2011895ns5:Subsidiary32023-12-012024-11-30SC201189ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-30SC201189ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-30SC201189ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-11-30SC201189ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-11-30SC201189ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-11-30SC201189ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-30SC201189ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-11-30SC201189ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-11-30SC201189ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-11-30SC201189ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-11-30SC201189ns5:HirePurchaseContracts2024-11-30SC201189ns5:HirePurchaseContracts2023-11-30SC201189ns10:OrdinaryShareClass12024-11-30SC201189ns5:RetainedEarningsAccumulatedLosses2023-11-30SC201189ns5:SharePremium2023-11-30
REGISTERED NUMBER: SC201189 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Glasgow Private Hire Limited

Glasgow Private Hire Limited (Registered number: SC201189)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024




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 2024







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 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
Turnover for the year increased by 0.8% to £19,418,819 compared to £19,268,392 last year.

Profit before tax decreased from £12,712,196 to £12,173,552, a fall of of 4.2%. Furthermore, the balance sheet of the group remains strong with net assets of £5,517,128 as at 30 November 2024 compared to £5,049,991 as at 30 November 2023, an increase of 9.3%.

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. 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.

2. 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 2024


3. 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


25 August 2025

Glasgow Private Hire Limited (Registered number: SC201189)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £2,618 per share.

The total distribution of dividends for the year ended 30 November 2024 will be £8,640,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

M Cassidy
S Conley

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


25 August 2025

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 2024 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 2024 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

25 August 2025

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 19,418,819 19,268,392

Administrative expenses (7,038,189 ) (6,211,169 )
OPERATING PROFIT 4 12,380,630 13,057,223


Interest payable and similar expenses 5 (207,078 ) (345,027 )
PROFIT BEFORE TAXATION 12,173,552 12,712,196

Tax on profit 6 (3,066,415 ) (2,892,652 )
PROFIT FOR THE FINANCIAL YEAR 9,107,137 9,819,544

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

9,107,137

9,819,544

Profit attributable to:
Owners of the parent 9,107,137 9,819,544

Total comprehensive income attributable to:
Owners of the parent 9,107,137 9,819,544

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 1,536,706 1,611,916
Tangible assets 10 5,688,928 5,167,045
Investments 11 26,149 26,149
7,251,783 6,805,110

CURRENT ASSETS
Debtors 12 2,348,479 1,800,756
Cash at bank and in hand 2,861,096 1,756,299
5,209,575 3,557,055
CREDITORS
Amounts falling due within one year 13 (6,400,931 ) (4,731,603 )
NET CURRENT LIABILITIES (1,191,356 ) (1,174,548 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,060,427

5,630,562

CREDITORS
Amounts falling due after more than one
year

14

(543,299

)

(580,571

)
NET ASSETS 5,517,128 5,049,991

CAPITAL AND RESERVES
Called up share capital 17 3,300 3,300
Share premium 18 349,900 349,900
Retained earnings 18 5,163,928 4,696,791
SHAREHOLDERS' FUNDS 5,517,128 5,049,991

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2025 and were signed on its behalf by:





M Cassidy - Director


Glasgow Private Hire Limited (Registered number: SC201189)

Company Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 3,114,284 3,302,722
Tangible assets 10 5,688,928 5,167,045
Investments 11 28,469 28,769
8,831,681 8,498,536

CURRENT ASSETS
Debtors 12 2,463,324 1,905,530
Cash at bank and in hand 2,860,959 1,756,232
5,324,283 3,661,762
CREDITORS
Amounts falling due within one year 13 (8,377,888 ) (6,708,859 )
NET CURRENT LIABILITIES (3,053,605 ) (3,047,097 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,778,076

5,451,439

CREDITORS
Amounts falling due after more than one
year

14

(538,299

)

(565,571

)
NET ASSETS 5,239,777 4,885,868

CAPITAL AND RESERVES
Called up share capital 17 3,300 3,300
Share premium 18 349,900 349,900
Retained earnings 18 4,886,577 4,532,668
SHAREHOLDERS' FUNDS 5,239,777 4,885,868

Company's profit for the financial year 8,993,909 9,706,315

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2025 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 2024

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

Changes in equity
Dividends - (8,640,000 ) - (8,640,000 )
Total comprehensive income - 9,107,137 - 9,107,137
Balance at 30 November 2024 3,300 5,163,928 349,900 5,517,128

Glasgow Private Hire Limited (Registered number: SC201189)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

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

Changes in equity
Dividends - (8,640,000 ) - (8,640,000 )
Total comprehensive income - 8,993,909 - 8,993,909
Balance at 30 November 2024 3,300 4,886,577 349,900 5,239,777

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 15,597,915 14,224,593
Interest paid (207,078 ) (345,027 )
Tax paid (3,731,245 ) (3,312,673 )
Net cash from operating activities 11,659,592 10,566,893

Cash flows from investing activities
Purchase of tangible fixed assets (1,306,560 ) (1,599,743 )
Purchase of fixed asset investments - (26,149 )
Sale of tangible fixed assets 194,817 804,061
Net cash from investing activities (1,111,743 ) (821,831 )

Cash flows from financing activities
Loan repayments in year (20,000 ) (20,000 )
Capital repayments in year (783,052 ) (1,569,126 )
Equity dividends paid (8,640,000 ) (8,904,000 )
Net cash from financing activities (9,443,052 ) (10,493,126 )

Increase/(decrease) in cash and cash equivalents 1,104,797 (748,064 )
Cash and cash equivalents at beginning of
year

2

1,756,299

2,504,363

Cash and cash equivalents at end of year 2 2,861,096 1,756,299

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.11.24 30.11.23
£    £   
Profit before taxation 12,173,552 12,712,196
Depreciation charges 1,321,096 1,214,403
Loss on disposal of fixed assets 386,148 271,027
Finance costs 207,078 345,027
14,087,874 14,542,653
Increase in trade and other debtors (389,053 ) (955,963 )
Increase in trade and other creditors 1,899,094 637,903
Cash generated from operations 15,597,915 14,224,593

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 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 2,861,096 1,756,299
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,756,299 2,504,363


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.12.23 Cash flow changes At 30.11.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,756,299 1,104,797 2,861,096
1,756,299 1,104,797 2,861,096
Debt
Finance leases (1,035,745 ) 783,052 - (1,294,861 )
Debts falling due
within 1 year (20,000 ) - - (20,000 )
Debts falling due
after 1 year (30,834 ) 20,000 - (10,834 )
(1,086,579 ) 803,052 - (1,325,695 )
Total 669,720 1,907,849 - 1,535,401

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024

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 2024.

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 2024

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
30.11.24 30.11.23
£    £   
Wages and salaries 1,533,150 1,654,106
Social security costs 138,347 141,004
Other pension costs 28,466 27,066
1,699,963 1,822,176

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Management 5 5
Administrative 50 56
55 61

30.11.24 30.11.23
£    £   
Directors' remuneration 38,922 -

4. OPERATING PROFIT

The operating profit is stated after charging:

30.11.24 30.11.23
£    £   
Other operating leases 90,250 80,269
Depreciation - owned assets 864,618 884,284
Depreciation - assets on hire purchase contracts 381,262 254,909
Loss on disposal of fixed assets 386,148 271,027
Goodwill amortisation 75,210 75,210
Auditors' remuneration 23,500 30,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank loan interest 35,948 1,626
Hire purchase interest 152,619 244,765
HMRC interest 18,511 98,636
207,078 345,027

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 3,225,085 3,044,478

Deferred tax (158,670 ) (151,826 )
Tax on profit 3,066,415 2,892,652

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION - continued

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

30.11.24 30.11.23
£    £   
Profit before tax 12,173,552 12,712,196
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.011 %)

3,043,388

2,925,203

Effects of:
Expenses not deductible for tax purposes 72,456 7,030
Depreciation in excess of capital allowances 109,241 112,245
Deferred tax (158,670 ) (151,826 )
Total tax charge 3,066,415 2,892,652

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
30.11.24 30.11.23
£    £   
Ordinary shares of £1 each
Final 8,640,000 8,904,000

9. INTANGIBLE FIXED ASSETS

Group
Plates
and
Goodwill licences Totals
£    £    £   
COST
At 1 December 2023
and 30 November 2024 1,504,200 347,291 1,851,491
AMORTISATION
At 1 December 2023 239,575 - 239,575
Amortisation for year 75,210 - 75,210
At 30 November 2024 314,785 - 314,785
NET BOOK VALUE
At 30 November 2024 1,189,415 347,291 1,536,706
At 30 November 2023 1,264,625 347,291 1,611,916

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

9. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 3,768,753
AMORTISATION
At 1 December 2023 466,031
Amortisation for year 188,438
At 30 November 2024 654,469
NET BOOK VALUE
At 30 November 2024 3,114,284
At 30 November 2023 3,302,722

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2023 10,140 947,451 12,069,522 13,027,113
Additions - 15,463 2,333,265 2,348,728
Disposals - (1,955 ) (1,082,343 ) (1,084,298 )
At 30 November 2024 10,140 960,959 13,320,444 14,291,543
DEPRECIATION
At 1 December 2023 - 745,938 7,114,130 7,860,068
Charge for year - 107,193 1,138,687 1,245,880
Eliminated on disposal - (1,955 ) (501,378 ) (503,333 )
At 30 November 2024 - 851,176 7,751,439 8,602,615
NET BOOK VALUE
At 30 November 2024 10,140 109,783 5,569,005 5,688,928
At 30 November 2023 10,140 201,513 4,955,392 5,167,045

Included within the net book value above are assets held under hire purchase agreements of £1,1,855,453 (2023: £1,274,700).

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2023 10,140 454,731 7,173,055 7,637,926
Additions - 15,463 2,333,265 2,348,728
Disposals - - (1,082,343 ) (1,082,343 )
At 30 November 2024 10,140 470,194 8,423,977 8,904,311
DEPRECIATION
At 1 December 2023 - 253,218 2,217,663 2,470,881
Charge for year - 107,193 1,138,687 1,245,880
Eliminated on disposal - - (501,378 ) (501,378 )
At 30 November 2024 - 360,411 2,854,972 3,215,383
NET BOOK VALUE
At 30 November 2024 10,140 109,783 5,569,005 5,688,928
At 30 November 2023 10,140 201,513 4,955,392 5,167,045

Included within the net book value above are assets held under hire purchase agreements of £1,855,453 (2023: £1,274,700).

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 December 2023
and 30 November 2024 26,149
NET BOOK VALUE
At 30 November 2024 26,149
At 30 November 2023 26,149

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 December 2023 2,620 26,149 28,769
Disposals (300 ) - (300 )
At 30 November 2024 2,320 26,149 28,469
NET BOOK VALUE
At 30 November 2024 2,320 26,149 28,469
At 30 November 2023 2,620 26,149 28,769

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

S.S.R.G. Ltd
Registered office: 15 Rosyth Road, Glasgow, G5 0YD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

H.P.N. Leasing Ltd
Registered office: 15 Rosyth Road, Glasgow, G5 0YD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Network Private Hire Ltd.
Registered office: 110 Blochairn Road, Glasgow, G21 2EG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Trade debtors 590,818 548,104 590,818 548,104
Amounts owed by group undertakings - - 114,845 104,774
Deferred tax asset 464,195 305,525 464,195 305,525
Prepayments and accrued income 1,293,466 947,127 1,293,466 947,127
2,348,479 1,800,756 2,463,324 1,905,530

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred tax asset
Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Deferred tax 464,195 305,525 464,195 305,525

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans and overdrafts (see note 15) 20,000 20,000 10,000 10,000
Hire purchase contracts (see note 16) 762,396 486,008 762,396 486,008
Trade creditors 100,127 65,995 100,127 65,995
Amounts owed to group undertakings - - 1,986,956 1,986,956
Tax 1,546,419 2,052,579 1,546,419 2,052,579
Social security and other taxes 359,699 379,688 359,699 379,688
Other creditors 1,113,415 760,111 1,113,415 760,411
Other loans 2,314,326 724,364 2,314,326 724,364
Accrued expenses 184,549 242,858 184,550 242,858
6,400,931 4,731,603 8,377,888 6,708,859

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

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans (see note 15) 10,834 30,834 5,834 15,834
Hire purchase contracts (see note 16) 532,465 549,737 532,465 549,737
543,299 580,571 538,299 565,571

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
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 10,834 20,000 5,834 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 10,834 - 5,834

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 762,396 486,008
Between one and five years 532,465 549,737
1,294,861 1,035,745

Company
Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 762,396 486,008
Between one and five years 532,465 549,737
1,294,861 1,035,745

Group
Non-cancellable operating leases
30.11.24 30.11.23
£    £   
Within one year 90,000 66,000
Between one and five years - 25,000
90,000 91,000

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
3,300 Ordinary £1 3,300 3,300

18. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2023 4,696,791 349,900 5,046,691
Profit for the year 9,107,137 9,107,137
Dividends (8,640,000 ) (8,640,000 )
At 30 November 2024 5,163,928 349,900 5,513,828

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

18. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2023 4,532,668 349,900 4,882,568
Profit for the year 8,993,909 8,993,909
Dividends (8,640,000 ) (8,640,000 )
At 30 November 2024 4,886,577 349,900 5,236,477


19. RELATED PARTY DISCLOSURES

Included within other loans is a balance of £1,367,928 (2023: £724,364) owed to Xpress Transport Ltd, a company in which Michael Cassidy is a director and shareholder. Interest is payable at 7.6% per annum on one part of the loan balance which is due to be repaid by September 2027. Interest is payable at 5% per annum on the second part of the loan balance which is due to be repaid by September 2025.

Included within other loans is a balance of £571,146 (2023: £nil) owed to Commonwealth Finance Ltd, a related company. Interest is payable at 8% per annum on one part of the loan balance which is due to be repaid by March 2027. Interest is payable at 7.6% per annum on the second part of the loan balance which is due to be repaid by July 2027.

Included within other loans is a balance of £375,252 (2023: £nil) owed to Rydil Management Ltd who have an interest in the Group. Interest is payable at 7.6% per annum on the loan balance which is due to be repaid by September 2027.