REGISTERED NUMBER: SC063437 (Scotland)

Financial Statements

for the Year Ended 31 December 2024

for

Inverclyde Taxis Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTOR:

Mr A Gray

SECRETARY:

Mrs G Easdale

REGISTERED OFFICE:

Unit 3 Earnhill Road

Greenock

Renfrewshire

PA16 0EQ

REGISTERED NUMBER:

SC063437 (Scotland)

ACCOUNTANTS:

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

FIXED ASSETS

Intangible assets

4

35,468

26,799

Tangible assets

5

220,063

128,023

Investments

6

5,272

185

Investment property

7

549,000

549,000

809,803

704,007

CURRENT ASSETS

Debtors

8

2,733,551

2,679,730

Cash at bank

69,254

477,969

2,802,805

3,157,699

CREDITORS

Amounts falling due within one year

9

860,911

825,269

NET CURRENT ASSETS

1,941,894

2,332,430

TOTAL ASSETS LESS CURRENT LIABILITIES

2,751,697

3,036,437

CREDITORS

Amounts falling due after more than one year

10

309,877

298,707

NET ASSETS

2,441,820

2,737,730

CAPITAL AND RESERVES

Called up share capital

100

(4,980

)

Retained earnings

2,441,720

2,742,710

SHAREHOLDERS' FUNDS

2,441,820

2,737,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 17 September 2025 and were signed by:

Mr A Gray - Director

1.	STATUTORY INFORMATION

Inverclyde Taxis 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 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 as modified by the revaluation of certain assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.

Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on use of the service; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised on a straight line basis at 15% p.a. It is reviewed for impairment at the end of the first full financial year following the acquisition, and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over their expected useful lives as follows:

Plant and machinery - 20% on cost

Motor Vehicles - 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of significant change since the last reporting date.

Investment properties are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that carrying amounts do not materially differ from fair value at the date of financial position. Any revaluation increase or decrease on investment properties is credited to other reserves.

Taxation

The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the company in independently administered funds.

Investments

Investments held as fixed assets are stated at cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

447,756

Additions

18,500

At 31 December 2024

466,256

AMORTISATION

At 1 January 2024

420,957

Charge for year

9,831

At 31 December 2024

430,788

NET BOOK VALUE

At 31 December 2024

35,468

At 31 December 2023

26,799

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

922,609

236,315

608,808

1,767,732

Additions

5,934

-

139,957

145,891

Disposals

-

-

(23,863

)

(23,863

)

At 31 December 2024

928,543

236,315

724,902

1,889,760

DEPRECIATION

At 1 January 2024

916,181

235,314

488,214

1,639,709

Charge for year

2,888

238

50,725

53,851

Eliminated on disposal

-

-

(23,863

)

(23,863

)

At 31 December 2024

919,069

235,552

515,076

1,669,697

NET BOOK VALUE

At 31 December 2024

9,474

763

209,826

220,063

At 31 December 2023

6,428

1,001

120,594

128,023

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

174,477

Additions

139,957

Transfer to ownership

(73,050

)

At 31 December 2024

241,384

DEPRECIATION

At 1 January 2024

68,854

Charge for year

25,928

Transfer to ownership

(46,265

)

At 31 December 2024

48,517

NET BOOK VALUE

At 31 December 2024

192,867

At 31 December 2023

105,623

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

185

Additions

5,087

At 31 December 2024

5,272

NET BOOK VALUE

At 31 December 2024

5,272

At 31 December 2023

185

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

549,000

NET BOOK VALUE

At 31 December 2024

549,000

At 31 December 2023

549,000

At 31 December 2024 the company's investment properties were valued by the director on a fair value basis.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2008

(63,642

)

Valuation in 2009

20,467

Valuation in 2010

142,103

Valuation in 2018

(222,000

)

Cost

672,072

549,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

155,034

165,465

Amounts owed by group undertakings

485,126

513,539

Other debtors

2,093,391

2,000,726

2,733,551

2,679,730

Other debtors includes a deferred tax asset of £43,836 (2023 - £43,099) which is recoverable in more than one year from the balance sheet date.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

56,520

56,520

Hire purchase contracts

47,013

33,159

Trade creditors

126,998

161,334

Amounts owed to group undertakings

83,999

76,466

Taxation and social security

133,826

158,291

Other creditors

412,555

339,499

860,911

825,269

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

198,835

251,966

Hire purchase contracts

106,633

31,685

Other creditors

4,409

15,056

309,877

298,707

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

25,886

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

255,355

308,486

The bank has a bond and floating charge over all monies of the company as well as a standard security over the properties which the company owns.

12.	RELATED PARTY DISCLOSURES

At 31 December 2024 Arranglen Limited owed Inverclyde Taxis Limited £835,188 (2023 - £835,188). This is an interest free loan. Both of these companies are under common control.

The company owed ABC Taxis (Inverclyde) Limited, a company under the control of Dalglen (No. 1813) Limited, £83,999 at 31 December 2024 (2023 - £76,466). This is an interest free loan.

At 31 December 2024 McGills Bus Services Limited owed Inverclyde Taxis Limited £414,900 (2023 - £414,900). This is an interest free loan. Both of these companies are under common control.

Benlee Management Limited is a company owned by Mr A. Gray, director. At 31 December 2024 the company owed Benlee Management Limited £7,000 (2023 - £7,000). This is an interest free loan.

At 31 December 2024 Dalglen (No 1810) Limited, a company under common control, owed Inverclyde Taxis Limited £355,367 (2023 - £319,367). This is an interest free loan.

Cappielow Investments Limited, a company in which Inverclyde Taxis Limited owns 50% of the issued share capital, owes the company £485,126 at 31 December 2024 (2023 - £513,539). A commercial rate of interest is charged on this loan.

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of Dalglen (No. 1813) Limited who owns 76% of the issued share capital. Dalglen (No. 1813) Limited does not have an ultimate controlling party.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Inverclyde Taxis Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of Inverclyde Taxis Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Inverclyde Taxis Limited and state those matters that we have agreed to state to the director of Inverclyde Taxis Limited in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Inverclyde Taxis Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Inverclyde Taxis Limited. You consider that Inverclyde Taxis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Inverclyde Taxis Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

17 September 2025