Minicab Services (Colchester) Limited Company accounts

COMPANY REGISTRATION NUMBER: 07379830

Minicab Services (Colchester) Limited

Financial Statements

For the Year Ended

31 March 2025

Minicab Services (Colchester) Limited

Financial Statements

Year Ended 31st March 2025

Contents	Page

Officers and Professional Advisers	1

Strategic Report	2

Directors' Report	6

Independent Auditor's Report to the Members	8

Statement of Income and Retained Earnings	12

Statement of Financial Position	13

Statement of Cash Flows	14

Notes to the Financial Statements	15

Minicab Services (Colchester) Limited

Officers and Professional Advisers

The Board of Directors	Mr D J Boylan
	Mr O Boylan
	Mrs J Boylan

Registered Office	Middleborough House
	16 Middleborough
	Colchester
	Essex
	England
	CO1 1QT

Auditor	Peyton Tyler Mears
	Chartered accountants & statutory auditor
	Middleborough House
	16 Middleborough
	Colchester
	Essex
	CO1 1QT

Minicab Services (Colchester) Limited

Strategic Report

Year Ended 31st March 2025

1. Company Overview Sector/Industry: Taxi / Private Hire / Coach Transport Minicab Services (Colchester) Ltd is a UK-based transportation provider offering taxi, private hire, and coach services. We serve a wide range of clients including the general public, businesses, and local government, with a particular focus on school transport contracts, corporate bookings, and on-demand services. The company operates exclusively in the UK, with a strong presence in Essex and surrounding counties. 2. Business Review Key Events: - Loss of several large ECC school transport contracts (c.£3.0m revenue impact) - Internal reorganisation to improve efficiency - Successful renegotiation of retained contracts with improved margins, expected to recover 50% of lost income in the next financial year Financial Performance: - Turnover: £10,170,672 - Gross Profit: £4,512,256 (gross margin of 44%) - Net Profit Before Tax: £1,576,474 While the loss of contracts represented a significant challenge, management actions, including pricing improvements and diversification initiatives provide a foundation for stabilisation and future growth. 3. Business Model Revenue Streams: - School and corporate transport contracts - Commission from private hire drivers - Vehicle rental income from drivers Core Services: - School transport (County Council contracts) - Corporate transport solutions - Private hire/taxi services for individuals and small groups - Fleet leasing and vehicle rentals for drivers Customer Segments: - B2G: County councils (e.g., ECC) for school transport - B2B: Corporate clients for business travel - B2C: General public for taxi and private hire services Minicab Services differentiates itself by fostering strong customer relationships and strategic partnerships, offering a flexible and responsive service model, and maintaining a high standard of customer service.

4. Strategy Key Objectives (1–3 years): - Diversify the customer base to reduce reliance on Essex County Council (ECC) contracts - Expand into new customer segments (e.g., NHS transport, care homes, airport runs) Innovation and Transformation Plans: - Digital Transformation: Enhancing booking systems and customer communication channels - Operational Efficiency: Streamlining dispatch and route planning systems - Fleet Optimisation: Exploring hybrid/electric vehicle adoption to reduce operating costs and environmental impact Cost-Saving Measures: - Centralised contract management and driver scheduling - Reviewing underperforming contracts and reallocating resources 5. Principal Risks and Uncertainties Key Risks: - Contract Dependence: High reliance on ECC creates revenue volatility - Competitive Tendering: Aggressive pricing from rivals may undercut contract wins - Economic Downturn: Cost of living pressures may reduce demand for private hire - Regulatory Changes: Licensing, insurance, and environmental requirements may raise operational costs- Staffing: Recruitment and retention of qualified drivers remains challenging Mitigation Strategies: - Diversification into other contract types and customer segments - Building stronger relationships with existing clients to improve contract renewal prospects - Investing in driver recruitment, training, and incentives - Exploring alternative revenue models (e.g., vehicle maintenance services, logistics) - Regularly reviewing and optimising contract pricing and performance 6. Key Performance Indicators (KPIs) Financial KPIs: - Revenue Growth: Year-on-year comparison of total turnover - Gross Margin: Focus on profitability per contract or vehicle - Operating Profit: Net income after all operational expenses - Contract Retention Rate: % of contracts re-won at renewal Non-Financial KPIs: - Customer Satisfaction: Net Promoter Score (NPS), complaint resolution time - Driver Retention: Average driver’s tenure and turnover rate - On-Time Performance: % of jobs completed on time - Environmental Impact: Fuel efficiency and vehicle emissions tracking

Conclusion Minicab Services (Colchester) Ltd has faced a challenging year, particularly with the loss of key school transport contracts. However, with a proactive approach to cost control, diversification of services, and strategic investments, the company is well-positioned to stabilise and grow in the coming years. By focusing on operational efficiency, exploring new markets, and strengthening relationships with existing clients, Minicab Services (Colchester) Ltd aims to become more resilient and less dependent on single revenue streams.

This report was approved by the board of directors on 1st December 2025 and signed on behalf of the board by:

Mr D J Boylan

Director

Minicab Services (Colchester) Limited

Directors' Report

Year Ended 31st March 2025

The directors present their report and the financial statements of the company for the year ended 31 March 2025 .

Directors

The directors who served the company during the year were as follows:

Mr D J Boylan
Mr O Boylan
Mrs J Boylan

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Directors' Responsibilities Statement

The directors are responsible for preparing the strategic report, directors' report 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 1 December 2025 and signed on behalf of the board by:

Mr D J Boylan

Director

Minicab Services (Colchester) Limited

Independent Auditor's Report to the Members of Minicab Services (Colchester) Limited

Year Ended 31st March 2025

Opinion

We have audited the financial statements of Minicab Services (Colchester) Limited (the 'company') for the year ended 31st March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 company's affairs as at 31st March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.

Emphasis of Matter

We draw your attention to note 3 of the financial statements relating to Judgements and Key Sources of Estimation Uncertainty which describes a material uncertainty relating to the recoverability of a loan with a related party company. Our opinion is not modified in respect of this matter.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on Which We are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management how it considers fraud risk. In particular we looked at significant accounting estimates made by the directors. These estimates involve making assumptions and considering future events that are inherently uncertain. The main area of concern relates to the valuation and recoverability of a loan to a related party company and we considered the directors rationale for their estimate and sought confirmations from the parties involved. We reviewed internal controls as part of our testing to ensure these mitigated the risk of fraud. We further reviewed and tested manual journals processed by management. We considered the legal and regulatory framework applicable to the company. We identified laws and regulations that could give rise to a material misstatement in the financial statements including Traffic laws, Health and Safety, UK tax & accounting laws and regulations. We made enquiries of management with regards to compliance of these laws and regulations and no breaches were identified. We confirmed that correct licences and identity checks were in place. All areas of the balance sheet were subject to audit review and tests were performed agreeing the financial statement disclosures to underlying supporting documentation and enquiries were made with management. We did not identify any key audit matters relating to irregularities, including fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters which we are required to address

The financial statements of the company for the year ended 31 March 2024, forming the corresponding figures in these financial statements for the year ended 31 March 2025, are not audited because the company qualified for small company audit exemption in the prior period. Opening balances have however been audited as part of the audit of the financial statements for the year ended 31 March 2025.

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 an auditor's report 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.

Michael Tyler FCA

(Senior Statutory Auditor)

For and on behalf of

Peyton Tyler Mears

Chartered accountants & statutory auditor

Middleborough House

16 Middleborough

Colchester

Essex

CO1 1QT

1 December 2025

Minicab Services (Colchester) Limited

Statement of Income and Retained Earnings

Year Ended 31st March 2025

		2025	2024
Note		£	£
Turnover	4	10,170,672	9,056,276

Cost of sales	5,658,416	4,646,503
	---------------	-------------
Gross Profit	4,512,256	4,409,773

Administrative expenses		2,949,546	3,255,947
		-------------	-------------
Operating Profit	5	1,562,710	1,153,826

Other interest receivable and similar income	9	13,764	9,883
		-------------	-------------
Profit Before Taxation		1,576,474	1,163,709

Tax on profit	10	468,597	329,778
		-------------	-------------
Profit for the Financial Year and Total Comprehensive Income		1,107,877	833,931
		-------------	-------------

Dividends paid and payable	11	( 162,000)	( 113,000)

Retained Earnings at the Start of the Year	4,534,861	3,813,930
	-------------	-------------
Retained Earnings at the End of the Year	5,480,738	4,534,861
	-------------	-------------

All the activities of the company are from continuing operations.

Minicab Services (Colchester) Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed Assets

Intangible assets	12	429,078	121,604
Tangible assets	13	539,796	709,704
		----------	----------
		968,874	831,308

Current Assets

Debtors	14	3,944,351	3,300,351
Cash at bank and in hand		1,413,768	1,089,509
		-------------	-------------
		5,358,119	4,389,860

Creditors: amounts falling due within one year	15	846,155		686,207
		-------------		-------------
Net Current Assets			4,511,964	3,703,653
			-------------	-------------
Total Assets Less Current Liabilities			5,480,838	4,534,961
			-------------	-------------
Net Assets			5,480,838	4,534,961
			-------------	-------------

Capital and Reserves

Called up share capital	17	50	50
Capital redemption reserve	18	50	50
Profit and loss account	18	5,480,738	4,534,861
		-------------	-------------
Shareholders Funds		5,480,838	4,534,961
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 1 December 2025 , and are signed on behalf of the board by:

Mr D J Boylan

Director

Company registration number: 07379830

Minicab Services (Colchester) Limited

Statement of Cash Flows

Year Ended 31st March 2025

	2025	2024
	£	£

Cash Flows from Operating Activities

Profit for the financial year	1,107,877	833,931

Adjustments for:
Depreciation of tangible assets	324,739	329,912
Amortisation of intangible assets	52,526	16,525
Other interest receivable and similar income	( 13,764)	( 9,883)
Loss/(gains) on disposal of tangible assets	1,989	( 261)
Tax on profit	468,597	329,778
Accrued income	( 6,393)	( 16,905)

Changes in:
Trade and other debtors	( 644,000)	54,306
Trade and other creditors	32,054	59,832
	-------------	-------------
Cash generated from operations	1,323,625	1,597,235

Interest received	13,764	9,883
Tax paid	( 333,908)	( 538,831)
	-------------	-------------
Net cash from operating activities	1,003,481	1,068,287
	-------------	-------------

Cash Flows from Investing Activities

Purchase of tangible assets	( 178,371)	( 476,239)
Proceeds from sale of tangible assets	21,551	23,837
Purchase of intangible assets	( 360,000)	( 17,000)
	-------------	-------------
Net cash used in investing activities	( 516,820)	( 469,402)
	-------------	-------------

Cash Flows from Financing Activities

Proceeds from borrowings	( 402)	915
Dividends paid	( 162,000)	( 113,000)
	-------------	-------------
Net cash used in financing activities	( 162,402)	( 112,085)
	-------------	-------------

Net Increase in Cash and Cash Equivalents	324,259	486,800
Cash and Cash Equivalents at Beginning of Year	1,089,509	602,709
	-------------	-------------
Cash and Cash Equivalents at End of Year	1,413,768	1,089,509
	-------------	-------------

Minicab Services (Colchester) Limited

Notes to the Financial Statements

Year Ended 31st March 2025

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT, England. The company operates from 1a St Johns Avenue, Colchester CO2 7AR, England.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Included in debtors is a loan with a related party company for £2,725,918. Whilst the related party company has sufficient assets to be able to repay this loan in full there remains a material uncertainty around its recovery. The directors are however confident that the loan is appropriately valued in the financial statements.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	5%/10% straight line
Licence	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line
Equipment	-	20% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	10,170,672	9,056,276
	---------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating Profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	52,526	16,525
Depreciation of tangible assets	324,739	329,912
Loss/(gains) on disposal of tangible assets	1,989	( 261)
	----------	----------

6. Auditor's Remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	6,000	–
	-------	----

7. Staff Costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	124	123
Management staff	3	3
	----	----
	127	126
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,164,293	2,400,879
Social security costs	184,439	209,439
Other pension costs	19,813	134,587
	-------------	-------------
	2,368,545	2,744,905
	-------------	-------------

8. Directors' Remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	670,550	1,044,612
Company contributions to defined benefit pension plans	1,321	119,943
	----------	-------------
	671,871	1,164,555
	----------	-------------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	579,255	924,343
Company contributions to defined contribution pension plans	–	60,000
	----------	----------
	579,255	984,343
	----------	----------

9. Other Interest Receivable and Similar Income

	2025	2024
	£	£
Interest on cash and cash equivalents	13,764	9,883
	---------	-------

10. Tax on Profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	468,597	329,778
	----------	----------
Tax on profit	468,597	329,778
	----------	----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	1,576,474	1,163,709
	-------------	-------------
Profit on ordinary activities by rate of tax	394,119	290,927
Effect of expenses not deductible for tax purposes	12,361	1,791
Effect of capital allowances and depreciation	62,117	37,060
	-------------	-------------
Tax on profit	468,597	329,778
	-------------	-------------

11. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	162,000	113,000
	----------	----------

12. Intangible Assets

	Goodwill	Licences	Total
	£	£	£
Cost
At 1st April 2024	124,255	66,000	190,255
Additions	360,000	–	360,000
	----------	---------	----------
At 31st March 2025	484,255	66,000	550,255
	----------	---------	----------
Amortisation
At 1st April 2024	47,351	21,300	68,651
Charge for the year	45,926	6,600	52,526
	----------	---------	----------
At 31st March 2025	93,277	27,900	121,177
	----------	---------	----------
Carrying amount
At 31st March 2025	390,978	38,100	429,078
	----------	---------	----------
At 31st March 2024	76,904	44,700	121,604
	----------	---------	----------

13. Tangible Assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st April 2024	608	10,754	1,564,644	62,953	1,638,959
Additions	–	1,380	169,244	7,747	178,371
Disposals	–	–	( 85,612)	–	( 85,612)
	----	---------	-------------	---------	-------------
At 31st March 2025	608	12,134	1,648,276	70,700	1,731,718
	----	---------	-------------	---------	-------------
Depreciation
At 1st April 2024	152	5,299	875,789	48,015	929,255
Charge for the year	152	1,653	316,929	6,005	324,739
Disposals	–	–	( 62,072)	–	( 62,072)
	----	---------	-------------	---------	-------------
At 31st March 2025	304	6,952	1,130,646	54,020	1,191,922
	----	---------	-------------	---------	-------------
Carrying amount
At 31st March 2025	304	5,182	517,630	16,680	539,796
	----	---------	-------------	---------	-------------
At 31st March 2024	456	5,455	688,855	14,938	709,704
	----	---------	-------------	---------	-------------

14. Debtors

	2025	2024
	£	£
Trade debtors	1,127,157	953,249
Prepayments and accrued income	89,876	74,031
Other debtors	2,727,318	2,273,071
	-------------	-------------
	3,944,351	3,300,351
	-------------	-------------

Included in debtors is a loan with a related party company for £2,725,918 (see also note 20).

15. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	164,012	92,186
Accruals and deferred income	4,602	10,995
Corporation tax	244,467	109,778
Social security and other taxes	337,631	399,585
Director loan accounts	544	946
Other creditors	94,899	72,717
	----------	----------
	846,155	686,207
	----------	----------

16. Employee Benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 19,813 (2024: £ 134,587 ).

17. Called Up Share Capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	50	50	50	50
	----	----	----	----

18. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

19. Related Party Transactions

There is a loan of £2,725,918 to P&L & MCS Ltd. The loan is repayable on demand and interest free, is short term and if the loan is requested for repayment, P&L & MCS Ltd have 28 days to repay it. Minicab Services (Colchester) Limited and P&L & MCS Ltd are under the control of Mr D Boylan. Mr D Boylan is a director and majority shareholder of both. There is a loan of £34,816 from Minicab Services Limited. The loan is repayable on demand. Minicab Services (Colchester) Limited and Minicab Services Ltd are under the control of Mr D Boylan. Mr D Boylan is a director and majority shareholder of both.