Meco Maitha Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 08417231

Meco Maitha Ltd

Financial Statements

31 March 2025

Meco Maitha Ltd

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	5

Independent auditor's report to the members	7

Consolidated statement of income and retained earnings	11

Company statement of income and retained earnings	12

Consolidated statement of financial position	13

Company statement of financial position	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Meco Maitha Ltd

Strategic Report

Year ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025. The group comprises Meco Maitha Limited and its subsidiaries. Principal Activities The group's operations are primarily centered around private hire transport, patient transport services, and airport transfers, serving both business and consumer markets. The group ensures reliable, safe, and efficient ground transportation solutions, with a focus on sustainability and customer satisfaction. Business Review The group's turnover for the year to 31 March 2025 was £20,799,500 (2024 - £20,339,033). The financial position of the group at 31 March 2025 is given in the Consolidated Statement of Financial Position. The directors regard the results for the year and and the financial position at the year end as satisfactory. Meco Maitha operates a diverse portfolio of transportation and mobility services, consisting of EVO Taxis, PTS-247, and Airport Cars Gatwick. These business units provide comprehensive solutions in the private hire, patient transport, and airport transfer sectors. The company's core values revolve around integrity, innovation, and customer focus. EVO Taxis EVO Taxis specialises in private hire services, offering reliable and efficient transportation solutions to clients across multiple regions. The service is designed to cater to both individual and corporate customers, emphasising safety, affordability, and convenience. By leveraging technology-driven booking platforms and a well-maintained fleet, EVO Taxis ensures seamless travel experiences for its users. PTS-247 PTS-247 is a patient transport service dedicated to providing safe and comfortable transportation for patients requiring medical appointments and healthcare transfers. The service operates in compliance with healthcare regulations, ensuring timely and professional assistance for patients. PTS-247 collaborates with healthcare institutions, insurance providers, and local authorities to enhance accessibility and efficiency in patient mobility. Airport Cars Gatwick Airport Cars Gatwick offers premium airport transfer services, specialising in timely and reliable transportation to and from Gatwick Airport. The service is tailored to meet the needs of frequent travellers, business clients, and tourists, providing a seamless journey with professional drivers and a modern fleet of vehicles. Airport Cars Gatwick prioritises punctuality and customer satisfaction to enhance travel experiences. The group has demonstrated strong financial performance despite a challenging external environment. As global economic pressures continue, including inflation, energy costs, and regulatory changes, the company has remained resilient by investing in fleet modernisation, sustainability initiatives, and workforce development. With an increasing demand for high-quality transport services, the group has focused on enhancing driver recruitment, training, and operational efficiency. This investment has strengthened the group's ability to provide exceptional service while ensuring long-term financial stability. The group continues to offer lucrative earning opportunities for its drivers, reinforcing its commitment to workforce retention and service quality. Principal Risks and Uncertainties Economic Risks The broader economic environment presents both challenges and opportunities for the group. Inflationary pressures, fluctuating fuel prices, and evolving fiscal policies can impact profitability. However, the company has effectively managed cost efficiency and passed some price adjustments to maintain healthy margins. Continued economic vigilance will be essential to navigating changing market conditions. Competitive Environment The transportation and mobility sector is highly competitive, with new entrants and technology-driven models disrupting traditional services. The group continues to invest in customer experience, technological innovations, and service reliability to maintain a competitive advantage. Regulatory changes have also impacted the industry, levelling the playing field between established providers and ride-hailing platforms. The group remains committed to maintaining its market share through superior service delivery and strategic pricing models. Legislative and Regulatory Risks The group operates in a highly regulated environment, requiring adherence to transportation, labour, and tax laws. Changes in employment classification laws, compliance with vehicle emission standards, and the introduction of new licensing requirements all pose potential risks. The group has proactively adjusted its policies to ensure compliance, offering competitive pay structures for drivers and upgrading its fleet to meet sustainability regulations. Continued monitoring of legislative developments is critical for mitigating potential disruptions. Sustainability Sustainability is at the core of the group's business strategy. The group is committed to reducing carbon emissions and embracing environmentally friendly transport solutions. As part of its sustainability initiatives, the group is investing in the electrification of its fleet, integrating hybrid and fully electric vehicles into its operations. This transition aligns with global efforts to reduce the environmental impact of transportation. The group is working on a structured Net Zero/ESG strategy, which includes: (1) Reviewing and formalizing sustainability policies,(2) Aligning business operations with environmental goals and carbon reduction targets and (3) Collaborating with industry partners and government initiatives to promote sustainable mobility. The group's long-term objective is to achieve and maintain high service standards and operational efficiency. Through ongoing investments in driver training, and strategic partnerships, the group is positioning itself as a leader in sustainable transport solutions. Future developments Meco Maitha Ltd group of companies are dynamic and innovative companies operating in the transport industry. The group's vision is to lead through innovation, operational efficiency, and customer satisfaction while driving profitable growth and remaining at the forefront of industry advancements. The group's strategic roadmap is designed to drive sustainable growth, enhance operational efficiency, and reinforce its market position. By prioritising innovation, customer satisfaction, and financial stability, the group can navigate challenges and capitalise on emerging opportunities. Continuous investment in technology, human capital, and regulatory compliance will be essential to achieving long-term success. Through a structured and adaptable strategic approach, the group is poised to become a a leading force in its industry. Following the end of the financial year, the company was notified of the non-renewal of a significant service contract, which previously represented a significant portion of annual turnover. While this will impact short-term revenue projections, the Directors have implemented a robust mitigation strategy focusing on diversifying the client base and reducing fixed operating costs. The company maintains a strong liquidity position, with significant cash reserves and minimal debt obligations. This robust financial standing provides a solid buffer to manage the transition period and ensures the business remains well-capitalised to fund future growth opportunities and meet all liabilities as they fall due

This report was approved by the board of directors on 26 May 2026 and signed on behalf of the board by:

Mr A Puri

Director

Registered office:

7 Redbridge Lane East

Ilford

Essex

IG4 5ET

Meco Maitha Ltd

Directors' Report

Year ended 31 March 2025

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

Directors

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

Mr A Puri
Mrs M Puri

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Disclosure of information in the strategic report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

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 group and the company and 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 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 group and 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 group and the company's auditor is aware of that information.

This report was approved by the board of directors on 26 May 2026 and signed on behalf of the board by:

Mr A Puri

Director

Registered office:

7 Redbridge Lane East

Ilford

Essex

IG4 5ET

Meco Maitha Ltd

Independent Auditor's Report to the Members of Meco Maitha Ltd

Year ended 31 March 2025

Opinion

We have audited the financial statements of Meco Maitha Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's 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 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 or 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 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 group and the parent 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 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 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 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.

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: We gained an understanding of the legal and regulatory framework applicable to the company and the commercial sector in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material effect in the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006, UK tax legislation, data protection, anti-money laundering, employment legislation and environmental legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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.

Bhupindar Chowdhary FCA

(Senior Statutory Auditor)

For and on behalf of

Chowdhary & Co

Chartered accountants & statutory auditor

46 Syon Lane

Osterley

Middx TW7 5NQ

26 May 2026

Meco Maitha Ltd

Consolidated Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	20,125,008	20,339,033

Cost of sales	15,904,106	14,386,662
	-------------	-------------
Gross profit	4,220,902	5,952,371

Administrative expenses		2,200,763	2,364,233
Other operating income	5	2,367	8,049
Impairment of investments		–	72,000
		------------	------------
Operating profit	6	2,022,506	3,524,187

Other interest receivable and similar income	9	2,078	2,655
Interest payable and similar expenses	10	19,141	11,797
		------------	------------
Profit before taxation		2,005,443	3,515,045

Tax on profit	11	530,531	925,796
		------------	------------
Profit for the financial year and total comprehensive income		1,474,912	2,589,249
		------------	------------

Dividends paid and payable	12	( 511,909)	( 810,578)

Retained earnings at the start of the year	3,197,996	1,419,325
	------------	------------
Retained earnings at the end of the year	4,160,999	3,197,996
	------------	------------

All the activities of the group are from continuing operations.

Meco Maitha Ltd

Company Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Profit for the financial year and total comprehensive income		511,909	810,578
Dividends paid and payable	12	( 511,909)	( 810,578)

Retained earnings at the start of the year	45	45
	---------	---------
Retained earnings at the end of the year	45	45
	---------	---------

Meco Maitha Ltd

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	13	1,017,988	1,045,238
Tangible assets	14	92,056	399,142
		------------	------------
		1,110,044	1,444,380

Current assets

Debtors	16	3,568,642	4,407,969
Cash at bank and in hand		3,602,566	2,246,909
		------------	------------
		7,171,208	6,654,878

Creditors: amounts falling due within one year	17	2,853,434	3,613,721
		------------	------------
Net current assets		4,317,774	3,041,157
		------------	------------
Total assets less current liabilities		5,427,818	4,485,537

Creditors: amounts falling due after more than one year	18	1,259,457	1,262,157

Provisions	19	7,262	25,284
		------------	------------
Net assets		4,161,099	3,198,096
		------------	------------

Capital and reserves

Called up share capital	22	100	100
Profit and loss account		4,160,999	3,197,996
		------------	------------
Members funds		4,161,099	3,198,096
		------------	------------

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 26 May 2026 , and are signed on behalf of the board by:

Mr A Puri

Director

Company registration number: 08417231

Meco Maitha Ltd

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	1,182,003	1,182,003

Creditors: amounts falling due within one year	17	2,155	2,155
		-------	-------
Net current liabilities		2,155	2,155
		------------	------------
Total assets less current liabilities		1,179,848	1,179,848

Creditors: amounts falling due after more than one year	18	1,179,703	1,179,703
		------------	------------
Net assets		145	145
		------------	------------

Capital and reserves

Called up share capital	22	100	100
Profit and loss account		45	45
		----	----
Members funds		145	145
		----	----

The profit for the financial year of the parent company was £ 511,909 (2024: £ 810,578 ).

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 26 May 2026 , and are signed on behalf of the board by:

Mr A Puri

Director

Company registration number: 08417231

Meco Maitha Ltd

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	1,474,912	2,589,249

Adjustments for:
Depreciation of tangible assets	41,948	130,328
Impairment of tangible assets	38,833	–
Amortisation of intangible assets	27,250	99,250
Other interest receivable and similar income	( 2,078)	( 2,655)
Interest payable and similar expenses	19,141	11,797
Loss/(gains) on disposal of tangible assets	156,843	( 15,447)
Tax on profit	530,531	925,796
Accrued expenses	101,503	62,521

Changes in:
Trade and other debtors	839,327	( 1,689,621)
Trade and other creditors	( 623,346)	( 44,067)
	------------	------------
Cash generated from operations	2,604,864	2,067,151

Interest paid	( 19,141)	( 11,797)
Interest received	2,078	2,655
Tax (paid)/received	( 786,997)	20,632
	------------	------------
Net cash from operating activities	1,800,804	2,078,641
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 9,472)	( 156,797)
Proceeds from sale of tangible assets	78,934	36,683
	------------	------------
Net cash from/(used in) investing activities	69,462	( 120,114)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 2,700)	7,253
Dividends paid	( 511,909)	( 810,578)
	------------	------------
Net cash used in financing activities	( 514,609)	( 803,325)
	------------	------------

Net increase in cash and cash equivalents	1,355,657	1,155,202
Cash and cash equivalents at beginning of year	2,246,909	1,091,707
	------------	------------
Cash and cash equivalents at end of year	3,602,566	2,246,909
	------------	------------

Meco Maitha Ltd

Notes to the Financial Statements

Year ended 31 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 7 Redbridge Lane East, Ilford, Essex, IG4 5ET.

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.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Meco Maitha Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

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.

Revenue recognition

Turnover is the total amount receivable for services provided and is stated net of discounts and of value added tax. 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	15 years

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 and machinery	-	20 % - 25 % p.a. reducing balance basis
Fixtures and fittings	-	20 % - 25 % p.a. reducing balance basis
Motor vehicles	-	20 % - 25 % p.a. reducing balance basis
Equipment	-	20 % - 25 % p.a. reducing balance basis

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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 transportaion services	20,125,008	20,339,033
	-------------	-------------

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

5. Other operating income

	2025	2024
	£	£
Other operating income	2,367	8,049
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	27,250	27,250
Depreciation of tangible assets	41,948	130,328

Impairment of tangible assets recognised in:

	Administrative expenses	38,833	–
Loss/(gains) on disposal of tangible assets		156,843	( 15,447)
Impairment of trade debtors		51,583	700
		---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	32,250	29,250
	--------	--------

8. Staff costs

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

	2025	2024
	No.	No.
Management staff	7	7
Operational staff	72	85
	----	----
	79	92
	----	----

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

	2025	2024
	£	£
Wages and salaries	2,733,245	2,506,095
Social security costs	46,648	48,206
Other pension costs	24,936	23,605
	------------	------------
	2,804,829	2,577,906
	------------	------------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	2,078	2,655
	-------	-------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	1,576	9,084
Other interest payable and similar charges	17,565	2,713
	--------	--------
	19,141	11,797
	--------	--------

11. Tax on profit

Major components of tax income

	2025	2024
	£	£

Current tax:

UK current tax income	548,438	943,293
Adjustments in respect of prior periods	115	( 1,710)
	---------	---------
Total current tax	548,553	941,583
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 18,022)	( 15,787)
	---------	---------
Tax on profit	530,531	925,796
	---------	---------

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	2,005,443	3,515,045
	------------	------------
Profit on ordinary activities by rate of tax	501,361	878,761
Adjustment to tax charge in respect of prior periods	115	( 1,710)
Effect of expenses not deductible for tax purposes	12,226	48,467
Effect of capital allowances and depreciation	45,367	20,718
Effect of different UK tax rates on some earnings	–	(626)
Utilisation of tax losses	( 10,516)	( 4,027)
Deferred tax	(18,022)	(15,787)
	------------	------------
Tax on profit	530,531	925,796
	------------	------------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
	£	£
Paid during the year	511,909	810,578
	---------	---------

The directors do not recommend the payment of a final dividend.

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	1,549,360
	------------
Amortisation
At 1 April 2024	504,122
Charge for the year	27,250
	------------
At 31 March 2025	531,372
	------------
Carrying amount
At 31 March 2025	1,017,988
	------------
At 31 March 2024	1,045,238
	------------

The company has no intangible assets.

14. Tangible assets

Group	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	47,405	30,808	1,144,636	167,174	1,390,023
Additions	–	487	–	8,985	9,472
Disposals	–	–	( 765,230)	–	( 765,230)
	--------	--------	------------	---------	------------
At 31 March 2025	47,405	31,295	379,406	176,159	634,265
	--------	--------	------------	---------	------------
Depreciation
At 1 April 2024	39,983	26,251	795,573	129,074	990,881
Charge for the year	1,855	1,156	28,321	10,616	41,948
Disposals	–	–	( 529,453)	–	( 529,453)
Impairment losses	–	–	38,833	–	38,833
	--------	--------	------------	---------	------------
At 31 March 2025	41,838	27,407	333,274	139,690	542,209
	--------	--------	------------	---------	------------
Carrying amount
At 31 March 2025	5,567	3,888	46,132	36,469	92,056
	--------	--------	------------	---------	------------
At 31 March 2024	7,422	4,557	349,063	38,100	399,142
	--------	--------	------------	---------	------------

The company has no tangible assets.

15. Investments

Group	Other investments other than loans	Other loans	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	60,000	12,000	72,000
	--------	--------	--------
Impairment
At 1 April 2024 and 31 March 2025	60,000	12,000	72,000
	--------	--------	--------

Carrying amount
At 1 April 2024 and 31 March 2025	–	–	–
	--------	--------	--------
At 31 March 2024	–	–	–
	--------	--------	--------

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	1,182,003
	------------
Impairment
At 1 April 2024 and 31 March 2025	–
	------------

Carrying amount
At 1 April 2024 and 31 March 2025	1,182,003
	------------
At 31 March 2024	1,182,003
	------------

The company owns 100% of the issued share capital of the companies listed below.

Registered offices are at 7 Redbridge Lane East, Ilford IG4 5ET, unless otherwise indicated.

All subsidiaries (except where dormant) provide taxi cab and private car hire services and other forms of ground transport. All companies are incorporated in England.

District Cars Meco Ltd

EVO Meco Ltd

Gatwick Cars Limited (XL House Unit 2 Mill Court, Spindle Way, Crawley, England, RH10 1TT) PTS-247 Ltd (XL House Unit 2 Mill Court, Spindle Way, Crawley, England, RH10 1TT) Road Runners Meco Ltd (XL House Unit 2 Mill Court, Spindle Way, Crawley, England, RH10 1TT)

Airport Chauffeurs London Ltd (dormant)

City Airport Car Services Ltd (dormant)

EVO Hire UK Ltd (dormant)

EVO Financial Solutions Ltd (dormant)

EVO Training Academy Ltd (dormant)

Intrinsic Solutions UK Ltd (dormant)

MGT Properties 'The Hive' Ltd (dormant)

Taxi to the Airport Ltd (dormant)

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	2,956,225	3,824,686	–	–
Prepayments and accrued income	152,958	134,532	–	–
Other debtors	459,459	448,751	–	–
	------------	------------	----	----
	3,568,642	4,407,969	–	–
	------------	------------	----	----

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other debtors	250,000	250,000	–	–
	---------	---------	----	----

17. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	565,581	1,248,524	–	–
Accruals and deferred income	655,103	553,600	2,155	2,155
Corporation tax	855,559	1,094,003	–	–
Social security and other taxes	562,431	511,125	–	–
Other creditors	214,760	206,469	–	–
	------------	------------	-------	-------
	2,853,434	3,613,721	2,155	2,155
	------------	------------	-------	-------

18. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Director loan accounts	1,158,475	1,161,175	1,152,774	1,152,774
Other creditors	100,982	100,982	26,929	26,929
	------------	------------	------------	------------
	1,259,457	1,262,157	1,179,703	1,179,703
	------------	------------	------------	------------

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 April 2024	25,284
Unused amounts reversed	( 18,022)
	--------
At 31 March 2025	7,262
	--------

The company does not have any provisions.

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 19)	7,262	25,284	–	–
	-------	--------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	7,262	25,284	–	–
	-------	--------	----	----

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 24,936 (2024: £ 23,605 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

23. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	2,246,909	1,355,657	3,602,566
Debt due after one year	(1,161,175)	2,700	(1,158,475)
	------------	------------	------------
	1,085,734	1,358,357	2,444,091
	------------	------------	------------

Meco Maitha Ltd

Notes to the Financial Statements (continued)

Year ended 31 March 2025

24. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	24,450	77,273	–	–
Later than 1 year and not later than 5 years	–	28,874	–	–
	--------	---------	----	----
	24,450	106,147	–	–
	--------	---------	----	----

25. Related party transactions

Group

Management fees of £290,228 (2024 - £351,650) were paid to a company owned by the directors. No director received any emoluments in relation to services provided to the group.

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 432,025 (2024: £ 997,903 ).

Company

No related party transactions were undertaken by the company.

26. Controlling party

Mr A and Mrs M Puri are the ultimate controlling party by virtue of their controlling interest (100%) of the issued share capital of Meco Maitha Limited.