REGISTERED NUMBER: 12369993 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2025

for

Alpha Holdings Liverpool Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mrs J A Bradley

Mr J A Bradley

REGISTERED OFFICE:

6 Childwall Fiveways

Childwall

Liverpool

Merseyside

L15 6YB

REGISTERED NUMBER:

12369993 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

The directors present their strategic report of the company and the group for the year ended 31 May 2025.

The principal activities of the group are the provision of private hire vehicle services direct to commercial account customer and system rental services to self employed driver partners.

REVIEW OF BUSINESS

The group have continued with it's long-term growth strategy during the year, strengthening it's position in the market with a number of acquisitions.

There has also been a continued focus on investment in technology during the year, to ensure the business is keeping up to date with the latest market trends.

The results show a group turnover increase of 18% on the prior year to £6.97m, with the increase attributable in part to the acquisition of local taxi companies. Gross profit of the group increased from 88% to 95% predominantly driven by an increase in system rental fees. Profit before taxation has seen an increase from 15% to 22% during the year, this is due to an increase in system rental fees and continued cost management processes.

EBITDA stated after adding back interest, depreciation, amortisation and exceptional costs has increased to 39% from 35% for the reasons referred to above. The Directors' consider 39% to be a strong EBITDA outcome considering the embedding of new acquisitions and compared to the market.

During the year, Gearing Ratio has decreased to 9% from 12%, the decrease is due to an increase in reserves of the group from profits generated and a reduction in liabilities owed by the group. The Directors' consider 9% to be within the low range for a business of this nature.

Looking forward to 2026, the strategy of the business remains acquisition and consolidation, as well as continued investment in technology.

PRINCIPAL RISKS AND UNCERTAINTIES

Market Risk

The UK Private Hire Industry continues to experience change, particularly around technology and new market entrants. Alpha is constantly keeping up to date with the advances around technology and believes it is very well positioned to embrace those advances to continue it's growth.

Regulatory Risk

The regulatory environment for the private-hire industry largely encompasses Local Authority licensing regulations, data protection, consumer protection and fiscal regulation. Alpha representatives regularly attend licensing committees to assess any potential changes and ensure it is well positioned to implement required changes.

Such is the importance of regulation, Alpha sought to become involved in a case brought by Uber against Sefton Metropolitan Borough Council, in conjunction with other private-hire operators across the UK regarding the interpretation of licensing legislation.

Credit and Liquidity Risk

Alpha manages credit risk by trading with only recognised, creditworthy third parties. It is company policy that all customers who wish to trade on a credit basis are subject to credit vetting procedures. In addition, recoverable balances are monitored on an on-going basis with the result that the Group's exposure to bad debts is not significant.

Funding Availability Risk

Alpha considers it's risk to be relatively low in this area due to it's current lower level of borrowing. The Group is confident that should additional funding be required, it would be readily available.

Management accounts are prepared and reviewed regularly and are available to share with banks and potential funding providers at short notice.

Interest Rate Risk

The Group currently only has one outstanding interest bearing bank loan, which was taken out on a variable interest rate in April 2024.

Interest Rates have fluctuated substantially over the last 2-3 years,with the base rate falling consistently since August 2024. Alpha regularly monitors and forecasts it's cashflow and concludes there is no requirement for any additional risk mitigation as their cashflow forecasts indicate that the business would be able to absorb any increase in interest rates.

MATTERS OF STRATEGIC IMPORTANCE

Since the financial year end of May 2025, there haven't been any further acquisitions as the business has focused on consolidating it's current position. Potential acquisitions have been explored but there are none in the pipeline currently.

ON BEHALF OF THE BOARD:

Mr J A Bradley - Director

28 February 2026

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

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A 1p 1p

-

£437

Ordinary B 1p 1p

-

£1123

Ordinary D 1p 1p

-

£272.50

Ordinary E 1p 1p

- £341.50

Ordinay F 1p 1p

- £282.50

Ordinary G 1p 1p

- £35

Ordinary H 1p 1p

- £25

The total distribution of dividends for the year ended 31 May 2025 will be £ 503,300 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

Mrs J A Bradley

Mr J A Bradley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J A Bradley - Director

28 February 2026

Opinion

We have audited the financial statements of Alpha Holdings Liverpool Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 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; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and Assessing Potential Risks Related to Irregularities

Enquiring of management, including obtaining and reviewing supporting documentation concerning the group's policies and procedures relating to:

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud

the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations

discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements.

Audit Response to Risks Identified

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

enquiring of management concerning actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Harrison (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

28 February 2026

TURNOVER

3

6,966,778

5,914,917

Cost of sales

351,090

706,016

GROSS PROFIT

6,615,688

5,208,901

Administrative expenses

5,306,411

4,442,122

1,309,277

766,779

Other operating income

95,700

87,550

OPERATING PROFIT

5

1,404,977

854,329

Income from shares in group undertakings

3,803

-

Interest receivable and similar income

11,071

10,181

14,874

10,181

1,419,851

864,510

Gain/loss on revaluation of investment property

180,000

43,897

1,599,851

908,407

Interest payable and similar expenses

7

69,605

42,656

PROFIT BEFORE TAXATION

1,530,246

865,751

Tax on profit

8

586,250

218,440

PROFIT FOR THE FINANCIAL YEAR

943,996

647,311

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

943,996

647,311

Profit attributable to:

Owners of the parent

943,996

647,311

Total comprehensive income attributable to:

Owners of the parent

943,996

647,311

FIXED ASSETS

Intangible assets

11

5,591,609

5,558,219

Tangible assets

12

534,191

606,458

Investments

13

-

-

Investment property

14

1,700,238

1,520,238

7,826,038

7,684,915

CURRENT ASSETS

Debtors

15

4,519,383

4,681,961

Cash at bank and in hand

462,464

879,317

4,981,847

5,561,278

CREDITORS

Amounts falling due within one year

16

1,404,065

2,073,369

NET CURRENT ASSETS

3,577,782

3,487,909

TOTAL ASSETS LESS CURRENT LIABILITIES

11,403,820

11,172,824

CREDITORS

Amounts falling due after more than one year

17

(534,050

)

(769,128

)

PROVISIONS FOR LIABILITIES

21

(165,748

)

(140,370

)

NET ASSETS

10,704,022

10,263,326

CAPITAL AND RESERVES

Called up share capital

22

200

200

Share premium

23

8,517,510

8,517,510

Fair value reserve

23

83,970

83,970

Retained earnings

23

2,102,342

1,661,646

SHAREHOLDERS' FUNDS

10,704,022

10,263,326

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2026 and were signed on its behalf by:

Mr J A Bradley - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

8,517,610

8,517,610

Investment property

14

430,238

430,238

8,947,848

8,947,848

CURRENT ASSETS

Debtors

15

4,148,445

4,012,063

Cash at bank

14,103

47,398

4,162,548

4,059,461

CREDITORS

Amounts falling due within one year

16

5,466

3,666

NET CURRENT ASSETS

4,157,082

4,055,795

TOTAL ASSETS LESS CURRENT LIABILITIES

13,104,930

13,003,643

CAPITAL AND RESERVES

Called up share capital

22

200

200

Share premium

23

8,517,510

8,517,510

Retained earnings

23

4,587,220

4,485,933

SHAREHOLDERS' FUNDS

13,104,930

13,003,643

Company's profit for the financial year

604,587

140,468

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2026 and were signed on its behalf by:

Mr J A Bradley - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 June 2023

200

1,467,165

8,517,510

-

9,984,875

Changes in equity

Dividends

-

(368,860

)

-

-

(368,860

)

Total comprehensive income

-

563,341

-

83,970

647,311

Balance at 31 May 2024

200

1,661,646

8,517,510

83,970

10,263,326

Changes in equity

Dividends

-

(503,300

)

-

-

(503,300

)

Total comprehensive income

-

943,996

-

-

943,996

Balance at 31 May 2025

200

2,102,342

8,517,510

83,970

10,704,022

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2023

200

4,714,325

8,517,510

13,232,035

Changes in equity

Dividends

-

(368,860

)

-

(368,860

)

Total comprehensive income

-

140,468

-

140,468

Balance at 31 May 2024

200

4,485,933

8,517,510

13,003,643

Changes in equity

Dividends

-

(503,300

)

-

(503,300

)

Total comprehensive income

-

604,587

-

604,587

Balance at 31 May 2025

200

4,587,220

8,517,510

13,104,930

Cash flows from operating activities

Cash generated from operations

1

2,015,271

2,975,770

Interest paid

(69,605

)

(42,656

)

Tax paid

(711,880

)

(498,542

)

Net cash from operating activities

1,233,786

2,434,572

Cash flows from investing activities

Purchase of intangible fixed assets

(949,103

)

(2,087,612

)

Purchase of tangible fixed assets

(66,247

)

(219,172

)

Purchase of investment property

-

(218,424

)

Sale of tangible fixed assets

46,658

-

Acquisition of business combinations

-

(580,059

)

Interest received

11,071

10,181

Dividends received

3,803

-

Net cash from investing activities

(953,818

)

(3,095,086

)

Cash flows from financing activities

New loans in year

-

982,235

Loan repayments in year

(224,094

)

-

Participating interests

-

(40,872

)

Loans from related parties

223,515

-

Amount introduced by directors

339,367

501,800

Amount withdrawn by directors

(532,309

)

(687,057

)

Equity dividends paid

(503,300

)

(368,860

)

Net cash from financing activities

(696,821

)

387,246

Decrease in cash and cash equivalents

(416,853

)

(273,268

)

Cash and cash equivalents at beginning of year

2

879,317

1,152,585

Cash and cash equivalents at end of year

2

462,464

879,317

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

31.5.25

31.5.24

£

£

Profit before taxation

1,530,246

865,751

Depreciation charges

1,007,567

1,218,465

Gain on revaluation of fixed assets

(180,000

)

(43,897

)

Finance costs

69,605

42,656

Finance income

(14,874

)

(10,181

)

2,412,544

2,072,794

Decrease in trade and other debtors

115,805

748,557

(Decrease)/increase in trade and other creditors

(513,078

)

154,419

Cash generated from operations

2,015,271

2,975,770

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

462,464

879,317

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

879,317

1,152,585

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank and in hand

879,317

(416,853

)

462,464

879,317

(416,853

)

462,464

Debt

Debts falling due within 1 year

(213,113

)

(10,982

)

(224,095

)

Debts falling due after 1 year

(769,128

)

235,078

(534,050

)

(982,241

)

224,096

(758,145

)

Total

(102,924

)

(192,757

)

(295,681

)

1.	STATUTORY INFORMATION

Alpha Holdings Liverpool Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12369993 and the registered office is 6 Childwall Fiveways, Childwall, Liverpool, Merseyside L15 6YB.

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

The principal activities of the company are that of a holding company.

The principal activities of the group are the provision of private hire vehicle services direct to commercial account customers and system rental services to self-employed driver partners.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 3.17(d).

The parent company's individual statement of cashflows is not presented.

Basis of consolidation

The effects of events in relation to the period ended 31 May 2025 which occurred before the date of approval of the financial statements by the Board of Directors, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 31 May 2025 and of the results for the period ended on that date.

The consolidated financial statements are prepared under the acquisition method and include the results of the company and its subsidiaries.

Adjustments are made to eliminate any inter-group transactions, balances, profits and losses.

On acquisition the assets and liabilities of a subsidiary are measured at fair value at the date of acquisition, any excess in value over the cost is recognised in the consolidated accounts as goodwill.

On 9th March 2020, Alpha Holdings Liverpool Limited acquired 100% of the share capital of Alpha Cars (Liverpool) Limited for a non cash, share exchange for all the issued share capital in Alpha Cars Holdings Limited.

On 19th March 2022, Alpha Developments was incorporated with Alpha Holdings Limited owning 100% of the share capital issued.

On 28th March 2024, Alpha Cars (Liverpool) Limited acquired 100% of the share capital of All White Satellite Cars Limited for a total consideration of £1,605,028. The consideration was partly paid in cash and partly deferred. This transaction did not meet the definition of merger accounting and has been accounted for using the purchase method. The transaction was initially recorded as an Investment with subsequent recognition of Goodwill, calculated as the difference between consideration and the fair value of net assets at acquisition.

Significant judgements and estimates

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful lives and residual values of fixed assets

As described in the accounting policies, depreciation and amortisation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised if necessary. The net book value of tangible and intangible fixed assets as at 31 May 2025 was £6,125,801 after a depreciation and amortisation charge of £1,007,567.

Valuation of investment property

As stated in the accounting policies, investment property is shown at the most recent valuation with any surplus or deficit arising from changes in fair value being recognised in profit or loss.The value recognised in the profit or loss in the year is £180,000.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Group's turnover represents the following:-

Income from the provision of private hire vehicle services directly to commercial account customers and system rental fees charged to self-employed drivers, which are recognised on payment of those fees.

Rental income received from owned property which is recognised on a receipts basis.

All income is derived from ordinary activities and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses from 2020 to 2025 is being amortised over the estimated useful life of five years.

Additions in year of goodwill relate to the acquisition of the following:

Ormskirk Coaches & Taxis Ltd

Village Taxis

Goodwill arising on consolidation represents the excess of cost over the net assets and liabilities of the subsidiaries acquired. The first acquisition took place in 2020, with additions in 2025. Goodwill is subsequently measured at cost less accumulated amortisation and accumulated impairment where applicable. The goodwill on consolidation is being amortised evenly over its estimated useful life of ten years, as per FRS102, for each acquisition.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less and accumulated amortisation and any accumulated impairment losses.

Other intangible assets other than goodwill are development costs which are being amortised evenly over their estimated useful life of five years.