IRIS Accounts Production v26.1.10.61 SC201189 Board of Directors 30.11.25 1.12.24 30.11.25 30.11.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. . true true true false true true false false false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC201189 2024-11-30 SC201189 2025-11-30 SC201189 2024-12-01 2025-11-30 SC201189 2023-11-30 SC201189 2023-12-01 2024-11-30 SC201189 2024-11-30 SC201189 ns15:Scotland 2024-12-01 2025-11-30 SC201189 ns14:PoundSterling 2024-12-01 2025-11-30 SC201189 ns10:Director1 2024-12-01 2025-11-30 SC201189 ns10:Consolidated 2025-11-30 SC201189 ns10:ConsolidatedGroupCompanyAccounts 2024-12-01 2025-11-30 SC201189 ns10:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 SC201189 ns10:Consolidated ns10:MediumEntities 2024-12-01 2025-11-30 SC201189 ns10:Consolidated ns10:Audited 2024-12-01 2025-11-30 SC201189 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 SC201189 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-12-01 2025-11-30 SC201189 ns10:Consolidated 2024-12-01 2025-11-30 SC201189 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 SC201189 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-12-01 2025-11-30 SC201189 ns10:FullAccounts 2024-12-01 2025-11-30 SC201189 ns5:Subsidiary1 2024-12-01 2025-11-30 SC201189 ns5:Subsidiary2 2024-12-01 2025-11-30 SC201189 ns5:Subsidiary3 2024-12-01 2025-11-30 SC201189 1 2024-12-01 2025-11-30 SC201189 ns10:OrdinaryShareClass1 2024-12-01 2025-11-30 SC201189 ns10:Director2 2024-12-01 2025-11-30 SC201189 ns10:RegisteredOffice 2024-12-01 2025-11-30 SC201189 ns10:Consolidated 2023-12-01 2024-11-30 SC201189 ns5:CurrentFinancialInstruments 2025-11-30 SC201189 ns5:CurrentFinancialInstruments 2024-11-30 SC201189 ns5:Non-currentFinancialInstruments 2025-11-30 SC201189 ns5:Non-currentFinancialInstruments 2024-11-30 SC201189 ns5:ShareCapital 2025-11-30 SC201189 ns5:ShareCapital 2024-11-30 SC201189 ns5:SharePremium 2025-11-30 SC201189 ns5:SharePremium 2024-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2025-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 SC201189 ns5:ShareCapital 2023-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2023-11-30 SC201189 ns5:SharePremium 2023-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 SC201189 ns5:NetGoodwill 2024-12-01 2025-11-30 SC201189 ns5:IntangibleAssetsOtherThanGoodwill 2024-12-01 2025-11-30 SC201189 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2024-12-01 2025-11-30 SC201189 ns5:PlantMachinery 2024-12-01 2025-11-30 SC201189 ns5:MotorVehicles 2024-12-01 2025-11-30 SC201189 ns5:NetGoodwill 2024-11-30 SC201189 ns5:NetGoodwill 2025-11-30 SC201189 ns5:NetGoodwill 2024-11-30 SC201189 ns5:LandBuildings 2024-11-30 SC201189 ns5:PlantMachinery 2024-11-30 SC201189 ns5:MotorVehicles 2024-11-30 SC201189 ns5:LandBuildings 2024-12-01 2025-11-30 SC201189 ns5:LandBuildings 2025-11-30 SC201189 ns5:PlantMachinery 2025-11-30 SC201189 ns5:MotorVehicles 2025-11-30 SC201189 ns5:LandBuildings 2024-11-30 SC201189 ns5:PlantMachinery 2024-11-30 SC201189 ns5:MotorVehicles 2024-11-30 SC201189 ns5:LeasedAssetsHeldAsLessee 2024-12-01 2025-11-30 SC201189 ns5:CostValuation 2024-11-30 SC201189 ns5:CostValuation ns5:UnlistedNon-exchangeTraded 2024-11-30 SC201189 ns5:UnlistedNon-exchangeTraded 2025-11-30 SC201189 ns5:UnlistedNon-exchangeTraded 2024-11-30 SC201189 1 ns5:Subsidiary1 2024-12-01 2025-11-30 SC201189 ns5:Subsidiary2 3 2024-12-01 2025-11-30 SC201189 5 ns5:Subsidiary3 2024-12-01 2025-11-30 SC201189 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-11-30 SC201189 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-11-30 SC201189 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2025-11-30 SC201189 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-11-30 SC201189 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-11-30 SC201189 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-11-30 SC201189 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-11-30 SC201189 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2024-11-30 SC201189 ns5:HirePurchaseContracts 2025-11-30 SC201189 ns5:HirePurchaseContracts 2024-11-30 SC201189 ns5:WithinOneYear 2025-11-30 SC201189 ns5:WithinOneYear 2024-11-30 SC201189 ns10:OrdinaryShareClass1 2025-11-30 SC201189 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 SC201189 ns5:SharePremium 2024-11-30

REGISTERED NUMBER: SC201189 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2025

for

Glasgow Private Hire Limited

Glasgow Private Hire Limited (Registered number: SC201189)

Contents of the Consolidated Financial Statements

for the Year Ended 30 November 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Statement of Comprehensive Income | 8 |

Consolidated Balance Sheet | 9 |

Company Balance Sheet | 10 |

Consolidated Statement of Changes in Equity | 11 |

Company Statement of Changes in Equity | 12 |

Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Financial Statements | 16 |

Glasgow Private Hire Limited

Company Information

for the Year Ended 30 November 2025

| DIRECTORS: | M Cassidy

| S Conley

| REGISTERED OFFICE: | 15 Rosyth Road

| Glasgow

| G5 0YD

| REGISTERED NUMBER: | SC201189 (Scotland)

| AUDITORS: | McLay McAlister & McGibbon LLP

| Chartered Accountants and Statutory Auditors

| 145 St Vincent Street

| Glasgow

| G2 5JF

Glasgow Private Hire Limited (Registered number: SC201189)

Group Strategic Report

for the Year Ended 30 November 2025

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

Turnover for the year increased by 0.33% to £19,482,614 compared to £19,418,819 last year.

Profit before tax decreased from £12,173,552 to £12,135,546, a fall of of 0.31%. Furthermore, the balance sheet of the group remains strong with net assets of £5,539,808 as at 30 November 2025 compared to £5,517,128 as at 30 November 2024, a decrease of 0.41%.

The directors are satisfied with the results for the year and are confident that the group is well positioned to continue to grow in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The following risks and associated mitigation processes represent the key risks and uncertainties which affect the group and how the directors address these. They are not intended to be an exhaustive analysis of all the risks facing the business.

1. Economic risks

Risks:

The group's business operations are sensitive to economic conditions and, in particular, to inflationary pressures on the hospitality sector which affects the night-time trade and the consequential demand for private hire drivers.

Mitigation processes:

The directors regularly review the impact of the economic conditions on the group's budget and strategic plans, to ensure that we maintain our competitive position in the market. We continue to encourage the use of our private hire drivers via continued promotion of our booking application and discounted fares.

2. Regulatory risks

Risks:

A failure to comply with health and safety legislation could lead to an incident which causes serious illness, injury or even loss of life to one of our customers, employees or other stakeholders, in turn leading to a significant impact on our reputation. Furthermore, continued compliance with taxi booking license conditions via local councils is crucial to the continued operation of the business.

Mitigation processes:

We have a range of policies and procedures in place, including training, improved reporting and regular monitoring, to ensure compliance with existing regulatory requirements. This includes processes and procedures in relation to health and safety.

Glasgow Private Hire Limited (Registered number: SC201189)

Group Strategic Report

for the Year Ended 30 November 2025

3. People risks

Risks:

We recognise the importance of attracting, retaining, developing and motivating the best people to help take our business forward and to ensure that we can deliver our operational and strategic objectives. Failure to attract these individuals could impact our ability to achieve our operational and strategic objectives.

Mitigation processes:

Directors aim to recruit the best people with the right skills and offer training and development programmes to ensure that we retain them. Staff contracts and turnover trends are reviewed and benchmarked to highlight any potential issues.

ON BEHALF OF THE BOARD:

M Cassidy - Director

4 August 2026

Glasgow Private Hire Limited (Registered number: SC201189)

Report of the Directors

for the Year Ended 30 November 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £2,800 per share.

The total distribution of dividends for the year ended 30 November 2025 will be £9,240,000.

DIRECTORS

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

M Cassidy

S Conley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

M Cassidy - Director

4 August 2026

Report of the Independent Auditors to the Members of

Glasgow Private Hire Limited

Opinion

We have audited the financial statements of Glasgow Private Hire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 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 30 November 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.

Report of the Independent Auditors to the Members of

Glasgow Private Hire Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or

non- compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR, taxi base licence and employment laws. Auditing standards limit the required audit

procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings.These limited procedures did not identify actual or suspected non-compliance.

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

Report of the Independent Auditors to the Members of

Glasgow Private Hire Limited

Use of our report

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

Paul Martin (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

4 August 2026

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Statement of Comprehensive Income

for the Year Ended 30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

TURNOVER | 19,482,614 |  | 19,418,819 |  |

Administrative expenses | (7,052,333 | ) | (7,038,189 | ) |

OPERATING PROFIT | 4 | 12,430,281 |  | 12,380,630 |  |

Interest receivable and similar income | 35,744 |  | - |  |

12,466,025 |  | 12,380,630 |  |

Interest payable and similar expenses | 5 | (330,479 | ) | (207,078 | ) |

PROFIT BEFORE TAXATION | 12,135,546 |  | 12,173,552 |  |

Tax on profit | 6 | (3,052,866 | ) | (3,066,415 | ) |

PROFIT FOR THE FINANCIAL YEAR | 9,082,680 |  | 9,107,137 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 9,082,680 |  | 9,107,137 |  |

Profit attributable to:

Owners of the parent | 9,082,680 |  | 9,107,137 |  |

Total comprehensive income attributable to:

Owners of the parent | 9,082,680 |  | 9,107,137 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Balance Sheet

30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,461,496 |  | 1,536,706 |  |

Tangible assets | 10 | 6,005,516 |  | 5,688,928 |  |

Investments | 11 | 26,149 |  | 26,149 |  |

7,493,161 |  | 7,251,783 |  |

CURRENT ASSETS

Debtors | 12 | 2,934,603 |  | 2,348,479 |  |

Cash at bank and in hand | 2,678,180 |  | 2,861,096 |  |

5,612,783 |  | 5,209,575 |  |

CREDITORS

Amounts falling due within one year | 13 | (6,576,673 | ) | (6,400,931 | ) |

NET CURRENT LIABILITIES | (963,890 | ) | (1,191,356 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,529,271 |  | 6,060,427 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (1,169,463 | ) | (543,299 | ) |

NET ASSETS | 5,359,808 |  | 5,517,128 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 3,300 |  | 3,300 |  |

Share premium | 19 | 349,900 |  | 349,900 |  |

Retained earnings | 19 | 5,006,608 |  | 5,163,928 |  |

SHAREHOLDERS' FUNDS | 5,359,808 |  | 5,517,128 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2026 and were signed on its behalf by:

M Cassidy - Director

Glasgow Private Hire Limited (Registered number: SC201189)

Company Balance Sheet

30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 2,925,846 |  | 3,114,284 |  |

Tangible assets | 10 | 6,005,516 |  | 5,688,928 |  |

Investments | 11 | 28,469 |  | 28,469 |  |

8,959,831 |  | 8,831,681 |  |

CURRENT ASSETS

Debtors | 12 | 3,059,333 |  | 2,463,324 |  |

Cash at bank and in hand | 2,678,157 |  | 2,860,959 |  |

5,737,490 |  | 5,324,283 |  |

CREDITORS

Amounts falling due within one year | 13 | (8,558,629 | ) | (8,377,888 | ) |

NET CURRENT LIABILITIES | (2,821,139 | ) | (3,053,605 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,138,692 |  | 5,778,076 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (1,169,463 | ) | (538,299 | ) |

NET ASSETS | 4,969,229 |  | 5,239,777 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 3,300 |  | 3,300 |  |

Share premium | 19 | 349,900 |  | 349,900 |  |

Retained earnings | 19 | 4,616,029 |  | 4,886,577 |  |

SHAREHOLDERS' FUNDS | 4,969,229 |  | 5,239,777 |  |

Company's profit for the financial year | 8,969,452 |  | 8,993,909 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2026 and were signed on its behalf by:

M Cassidy - Director

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Statement of Changes in Equity

for the Year Ended 30 November 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 3,300 |  | 4,696,791 |  | 349,900 |  | 5,049,991 |  |

Changes in equity

Dividends | - |  | (8,640,000 | ) | - |  | (8,640,000 | ) |

Total comprehensive income | - |  | 9,107,137 |  | - |  | 9,107,137 |  |

Balance at 30 November 2024 | 3,300 |  | 5,163,928 |  | 349,900 |  | 5,517,128 |  |

Changes in equity

Dividends | - |  | (9,240,000 | ) | - |  | (9,240,000 | ) |

Total comprehensive income | - |  | 9,082,680 |  | - |  | 9,082,680 |  |

Balance at 30 November 2025 | 3,300 |  | 5,006,608 |  | 349,900 |  | 5,359,808 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Company Statement of Changes in Equity

for the Year Ended 30 November 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 3,300 |  | 4,532,668 |  | 349,900 |  | 4,885,868 |  |

Changes in equity

Dividends | - |  | (8,640,000 | ) | - |  | (8,640,000 | ) |

Total comprehensive income | - |  | 8,993,909 |  | - |  | 8,993,909 |  |

Balance at 30 November 2024 | 3,300 |  | 4,886,577 |  | 349,900 |  | 5,239,777 |  |

Changes in equity

Dividends | - |  | (9,240,000 | ) | - |  | (9,240,000 | ) |

Total comprehensive income | - |  | 8,969,452 |  | - |  | 8,969,452 |  |

Balance at 30 November 2025 | 3,300 |  | 4,616,029 |  | 349,900 |  | 4,969,229 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Consolidated Cash Flow Statement

for the Year Ended 30 November 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 13,206,509 |  | 15,597,915 |  |

Interest paid | (330,479 | ) | (207,078 | ) |

Tax paid | (3,166,419 | ) | (3,731,245 | ) |

Net cash from operating activities | 9,709,611 |  | 11,659,592 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (15,144 | ) | (1,306,560 | ) |

Sale of tangible fixed assets | 195,476 |  | 194,817 |  |

Interest received | 35,744 |  | - |  |

Net cash from investing activities | 216,076 |  | (1,111,743 | ) |

Cash flows from financing activities

Loan repayments in year | (19,865 | ) | (20,000 | ) |

Capital repayments in year | (848,738 | ) | (783,052 | ) |

Equity dividends paid | (9,240,000 | ) | (8,640,000 | ) |

Net cash from financing activities | (10,108,603 | ) | (9,443,052 | ) |

(Decrease)/increase in cash and cash equivalents | (182,916 | ) | 1,104,797 |  |

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

Cash and cash equivalents at end of year | 2 | 2,678,180 |  | 2,861,096 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 November 2025

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

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before taxation | 12,135,546 |  | 12,173,552 |  |

| Depreciation charges | 1,295,591 |  | 1,321,096 |  |

| Loss on disposal of fixed assets | 27,021 |  | 386,148 |  |

| Finance costs | 330,479 |  | 207,078 |  |

| Finance income | (35,744 | ) | - |  |

13,752,893 |  | 14,087,874 |  |

| Increase in trade and other debtors | (506,409 | ) | (389,053 | ) |

| (Decrease)/increase in trade and other creditors | (39,975 | ) | 1,899,094 |  |

| Cash generated from operations | 13,206,509 |  | 15,597,915 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 2,678,180 |  | 2,861,096 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 2,861,096 |  | 1,756,299 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 November 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| Other |

| non-cash |

| At 1.12.24 | Cash flow | changes | At 30.11.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 2,861,096 |  | (182,916 | ) | 2,678,180 |  |

2,861,096 |  | (182,916 | ) | 2,678,180 |  |

| Debt

| Finance leases | (1,294,861 | ) | 848,738 |  | - |  | (2,190,445 | ) |

| Debts falling due

| within 1 year | (20,000 | ) | 9,032 |  | - |  | (10,968 | ) |

| Debts falling due

| after 1 year | (10,834 | ) | 10,834 |  | - |  | - |  |

(1,325,695 | ) | 868,604 |  | - |  | (2,201,413 | ) |

| Total | 1,535,401 |  | 685,688 |  | - |  | 476,767 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements

for the Year Ended 30 November 2025

1. | STATUTORY INFORMATION

| Glasgow Private Hire Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Basis of consolidation

| The group financial statements incorporate Glasgow Private Hire Limited and its subsidiaries made up to 30 November 2025.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2020, as well as the acquisition of the subsidiaries of the parent company, is being amortised evenly over its estimated useful life of twenty years.

| Intangible assets

| Plates and licenses are initially measured at cost. After initial recognition, plates and licenses are measured at cost less any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | at varying rates on cost

| Plant and machinery | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| The company's policy is to review the remaining useful economic lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

| No depreciation is provided on Freehold Property as they are revalued annually by the directors.

| Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Fixed asset investments are initially measured at cost. After initial recognition, investments are measured at cost less any accumulated impairment losses.

3. | EMPLOYEES AND DIRECTORS

| 30.11.25 |  | 30.11.24

£ | £ |

| Wages and salaries | 1,499,112 |  | 1,533,150 |  |

| Social security costs | 155,982 |  | 138,347 |  |

| Other pension costs | 28,924 |  | 28,466 |  |

1,684,018 |  | 1,699,963 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

3. | EMPLOYEES AND DIRECTORS - continued

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

| 30.11.25 |  | 30.11.24

| Management | 5 |  | 5 |  |

| Administrative | 47 |  | 50 |  |

52 |  | 55 |  |

| 30.11.25 |  | 30.11.24

£ | £ |

| Directors' remuneration | 42,306 |  | 38,922 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 30.11.25 |  | 30.11.24

£ | £ |

| Other operating leases | 97,560 |  | 90,250 |  |

| Depreciation - owned assets | 787,472 |  | 864,618 |  |

| Depreciation - assets on hire purchase contracts | 432,909 |  | 381,262 |  |

| Loss on disposal of fixed assets | 27,021 |  | 386,148 |  |

| Goodwill amortisation | 75,210 |  | 75,210 |  |

| Auditors' remuneration | 22,500 |  | 23,500 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.11.25 |  | 30.11.24

£ | £ |

| Loan interest | 164,409 |  | 35,948 |  |

| Hire purchase interest | 165,756 |  | 152,619 |  |

| HMRC interest | 314 |  | 18,511 |  |

330,479 |  | 207,078 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.11.25 |  | 30.11.24

£ | £ |

| Current tax:

| UK corporation tax | 3,132,581 |  | 3,225,085 |  |

| Deferred tax | (79,715 | ) | (158,670 | ) |

| Tax on profit | 3,052,866 |  | 3,066,415 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before tax | 12,135,546 |  | 12,173,552 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 3,033,887 |  | 3,043,388 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,931 |  | 72,456 |  |

| Depreciation in excess of capital allowances | 91,763 |  | 109,241 |  |

| Deferred tax | (79,715 | ) | (158,670 | ) |

| Total tax charge | 3,052,866 |  | 3,066,415 |  |

7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8. | DIVIDENDS

| 30.11.25 |  | 30.11.24

£ | £ |

| Ordinary shares of £1 each

| Final | 9,240,000 |  | 8,640,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Group

| Plates |

| and |

| Goodwill |  | licences |  | Totals

£ | £ | £ |

| COST

| At 1 December 2024

| and 30 November 2025 | 1,504,200 |  | 347,291 |  | 1,851,491 |  |

| AMORTISATION

| At 1 December 2024 | 314,785 |  | - |  | 314,785 |  |

| Amortisation for year | 75,210 |  | - |  | 75,210 |  |

| At 30 November 2025 | 389,995 |  | - |  | 389,995 |  |

| NET BOOK VALUE

| At 30 November 2025 | 1,114,205 |  | 347,291 |  | 1,461,496 |  |

| At 30 November 2024 | 1,189,415 |  | 347,291 |  | 1,536,706 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

9. | INTANGIBLE FIXED ASSETS - continued

| Company

| Goodwill

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 3,768,753 |  |

| AMORTISATION

| At 1 December 2024 | 654,469 |  |

| Amortisation for year | 188,438 |  |

| At 30 November 2025 | 842,907 |  |

| NET BOOK VALUE

| At 30 November 2025 | 2,925,846 |  |

| At 30 November 2024 | 3,114,284 |  |

10. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024 | 10,140 |  | 960,959 |  | 13,320,444 |  | 14,291,543 |  |

| Additions | - |  | 1,482 |  | 1,757,984 |  | 1,759,466 |  |

| Disposals | - |  | - |  | (383,034 | ) | (383,034 | ) |

| At 30 November 2025 | 10,140 |  | 962,441 |  | 14,695,394 |  | 15,667,975 |  |

| DEPRECIATION

| At 1 December 2024 | - |  | 851,176 |  | 7,751,439 |  | 8,602,615 |  |

| Charge for year | - |  | 95,911 |  | 1,124,470 |  | 1,220,381 |  |

| Eliminated on disposal | - |  | - |  | (160,537 | ) | (160,537 | ) |

| At 30 November 2025 | - |  | 947,087 |  | 8,715,372 |  | 9,662,459 |  |

| NET BOOK VALUE

| At 30 November 2025 | 10,140 |  | 15,354 |  | 5,980,022 |  | 6,005,516 |  |

| At 30 November 2024 | 10,140 |  | 109,783 |  | 5,569,005 |  | 5,688,928 |  |

| Included within the net book value above are assets held under hire purchase agreements of £2,826,727 (2024: £1,855,453).

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024 | 10,140 |  | 470,194 |  | 8,423,977 |  | 8,904,311 |  |

| Additions | - |  | 1,482 |  | 1,757,984 |  | 1,759,466 |  |

| Disposals | - |  | - |  | (383,034 | ) | (383,034 | ) |

| At 30 November 2025 | 10,140 |  | 471,676 |  | 9,798,927 |  | 10,280,743 |  |

| DEPRECIATION

| At 1 December 2024 | - |  | 360,411 |  | 2,854,972 |  | 3,215,383 |  |

| Charge for year | - |  | 95,911 |  | 1,124,470 |  | 1,220,381 |  |

| Eliminated on disposal | - |  | - |  | (160,537 | ) | (160,537 | ) |

| At 30 November 2025 | - |  | 456,322 |  | 3,818,905 |  | 4,275,227 |  |

| NET BOOK VALUE

| At 30 November 2025 | 10,140 |  | 15,354 |  | 5,980,022 |  | 6,005,516 |  |

| At 30 November 2024 | 10,140 |  | 109,783 |  | 5,569,005 |  | 5,688,928 |  |

| Included within the net book value above are assets held under hire purchase agreements of £2,826,727 (2024: £1,855,453).

11. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 26,149 |  |

| NET BOOK VALUE

| At 30 November 2025 | 26,149 |  |

| At 30 November 2024 | 26,149 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 December 2024

| and 30 November 2025 | 2,320 |  | 26,149 |  | 28,469 |  |

| NET BOOK VALUE

| At 30 November 2025 | 2,320 |  | 26,149 |  | 28,469 |  |

| At 30 November 2024 | 2,320 |  | 26,149 |  | 28,469 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

11. | FIXED ASSET INVESTMENTS - continued

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

| Subsidiaries

| S.S.R.G. Ltd

| Registered office: 15 Rosyth Road, Glasgow, G5 0YD

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| H.P.N. Leasing Ltd

| Registered office: 15 Rosyth Road, Glasgow, G5 0YD

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Network Private Hire Ltd.

| Registered office: 110 Blochairn Road, Glasgow, G21 2EG

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Trade debtors | 771,643 |  | 590,818 |  | 771,643 |  | 590,818 |  |

| Amounts owed by group undertakings | - |  | - |  | 124,730 |  | 114,845 |  |

| Deferred tax asset | 543,910 |  | 464,195 |  | 543,910 |  | 464,195 |  |

| Prepayments and accrued income | 1,619,050 |  | 1,293,466 |  | 1,619,050 |  | 1,293,466 |  |

2,934,603 |  | 2,348,479 |  | 3,059,333 |  | 2,463,324 |  |

| Deferred tax asset

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Deferred tax | 543,910 |  | 464,195 |  | 543,910 |  | 464,195 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 15) | 10,968 |  | 20,000 |  | 5,968 |  | 10,000 |  |

| Hire purchase contracts (see note 16) | 1,020,982 |  | 762,396 |  | 1,020,982 |  | 762,396 |  |

| Trade creditors | 97,278 |  | 100,127 |  | 97,278 |  | 100,127 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,986,956 |  | 1,986,956 |  |

| Tax | 1,512,581 |  | 1,546,419 |  | 1,512,581 |  | 1,546,419 |  |

| Social security and other taxes | 267,553 |  | 359,699 |  | 267,553 |  | 359,699 |  |

| Other creditors | 1,312,097 |  | 1,113,415 |  | 1,312,097 |  | 1,113,415 |  |

| Other loans | 2,205,930 |  | 2,314,326 |  | 2,205,930 |  | 2,314,326 |  |

| Accrued expenses | 149,284 |  | 184,549 |  | 149,284 |  | 184,550 |  |

6,576,673 |  | 6,400,931 |  | 8,558,629 |  | 8,377,888 |  |

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

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Bank loans (see note 15) | - |  | 10,834 |  | - |  | 5,834 |  |

| Hire purchase contracts (see note 16) | 1,169,463 |  | 532,465 |  | 1,169,463 |  | 532,465 |  |

1,169,463 |  | 543,299 |  | 1,169,463 |  | 538,299 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 10,968 |  | 20,000 |  | 5,968 |  | 10,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | - |  | 10,834 |  | - |  | 5,834 |  |

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 1,020,982 |  | 762,396 |  |

| Between one and five years | 1,169,463 |  | 532,465 |  |

2,190,445 |  | 1,294,861 |  |

| Company

| Hire purchase |

| contracts |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 1,020,982 |  | 762,396 |  |

| Between one and five years | 1,169,463 |  | 532,465 |  |

2,190,445 |  | 1,294,861 |  |

| Group

| Non-cancellable |

| operating leases |

| 30.11.25 |  | 30.11.24

£ | £ |

| Within one year | 95,760 |  | 90,000 |  |

| Company

| Non-cancellable |

| operating leases |

| 30.11.25 |  | 30.11.24

£ | £ |

| Within one year | 95,760 |  | 90,000 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Hire purchase contracts | 2,190,445 |  | 1,294,861 |  | 2,190,445 |  | 1,294,861 |  |

| Hire purchase liabilities are secured over the assets to which they relate.

Glasgow Private Hire Limited (Registered number: SC201189)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.11.25 |  | 30.11.24

| value: | £ | £ |

| 3,300 | Ordinary | £1 | 3,300 |  | 3,300 |  |

19. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 December 2024 | 5,163,928 |  | 349,900 |  | 5,513,828 |  |

| Profit for the year | 9,082,680 |  | 9,082,680 |  |

| Dividends | (9,240,000 | ) | (9,240,000 | ) |

| At 30 November 2025 | 5,006,608 |  | 349,900 |  | 5,356,508 |  |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 December 2024 | 4,886,577 |  | 349,900 |  | 5,236,477 |  |

| Profit for the year | 8,969,452 |  | 8,969,452 |  |

| Dividends | (9,240,000 | ) | (9,240,000 | ) |

| At 30 November 2025 | 4,616,029 |  | 349,900 |  | 4,965,929 |  |

20. | RELATED PARTY DISCLOSURES

| Included within other loans is a balance of £1,621,271 (2024: £1,367,928) owed to Xpress Transport Ltd, a company in which Michael Cassidy is a director and shareholder. Interest is payable at 7.6% per annum on one part of the loan balance which is due to be repaid by September 2027. Interest is payable at 5.5% per annum on the second part of the loan balance which is due to be repaid by September 2026. Interest is payable at 5.4% per annum on the third part of the loan balance which is due to be repaid by October 2026.

| Included within other loans is a balance of £345,863 (2024: £571,146) owed to Commonwealth Finance Ltd, a related company. Interest is payable at 8% per annum on one part of the loan balance which is due to be repaid by March 2027. Interest is payable at 7.6% per annum on the second part of the loan balance which is due to be repaid by July 2027.

| Included within other loans is a balance of £238,797 (2024: £375,252) owed to Rydil Management Ltd who have an interest in the Group. Interest is payable at 7.6% per annum on the loan balance which is due to be repaid by September 2027.