Value Cabs Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:

33-35 Grosvenor Road

Belfast

BT12 4GR

Northern Ireland

The presentation currency is £ Sterling and the level of rounding is to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity; and

specific criteria have been met for each of the company's activities.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class Amortisation method and rate

Goodwill 10%-20% Straight Line

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Value Cabs Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

2.5. Tangible Fixed Assets and Depreciation

Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Plant & Machinary	15% - 50% straight line
Motor Vehicles	10% - 50% straight line
Fixtures & Fittings	10% - 50% straight line
Land & Buildings	1% straight line

2.6. Leasing and Hire Purchase Contracts

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

2.7. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

2.8. Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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Value Cabs Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

2.9. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.10. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.11. Business Combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2.12. Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.13. Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.14. Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2.15. Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2.16. Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Value Cabs Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

3. Average Number of Employees

Average number of employees, including directors, during the year was: 68 (2025: 61)

4. Tax on Profit

	2026	2025
	£	£
Current tax
UK Corporation Tax	251,299	253,320
Deferred Tax
Deferred taxation	(27,656 )	-


Total tax charge for the period	223,643	253,320

	2026	2025
	£	£
Profit before tax	358,432	12,422

Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate)	89,608	3,106
Goodwill/depreciation not allowed for tax	64,885	54,983
Expenses not deductible for tax purposes	130,154	238,640
Capital allowances	(33,348 )	(43,409 )

Total tax charge for the period	251,299	253,320

5. Intangible Assets

	Goodwill
	£
Cost
As at 1 July 2025	522,300
Additions	140,000

As at 30 June 2026	662,300

Amortisation
As at 1 July 2025	283,765
Provided during the period	64,730

As at 30 June 2026	348,495

Net Book Value
As at 30 June 2026	313,805

As at 1 July 2025	238,535

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Value Cabs Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

6. Tangible Assets

	Plant & Machinary	Motor Vehicles	Fixtures & Fittings	Land & Buildings	Total
	£	£	£	£	£
Cost
As at 1 July 2025	3,031,894	668,209	800,449	11,253	4,511,805
Additions	226,841	76,613	8,574	-	312,028
Disposals	-	(308,333 )	-	-	(308,333 )

As at 30 June 2026	3,258,735	436,489	809,023	11,253	4,515,500

Depreciation
As at 1 July 2025	2,928,211	134,514	725,444	3,888	3,792,057
Provided during the period	94,462	62,857	35,188	2,301	194,808
Disposals	-	(79,139 )	-	-	(79,139 )

As at 30 June 2026	3,022,673	118,232	760,632	6,189	3,907,726

Net Book Value
As at 30 June 2026	236,062	318,257	48,391	5,064	607,774

As at 1 July 2025	103,683	533,695	75,005	7,365	719,748

7. Stocks

	2026	2025
	£	£
Stock	21,400	12,439

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	564,242	551,910
Prepayments and accrued income	50,291	58,825
Other debtors	48,948	54,760
Amounts owed by group undertakings	1,216,660	1,664,300

	1,880,141	2,329,795

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	80,613	59,937
Trade creditors	22,663	16,281
Bank loans and overdrafts	33,878	272,638
Corporation tax	240,024	206,450
Other taxes and social security	394,341	164,449
Other creditors	364,534	246,816
Accruals and deferred income	62,093	70,211

	1,198,146	1,036,782

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Value Cabs Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

10. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	141,823	144,556
Bank loans	312,048	346,872

	453,871	491,428

Bank borrowings are secured via a number of fixed and floating charges over the assets of the company in favour of Northern Bank Limited.

11. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	80,613	59,937
Later than one year and not later than five years	141,823	144,556

	222,436	204,493

	222,436	204,493

12. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

13. Related Party Transactions

The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions with entities that are wholly owned within the same group. This exemption applies as the Company is a wholly owned subsidiary of McCausland Group Limited, and its results are included in the consolidated financial statements of the parent, which are publicly available.

14. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is McCausland Group Limited, incorporated in the United Kingdom.

16. Audit Information

The auditor's report on the accounts of Value Cabs Limited for the year ended 30 June 2026 was unqualified.

The auditor's report was signed by Brian Stewart (Senior Statutory Auditor) for and on behalf of RBCA Limited , Statutory Auditor.

RBCA Limited

Linenhall Exchange

26 Linenhall Street

Belfast

BT2 8BG

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	5		313,805		238,535
Tangible Assets	6		607,774		719,748

			921,579		958,283
CURRENT ASSETS
Stocks	7	21,400		12,439
Debtors	8	1,880,141		2,329,795
Cash at bank and in hand		470,338		-

		2,371,879		2,342,234
Creditors: Amounts Falling Due Within One Year	9	(1,198,146 )		(1,036,782 )

NET CURRENT ASSETS (LIABILITIES)			1,173,733		1,305,452

TOTAL ASSETS LESS CURRENT LIABILITIES			2,095,312		2,263,735

Creditors: Amounts Falling Due After More Than One Year	10		(453,871 )		(491,428 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(40,148 )		(67,803 )

NET ASSETS			1,601,293		1,704,504

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			1,601,193		1,704,404

SHAREHOLDERS' FUNDS			1,601,293		1,704,504