Cabline National Holdings Limited - Limited company accounts 18.2

REGISTERED NUMBER: 07690295 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2017

for

Cabline National Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J McFaul

M McFaul

REGISTERED OFFICE:

3 Bowden Drive

Boulevard Industrial Park

Beeston

Nottingham

NG9 2JY

REGISTERED NUMBER:

07690295 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

The directors present their strategic report of the company and the group for the year ended 30 November 2017.

REVIEW OF BUSINESS

Principal activities:

The principal activity of the business during the year is the provision of Managed Taxi Services for corporate

businesses requiring services across all parts of the UK. The business holds major contracts with large and well

known organisations from the Rail, Breakdown, Assistance, Insurance and Public Service sectors, as well as

generating regular repeat business from a range of other sectors and industries.

The Directors expect the Company to grow next year with revenue expected from additional contracts and

customers identified within some of our core markets. The digital marketing strategy is expected to increase the

number of direct sales enquiries and opportunities, along with the growing interest in the taxi and private hire

sector.

The Company is ideally placed to exploit the growing interest in ground transport solutions for business travel

through its supply chain network and ability to offer a solution that is comprehensive in relation to geographical

coverage and scale within the United Kingdom.

Business review and results:

The company aspires to be the providers of choice for businesses seeking to consolidate and simplify their taxi

and ground transport spend to enable our clients to increase operational efficiency, save costs and improve

service.

The turnover for this year decreased by 30.5% (£3.8m) due to a handful of contracts expiring. These contacts

have since been replaced with new customers identified from our core markets. The gross profit remained strong

at 21.87%, which is within The Company's target margin.

During the year we have focused on rebalancing the range of work undertaken to ensure that there is a more

diverse mix of contracts to provide sustainable work which ensures greater longevity and helps spread our

exposure. The benefits of this process will continue into 2018 and beyond.

The Company funds its growth and development projects through cash reserves. The company has no external

third party borrowings.

The Company generates positive cash flow from existing services as a result of good cash collection and tight

cost control, using these funds to invest in new technology and marketing to help expand the services and

capabilities.

PRINCIPAL RISKS AND UNCERTAINTIES

Business growth and change management:

The Company continues to grow as a result of its reliable performance capabilities and consistent service quality.

This has been achieved via the use of well defined and proven processes and the continued growth of the supply

chain. The company has also worked closely with our software partners to ensure innovative solutions are

available to our customers. The Directors ensure that the business has the capacity to respond to increases in

service demands and to mobilise more than one large contract at a time. The Directors are satisfied that such

matters are properly discussed by the senior management team and are adequately resourced.

Technology disruptors and new market entrants:

Uber's disruptive influence continues to be felt within the taxi and private hire market. The development of their

"Uber for Business" service demonstrates that whilst the technology disrupters have concentrated on the B2C

market to date, new entrants within the B2B sector will be inevitable. Current app and online booking solutions

are clearly less suited to B2B as they have traditionally concentrated on the technology solution and avoided

customers that require a more managed element to their services; this has meant few new genuine entrants into

The Company's more specialised markets. The Company's challenge will be to incorporate improved technology,

whilst maintaining the important 'managed' element to our services.

Industry consolidation and legislative changes:

The private hire industry has fought back against the tech disrupters through new technology solutions and via

mergers and consolidation. The consolidation has meant the creation of much larger taxi suppliers and the

formation of bigger more powerful taxi groups. The company is monitoring closely mergers and acquisitions

within our supply chain.

The Directors have identified three key operational priorities for the year ending 30 November 2018, which

are summarised below:

1: Creating a new digital focused marketing strategy

The Company has appointed a digital agency to refresh the brand and create a new digital marketing strategy to

transform The Company's marketing approach. This will help to define The Company's values further and create a

clear vision for our future direction.

2: New software partnership

The Company has carried out extensive market research to select the most suitable software partner that could

provide a fully tested and proven software platform that could be adapted to cater for Cabline's specific and

specialised requirements. The software will allow easy integration with other platforms and supplier software as

well as user friendly, customer facing booking tools.

3: Continued recruitment to strengthen the management team

The Company has identified key areas within the business that will benefit from the recruitment of new

management roles within the Management team to help cater for the anticipated growth generated by the new

brand, marketing and software initiatives. These positions will be phased in over a 12-month period to cater for

the strategic growth.

KEY PERFORMANCE INDICATORS

The Group has a number of KPIs which are used to analyse current performance and assist with business

development. Monthly KPIs are used to monitor financial and operational performance and are used to inform our

business decisions. The KPIs include revenue growth, client satisfaction, supplier performance tracking and

margin & cash management and compliance with regulated activities.

ON BEHALF OF THE BOARD:

J McFaul - Director

28 August 2018

The directors present their report with the financial statements of the company and the group for the year

ended 30 November 2017.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of providing taxi management services.

The principal activity of the parent company in the year under review was that of a holding company.

DIVIDENDS

Interim dividends of £470,000 were paid during the year.

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th November 2017 will be £470,000.

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 December 2016 to the date of

this report.

J McFaul

M McFaul

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with section 414C(11) of Companies Act 2006 (Strategic Report and

Directors' Report) Regulations 2013 to set out in the group's Strategic Report information required by schedule 7

of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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.

AUDITORS

Mitten Clarke Audit Limited, has indicated its willingness to continue in office and will be proposed for

re-appointment in accordance with section 485 Companies Act 2006.

ON BEHALF OF THE BOARD:

J McFaul - Director

28 August 2018

Opinion

We have audited the financial statements of Cabline National Holdings Limited (the 'parent company') and its

subsidiaries (the 'group') for the year ended 30 November 2017 which comprise the Consolidated Income

Statement, Consolidated Other 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 2017 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 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, 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.

Opinion 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 five, 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.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's

members those matters we are required to state to them in an auditor's report and for no other purpose. To

the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

company and the company's members as a body, for our audit work, for this report, or for the opinions we

have formed.

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.

Adam Clarke BA FCA (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

28 August 2018

TURNOVER

8,669,235

12,480,983

Cost of sales

6,773,401

9,726,843

GROSS PROFIT

1,895,834

2,754,140

Administrative expenses

1,083,157

1,376,955

812,677

1,377,185

Other operating income

10,724

1,369

OPERATING PROFIT

6

823,401

1,378,554

Interest receivable and similar income

12,226

2,253

835,627

1,380,807

Interest payable and similar expenses

8

6,387

834

PROFIT BEFORE TAXATION

829,240

1,379,973

Tax on profit

9

151,992

277,687

PROFIT FOR THE FINANCIAL YEAR

677,248

1,102,286

Profit attributable to:

Owners of the parent

677,248

1,102,286

PROFIT FOR THE YEAR

677,248

1,102,286

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

677,248

1,102,286

Total comprehensive income attributable to:

Owners of the parent

677,248

1,102,286

FIXED ASSETS

Tangible assets

12

20,848

24,143

Investments

13

1

1

20,849

24,144

CURRENT ASSETS

Debtors

14

2,709,315

2,932,279

Cash at bank

2,423,988

2,131,103

5,133,303

5,063,382

CREDITORS

Amounts falling due within one year

15

2,516,582

2,655,142

NET CURRENT ASSETS

2,616,721

2,408,240

TOTAL ASSETS LESS CURRENT LIABILITIES

2,637,570

2,432,384

CREDITORS

Amounts falling due after more than one year

16

-

(2,262

)

PROVISIONS FOR LIABILITIES

19

(2,600

)

(2,400

)

NET ASSETS

2,634,970

2,427,722

CAPITAL AND RESERVES

Called up share capital

20

102

102

Retained earnings

21

2,634,868

2,427,620

SHAREHOLDERS' FUNDS

2,634,970

2,427,722

The financial statements were approved by the Board of Directors on 28 August 2018 and were signed on its

behalf by:

J McFaul - Director

FIXED ASSETS

Tangible assets

12

-

-

Investments

13

102

102

102

102

CURRENT ASSETS

Debtors

14

598,724

100,301

Cash at bank

797,187

1,107,564

1,395,911

1,207,865

CREDITORS

Amounts falling due within one year

15

453,871

604,756

NET CURRENT ASSETS

942,040

603,109

TOTAL ASSETS LESS CURRENT LIABILITIES

942,142

603,211

CAPITAL AND RESERVES

Called up share capital

20

102

102

Retained earnings

21

942,040

603,109

SHAREHOLDERS' FUNDS

942,142

603,211

Company's profit for the financial year

808,931

1,111,566

The financial statements were approved by the Board of Directors on 28 August 2018 and were signed on its behalf by:

J McFaul - Director

M McFaul - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2015

102

1,835,934

1,836,036

Changes in equity

Dividends

-

(510,600

)

(510,600

)

Total comprehensive income

-

1,102,286

1,102,286

Balance at 30 November 2016

102

2,427,620

2,427,722

Changes in equity

Dividends

-

(470,000

)

(470,000

)

Total comprehensive income

-

677,248

677,248

Balance at 30 November 2017

102

2,634,868

2,634,970

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2015

102

2,143

2,245

Changes in equity

Dividends

-

(510,600

)

(510,600

)

Total comprehensive income

-

1,111,566

1,111,566

Balance at 30 November 2016

102

603,109

603,211

Changes in equity

Dividends

-

(470,000

)

(470,000

)

Total comprehensive income

-

808,931

808,931

Balance at 30 November 2017

102

942,040

942,142

Cash flows from operating activities

Cash generated from operations

1

1,550,738

1,226,346

Interest paid

(6,387

)

-

Interest element of hire purchase payments paid

-

(834

)

Tax paid

(268,898

)

(288,717

)

Net cash from operating activities

1,275,453

936,795

Cash flows from investing activities

Purchase of tangible fixed assets

(8,093

)

(9,306

)

Interest received

12,226

2,253

Net cash from investing activities

4,133

(7,053

)

Cash flows from financing activities

Capital repayments in year

-

(2,714

)

Amount introduced by directors

-

81,219

Amount withdrawn by directors

(516,701

)

-

Equity dividends paid

(470,000

)

(510,600

)

Net cash from financing activities

(986,701

)

(432,095

)

Increase in cash and cash equivalents

292,885

497,647

Cash and cash equivalents at beginning of year

2

2,131,103

1,633,456

Cash and cash equivalents at end of year

2

2,423,988

2,131,103

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

2017

2016

£

£

Profit before taxation

829,240

1,379,973

Depreciation charges

6,800

7,466

Profit on disposal of fixed assets

(388

)

-

Finance costs

6,387

834

Finance income

(12,226

)

(2,253

)

829,813

1,386,020

Decrease/(increase) in trade and other debtors

721,387

(253,016

)

(Decrease)/increase in trade and other creditors

(462

)

93,342

Cash generated from operations

1,550,738

1,226,346

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 2017

30.11.17

1.12.16

£

£

Cash and cash equivalents

2,423,988

2,131,103

Year ended 30 November 2016

30.11.16

1.12.15

£

£

Cash and cash equivalents

2,131,103

1,633,456

1.	STATUTORY INFORMATION

Cabline National Holdings Limited is a private company, limited by shares, registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	STATUTORY INFORMATION

Cabline National Holdings Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the General

Information page.

3.	STATEMENT OF COMPLIANCE

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.

4.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and are presented in

Pounds Sterling (£) being the functional currency.

Basis of consolidation

The consolidated financial statements incorporate those of Cabline National Holdings Limited and its

subsidiary undertakings for the period. All financial statements are made up to 30 November 2017 .

All intra-group transactions, balances and unrealised gains on transactions between group companies are

eliminated on consolidation.

The holding company has not presented its profit and loss account as provided by Section 408 of the

Companies Act 2006.

The financial statements have been prepared on the assumption that the company and the group are able

to carry on business as a going concern, which the directors consider appropriate having regard to the

company and the group's current and expected performance.

Cabline Solutions Limited has not been included in the consolidated financial statements as the company

is not considered to be material.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within

the financial statements.