Peter,
You are of course correct, car 732 is crossing The Horsefair after leaving John Bright St and entering Holloway Head on its journey to Ladywood. This service was terminated on 30.08.47.
As straight ahead on the photo was Small Brook St, I would think you are correct in your assumption that the large building straight ahead was the Scala cinema.
Some few years later all the buildings in view in this photo were to disappear under Holloway Circus.
Phil