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Registration number: SC437794

Director 4 Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Director 4 Hire Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Director 4 Hire Limited

Company Information

Director

Mr M Mortazavi

Company secretary

Ms L Mo

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Director 4 Hire Limited

(Registration number: SC437794)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,228,943

719

Current assets

 

Debtors

5

11,330

18,684

Cash at bank and in hand

 

9,189

509

 

20,519

19,193

Creditors: Amounts falling due within one year

6

(1,197,856)

(18,749)

Net current (liabilities)/assets

 

(1,177,337)

444

Total assets less current liabilities

 

51,606

1,163

Creditors: Amounts falling due after more than one year

6

(40,348)

-

Provisions for liabilities

(10,543)

(137)

Net assets

 

715

1,026

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

705

1,016

Shareholders' funds

 

715

1,026

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

 

Director 4 Hire Limited

(Registration number: SC437794)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr M Mortazavi
Director

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 11 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

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.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from management services provided by the company.

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% Straight line

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

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 profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

-

1,979

-

1,979

Additions

1,537,614

1,859

63,123

1,602,596

Disposals

(346,064)

(780)

-

(346,844)

At 31 March 2023

1,191,550

3,058

63,123

1,257,731

Depreciation

At 1 April 2022

-

1,260

-

1,260

Charge for the year

11,916

611

15,781

28,308

Eliminated on disposal

-

(780)

-

(780)

At 31 March 2023

11,916

1,091

15,781

28,788

Carrying amount

At 31 March 2023

1,179,634

1,967

47,342

1,228,943

At 31 March 2022

-

719

-

719

Included within the net book value of land and buildings above is £1,179,635 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

3,750

-

Other debtors

7,580

18,684

11,330

18,684

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

7,652

-

Trade creditors

 

55

-

Taxation and social security

 

13,444

18,684

Other creditors

 

1,176,705

65

 

1,197,856

18,749

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

40,348

-

The hire purchase liabilities are secured over the assets concerned.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

40,348

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

7,652

-

The bank loan is supported by a 100% guarantee from the UK Government.

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

10

10

10

10

         

9

Related party transactions

Summary of transactions with other related parties




 The company operates a loan account with the director, Mr M Mortazavi.
During the year, the director advanced loans totalling £1,187,605 to the company. At the year end, the balance due from the company was £1,176,502 (2022 - £11,103 due to the company). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Yoneek Ltd (A company in which Mr M Mortazavi is also a director).
At the year end, the balance due to the company was £7,580 (2022 - £7,800). This loan is unsecured, interest free and has no fixed repayment terms.