Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30No description of principal activity2022-10-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC546514 2022-10-01 2023-09-30 SC546514 2021-10-01 2022-09-30 SC546514 2023-09-30 SC546514 2022-09-30 SC546514 c:Director1 2022-10-01 2023-09-30 SC546514 c:RegisteredOffice 2022-10-01 2023-09-30 SC546514 d:FurnitureFittings 2022-10-01 2023-09-30 SC546514 d:FurnitureFittings 2023-09-30 SC546514 d:FurnitureFittings 2022-09-30 SC546514 d:FreeholdInvestmentProperty 2022-10-01 2023-09-30 SC546514 d:FreeholdInvestmentProperty 2023-09-30 SC546514 d:FreeholdInvestmentProperty 2022-09-30 SC546514 d:CurrentFinancialInstruments 2023-09-30 SC546514 d:CurrentFinancialInstruments 2022-09-30 SC546514 d:Non-currentFinancialInstruments 2023-09-30 SC546514 d:Non-currentFinancialInstruments 2022-09-30 SC546514 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 SC546514 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 SC546514 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 SC546514 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 SC546514 d:ShareCapital 2023-09-30 SC546514 d:ShareCapital 2022-09-30 SC546514 d:RetainedEarningsAccumulatedLosses 2023-09-30 SC546514 d:RetainedEarningsAccumulatedLosses 2022-09-30 SC546514 c:OrdinaryShareClass1 2022-10-01 2023-09-30 SC546514 c:OrdinaryShareClass1 2023-09-30 SC546514 c:OrdinaryShareClass1 2022-09-30 SC546514 c:FRS102 2022-10-01 2023-09-30 SC546514 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 SC546514 c:FullAccounts 2022-10-01 2023-09-30 SC546514 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC546514 d:WithinOneYear 2023-09-30 SC546514 d:WithinOneYear 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC546514










HIP RENTALS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
HIP RENTALS LTD
 

COMPANY INFORMATION


Director
C A Holmes 




Registered number
SC546514



Registered office
27 Fleming Drive

Kirkcaldy

KY2 6SL




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
HIP RENTALS LTD
REGISTERED NUMBER: SC546514

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
£
£

Fixed assets
  

Investment property
 5 
358,162
232,066

  
358,162
232,066

Current assets
  

Cash at bank and in hand
  
36,489
1,140

  
36,489
1,140

Creditors: amounts falling due within one year
 6 
(135,788)
(55,899)

Net current liabilities
  
 
 
(99,299)
 
 
(54,759)

Total assets less current liabilities
  
258,863
177,307

Creditors: amounts falling due after more than one year
 7 
(243,927)
(165,947)

  

Net assets
  
14,936
11,360


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
14,935
11,359

  
14,936
11,360


Page 1

 
HIP RENTALS LTD
REGISTERED NUMBER: SC546514

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C A Holmes
Director

Date: 28 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
HIP RENTALS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

HIP Rentals Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC546514. The registered office is 27 Fleming Drive, Kirkcaldy, KY2 6SL.
The financial statements are presented in sterling which is the functional currency of the company and rounded 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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Rental income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the rental income can be reliably measured. Rental income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before rental income is recognised:

Rendering of services

Rental income from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of rental income can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Page 3

 
HIP RENTALS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
HIP RENTALS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 October 2022
309



At 30 September 2023

309



Depreciation


At 1 October 2022
309



At 30 September 2023

309



Net book value



At 30 September 2023
-



At 30 September 2022
-


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
232,066


Additions at cost
126,096



At 30 September 2023
358,162

The 2023 valuations were made by the director, on an open market value for existing use basis.




Page 5

 
HIP RENTALS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
839
1,318

Other creditors
133,894
53,576

Accruals and deferred income
1,055
1,005

135,788
55,899



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
243,927
165,947

243,927
165,947


The bank loans are secured against the assets of the company by a standard charge.
The bank loans falling due after more than 5 years amount to £243,927 (2022- £165,947).


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,250
-

1,250
-

Page 6

 
HIP RENTALS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Related party transactions

Included within other creditors is an amount of £3,969 (2022 - £4,969) due to HIP Management Ltd, a company in which the director is also a director and shareholder. No interest or repayment terms have been agreed.

Page 7