Registration number:
Director 4 Hire Limited
for the Year Ended 31 March 2023
Director 4 Hire Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Director 4 Hire Limited
Company Information
Director |
Mr M Mortazavi |
Company secretary |
Ms L Mo |
Registered office |
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Accountants |
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Director 4 Hire Limited
(Registration number: SC437794)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Retained earnings |
705 |
1,016 |
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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:
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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
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Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
- |
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- |
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Additions |
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Disposals |
( |
( |
- |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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- |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
- |
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- |
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Included within the net book value of land and buildings above is £1,179,635 (2022 - £Nil) in respect of freehold land and buildings.
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Other debtors |
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Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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- |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
The hire purchase liabilities are secured over the assets concerned.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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- |
2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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- |
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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
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.