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REGISTERED NUMBER: 02342314 (England and Wales)










THE HIRE GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023






THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 6


THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,007 98,503
Investment property 5 1,500,000 2,186,729
1,581,007 2,285,232

CURRENT ASSETS
Debtors 6 21,232 24,608
Cash at bank 1,461,630 80,742
1,482,862 105,350
CREDITORS
Amounts falling due within one year 7 417,638 905,055
NET CURRENT ASSETS/(LIABILITIES) 1,065,224 (799,705 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,646,231 1,485,527

PROVISIONS FOR LIABILITIES 20,252 24,626
NET ASSETS 2,625,979 1,460,901

CAPITAL AND RESERVES
Called up share capital 9 302 302
Non-distributable reserves 74,543 74,543
Retained earnings 2,551,134 1,386,056
SHAREHOLDERS' FUNDS 2,625,979 1,460,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

BALANCE SHEET - continued
31ST AUGUST 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th March 2024 and were signed on its behalf by:





T J Williams - Director


THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023


1. STATUTORY INFORMATION

The Hire Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02342314

Registered office: Park House
Clifton Park
YORK
YO30 5PB

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided to write off the cost less the estimated residual of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Fixtures and fittings- 12.5% per annum

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st September 2022
and 31st August 2023 139,976
DEPRECIATION
At 1st September 2022 41,473
Charge for year 17,496
At 31st August 2023 58,969
NET BOOK VALUE
At 31st August 2023 81,007
At 31st August 2022 98,503

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st September 2022 2,186,729
Disposals (686,729 )
At 31st August 2023 1,500,000
NET BOOK VALUE
At 31st August 2023 1,500,000
At 31st August 2022 2,186,729

Investment property is included in the financial statements at its fair value of £1,500,000, which, in the opinion of the director, fairly represents the open market value at the balance sheet date.

Fair value at 31st August 2023 is represented by:
£   
Valuation in 2022 2,186,729
Valuation in 2023 (686,729 )
1,500,000

The historic cost equivalent of investment properties included at fair value is £1,425,457 (2022: £2,112,186).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 21,232 24,608

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan and overdraft - 177,719
Taxation and social security 330,806 46,926
Other creditors 86,832 680,410
417,638 905,055

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 177,719

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
302 Ordinary 1 302 302