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Registration number: 04545051

Hire It (Harrow) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Hire It (Harrow) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Hire It (Harrow) Limited

(Registration number: 04545051)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

217,391

205,753

Current assets

 

Stocks

14,000

14,000

Debtors

6

165,126

153,961

Cash at bank and in hand

 

116,523

174,336

 

295,649

342,297

Creditors: Amounts falling due within one year

7

(104,022)

(159,706)

Net current assets

 

191,627

182,591

Total assets less current liabilities

 

409,018

388,344

Creditors: Amounts falling due after more than one year

7

(53,382)

(38,549)

Provisions for liabilities

(49,210)

(44,589)

Net assets

 

306,426

305,206

Capital and reserves

 

Called up share capital

8

60

60

Revaluation reserve

36,387

48,516

Retained earnings

269,979

256,630

Shareholders' funds

 

306,426

305,206

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Hire It (Harrow) Limited

(Registration number: 04545051)
Balance Sheet as at 31 October 2023

.........................................
T Bawcombe
Director

.........................................
R Bawcombe
Director

 

Hire It (Harrow) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
111/113 High Street
Evesham
Worcestershire
WR11 4XP
England

The principal place of business is:
213 Harrow View
Harrow
Middlesex
HA1 4SS
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hire of equipment, supplemented by the sale of tools and accessories through its shop premises in Harrow in Middlesex. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hire It (Harrow) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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, with the exception of some plant and machinery which is shown at fair market value and subsequently depreciated.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

16.67% straight line

Furniture and fittings

16.67% straight line

Motor vehicles

25% reducing balance

Office equipment

33.33% straight line

As at 1 November 2020 the company elected to change the depreciation rate for plant and machinery, fixtures and fittings to 16.67% straight line and office and computer equipment to 33.33% straight line. These changes of rates were adopted to reflect a more accurate view of the useful economic life of assets held. These changes have not resulted in any significant changes to current or prior year charges.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Hire It (Harrow) Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hire It (Harrow) Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

126,850

126,850

At 31 October 2023

126,850

126,850

Amortisation

At 1 November 2022

126,850

126,850

At 31 October 2023

126,850

126,850

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

-

-

 

Hire It (Harrow) Limited

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

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

15,063

1,105,597

20,221

100,694

1,241,575

Additions

1,442

44,726

791

32,995

79,954

At 31 October 2023

16,505

1,150,323

21,012

133,689

1,321,529

Depreciation

At 1 November 2022

11,885

925,493

19,258

79,186

1,035,822

Charge for the year

1,589

51,875

1,226

13,626

68,316

At 31 October 2023

13,474

977,368

20,484

92,812

1,104,138

Carrying amount

At 31 October 2023

3,031

172,955

528

40,877

217,391

At 31 October 2022

3,178

180,104

963

21,508

205,753

 

Hire It (Harrow) Limited

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

Revaluation

The fair value of the company's Plant and machinery was revalued on 31 October 2017. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £124,440 (2022 - £115,417).

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

101,729

97,721

Amounts owed by related parties

53,917

49,520

Prepayments

 

9,480

6,720

   

165,126

153,961

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,207

4,921

Trade creditors

 

17,164

17,141

Taxation and social security

 

56,398

111,264

Accruals and deferred income

 

8,812

12,639

Other creditors

 

6,441

13,741

 

104,022

159,706

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

53,382

38,549

 

Hire It (Harrow) Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

60

60

60

60

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

33,482

38,549

Hire purchase contracts

19,900

-

53,382

38,549

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,900

4,921

Hire purchase contracts

10,307

-

15,207

4,921