Registration number:
Director 4 Hire Limited
for the Year Ended 31 March 2024
Director 4 Hire Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Non-statutory pages |
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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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Director 4 Hire Limited
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Director 4 Hire Limited for the year ended 31 March 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Director 4 Hire Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Director 4 Hire Limited and state those matters that we have agreed to state to the Board of Directors of Director 4 Hire Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Director 4 Hire Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Director 4 Hire Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Director 4 Hire Limited. You consider that Director 4 Hire Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Director 4 Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Quarrywood Court
Livingston
West Lothian
EH54 6AX
Director 4 Hire Limited
(Registration number: SC437794)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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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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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
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 |
20 |
10 |
|
Retained earnings |
13,404 |
706 |
|
Shareholders' funds |
13,424 |
716 |
For the financial year ending 31 March 2024 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Director 4 Hire Limited
(Registration number: SC437794)
Balance Sheet as at 31 March 2024
Approved and authorised by the
......................................... |
Director 4 Hire Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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|
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Profit for the year |
- |
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Dividends |
- |
( |
( |
Other share capital movements |
10 |
- |
10 |
At 31 March 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2022 |
|
|
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Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2023 |
10 |
706 |
716 |
Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 (£).
Going concern
The financial statements have been prepared on a going concern basis.
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 2024
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 |
Freehold property |
1% Straight Line |
Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 2024
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 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £1,167,719 (2023 - £1,179,635) in respect of freehold land and buildings.
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
|
- |
Other debtors |
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|
|
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Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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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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Taxation and social security |
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|
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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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 |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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The bank loan is supported by a 100% guarantee from the UK Government.
Share capital |
Allotted, called up and fully paid shares
Director 4 Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
20 |
|
10 |
Related party transactions |
During the year, the company repaid loans totalling £59,962 to the director. At the year end, the balance due from the company was £1,462,604 (2023 - £1,522,566). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Persia Investments Ltd, a company controlled by Mr M Mortazavi.
At the year end, the balance due to the company was £346,064 (2023 - £346,064). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Yoneek Ltd, a company controlled by Mr M Mortazavi.
At the year end, the balance due to the company was £nil (2023 - £7,580). This loan is unsecured, interest free and has no fixed repayment terms.
Director 4 Hire Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
Turnover |
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Rental income |
112,486 |
105,185 |
Other revenue |
3,042 |
3,718 |
115,528 |
108,903 |
Cost of sales |
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- |
- |
Employment costs |
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Wages and salaries |
(12,571) |
(12,570) |
Directors remuneration |
(12,570) |
(12,570) |
(25,141) |
(25,140) |
Establishment costs |
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Light, heat and power |
(217) |
- |
Insurance |
(10,555) |
(9,126) |
(10,772) |
(9,126) |
General administrative expenses |
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Repairs and renewals |
(18,711) |
(4,921) |
Telephone and fax |
(3,626) |
(2,751) |
Computer software and maintenance costs |
(1,259) |
(1,206) |
Printing, postage and stationery |
(12) |
- |
Trade subscriptions |
(255) |
(423) |
Charitable donations |
(1,555) |
(408) |
Cleaning |
- |
(46) |
Motor expenses |
(37) |
(793) |
Accountancy fees |
(2,137) |
(1,616) |
Legal and professional fees |
(3,565) |
(3,227) |
(31,157) |
(15,391) |
Finance charges |
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Bank charges |
(289) |
(429) |
Depreciation costs |
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Depreciation of freehold property |
(11,915) |
(11,916) |
Depreciation of motor vehicles (owned) |
(11,836) |
(15,780) |
Depreciation of office equipment (owned) |
(611) |
(612) |
(24,362) |
(28,308) |
Other interest receivable and similar income |
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Bank interest receivable |
3 |
2 |
Director 4 Hire Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
Interest payable and similar expenses |
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Bank interest payable |
- |
(415) |
Hire purchase interest |
(2,645) |
- |
(2,645) |
(415) |