Company registration number SC263401 (Scotland)
HIRE POWER GENERATORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HIRE POWER GENERATORS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 7
HIRE POWER GENERATORS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr T J Newton
Secretary
Mrs L A Newton
Company number
SC263401
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
HIRE POWER GENERATORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,084
85,663
Current assets
Debtors
4
132,619
90,253
Cash at bank and in hand
179,918
225,434
312,537
315,687
Creditors: amounts falling due within one year
5
(136,629)
(158,376)
Net current assets
175,908
157,311
Total assets less current liabilities
239,992
242,974
Provisions for liabilities
6
(16,022)
(21,416)
Net assets
223,970
221,558
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
223,960
221,548
Total equity
223,970
221,558

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mr T J Newton
Director
Company Registration No. SC263401
HIRE POWER GENERATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hire Power Generators Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The company's registration number is SC263401.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HIRE POWER GENERATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HIRE POWER GENERATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Total
5
4
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
668,505
1,118
102,561
772,184
Depreciation and impairment
At 1 April 2023
595,048
646
90,827
686,521
Depreciation charged in the year
18,365
280
2,934
21,579
At 31 March 2024
613,413
926
93,761
708,100
Carrying amount
At 31 March 2024
55,092
192
8,800
64,084
At 31 March 2023
73,457
472
11,734
85,663
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
130,058
87,860
Other debtors
2,561
2,393
132,619
90,253
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,109
10,224
Amounts owed to group undertakings
63,527
37,304
Taxation and social security
47,124
104,101
Other creditors
12,869
6,747
136,629
158,376
HIRE POWER GENERATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
16,022
21,416
7
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
16,022
21,416
2024
Movements in the year:
£
Liability at 1 April 2023
21,416
Credit to profit or loss
(5,394)
Liability at 31 March 2024
16,022
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1
10
10
9
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions with other members of the group.

 

No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".    

 

HIRE POWER GENERATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
First year adoption

These financial statements are the first financial statements of the company to be prepared under Financial Reporting Standard 102 (FRS 102 1A). The accounting policies applied under the company's previous accounting framework for micro-entities, Financial Reporting Standard FRS 105 (FRS 105) are different to those under FRS 102 1A and the financial statements have been adjusted to reflect the change in policy.

 

At the transition date, 1 April 2022 the company had not provided for any deferred tax. For the year ended 31 March 2023, under FRS 102 1A the company is now required to provide for deferred tax. At the transition date the company provided for deferred tax of £28,586 and this reduced the net assets and profit and loss reserves at 1 April 2022 by £28,586. In the year ended 31 March 2023 £7,170 of this provision was released to the profit and loss account resulting in the profit and reserves increasing for that year by £7,170.

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