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Registration number: SC437794

Director 4 Hire Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Director 4 Hire Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

Non-statutory pages

12 to 13

 

Director 4 Hire Limited

Company Information

Director

Mr M Mortazavi

Company secretary

Ms L Mo

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

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.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

18 September 2024

 

Director 4 Hire Limited

(Registration number: SC437794)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,204,581

1,228,943

Current assets

 

Debtors

5

351,618

357,394

Cash at bank and in hand

 

2,158

9,189

 

353,776

366,583

Creditors: Amounts falling due within one year

6

(1,503,030)

(1,543,919)

Net current liabilities

 

(1,149,254)

(1,177,336)

Total assets less current liabilities

 

55,327

51,607

Creditors: Amounts falling due after more than one year

6

(32,688)

(40,348)

Provisions for liabilities

(9,215)

(10,543)

Net assets

 

13,424

716

Capital and reserves

 

Called up share capital

8

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:

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 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 on 18 September 2024
 

.........................................
Mr M Mortazavi
Director

 

Director 4 Hire Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

10

706

716

Profit for the year

-

15,198

15,198

Dividends

-

(2,500)

(2,500)

Other share capital movements

10

-

10

At 31 March 2024

20

13,404

13,424

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

10

1,016

1,026

Profit for the year

-

19,690

19,690

Dividends

-

(20,000)

(20,000)

At 31 March 2023

10

706

716

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 18 September 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 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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 2).

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,191,550

3,058

63,123

1,257,731

At 31 March 2024

1,191,550

3,058

63,123

1,257,731

Depreciation

At 1 April 2023

11,916

1,091

15,781

28,788

Charge for the year

11,915

612

11,835

24,362

At 31 March 2024

23,831

1,703

27,616

53,150

Carrying amount

At 31 March 2024

1,167,719

1,355

35,507

1,204,581

At 31 March 2023

1,179,634

1,967

47,342

1,228,943

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.
 

5

Debtors

2024
£

2023
£

Trade debtors

3,750

3,750

Prepayments

1,804

-

Other debtors

346,064

353,644

351,618

357,394

 

Director 4 Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

7,656

7,652

Trade creditors

 

47

55

Taxation and social security

 

12,626

13,444

Accruals and deferred income

 

18,097

-

Other creditors

 

1,464,604

1,522,768

 

1,503,030

1,543,919

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

32,688

40,348

The hire purchase liabilities are secured over the assets concerned.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

32,688

40,348

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,656

7,652

The bank loan is supported by a 100% guarantee from the UK Government.

8

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.

£

Ordinary share capital of £1 each

20

20

10

10

       

9

Related party transactions

The company operates a loan account with the director, Mr M Mortazavi.
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

Rental income

112,486

105,185

Other revenue

3,042

3,718

115,528

108,903

   

Cost of sales

-

-

   

Employment costs

Wages and salaries

(12,571)

(12,570)

Directors remuneration

(12,570)

(12,570)

(25,141)

(25,140)

   

Establishment costs

Light, heat and power

(217)

-

Insurance

(10,555)

(9,126)

(10,772)

(9,126)

   

General administrative expenses

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

Bank charges

(289)

(429)

   

Depreciation costs

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

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

Bank interest payable

-

(415)

Hire purchase interest

(2,645)

-

(2,645)

(415)