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Registration number: 06322241

Hire & Fire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Contents
__________________________________________________________________________

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Company Information
__________________________________________________________________________

Directors

Mr T W D Webster

Mr S R Iles

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Directors' Report for the Year Ended 31 July 2024
__________________________________________________________________________

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr T W D Webster

Mr S R Iles

Principal activity

The principal activity of the company is supporting activities to performing arts.

Small companies provision statement

This report has 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.

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



Mr T W D Webster
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Hire & Fire Limited
__________________________________________________________________________

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hire & Fire Limited for the year ended 31 July 2024 as set out on pages 4 to 10 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hire & Fire 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 Hire & Fire Limited and state those matters that we have agreed to state to the Board of Directors of Hire & Fire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hire & Fire Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hire & Fire 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 loss of Hire & Fire Limited. You consider that Hire & Fire 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 Hire & Fire 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.






Brooks Green Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

11 October 2024

 

(Registration number: 06322241)
Balance Sheet as at 31 July 2024
__________________________________________________________________________

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

1

1

Tangible assets

4

82,139

93,130

 

82,140

93,131

Current assets

 

Stocks

5

146,000

131,000

Debtors

6

3,944

7,014

Cash at bank and in hand

 

2,572

7,711

 

152,516

145,725

Creditors: Amounts falling due within one year

7

(83,084)

(81,094)

Net current assets

 

69,432

64,631

Total assets less current liabilities

 

151,572

157,762

Creditors: Amounts falling due after more than one year

7

(400,000)

(400,000)

Net liabilities

 

(248,428)

(242,238)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(248,429)

(242,239)

Shareholders' deficit

 

(248,428)

(242,238)

For the financial year ending 31 July 2024 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 and the option not to file the Profit and Loss Account has been taken.

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

.........................................
Mr T W D Webster
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 sale of goods and provision of services in the ordinary course of the company’s activities. 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Computer equipment

33.33% on reducing balance

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

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

evenly over five years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

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.

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.

2

Staff numbers

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

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

6,000

6,000

At 31 July 2024

6,000

6,000

Amortisation

At 1 August 2023

5,999

5,999

At 31 July 2024

5,999

5,999

Carrying amount

At 31 July 2024

1

1

At 31 July 2023

1

1

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

265,627

265,627

Additions

3,500

3,500

At 31 July 2024

269,127

269,127

Depreciation

At 1 August 2023

172,497

172,497

Charge for the year

14,491

14,491

At 31 July 2024

186,988

186,988

Carrying amount

At 31 July 2024

82,139

82,139

At 31 July 2023

93,130

93,130

5

Stocks

2024
£

2023
£

Other inventories

146,000

131,000

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,944

6,779

Prepayments

-

235

 

3,944

7,014

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

171

921

Accruals and deferred income

1,800

1,560

Other creditors

81,113

78,613

83,084

81,094

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

400,000

400,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

400,000

400,000

Other borrowings

 

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
__________________________________________________________________________

Directors loan is denominated in Sterling Pounds with a nominal interest rate of 0%%, and the final instalment is due on 1 August 2025. The carrying amount at year end is £400,000 (2023 - £400,000).