Acorah Software Products - Accounts Production 15.0.600 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 SC235459 Fahim Sarwar Saima Hameed true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC235459 2022-10-31 SC235459 2023-10-31 SC235459 2022-11-01 2023-10-31 SC235459 frs-core:CurrentFinancialInstruments 2023-10-31 SC235459 frs-core:Non-currentFinancialInstruments 2023-10-31 SC235459 frs-core:BetweenOneFiveYears 2023-10-31 SC235459 frs-core:ComputerEquipment 2023-10-31 SC235459 frs-core:ComputerEquipment 2022-11-01 2023-10-31 SC235459 frs-core:ComputerEquipment 2022-10-31 SC235459 frs-core:FurnitureFittings 2023-10-31 SC235459 frs-core:FurnitureFittings 2022-11-01 2023-10-31 SC235459 frs-core:FurnitureFittings 2022-10-31 SC235459 frs-core:MotorVehicles 2023-10-31 SC235459 frs-core:MotorVehicles 2022-11-01 2023-10-31 SC235459 frs-core:MotorVehicles 2022-10-31 SC235459 frs-core:WithinOneYear 2023-10-31 SC235459 frs-core:ShareCapital 2023-10-31 SC235459 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 SC235459 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC235459 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 SC235459 frs-bus:SmallEntities 2022-11-01 2023-10-31 SC235459 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 SC235459 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC235459 1 2022-11-01 2023-10-31 SC235459 frs-bus:Director1 2022-11-01 2023-10-31 SC235459 frs-bus:Director2 2022-11-01 2023-10-31 SC235459 frs-countries:Scotland 2022-11-01 2023-10-31 SC235459 2021-10-31 SC235459 2022-10-31 SC235459 2021-11-01 2022-10-31 SC235459 frs-core:CurrentFinancialInstruments 2022-10-31 SC235459 frs-core:Non-currentFinancialInstruments 2022-10-31 SC235459 frs-core:BetweenOneFiveYears 2022-10-31 SC235459 frs-core:WithinOneYear 2022-10-31 SC235459 frs-core:ShareCapital 2022-10-31 SC235459 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: SC235459
Euro HireDrive Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Jackson Moughal
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC235459
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 560,773 369,047
560,773 369,047
CURRENT ASSETS
Debtors 5 316,433 178,855
Cash at bank and in hand 36,750 113,892
353,183 292,747
Creditors: Amounts Falling Due Within One Year 6 (287,136 ) (221,593 )
NET CURRENT ASSETS (LIABILITIES) 66,047 71,154
TOTAL ASSETS LESS CURRENT LIABILITIES 626,820 440,201
Creditors: Amounts Falling Due After More Than One Year 7 (509,162 ) (343,949 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,904 ) (40,904 )
NET ASSETS 76,754 55,348
CAPITAL AND RESERVES
Called up share capital 9 145,002 145,002
Profit and Loss Account (68,248 ) (89,654 )
SHAREHOLDERS' FUNDS 76,754 55,348
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Fahim Sarwar
Director
24/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Euro HireDrive Limited is a private company, limited by shares, incorporated in Scotland, registered number SC235459 . The registered office is 2 Fitzroy Place, Glasgow, G3 7RH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover relates to the income received from the hire and sale of vehicles, net of value added tax and
other taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets held under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 4)
6 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 1,294,681 8,051 4,704 1,307,436
Additions 405,172 - - 405,172
Disposals (135,441 ) - - (135,441 )
As at 31 October 2023 1,564,412 8,051 4,704 1,577,167
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 November 2022 926,169 8,051 4,169 938,389
Provided during the period 137,719 - 178 137,897
Disposals (59,892 ) - - (59,892 )
As at 31 October 2023 1,003,996 8,051 4,347 1,016,394
Net Book Value
As at 31 October 2023 560,416 - 357 560,773
As at 1 November 2022 368,512 - 535 369,047
Included within the net book value of £489,791 (2022 - 360,374) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £122,448 (2022 - £120,125).
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 811 1,075
Other debtors 315,622 177,780
316,433 178,855
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 160,374 79,859
Trade creditors 6,874 4,492
Bank loans and overdrafts 19,079 11,438
Other creditors 32,354 36,468
Taxation and social security 68,455 89,336
287,136 221,593
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 473,832 304,661
Bank loans - 1-2 years 6,210 6,478
Bank loans - 2-5 years 24,839 24,839
Other creditors 4,281 7,971
509,162 343,949
Other creditors include a loan that will be paid back in five years
Page 4
Page 5
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 160,374 79,859
Later than one year and not later than five years 473,832 304,661
634,206 384,520
634,206 384,520
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 145,002 145,002
10. Ultimate Controlling Party
The ultimate controlling party is F Sarwar.
Page 5