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REGISTERED NUMBER: 06687866 (England and Wales)















SRP HIRE SOLUTIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


SRP HIRE SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: N Ford





REGISTERED OFFICE: Coldham Road
Coningsby
Lincoln
LN4 4SE





REGISTERED NUMBER: 06687866 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,895,500 2,234,602

CURRENT ASSETS
Debtors 5 1,172,703 1,270,154
Cash at bank and in hand 26,198 41,228
1,198,901 1,311,382
CREDITORS
Amounts falling due within one year 6 914,830 933,608
NET CURRENT ASSETS 284,071 377,774
TOTAL ASSETS LESS CURRENT LIABILITIES 2,179,571 2,612,376

CREDITORS
Amounts falling due after more than one year 7 (441,109 ) (702,962 )

PROVISIONS FOR LIABILITIES (252,069 ) (275,233 )
NET ASSETS 1,486,393 1,634,181

CAPITAL AND RESERVES
Called up share capital 9 102 102
Share premium 362 362
Retained earnings 1,485,929 1,633,717
SHAREHOLDERS' FUNDS 1,486,393 1,634,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 11 November 2024 and were signed by:





N Ford - Director


SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

SRP Hire Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Portable toilets, equipment & furniture- 10% on cost
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on cost

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Portable
toilets, Fixtures
equipment and Motor Computer
& furniture fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 3,214,538 19,473 821,381 14,969 4,070,361
Additions 16,345 356 25,143 - 41,844
Disposals (27,854 ) - (15,000 ) - (42,854 )
At 30 September 2023 3,203,029 19,829 831,524 14,969 4,069,351
DEPRECIATION
At 1 October 2022 1,334,934 5,852 481,758 13,215 1,835,759
Charge for year 277,544 3,205 89,186 818 370,753
Eliminated on disposal (19,100 ) - (13,561 ) - (32,661 )
At 30 September 2023 1,593,378 9,057 557,383 14,033 2,173,851
NET BOOK VALUE
At 30 September 2023 1,609,651 10,772 274,141 936 1,895,500
At 30 September 2022 1,879,604 13,621 339,623 1,754 2,234,602

The net book value of tangible fixed assets includes £ 1,127,650 (2022 - £ 1,282,317 ) in respect of assets held under hire purchase contracts.

SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 330,909 471,123
Other debtors 391,794 349,031
722,703 820,154

Amounts falling due after more than one year:
Other debtors 450,000 450,000

Aggregate amounts 1,172,703 1,270,154

Other debtors due after one year relates to an amount due from N M & J Limited a company which is under the common control of the director.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 126,856 188,771
Hire purchase contracts 284,003 326,619
Trade creditors 210,391 207,980
Taxation and social security 280,932 198,588
Other creditors 12,648 11,650
914,830 933,608

The company factors its debtors and included in Bank loans and overdrafts is an amount of £126,856 owed (2022: £188,771).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 441,109 702,962

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 126,856 188,771
Hire purchase contracts 725,112 1,029,581
851,968 1,218,352

The company has an invoice financing agreement , the balance of £126,856 (2022: £188,771) which is shown as bank loans. Under this agreement the balance owed to the invoice financing company is secured against the book debts of the company. A recourse arrangement is in place for debts which fall greater than 90 days old.

Hire purchase contracts are secured against the fixed assets to which they relate.

SRP HIRE SOLUTIONS LTD (REGISTERED NUMBER: 06687866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
102 Ordinary £1 102 102

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
N Ford
Balance outstanding at start of year 200,603 46,509
Amounts advanced 78,864 220,949
Amounts repaid (55,005 ) (66,855 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 224,462 200,603

The director's loan account is unsecured and repayable on demand. Interest has been charged at 2%.

11. RELATED PARTY DISCLOSURES

Included in Trade Creditors is £2,380 (2022 - £Nil) owed by NM & J Recovery Limited a company under the common control of the director.