UNIT HIRE LIMITED

Company Registration Number:
04029501 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

UNIT HIRE LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

UNIT HIRE LIMITED

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 2,946,530 2,668,223
Total fixed assets: 2,946,530 2,668,223
Current assets
Stocks: 596,061 299,679
Debtors: 4 1,388,224 756,608
Cash at bank and in hand: 467,950 709,861
Total current assets: 2,452,235 1,766,148
Creditors: amounts falling due within one year: 5 (1,847,830) (1,089,232)
Net current assets (liabilities): 604,405 676,916
Total assets less current liabilities: 3,550,935 3,345,139
Creditors: amounts falling due after more than one year: 6 (17,365) (27,442)
Provision for liabilities: (707,753) (636,973)
Total net assets (liabilities): 2,825,817 2,680,724
Capital and reserves
Called up share capital: 10,000 10,000
Share premium account: 231,942 231,942
Profit and loss account: 2,583,875 2,438,782
Shareholders funds: 2,825,817 2,680,724

The notes form part of these financial statements

UNIT HIRE LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 December 2024
and signed on behalf of the board by:

Name: A K G Tann
Status: Director

The notes form part of these financial statements

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts Turnover on the sale of freight containers is recognised when the company has fulfilled its obligations under the sale agreement, which may be on delivery or when the containers are available for collection. Hire income is recognised monthly over the period of the hire. Haulage and other income are recognised when services are rendered, or goods delivered. Amounts invoiced in advance are included as deferred income within other creditors.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method Depreciation is provided on the following basis: Leasehold improvements - 10% straight line Plant, machinery, & office equipment - 7 to 20% straight line Motor vehicles - 20% straight line Computer equipment - 20 to 33% straight line The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Valuation and information policy

Stocks are valued at the lower of cost and net realizable value after making due allowance for obsolete and slow moving stocks.

Other accounting policies

Operating leases Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Financial Instruments The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors Financial assets are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. Financial liabilities and equity are classified according to the substance of the financial instruments contractual obligation, rather than the financial instruments legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortized cost. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method. Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Leasing and hire purchase Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they have been purchased outright. The amount capitalized is the present value of the minimum lease payments payable over the term of the lease The corresponding lease commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the statement of comprehensive income over the shorter of the estimated useful economic life and the terms of the lease. Lease payments are analyzed between capital and interest components so that the interest element of the payments is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding The capital part reduces the amounts payable to the lessor Pensions The company operates a defined contribution plan for its employees under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Current and deferred taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operates and generates income The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 20 19

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 6,217,996
Additions 1,156,734
Disposals (682,730)
At 31 March 2024 6,692,000
Depreciation
At 01 April 2023 3,549,773
Charge for year 484,746
On disposals (289,049)
At 31 March 2024 3,745,470
Net book value
At 31 March 2024 2,946,530
At 31 March 2023 2,668,223

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

Trade Debtors £1,284,643 (2023 - £601,402) Prepayments and accrued income £94,453 (2023 - £126,872)

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

Bank loans £10,143 (2023 - £14,717) Trade Creditors £1,000,969 (2023 - £574,145) Corporation tax payable £34,339 (2023 - £67,449) Other taxation £264,108 (2023 - £103,852) Other creditors £541,270 (2023 - £329,069)

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

Bank loan £17,365 (2023 - £27,442)

UNIT HIRE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Related party transactions

Name of the related party:
Relationship:
Associated Company
Description of the Transaction: The company made purchases of £46,314 (2023 - £80,252) from PDQ Management Services Ltd a company in which P Bowden and DJ Bowden are directors.
£
Balance at 01 April 2023 0
Balance at 31 March 2024 0