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REGISTERED NUMBER: 13942182 (England and Wales)










HAMSARD 3667 LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024






HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17 to 31


HAMSARD 3667 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: M Bennett
J Freeman
R Hoggarth
W Scales
D Smith
T R Taylor
P Whelerton
T J Williams
T Guerion


REGISTERED OFFICE: Park House
Clifton Park
YORK
YO30 5PB


REGISTERED NUMBER: 13942182 (England and Wales)


AUDITORS: Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB


BANKERS: Virgin Money
46 Coney Street
York
YO1 9NQ

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30th April 2024.

REVIEW OF BUSINESS
The directors are pleased to report strong results for the financial year and the group remains in a robust financial position going forward.

The results for the year and financial position of the company and the group are as shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks.

The key business risks and uncertainties affecting the group are considered to relate to competition from national and independent providers.

The group has exposure to foreign exchange risk due to the international nature of its operations.

KEY PERFORMANCE INDICATORS
The directors consider revenue, gross profit margin and EBITDA margins to be the core KPIs for the group. The directors also focus on recurring revenues as a future growth driver and value creator.

The directors are pleased to report a strong performance across all these KPIs as presented within the financial statements of the group's subsidiaries.

FUTURE OUTLOOK
The group ends the period with net current assets of £6 million. Hamsard 3667 Limited's immediate subsidiary (Cellhire Group Limited) posted net assets of £13.7m at the same period end. The group is well placed to meet the challenges and opportunities for the upcoming financial periods.

ON BEHALF OF THE BOARD:





T J Williams - Director


28th October 2024

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30th April 2024.

RESEARCH AND DEVELOPMENT
Research and development costs of £Nil (2023 : £10,000) were incurred in continuing operations during the year

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

M Bennett
J Freeman
R Hoggarth
W Scales
D Smith
T R Taylor
P Whelerton
T J Williams

Other changes in directors holding office are as follows:

M Stevens - resigned 31st August 2023
T Guerion - appointed 29th January 2024

FINANCIAL INSTRUMENTS
The group's financial statements comprise of borrowing such as secured loans, advance receipts in respect of the ordinary activities of the group, cash and liquid resources and various other items such as trade debtors and trade creditors that also arise directly from its operations.

POLITICAL DONATIONS AND EXPENDITURE
The group made no political contributions in the period. Donations to charitable causes amounted to £5,660 (2023 : £6,183).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2024


AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J Williams - Director


28th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMSARD 3667 LIMITED


Opinion
We have audited the financial statements of Hamsard 3667 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th April 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMSARD 3667 LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMSARD 3667 LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to employment law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships.
- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.
- Investigated the rationale behind significant or unusual transactions.
- Challenged assumptions and judgements made by management in determining significant accounting estimates.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:
- Agreeing financial statements disclosures to underlying supporting documentation.
- Discussions with management of known or suspected instances of non-compliance with laws and regulations.
- Reviewing relevant available correspondence.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMSARD 3667 LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Thomas Bond ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

28th October 2024

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

Year Ended Period
30/4/24 25/2/22 to 30/4/23
Notes £    £    £    £   

TURNOVER 3 28,841,437 23,791,175

Cost of sales 18,774,881 14,651,747
GROSS PROFIT 10,066,556 9,139,428

Distribution costs 227,916 213,327
Administrative expenses 12,877,568 9,415,624
13,105,484 9,628,951
OPERATING LOSS 5 (3,038,928 ) (489,523 )

Interest receivable and similar income 6 59,630 358
(2,979,298 ) (489,165 )

Interest payable and similar expenses 7 6,073,751 4,506,008
LOSS BEFORE TAXATION (9,053,049 ) (4,995,173 )

Tax on loss 8 (384,390 ) (1,433,511 )
LOSS FOR THE FINANCIAL YEAR (8,668,659 ) (3,561,662 )
Loss attributable to:
Owners of the parent (8,668,659 ) (3,561,662 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH APRIL 2024

Period
25/2/22
Year Ended to
30/4/24 30/4/23
Notes £    £   

LOSS FOR THE YEAR (8,668,659 ) (3,561,662 )


OTHER COMPREHENSIVE INCOME
Exchange movements (32,392 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(32,392

)

-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (8,701,051 ) (3,561,662 )

Total comprehensive income attributable to:
Owners of the parent (8,701,051 ) (3,561,662 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONSOLIDATED BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 35,522,411 38,778,636
Tangible assets 11 2,963,382 2,848,241
Investments 12 - -
38,485,793 41,626,877

CURRENT ASSETS
Debtors 13 6,557,123 8,300,437
Cash at bank and in hand 7,348,866 5,854,766
13,905,989 14,155,203
CREDITORS
Amounts falling due within one year 14 7,934,536 8,012,815
NET CURRENT ASSETS 5,971,453 6,142,388
TOTAL ASSETS LESS CURRENT LIABILITIES 44,457,246 47,769,265

CREDITORS
Amounts falling due after more than one year 15 56,195,624 50,821,194
NET LIABILITIES (11,738,378 ) (3,051,929 )

CAPITAL AND RESERVES
Called up share capital 20 5,243 5,097
Share premium 21 519,092 504,636
Retained earnings 21 (12,262,713 ) (3,561,662 )
(11,738,378 ) (3,051,929 )

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





T J Williams - Director


HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

COMPANY BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 51,839,365 51,839,365
51,839,365 51,839,365

CURRENT ASSETS
Debtors 13 1,706,751 836,154
Cash at bank 244,175 57,399
1,950,926 893,553
CREDITORS
Amounts falling due within one year 14 4,426,318 5,263,689
NET CURRENT LIABILITIES (2,475,392 ) (4,370,136 )
TOTAL ASSETS LESS CURRENT LIABILITIES 49,363,973 47,469,229

CREDITORS
Amounts falling due after more than one year 15 56,195,624 50,821,194
NET LIABILITIES (6,831,651 ) (3,351,965 )

CAPITAL AND RESERVES
Called up share capital 20 5,243 5,097
Share premium 21 519,092 504,636
Retained earnings 21 (7,355,986 ) (3,861,698 )
(6,831,651 ) (3,351,965 )

Company's loss for the financial year (3,494,288 ) (3,861,698 )

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





T J Williams - Director


HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 5,097 - 504,636 509,733
Total comprehensive income - (3,561,662 ) - (3,561,662 )
Balance at 30th April 2023 5,097 (3,561,662 ) 504,636 (3,051,929 )

Changes in equity
Issue of share capital 146 - 14,456 14,602
Total comprehensive income - (8,701,051 ) - (8,701,051 )
Balance at 30th April 2024 5,243 (12,262,713 ) 519,092 (11,738,378 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 5,097 - 504,636 509,733
Total comprehensive income - (3,861,698 ) - (3,861,698 )
Balance at 30th April 2023 5,097 (3,861,698 ) 504,636 (3,351,965 )

Changes in equity
Issue of share capital 146 - 14,456 14,602
Total comprehensive income - (3,494,288 ) - (3,494,288 )
Balance at 30th April 2024 5,243 (7,355,986 ) 519,092 (6,831,651 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

Period
25/2/22
Year Ended to
30/4/24 30/4/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,239,468 7,980,920
Interest paid (699,321 ) (436,984 )
Tax paid (110,572 ) (413,740 )
Net cash from operating activities 3,429,575 7,130,196

Cash flows from investing activities
Purchase of intangible fixed assets (943,212 ) (791,898 )
Purchase of tangible fixed assets (1,293,293 ) (946,477 )
Sale of tangible fixed assets 241,400 122,428
Acquisition of subsidiary undertakings - (8,169,574 )
Interest received 59,630 358
Net cash from investing activities (1,935,475 ) (9,785,163 )

Cash flows from financing activities
New loans in year - 8,000,000
Share issue - 509,733
Net cash from financing activities - 8,509,733

Increase in cash and cash equivalents 1,494,100 5,854,766
Cash and cash equivalents at beginning of year 2 5,854,766 -

Cash and cash equivalents at end of year 2 7,348,866 5,854,766

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Loss before taxation (9,053,049 ) (4,995,173 )
Depreciation charges 930,785 768,891
Loss on disposal of fixed assets - 16,431
Exchange adjustments (26,413 ) (3,240 )
Amortisation charges 4,199,437 3,425,067
Finance costs 6,073,751 4,506,008
Finance income (59,630 ) (358 )
2,064,881 3,717,626
Decrease in trade and other debtors 2,303,924 2,178,970
(Decrease)/increase in trade and other creditors (129,337 ) 2,084,324
Cash generated from operations 4,239,468 7,980,920

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 7,348,866 5,854,766
Period ended 30th April 2023
30/4/23 25/2/22
£    £   
Cash and cash equivalents 5,854,766 -


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 5,854,766 1,494,100 7,348,866
5,854,766 1,494,100 7,348,866
Debt
Debts falling due after 1 year (50,821,194 ) (5,374,430 ) (56,195,624 )
(50,821,194 ) (5,374,430 ) (56,195,624 )
Total (44,966,428 ) (3,880,330 ) (48,846,758 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024


1. STATUTORY INFORMATION

Hamsard 3667 Limited 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 nature of the group's operations and principal activities are the provision of domestic and international mobile communications solutions.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The Financial reporting standard applicable in the United Kingdom and Republic of Ireland" (FRS 102), and with the Companies Act 2006. The financial statements have been prepared in the historical cost basis.

The group financial statements consolidate the financial statements of Hamsard 3667 Limited and all its subsidiary undertakings drawn up to 30th April each year.

The financial statements have been prepared in sterling. All monetary amounts in the financial statements are rounded to the nearest £.

The parent company has taken advantage of section 408 of the Companies Act and has not included its own Profit and Loss Account in these statements.

Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill.

Goodwill, being the amount paid in connection with the acquisition of Cellhire Group Limited and its subsidiary undertakings on 27th June 2022, is to be amortised evenly over its useful life of 10 years.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the amounts invoiced and accrued, excluding value added tax or local sales taxes, in respect of goods and services supplied during the year.

Turnover is recognised over the life of the contract, when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Other intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

- The technical feasibility of completing the intangible asset so that it will be available for use or sale.
- The intention to complete the intangible asset and use or sell it.
- The ability to use the intangible asset or to sell it.
- How the intangible asset will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
- The ability to measure reliably the expenditure attributable to the intangible asset during its development.

Amortisation is provided to write off the cost less the estimated residual value of intangible fixed assets by equal instalments over their estimated useful economic lives as follows:


Trademarks- 5 to 10%
Development costs- 5%


Goodwill arising on business combinations in respect of acquisitions is capitalised. Positive goodwill is amortised over its estimated useful economic life estimated to be 10 years.

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

Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Fixtures, fittings, IT and office equipment- 10% to 33.3%
Communications Equipment - 20% to 33.3%
Motor Vehicles - 20%

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.


HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with expected sales/use arising from the projects. All other development costs are written off in the year of expenditure.

Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

The assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rates. Gains and losses arising on these translations are taken to reserves, net of exchange differences arising on related foreign currency borrowings.

Profits/losses of overseas subsidiary undertakings are translated at a monthly spot rate. Gains and losses arising on translation to the year end rate are taken through reserves.

Hire purchase and leasing commitments
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investment in subsidiaries
The consolidated financial statements incorporate the financial statements of the company and its subsidiaries. Control is achieved when the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
United Kingdom 19,636,395 16,191,812
Europe 3,980,606 3,103,173
Worldwide 5,224,436 4,496,190
28,841,437 23,791,175

4. EMPLOYEES AND DIRECTORS


2024 2023
£ £
Wages and salaries 4,976,556 3,643,432
Social security costs 868,552 559,467
Other pension costs 250,581 105,649
6,095,689 4,308,548


2024 2023

Directors 9 9
Staff 93 83
102 92
The average number of employees employed by subsidiary undertakings that are consolidated during the period was 93 (2023: 83).

Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Directors' remuneration 740,035 573,215
Directors' pension contributions to money purchase schemes 111,485 21,711

Information regarding the highest paid director is as follows:
Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Emoluments etc 158,002 138,359
Pension contributions to money purchase schemes - 12,598

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Other operating leases 260,608 196,260
Depreciation - owned assets 930,785 768,891
Loss on disposal of fixed assets - 16,431
Goodwill amortisation 4,069,633 3,391,361
Trademarks and licences amortisation 9,391 7,910
Development costs amortisation 120,413 25,796
Auditors' remuneration 81,450 80,200
Foreign exchange differences 21,766 (26,595 )
Research and development expenditure - 10,000
Non trading/recurring adjustments 1,436,144 -

Included within non trading/recurring adjustments are non-underlying supplier costs.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Deposit account interest 59,630 358

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Interest payable 6,073,751 4,506,008

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Current tax:
Foreign taxation 173,016 149,170

Deferred tax (557,406 ) (1,582,681 )
Tax on loss (384,390 ) (1,433,511 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
25/2/22
Year Ended to
30/4/24 30/4/23
£    £   
Loss before tax (9,053,049 ) (4,995,173 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19.490 %)

(2,263,262

)

(973,559

)

Effects of:
Expenses not deductible for tax purposes 851,985 349,395
Depreciation in excess of capital allowances 1,017,414 571,330
Share schemes - (867,565 )
Different rates on overseas income 16,558 30,675
Adjusted rates on deferred tax (7,085 ) (353,701 )
Pre acquisition losses - (190,086 )
Total tax credit (384,390 ) (1,433,511 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exchange movements (32,392 ) - (32,392 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


10. INTANGIBLE FIXED ASSETS

Group
Trademarks
and Development
Goodwill licences costs Totals
£    £    £    £   
COST
At 1st May 2023 40,696,328 383,453 1,406,279 42,486,060
Additions - 12,918 930,294 943,212
Exchange differences - (2,033 ) - (2,033 )
At 30th April 2024 40,696,328 394,338 2,336,573 43,427,239
AMORTISATION
At 1st May 2023 3,391,361 261,892 54,171 3,707,424
Amortisation for year 4,069,633 9,391 120,413 4,199,437
Exchange differences - (2,033 ) - (2,033 )
At 30th April 2024 7,460,994 269,250 174,584 7,904,828
NET BOOK VALUE
At 30th April 2024 33,235,334 125,088 2,161,989 35,522,411
At 30th April 2023 37,304,967 121,561 1,352,108 38,778,636

11. TANGIBLE FIXED ASSETS

Group
Fixtures,
fittings,
IT and
Communications office
equipment equipment Totals
£    £    £   
COST
At 1st May 2023 5,631,073 3,985,837 9,616,910
Additions 1,131,524 161,769 1,293,293
Disposals (2,266,873 ) - (2,266,873 )
Exchange differences (3,191 ) (5,273 ) (8,464 )
Reclassification/transfer (278,676 ) 278,676 -
At 30th April 2024 4,213,857 4,421,009 8,634,866
DEPRECIATION
At 1st May 2023 3,338,070 3,430,599 6,768,669
Charge for year 743,093 187,692 930,785
Eliminated on disposal (2,025,473 ) - (2,025,473 )
Exchange differences 615 (3,112 ) (2,497 )
At 30th April 2024 2,056,305 3,615,179 5,671,484
NET BOOK VALUE
At 30th April 2024 2,157,552 805,830 2,963,382
At 30th April 2023 2,293,003 555,238 2,848,241

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st May 2023
and 30th April 2024 51,839,365
NET BOOK VALUE
At 30th April 2024 51,839,365
At 30th April 2023 51,839,365

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cellhire Group Limited
Registered office: Park House, Clifton Park, York, YO30 5PB, England
Nature of business: holding company
%
Class of shares: holding
Ordinary 100.00

Cellhire (Holdings) Limited
Registered office: Park House, Clifton Park, York, YO30 5PB, England
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Group Limited

Cellhire Limited
Registered office: Registered office: Park House, Clifton Park, York, YO30 5PB, England
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire (Holdings) Limited.

Cellhire Inc.
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A.
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


12. FIXED ASSET INVESTMENTS - continued

Cellhire USA, LLC
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A.
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Inc.

The Telephone Company LLC
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Inc.

Cellhire (France) Sarl
Registered office: 22 Quai Gallieni - 92150 Suresnes, France
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

Cellhire International Limited
Registered office: Park House, Clifton Park, York YO30 5PB, England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

Fonefix Limited
Registered office: Park House, Clifton Park, York, YO30 5PB, England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

Cellhire YK
Registered office: Shin-Kokusai Building 2nd Floor, 3-4-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


12. FIXED ASSET INVESTMENTS - continued

Cellhire GmbH
Registered office: Röntgenstraße 12, 79539 Lorrach, Germany
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

Mjolnir Telecom AS
Registered office: Dronning Eufemias Gate 16, 0191 Oslo, Norway
Nature of business: International mobile communication solutions
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.

0044 Limited
Registered office: Park House, Clifton Park, York, YO30 5PB, England
Nature of business: On line communications
%
Class of shares: holding
Ordinary 100.00

A 100% subsidiary of Cellhire Limited.


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,239,423 3,410,261 - -
Amounts owed by group undertakings - - 113,002 -
Other debtors 109,959 97,146 21,770 7,168
Amounts owed by related
parties 64,310 73,174 - -
Tax 3,183 14,569 - -
VAT 20,558 115,808 5,643 137,498
Deferred tax asset 1,681,726 1,124,332 1,566,336 691,488
Prepayments and accrued income 2,437,964 3,465,147 - -
6,557,123 8,300,437 1,706,751 836,154

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,681,726 1,124,332 1,566,336 691,488

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 2,385,323 2,956,043 84,563 11,999
Client deposits 175,513 80,953 - -
Amounts owed to group undertakings - - 4,274,311 5,128,247
Corporation Tax 51,058 - - -
Social security and other taxes 219,101 145,653 - -
Accrued expenses 5,103,541 4,830,166 67,444 123,443
7,934,536 8,012,815 4,426,318 5,263,689

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 8,000,000 8,000,000 8,000,000 8,000,000
Other loans (see note 16) 48,195,624 42,821,194 48,195,624 42,821,194
56,195,624 50,821,194 56,195,624 50,821,194

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,000,000 - 8,000,000 -
Other loans - 2-5 years 48,195,624 - 48,195,624 -
56,195,624 - 56,195,624 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more than 5 years
by instalments - 42,821,194 - 42,821,194
- 42,821,194 - 42,821,194
Repayable by instalments
Bank loans more than 5 years
by instalments - 8,000,000 - 8,000,000
- 8,000,000 - 8,000,000







HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 296,833 286,942
Between one and five years 814,164 923,463
In more than five years 207,018 372,632
1,318,015 1,583,037

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 8,000,000 8,000,000
Loan notes 24,097,811 21,410,596
32,097,811 29,410,596

Loan notes with a total principal value of £38,752,170 were issued on 27th June 2022 by Hamsard 3667 Limited as part of an acquisition transaction; £19,376,084 being secured and £19,376,086 being unsecured. Interest accrues on the loan notes at 12% per annum. Interest of £4,721,727 was accrued on secured loan notes at 30th April 2024 (2023 : £2,034,512), with £4,721,727 also accrued on the unsecured loan notes (2023 : £2,034,512). The loan notes are to be repaid 30 days following the 6th anniversary of the date of the instrument or on an exit event if earlier. The secured loan notes hold a fixed and floating charge on group assets.

The bank loan is secured by way of a fixed and floating charge on group assets.

19. DEFERRED TAX

Group
£   
Balance at 1st May 2023 (1,124,332 )
Provided during year (557,406 )
Exchange movements 12
Balance at 30th April 2024 (1,681,726 )

Company
£   
Balance at 1st May 2023 (691,488 )
Provided during year (874,848 )
Balance at 30th April 2024 (1,566,336 )

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
200,000 Ordinary A £0.01 2,000 2,000
247,585 Ordinary B1 £0.01 2,476 2,476
3,741 Ordinary B2 £0.01 37 37
73,009 Ordinary C £0.01 730 584
5,243 5,097

New shares allotted

During the period 14,602 Ordinary C shares having an aggregate nominal value of £146.02 were alloted for an aggregate consideration of £14,602.

Share premium

The total consideration received for shares issued in the year was £14,456 in excess of their nominal value, which has been carried forward as share premium at the balance sheet date.

Voting rights

Subject to articles 51 (voting restrictions) and 5.2, of the company's Articles of Association the holders of the the ordinary shares shall be entitled to receive notice of, and to attend, speak and vote at, general meetings of the company and to vote on any written resolution of the shareholders.

Dividends

Subject to any distributions made pursuant to articles 8.3 and/or 8.4 of the company's Articles of Association, any profits available for distribution which the company determines to distribute (which shall require investor approval) shall be distributed amongst the holders of the equity shares pari passu as if they constituted one class of shares pro rata to the number of equity shares held by them.

Return of capital

On a return of capital of the company on a winding up or otherwise (other than a redemption of shares or the purchase by the company of its own shares), the surplus assets and retained profits of the company available for distribution among the shareholders shall be applied amongst the holders of the equity shares as if they constituted one class of shares pro rata to the number of equity shares held by them.

Redemption

The ordinary shares are not redeemable.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1st May 2023 (3,561,662 ) 504,636 (3,057,026 )
Deficit for the year (8,668,659 ) (8,668,659 )
Cash share issue - 14,456 14,456
Exchange adjustments (32,392 ) - (32,392 )
At 30th April 2024 (12,262,713 ) 519,092 (11,743,621 )

Company
Retained Share
earnings premium Totals
£    £    £   

At 1st May 2023 (3,861,698 ) 504,636 (3,357,062 )
Deficit for the year (3,494,288 ) (3,494,288 )
Cash share issue - 14,456 14,456
At 30th April 2024 (7,355,986 ) 519,092 (6,836,894 )

Called up share capital represents the nominal value of shares that have been issued.

Share premium account includes any premiums received on the issue of share capital.

Retained earnings includes all current and prior period retained profits and losses.

22. CONTINGENT LIABILITIES

On 13th October 2011 various group companies entered into an agreement guaranteeing the amounts due to HSBC Bank plc by certain other group companies. This agreement includes Cellhire Group Limited, Cellhire (Holdings) Limited, Fonefix Limited, Cellhire Limited and in addition, dated 10 February 2016, 0044 Limited. The amounts due as at 30th April 2024 are £Nil.

HAMSARD 3667 LIMITED (REGISTERED NUMBER: 13942182)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


23. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by FRS102 to not disclose transactions with group undertakings where 100% of the voting rights are controlled within the group.

During the period ended 30th April 2024 the group provided net tangible products and services of £439,147 (2023: £829,083) and received net tangible products, services and paid rent of £165,891 (2023: £165,614) to companies in which a director of Hamsard 3667 Limited is also a director.

At 30th April 2024 the group was owed £64,310 (2023: £73,174) by companies in which a director of Hamsard 3667 Limited is also a director.

At 30th April 2024 an amount of £12,820,850 was owed to directors of the group in the form of loan notes with a principal value of £10,308,732 and accrued interest of £2,512,118. The loan notes are repayable by 27th June 2028. Interest on these loan notes is charged at 12%. Interest charged during the period was £1,429,689 (2023: £1,082,429).

At 30th April 2024 an amount of £8,058,193 was owed to close family members of a director of the group in the form of loan notes with a principal value of £6,479,270 and accrued interest of £1,578,923. The loan notes are repayable by 27th June 2028. Interest on these loan notes is charged at 12%. Interest charged during the period was £898,592 (2023: £680,331).

At 30th April 2024 an amount of £5,925,141 was owed to a trust in which a director is a trustee of. This amount was in the form of loan notes with a principal value of £4,764,168 and accrued interest of £1,160,973. The loan notes are repayable by 27th June 2028. Interest on these loan notes is charged at 12%. Interest charged during the period was £660,730 (2023: £500,243).

24. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, Hamsard 3667 Limited has no ultimate controlling party.

25. PENSION SCHEME

The group contributes to defined contribution pension schemes. The pension cost charged for the period represents contributions payable by the group to the schemes and amounted to £250,581 (2023 : £105,649).

There were outstanding contributions payable to the schemes as at 30th April 2024 of £Nil.