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REGISTERED NUMBER: 02159836 (England and Wales)










CELLHIRE LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024






CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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 28


CELLHIRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: T J Williams
M Bennett
T R Taylor
P Whelerton
T Guerion



REGISTERED OFFICE: Park House
Clifton Park
YORK
YO30 5PB



REGISTERED NUMBER: 02159836 (England and Wales)



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



BANKERS: HSBC plc
13 Parliament Street
York
Y01 8RS

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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 management team's key performance indicators vs the prior year are as follows:

FY2024 FY2023
£ £
Turnover 28,841,437 28,247,565
Operating profit 1,437,354 1,943,619
Net profit/(loss) 1,006,526 2,686,489
Adjusted EBITDA* 4,290,730 4,691,639

* During the year ended 30th April 2024 a number of non-trading/recurring adjustments, including non-underlying supplier costs and management charges from Hamsard 3667 Limited, have been made, resulting in an adjusted EBITDA of £4,290,730.

FUTURE OUTLOOK
The group retains a strong balance sheet position with net assets of £13.6 million and 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

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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
The total distribution of dividends for the period from 1st May 2023 to 30th April 2024 was £2,138,473 (2023: Nil).

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.

T J Williams
M Bennett
T R Taylor
P Whelerton

Other changes in directors holding office are as follows:

T Guerion- appointed 31st July 2024
M Stevens - resigned 31st August 2023

FINANCIAL INSTRUMENTS
The group's financial statements comprise of 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 AND CHARITABLE CONTRIBUTIONS
The group made no political contributions in the year. Donations to charitable causes amounted to £5,660 (2023: £6,183).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, Directors' Report 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 profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to 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 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.

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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
CELLHIRE LIMITED


Opinion
We have audited the financial statements of Cellhire 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 profit 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
CELLHIRE 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
CELLHIRE 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
CELLHIRE 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

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30TH APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 28,841,437 28,247,565

Cost of sales 18,774,881 17,486,382
GROSS PROFIT 10,066,556 10,761,183

Distribution costs 227,916 249,572
Administrative expenses 8,401,286 8,567,992
8,629,202 8,817,564
OPERATING PROFIT 6 1,437,354 1,943,619

Interest receivable and similar income 7 59,630 3,246
PROFIT BEFORE TAXATION 1,496,984 1,946,865

Tax on profit 8 490,458 (739,624 )
PROFIT FOR THE FINANCIAL YEAR 1,006,526 2,686,489
Profit attributable to:
Owners of the parent 1,006,526 2,686,489

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,006,526 2,686,489


OTHER COMPREHENSIVE INCOME
Exchange movements (32,392 ) 28,138
Income tax relating to other comprehensive
income

-

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

(32,392

)

28,138
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 974,134 2,714,627

Total comprehensive income attributable to:
Owners of the parent 974,134 2,714,627

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

CONSOLIDATED BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,341,495 1,555,297
Tangible assets 12 2,963,382 2,848,241
Investments 13 - -
5,304,877 4,403,538

CURRENT ASSETS
Debtors 14 8,943,429 12,432,966
Cash at bank and in hand 7,104,692 5,797,365
16,048,121 18,230,331
CREDITORS
Amounts falling due within one year 15 7,782,530 7,899,062
NET CURRENT ASSETS 8,265,591 10,331,269
TOTAL ASSETS LESS CURRENT LIABILITIES 13,570,468 14,734,807

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Retained earnings 20 13,470,468 14,634,807
SHAREHOLDERS' FUNDS 13,570,468 14,734,807

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


CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

COMPANY BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,287,077 1,473,669
Tangible assets 12 2,035,991 2,079,858
Investments 13 583,763 583,763
4,906,831 4,137,290

CURRENT ASSETS
Debtors 14 9,980,870 12,352,211
Cash at bank and in hand 6,033,821 4,483,991
16,014,691 16,836,202
CREDITORS
Amounts falling due within one year 15 10,016,486 8,910,283
NET CURRENT ASSETS 5,998,205 7,925,919
TOTAL ASSETS LESS CURRENT LIABILITIES 10,905,036 12,063,209

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Retained earnings 20 10,805,036 11,963,209
SHAREHOLDERS' FUNDS 10,905,036 12,063,209

Company's profit for the financial year 980,300 2,442,328

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


CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st May 2022 100,000 11,920,180 12,020,180

Changes in equity
Total comprehensive income - 2,714,627 2,714,627
Balance at 30th April 2023 100,000 14,634,807 14,734,807

Changes in equity
Dividends - (2,138,473 ) (2,138,473 )
Total comprehensive income - 974,134 974,134
Balance at 30th April 2024 100,000 13,470,468 13,570,468

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st May 2022 100,000 9,520,881 9,620,881

Changes in equity
Total comprehensive income - 2,442,328 2,442,328
Balance at 30th April 2023 100,000 11,963,209 12,063,209

Changes in equity
Dividends - (2,138,473 ) (2,138,473 )
Total comprehensive income - 980,300 980,300
Balance at 30th April 2024 100,000 10,805,036 10,905,036

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,353,374 1,108,714
Tax paid (110,572 ) (559,863 )
Net cash from operating activities 3,242,802 548,851

Cash flows from investing activities
Purchase of intangible fixed assets (943,212 ) (798,229 )
Purchase of tangible fixed assets (1,293,293 ) (1,021,762 )
Sale of tangible fixed assets 241,400 209,009
Interest received 59,630 3,246
Net cash from investing activities (1,935,475 ) (1,607,736 )

Increase/(decrease) in cash and cash equivalents 1,307,327 (1,058,885 )
Cash and cash equivalents at beginning of year 2 5,797,365 6,856,250

Cash and cash equivalents at end of year 2 7,104,692 5,797,365

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


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

2024 2023
£    £   
Profit before taxation 1,496,984 1,946,865
Depreciation charges 930,785 883,669
Loss on disposal of fixed assets - 16,431
Exchange rate adjustments (26,413 ) 29,991
Amortisation charges 157,014 102,332
Finance income (59,630 ) (3,246 )
2,498,740 2,976,042
Decrease/(increase) in trade and other debtors 1,022,224 (3,755,999 )
(Decrease)/increase in trade and other creditors (167,590 ) 1,888,671
Cash generated from operations 3,353,374 1,108,714

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 7,104,692 5,797,365
Year ended 30th April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 5,797,365 6,856,250


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 5,797,365 1,307,327 7,104,692
5,797,365 1,307,327 7,104,692
Total 5,797,365 1,307,327 7,104,692

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


1. STATUTORY INFORMATION

Cellhire 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 on the historical cost basis.

The group financial statements consolidate the financial statements of Cellhire 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 income statement in these statements.

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 fixed 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.

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


2. ACCOUNTING POLICIES - continued

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.

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
The group contributes to defined contribution schemes on behalf of some of its employees. These contributions are charged to the profit and loss account when accrued.

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


2. ACCOUNTING POLICIES - continued

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.

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.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 19,636,395 19,362,594
Europe 3,980,606 3,648,156
Worldwide 5,224,436 5,236,815
28,841,437 28,247,565

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


4. EMPLOYEES AND DIRECTORS


2024 2023
£ £
Wages and salaries 4,680,222 4,285,816
Social security costs 835,873 673,926
Other pension costs 155,581 124,033
5,671,676 5,083,775


2024 2023

Directors 4 5
Staff 93 83
97 88

The average number of employees employed by subsidiary undertakings that are consolidated during the year was 28 (2023: 27).

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 447,930 629,494
Directors' pension contributions to money purchase schemes 16,485 24,658

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 158,002 164,025

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 260,608 243,298
Depreciation - owned assets 930,785 883,669
Loss on disposal of fixed assets - 16,431
Goodwill amortisation 13,980 13,979
Trademarks and licences amortisation 22,621 57,398
Development costs amortisation 120,413 30,955
Auditors' remuneration 73,450 72,200
Foreign exchange differences 21,766 (26,595 )
Research and development expenditure - 10,000
Non trading/recurring adjustments 1,765,577 1,762,019

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


6. OPERATING PROFIT - continued

Included within non trading/recurring adjustments are non-underlying supplier costs and management charges from Hamsard 3667 Limited.

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 59,630 3,246

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Prior year tax over provision - 12,821
Foreign taxation 173,016 149,170
Total current tax 173,016 161,991

Deferred tax 317,442 (901,615 )
Tax on profit 490,458 (739,624 )

Reconciliation of total tax charge/(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:

2024 2023
£    £   
Profit before tax 1,496,984 1,946,865
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19.490 %)

374,246

379,444

Effects of:
Expenses not deductible for tax purposes 5,931 (625 )
Capital allowances in excess of depreciation - (84,343 )
Depreciation in excess of capital allowances 6,808 -
Different rates on overseas income 16,558 30,674
Adjusted rates on deferred tax 86,915 (199,608 )
Adjustments in respect of previous periods - 12,821
Share schemes - (867,565 )
Adjustments to deferred tax in respect of previous periods - (10,422 )
Total tax charge/(credit) 490,458 (739,624 )

Tax effects relating to effects of other comprehensive income

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


CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


8. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Exchange movements 28,138 - 28,138

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.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.10 each
Interim 2,138,473 -

11. INTANGIBLE FIXED ASSETS

Group
Trademarks
and Development
Goodwill licences costs Totals
£    £    £    £   
COST
At 1st May 2023 139,800 515,749 1,406,279 2,061,828
Additions - 12,918 930,294 943,212
Exchange differences - (2,033 ) - (2,033 )
At 30th April 2024 139,800 526,634 2,336,573 3,003,007
AMORTISATION
At 1st May 2023 97,860 354,500 54,171 506,531
Amortisation for year 13,980 22,621 120,413 157,014
Exchange differences - (2,033 ) - (2,033 )
At 30th April 2024 111,840 375,088 174,584 661,512
NET BOOK VALUE
At 30th April 2024 27,960 151,546 2,161,989 2,341,495
At 30th April 2023 41,940 161,249 1,352,108 1,555,297

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


11. INTANGIBLE FIXED ASSETS - continued

Company
Trademarks
and Development
licences costs Totals
£    £    £   
COST
At 1st May 2023 364,321 1,406,279 1,770,600
Additions 12,918 930,294 943,212
At 30th April 2024 377,239 2,336,573 2,713,812
AMORTISATION
At 1st May 2023 242,760 54,171 296,931
Amortisation for year 9,391 120,413 129,804
At 30th April 2024 252,151 174,584 426,735
NET BOOK VALUE
At 30th April 2024 125,088 2,161,989 2,287,077
At 30th April 2023 121,561 1,352,108 1,473,669

12. 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

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures,
fittings,
IT and
Communications office
equipment equipment Totals
£    £    £   
COST
At 1st May 2023 4,198,791 3,656,966 7,855,757
Additions 542,740 154,782 697,522
Disposals (1,706,362 ) - (1,706,362 )
Reclassification/transfer (278,676 ) 278,676 -
At 30th April 2024 2,756,493 4,090,424 6,846,917
DEPRECIATION
At 1st May 2023 2,556,094 3,219,805 5,775,899
Charge for year 539,553 170,741 710,294
Eliminated on disposal (1,675,267 ) - (1,675,267 )
At 30th April 2024 1,420,380 3,390,546 4,810,926
NET BOOK VALUE
At 30th April 2024 1,336,113 699,878 2,035,991
At 30th April 2023 1,642,697 437,161 2,079,858

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st May 2023
and 30th April 2024 583,763
NET BOOK VALUE
At 30th April 2024 583,763
At 30th April 2023 583,763

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

Subsidiaries

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

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


13. 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

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

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

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

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

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


13. FIXED ASSET INVESTMENTS - continued

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

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


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,239,423 3,410,261 2,388,566 2,793,399
Amounts owed by group undertakings 3,989,738 4,956,993 5,514,621 6,170,820
Other debtors 78,506 79,978 - -
Amounts owed from related
parties 64,310 73,174 64,310 72,551
Tax 3,183 14,569 - -
VAT 14,915 - 19,428 10,099
Deferred tax asset 115,390 432,844 121,075 426,716
Prepayments and accrued income 2,437,964 3,465,147 1,872,870 2,878,626
8,943,429 12,432,966 9,980,870 12,352,211

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 115,390 432,844 121,075 426,716

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 2,300,761 2,944,043 2,333,887 2,635,386
Client deposits 175,513 80,953 80,954 80,953
Amounts owed to group undertakings - - 3,065,430 2,022,342
Corporation Tax 51,058 - 10,585 59,790
Social security and other taxes 219,101 145,653 129,867 89,785
VAT - 21,691 - -
Accrued expenses 5,036,097 4,706,722 4,395,763 4,022,027
7,782,530 7,899,062 10,016,486 8,910,283

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


16. 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

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 178,316 178,316
Between one and five years 664,573 677,275
In more than five years 207,018 372,632
1,049,907 1,228,223

17. SECURED DEBTS

The groups ultimate parent company, Hamsard 3667 Limited has secured debts in the form of loan notes and a bank loan. Both the loan notes and bank loan are secured by way of a fixed and floating charge on group assets.

18. DEFERRED TAX

Group
£   
Balance at 1st May 2023 (432,844 )
Movement in year 317,442
Exchange adjustments 12
Balance at 30th April 2024 (115,390 )

Company
£   
Balance at 1st May 2023 (426,716 )
Movement in year 305,641
Balance at 30th April 2024 (121,075 )

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary £0.10 100,000 100,000

CELLHIRE LIMITED (REGISTERED NUMBER: 02159836)

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


20. RESERVES

Group
Retained
earnings
£   

At 1st May 2023 14,634,807
Profit for the year 1,006,526
Dividends (2,138,473 )
Exchange adjustments (32,392 )
At 30th April 2024 13,470,468

Company
Retained
earnings
£   

At 1st May 2023 11,963,209
Profit for the year 980,300
Dividends (2,138,473 )
At 30th April 2024 10,805,036

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

Profit and loss account includes all current and prior period retained profits and losses.

21. ULTIMATE PARENT COMPANY

The company is a subsidiary undertaking of the intermediate holding company Cellhire (Holdings) Limited, a company incorporated in the UK.

At 30th April 2024, the ultimate parent company was Hamsard 3667 Limited, a company incorporated in the UK.

22. CONTINGENT LIABILITIES

On 13th October 2011 the company entered into an agreement guaranteeing the amounts due to HSBC Bank plc by certain other group companies, to include Cellhire Group Limited, Cellhire UK Limited, Cellhire (Holdings) Limited and in addition, dated 10 February 2016, 0044 Limited. The amounts due as at 30th April 2024 are £Nil (2023: £Nil).

23. RELATED PARTY DISCLOSURES

During the year ended 30th April 2024 the group provided net tangible products and services of £439,147 (2023: £928,642) and received net tangible products, services and paid rent of £165,891 (2023: £165,614) to companies in which a director of Cellhire 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 Cellhire Limited is also a director.

24. PENSION SCHEME

The group contributes to defined contribution pension schemes. The pension cost charged for the year represents contributions payable by the group to the schemes and amounted to £155,581 (2023: £124,033).

There were outstanding contributions payable to the schemes as at 30th April 2024 of £Nil (2023: £Nil).