REGISTERED NUMBER: 02967988 (England and Wales) |
CELLHIRE (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2024 |
REGISTERED NUMBER: 02967988 (England and Wales) |
CELLHIRE (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2024 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 |
Report of the Independent Auditors | 4 | to | 7 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 27 |
CELLHIRE (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
BANKERS: |
13 Parliament Street |
York |
Y01 8RS |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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: |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 |
T R Taylor |
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 DONATIONS AND EXPENDITURE |
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 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. |
AUDITORS |
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CELLHIRE (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of Cellhire (Holdings) 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 (HOLDINGS) 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 (HOLDINGS) 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 (HOLDINGS) 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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 |
Profit attributable to: |
Owners of the parent | 1,006,526 | 2,686,489 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 adjustments | (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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 | 8,953,429 | 12,442,966 |
Cash at bank and in hand | 7,104,692 | 5,797,365 |
16,058,121 | 18,240,331 |
CREDITORS |
Amounts falling due within one year | 15 | 7,782,530 | 7,899,062 |
NET CURRENT ASSETS | 8,275,591 | 10,341,269 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 13,580,468 | 14,744,807 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 10,000 | 10,000 |
Other reserves | 20 | 90,000 | 90,000 |
Retained earnings | 20 | 13,480,468 | 14,644,807 |
SHAREHOLDERS' FUNDS | 13,580,468 | 14,744,807 |
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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
COMPANY BALANCE SHEET |
30TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,138,473 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH APRIL 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1st May 2022 | 10,000 | 11,930,180 | 90,000 | 12,030,180 |
Changes in equity |
Total comprehensive income | - | 2,714,627 | - | 2,714,627 |
Balance at 30th April 2023 | 10,000 | 14,644,807 | 90,000 | 14,744,807 |
Changes in equity |
Dividends | - | (2,138,473 | ) | - | (2,138,473 | ) |
Total comprehensive income | - | 974,134 | - | 974,134 |
Balance at 30th April 2024 | 10,000 | 13,480,468 | 90,000 | 13,580,468 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 |
Changes in equity |
Balance at 30th April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2024 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2024 |
1. | STATUTORY INFORMATION |
Cellhire (Holdings) 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 |
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 Cellhire (Holdings) Limited and all its subsidiary undertakings drawn up to 30 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. |
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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 class of business 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
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 | 4,285,8116 |
Social security costs | 835,873 | 673,926 |
Other pension costs | 155,581 | 124,033 |
5,671,676 | 5,083,775 |
2024 | 2023 |
Directors | 2 | 2 |
Staff | 95 | 86 |
97 | 88 |
The average number of employees employed by subsidiary undertakings that are consolidated during the year was 95 (2023: 86). |
5. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 158,002 | 197,359 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
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 |
Included within non trading/recurring adjustments are non-underlying supplier costs and management charges from Hamsard 3667 Limited. |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
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 adjustments | (32,392 | ) | - | (32,392 | ) |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustments | 28,138 | - | 28,138 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
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 £0.01 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
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 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st May 2023 |
and 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Park House, Clifton Park, York, YO30 5PB, England |
Nature of business: |
% |
Class of shares: | holding |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A. |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A. |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Inc. |
Registered office: 990 N Bowser Road, Suite 740, Richardson, Dallas, Texas, 75081, U.S.A. |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Inc. |
Registered office: 22 Quai Gallieni - 92150 Suresnes, France |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
Registered office: Park House, Clifton Park, York YO30 5PB, England |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
Registered office: Park House, Clifton Park, York, YO30 5PB, England |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Shin-Kokusai Building 2nd Floor, 3-4-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005 |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
Registered office: Röntgenstraße 12, 79539 Lorrach, Germany |
Nature of business: |
% |
Class of shares: | holding |
A 100% subsidiary of Cellhire Limited. |
Registered office: Dronning Eufemias Gate 16, 0191 Oslo, Norway |
Nature of business: |
% |
Class of shares: | holding |
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. |
14. | 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 | 3,989,738 | 4,956,993 | - | - |
Other debtors | 88,506 | 89,978 |
Amounts owed by related |
parties | 64,310 | 73,174 | - | - |
Tax | 3,183 | 14,569 |
VAT | 14,915 | - |
Deferred tax asset | 115,390 | 432,844 | - | - |
Prepayments and accrued income | 2,437,964 | 3,465,147 |
8,953,429 | 12,442,966 |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 115,390 | 432,844 | - | - |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade creditors | 2,300,761 | 2,944,043 |
Client deposits | 175,513 | 80,953 |
Corporation Tax | 51,058 | - |
Social security and other taxes | 219,101 | 145,653 |
VAT | - | 21,691 |
Accrued expenses | 5,036,097 | 4,706,722 |
7,782,530 | 7,899,062 |
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 |
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 | ) |
Provided during year | 317,442 |
Exchange adjustments | 12 |
Balance at 30th April 2024 | (115,390 | ) |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 10,000 | 10,000 |
20. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1st May 2023 | 14,644,807 | 90,000 | 14,734,807 |
Profit for the year | 1,006,526 | 1,006,526 |
Dividends | (2,138,473 | ) | (2,138,473 | ) |
Exchange adjustments | (32,392 | ) | - | (32,392 | ) |
At 30th April 2024 | 13,480,468 | 90,000 | 13,570,468 |
Company |
Retained |
earnings |
£ |
At 1st May 2023 |
Profit for the year |
Dividends | ( |
) |
At 30th April 2024 |
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 Group 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, Fonefix Limited, Cellhire 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 (Holdings) 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 (Holdings) Limited is also a director. |
CELLHIRE (HOLDINGS) LIMITED (REGISTERED NUMBER: 02967988) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2024 |
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). |