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REGISTERED NUMBER: 05167498 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 August 2024

for

Will Hire Limited

Will Hire Limited (Registered number: 05167498)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Will Hire Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: W J Gough
W J Gough Jnr





SECRETARY: Mrs C E Watkins





REGISTERED OFFICE: Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT





REGISTERED NUMBER: 05167498 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Will Hire Limited (Registered number: 05167498)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 108,424 159,403

CURRENT ASSETS
Stocks 628,878 674,618
Debtors 5 488,386 485,012
Cash at bank and in hand 45,440 97,095
1,162,704 1,256,725
CREDITORS
Amounts falling due within one year 6 804,005 807,134
NET CURRENT ASSETS 358,699 449,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

467,123

608,994

CREDITORS
Amounts falling due after more than one year 7 (163,942 ) (220,693 )

PROVISIONS FOR LIABILITIES (27,000 ) (30,100 )
NET ASSETS 276,181 358,201

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 275,181 357,201
SHAREHOLDERS' FUNDS 276,181 358,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:



W J Gough - Director


Will Hire Limited (Registered number: 05167498)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Will Hire 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.

2. ACCOUNTING POLICIES

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

Will Hire Limited (Registered number: 05167498)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023
and 31 August 2024 83,519 34,536 36,261 317,240 471,556
DEPRECIATION
At 1 September 2023 82,479 32,219 36,261 161,194 312,153
Charge for year 260 678 - 50,041 50,979
At 31 August 2024 82,739 32,897 36,261 211,235 363,132
NET BOOK VALUE
At 31 August 2024 780 1,639 - 106,005 108,424
At 31 August 2023 1,040 2,317 - 156,046 159,403

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 485,886 482,512
Other debtors 2,500 2,500
488,386 485,012

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,279 26,354
Hire purchase contracts (see note 8) 174,474 180,725
Trade creditors 248,091 201,921
Taxation and social security 74,773 81,162
Other creditors 284,388 316,972
804,005 807,134

Invoice financing is secured on certain trade debts of the company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,167 18,827
Hire purchase contracts (see note 8) 155,775 201,866
163,942 220,693

Will Hire Limited (Registered number: 05167498)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 174,474 180,725
Between one and five years 155,775 201,866
330,249 382,591

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 12,225 16,906
Hire purchase contracts 330,249 382,591
Invoice Discounting 266,926 291,608
609,400 691,105

10. OTHER FINANCIAL COMMITMENTS

At the end of the year the company had non - cancellable operating leases of £120,833 (2023:£170,833).

11. RELATED PARTY DISCLOSURES

At the year end of 2024 a balance of £2,246 (2023: £4,832) was owed to the directors.