IRIS Accounts Production v24.3.2.46 01156173 Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities other passenger land transport and unlicensed carrier. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary share capital 1.00000 Class 1A ordinary shares 1.00000 Ordinary share capital 1.00000 Class 1A ordinary shares 1.00000 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REGISTERED NUMBER: 01156173 (England and Wales)



















GREATER LONDON HIRE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)






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




Page

Strategic Report 1

Report of the Directors 2 to 3

Report of the Independent Auditors 4 to 6

Profit and Loss Account 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12 to 13

Notes to the Financial Statements 14 to 21


GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The principal activities of the Company during the period under review were that of private hire transport services and same-day courier services. Following a year of steady growth in turnover and gross profit, the directors are pleased with the results.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity Risk
The company manages its cash and borrowings in order to ensure it has sufficient funds available for its operations.
In this regard the company continues to secure an invoice discounting facility of £1,000,000.

Credit Risk
As a standard policy, all customers who wish to trade on credit terms, are subject to our stringent credit verification procedures. Trade debtors, including amounts owed by our drivers , are reviewed on a regular basis and provision made for doubtful debts as deemed necessary. All new accounts are reviewed against Experian credit rating agency before Account Facility is granted.

FINANCIAL POSITION
The financial position of the company as at year just ended is strong. Shareholders funds increased by £188,588 to £2,100,071 as at 30th April 2024.

FINANCIAL REVIEW
The turnover of the company for the year experienced healthy growth by 9.2% (2023 +14% )
Gross profit grew faster than revenue, indicating better cost management and increased efficiency.
Improved gross profit margin and reduced finance costs led to significant raise in profit before tax (+291%) signalling strong financial position of the company.

CREDITOR PAYMENT POLICY
The company prides itself on its reputation for paying suppliers promptly and strictly in accordance with terms agreed. On average, trade creditors at the year end represents 27 ( 25 in 2023) days purchase

EQUAL OPPORTUNITY
The company is committed to the principle of equal opportunity in employment by applying employment policies that are fair and equitable.

FUTURE DEVELOPMENT
The Company will continue to focus on growth in the current market through acquiring new customers.

ON BEHALF OF THE BOARD:





Mr R M C Scott - Director


3 February 2025

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

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

DIVIDENDS
An interim dividend of 1000 per share on the Ordinary share capital £1 shares was paid on 28 March 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Class 1A ordinary shares £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 April 2024 will be £ 1,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mr P D Anthony
Mr R M C Scott
Ms J R Scott
Ms Z Walsh
Mr T Szeja

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R M C Scott - Director


3 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GREATER LONDON HIRE LIMITED

Opinion
We have audited the financial statements of Greater London Hire Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 30 April 2024 and of its 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 company 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 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.

In relation to the company's reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors' statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting.

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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GREATER LONDON HIRE LIMITED


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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 two, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GREATER LONDON HIRE 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.

Obtaining an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks.

Discussing with management matters of non-compliance with laws and regulations and how fraud might
occur including assessing how the financial statements may be susceptible to fraud.
We also otained confirmation from the company's solicitors as to potential litigation and claims
.
Obtaining and examining external documentary evidence , including external licence inspectors report, to
assess compliance with laws and regulations.

Our tests also included review financial statement ensuring compliance with FRS 102 , The Companies
Acts 2006 , UK generally Accepted Accounting Practice and adequacy and appropriateness disclosures.

To ensure there was no management overide of controls we tested management journals, adjustments and
reconciliations, for appropriateness , assessing whether the judgements made in making accounting
estimates are indicative of potential bias ; and evaluating the business rationale of any significant transaction
that are unusual or outside the normal course of business ; including testing for compliance with S455 of
corporation tax ACT 2010.

In relation to fraud , our objectives are to identify and assess the risk of material misstatement of the
financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed
risks of material misstatement due to fraud through designing and implementing appropriate response and to
respond appropriately to fraud or suspected fraud identified during the audit.

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.

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.




E Meyer FCA (Senior Statutory Auditor)
for and on behalf of Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS

3 February 2025

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 4 14,142,898 12,952,073

Cost of sales 9,186,202 8,836,261
GROSS PROFIT 4,956,696 4,115,812

Administrative expenses 4,574,679 4,156,312
OPERATING PROFIT/(LOSS) 6 382,017 (40,500 )

Profit/loss on disposal of
fixed assets 7 (10,416 ) 205,259
371,601 164,759

Interest receivable and similar income 13,979 12,246
385,580 177,005

Interest payable and similar expenses 8 135,637 113,088
PROFIT BEFORE TAXATION 249,943 63,917

Tax on profit 9 60,355 9,664
PROFIT FOR THE FINANCIAL YEAR 189,588 54,253

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 189,588 54,253


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

189,588

54,253

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 83,959 71,276
Tangible assets 13 2,990,978 3,006,820
3,074,937 3,078,096

CURRENT ASSETS
Debtors 14 3,395,186 3,653,387
Cash at bank and in hand 65,220 294,306
3,460,406 3,947,693
CREDITORS
Amounts falling due within one year 15 2,706,162 3,260,256
NET CURRENT ASSETS 754,244 687,437
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,829,181

3,765,533

CREDITORS
Amounts falling due after more than one
year

16

(1,564,938

)

(1,725,015

)

PROVISIONS FOR LIABILITIES 20 (164,172 ) (129,035 )
NET ASSETS 2,100,071 1,911,483

CAPITAL AND RESERVES
Called up share capital 21 8,022 8,022
Retained earnings 2,092,049 1,903,461
SHAREHOLDERS' FUNDS 2,100,071 1,911,483

The financial statements were approved by the Board of Directors and authorised for issue on 3 February 2025 and were signed on its behalf by:





Mr R M C Scott - Director


GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 8,022 1,849,208 1,857,230

Changes in equity
Total comprehensive income - 54,253 54,253
Balance at 30 April 2023 8,022 1,903,461 1,911,483

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 189,588 189,588
Balance at 30 April 2024 8,022 2,092,049 2,100,071

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,140,128 (299,118 )
Interest paid (64,642 ) (82,518 )
Interest element of hire purchase
payments paid

(70,995

)

(30,570

)
Net cash from operating activities 1,004,491 (412,206 )

Cash flows from investing activities
Purchase of intangible fixed assets - (43,470 )
Purchase of tangible fixed assets (577,746 ) (1,366,268 )
Sale of intangible fixed assets 43,020 -
Sale of tangible fixed assets 88,283 146,167
Interest received 13,979 12,246
Net cash from investing activities (432,464 ) (1,251,325 )

Cash flows from financing activities
New loans in year 50,000 (935,707 )
Loan repayments in year (296,792 ) 1,046,472
Capital repayments in year (58,901 ) 942,915
Amount introduced by directors 8,253 3,623
Amount withdrawn by directors (6,838 ) (22,922 )
Equity dividends paid (1,000 ) -
Net cash from financing activities (305,278 ) 1,034,381

Increase/(decrease) in cash and cash equivalents 266,749 (629,150 )
Cash and cash equivalents at
beginning of year

2

(372,968

)

256,182

Cash and cash equivalents at end of
year

2

(106,219

)

(372,968

)

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

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

2024 2023
£    £   
Profit before taxation 249,943 63,917
Depreciation charges 449,602 337,420
Finance costs 135,637 113,088
Finance income (13,979 ) (12,246 )
821,203 502,179
Decrease/(increase) in trade and other debtors 256,786 (661,774 )
Increase/(decrease) in trade and other creditors 62,139 (139,523 )
Cash generated from operations 1,140,128 (299,118 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 65,220 294,306
Bank overdrafts (171,439 ) (667,274 )
(106,219 ) (372,968 )
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 294,306 256,182
Bank overdrafts (667,274 ) -
(372,968 ) 256,182


GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 294,306 (229,086 ) 65,220
Bank overdrafts (667,274 ) 495,835 (171,439 )
(372,968 ) 266,749 (106,219 )
Debt
Finance leases (1,350,025 ) 58,901 (1,291,124 )
Debts falling due within 1 year (235,108 ) 132,020 (103,088 )
Debts falling due after 1 year (935,707 ) 89,554 (846,153 )
(2,520,840 ) 280,475 (2,240,365 )
Total (2,893,808 ) 547,224 (2,346,584 )

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

1. STATUTORY INFORMATION

Greater London Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01156173

Registered office: 14-15 Gateway Mews, Bounds Green
London
N11 2UT

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements,estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as described in note to the accounts.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.


GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The 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.

4. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 14,142,898 12,952,073
14,142,898 12,952,073

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,142,898 12,952,073
14,142,898 12,952,073

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,823,300 2,638,125
Social security costs 297,295 286,849
Other pension costs 148,621 80,889
3,269,216 3,005,863

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production staff 63 63
Administrative staff 11 10
Directors 5 5
79 78

2024 2023
£    £   
Directors' remuneration 430,802 380,887

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Accrued pension at 30 April 2024 670 3,200

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 5,202 6,020
Other operating leases 17,901 16,488
Depreciation - owned assets 505,305 309,436
Computer software amortisation 90 27,983
Auditors' remuneration 32,405 29,000
Auditors' remuneration for non audit work 8,500 8,500

7. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss on disposal of
fixed assets (10,416 ) 205,259

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 64,642 82,518
Hire purchase 70,995 30,570
135,637 113,088

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 60,355 9,664
Tax on profit 60,355 9,664

10. DIVIDENDS

A dividend on the non voting shares of £1,000 was paid to Robert Scott on 28 March 2024.

11. PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to the provision of deferred tax in respect of accelerated capital allowances.

12. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2023 300,460
Disposals (43,020 )
At 30 April 2024 257,440
AMORTISATION
At 1 May 2023 229,184
Amortisation for year 90
Charge written back (55,793 )
At 30 April 2024 173,481
NET BOOK VALUE
At 30 April 2024 83,959
At 30 April 2023 71,276

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

13. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 1,821,982 139,040 583,346 1,922,634 4,467,002
Additions - - 29,808 547,938 577,746
Disposals - - (6,516 ) (191,297 ) (197,813 )
At 30 April 2024 1,821,982 139,040 606,638 2,279,275 4,846,935
DEPRECIATION
At 1 May 2023 312,897 92,693 558,041 496,551 1,460,182
Charge for year 72,879 15,449 25,465 391,512 505,305
Eliminated on disposal - - (6,516 ) (103,014 ) (109,530 )
At 30 April 2024 385,776 108,142 576,990 785,049 1,855,957
NET BOOK VALUE
At 30 April 2024 1,436,206 30,898 29,648 1,494,226 2,990,978
At 30 April 2023 1,509,085 46,347 25,305 1,426,083 3,006,820

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,993,027 2,411,734
Other debtors 18,278 34,927
Corporation tax repayable 160,997 160,997
Directors' loan accounts 624,525 625,940
Prepayments 598,359 419,789
3,395,186 3,653,387

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 274,527 902,382
Hire purchase contracts (see note 18) 572,339 560,717
Trade creditors 699,503 607,305
PAYE and NIC 71,828 78,419
Wages control 28,393 56,279
VAT 678,686 540,112
Other creditors 210,160 388,128
Accruals and deferred income 170,726 126,914
2,706,162 3,260,256

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 17) 846,153 935,707
Hire purchase contracts (see note 18) 718,785 789,308
1,564,938 1,725,015

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 171,439 667,274
Bank loans 103,088 235,108
274,527 902,382

Amounts falling due between two and five years:
Bank loans - 2-5 years 341,557 122,918

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
instalments

504,596

812,789

Bank loans and overdrafts represents Bank loan £103,088 ( 2023 £235,108)

18. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 572,339 560,717
Between one and five years 718,785 789,308
1,291,124 1,350,025

During the year the company entered into finance lease arrangements in respect of motor vehicles with a capital value at the inception of £547, 938 ( 2023 £1,181,569).

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 949,241 1,170,815

Bank loans and overdraft represents £909,465 (2023 £935,706)) 20 year term loan at a fixed interest of 6.225% for the first 5 years and thereafter flexible interest of 3.085% above Bank's base rate secured on freehold property 14-15 Gateway Mews, N11 2UT, and secured debt finance of up to £1,000,000.

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 101,000 40,645
Other provisions 63,172 88,390
164,172 129,035

Deferred
tax
£   
Balance at 1 May 2023 40,645
Provided during year 60,355
Balance at 30 April 2024 101,000

The provision for deferred tax is in respect of accelerated capital allowances, reduced by the availability of tax losses carried forward.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,000 Ordinary share capital £1 8,000 8,000
2 Class 1A ordinary shares £1 22 22
8,022 8,022

GREATER LONDON HIRE LIMITED (REGISTERED NUMBER: 01156173)

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

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mr R M C Scott
Balance outstanding at start of year 617,688 606,641
Amounts advanced 13,979 12,217
Amounts repaid (16,062 ) (1,170 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 615,605 617,688

Ms J R Scott
Balance outstanding at start of year 8,253 -
Amounts advanced 12,352 8,253
Amounts repaid (11,685 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,920 8,253

Directors' loan account includes amounts owed by the managing director to the company. In compliance with ICTA now Section 455 of corporation tax ACT 2010, 33.75% (2023 32.5% ) tax deposit is provided for on the amounts advanced and outstanding nine months after the company's accounting year end.

23. POST BALANCE SHEET EVENTS

There are no adjusting or non-adjusting events after the end of the reporting period.

24. ULTIMATE CONTROLLING PARTY

Mr R Scott, the managing director, controls the company by virtue of a controlling interest, directly or indirectly, of 99% of the ordinary voting share capital of the company.