IRIS Accounts Production v25.1.0.734 02342314 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh023423142023-08-31023423142024-08-31023423142023-09-012024-08-31023423142022-08-31023423142022-09-012023-08-31023423142023-08-3102342314ns15:EnglandWales2023-09-012024-08-3102342314ns14:PoundSterling2023-09-012024-08-3102342314ns10:Director12023-09-012024-08-3102342314ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102342314ns10:SmallEntities2023-09-012024-08-3102342314ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3102342314ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3102342314ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102342314ns10:FullAccounts2023-09-012024-08-3102342314ns10:OrdinaryShareClass12023-09-012024-08-3102342314ns5:CurrentFinancialInstruments2024-08-3102342314ns5:CurrentFinancialInstruments2023-08-3102342314ns5:ShareCapital2024-08-3102342314ns5:ShareCapital2023-08-3102342314ns5:FurtherSpecificReserve1ComponentTotalEquity2024-08-3102342314ns5:FurtherSpecificReserve1ComponentTotalEquity2023-08-3102342314ns5:RetainedEarningsAccumulatedLosses2024-08-3102342314ns5:RetainedEarningsAccumulatedLosses2023-08-3102342314ns10:RegisteredOffice2023-09-012024-08-3102342314ns5:FurnitureFittings2023-08-3102342314ns5:FurnitureFittings2023-09-012024-08-3102342314ns5:FurnitureFittings2024-08-3102342314ns5:FurnitureFittings2023-08-3102342314ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102342314ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102342314ns5:DeferredTaxation2023-08-3102342314ns5:DeferredTaxation2024-08-3102342314ns10:OrdinaryShareClass12024-08-31
REGISTERED NUMBER: 02342314 (England and Wales)










THE HIRE GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 6


THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 63,510 81,007
Investment property 5 1,500,000 1,500,000
1,563,510 1,581,007

CURRENT ASSETS
Debtors 6 21,594 21,232
Cash at bank 1,348,319 1,461,630
1,369,913 1,482,862
CREDITORS
Amounts falling due within one year 7 164,271 417,638
NET CURRENT ASSETS 1,205,642 1,065,224
TOTAL ASSETS LESS CURRENT LIABILITIES 2,769,152 2,646,231

PROVISIONS FOR LIABILITIES 8 15,878 20,252
NET ASSETS 2,753,274 2,625,979

CAPITAL AND RESERVES
Called up share capital 9 302 302
Non-distributable reserves 74,543 74,543
Retained earnings 2,678,429 2,551,134
SHAREHOLDERS' FUNDS 2,753,274 2,625,979

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

BALANCE SHEET - continued
31ST AUGUST 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st March 2025 and were signed on its behalf by:





T J Williams - Director


THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024


1. STATUTORY INFORMATION

The Hire Group 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: 02342314

Registered office: Park House
Clifton Park
York
YO30 5PB

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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

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
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs 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 of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Fixtures and fittings- 12.5% per annum

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses.Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st September 2023
and 31st August 2024 139,976
DEPRECIATION
At 1st September 2023 58,969
Charge for year 17,497
At 31st August 2024 76,466
NET BOOK VALUE
At 31st August 2024 63,510
At 31st August 2023 81,007

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st September 2023
and 31st August 2024 1,500,000
NET BOOK VALUE
At 31st August 2024 1,500,000
At 31st August 2023 1,500,000

Investment property is included in the financial statements at its fair value of £1,500,000, which, in the opinion of the director, fairly represents the open market value at the balance sheet date.

Fair value at 31st August 2024 is represented by:
£   
Valuation in 2024 74,543
Cost 1,425,457
1,500,000

The historic cost equivalent of investment properties included at fair value is £1,425,457 (2023: £1,425,457)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 21,594 21,232

THE HIRE GROUP LIMITED (REGISTERED NUMBER: 02342314)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 61,503 330,806
Other creditors 102,768 86,832
164,271 417,638

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,878 20,252

Deferred
tax
£   
Balance at 1st September 2023 20,252
Capital Allowances (4,374 )
Balance at 31st August 2024 15,878

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
302 Ordinary £1 302 302

10. RELATED PARTY DISCLOSURES

Included in other creditors are amounts owing to directors of £34,560 (2023:NIL)

11. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is The Hire Group Holdings Limited.