Acorah Software Products - Accounts Production 16.3.350 false true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 NI071335 Mr Sean O'Kane Mrs Catherine O'Kane Mr & Mrs Sean Andrew O'Kane false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI071335 2023-09-30 NI071335 2024-09-30 NI071335 2023-10-01 2024-09-30 NI071335 frs-core:CurrentFinancialInstruments 2024-09-30 NI071335 frs-core:Non-currentFinancialInstruments 2024-09-30 NI071335 frs-core:BetweenOneFiveYears 2024-09-30 NI071335 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-09-30 NI071335 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 NI071335 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-09-30 NI071335 frs-core:MotorVehicles 2023-10-01 2024-09-30 NI071335 frs-core:PlantMachinery 2024-09-30 NI071335 frs-core:PlantMachinery 2023-10-01 2024-09-30 NI071335 frs-core:PlantMachinery 2023-09-30 NI071335 frs-core:WithinOneYear 2024-09-30 NI071335 frs-core:ShareCapital 2024-09-30 NI071335 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 NI071335 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI071335 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 NI071335 frs-bus:SmallEntities 2023-10-01 2024-09-30 NI071335 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 NI071335 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI071335 1 2023-10-01 2024-09-30 NI071335 frs-bus:Director1 2023-10-01 2024-09-30 NI071335 frs-bus:CompanySecretary1 2023-10-01 2024-09-30 NI071335 frs-countries:NorthernIreland 2023-10-01 2024-09-30 NI071335 2022-09-30 NI071335 2023-09-30 NI071335 2022-10-01 2023-09-30 NI071335 frs-core:CurrentFinancialInstruments 2023-09-30 NI071335 frs-core:Non-currentFinancialInstruments 2023-09-30 NI071335 frs-core:BetweenOneFiveYears 2023-09-30 NI071335 frs-core:PlantMachinery 2022-10-01 2023-09-30 NI071335 frs-core:WithinOneYear 2023-09-30 NI071335 frs-core:ShareCapital 2023-09-30 NI071335 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: NI071335
HSB Hire Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
MMC Ltd
Moorefield
Lurgan
CRAIGAVON
Armagh
BT66 7NJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI071335
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,769,141 1,868,496
1,769,141 1,868,496
CURRENT ASSETS
Stocks 5 71,072 154,957
Debtors 6 354,626 365,226
Cash at bank and in hand - 16,175
425,698 536,358
Creditors: Amounts Falling Due Within One Year 7 (770,838 ) (908,021 )
NET CURRENT ASSETS (LIABILITIES) (345,140 ) (371,663 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,424,001 1,496,833
Creditors: Amounts Falling Due After More Than One Year 8 (789,808 ) (989,834 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 - (111,120 )
NET ASSETS 634,193 395,879
CAPITAL AND RESERVES
Called up share capital 11 201 201
Profit and Loss Account 633,992 395,678
SHAREHOLDERS' FUNDS 634,193 395,879
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sean O'Kane
Director
26/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
HSB Hire Limited Registered number NI071335 is a limited by shares company incorporated in Northern Ireland. The Registered Office is 7 Laragh Road, Swatragh, Maghera, Derry, BT46 5NS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0%
Plant & Machinery 15%
Motor Vehicles 15%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 1 2
3 4
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 October 2023 464,264 1,861,809 2,326,073
Additions - 687,366 687,366
Disposals - (755,216 ) (755,216 )
As at 30 September 2024 464,264 1,793,959 2,258,223
Depreciation
As at 1 October 2023 - 457,577 457,577
Provided during the period - 212,042 212,042
Disposals - (180,537 ) (180,537 )
As at 30 September 2024 - 489,082 489,082
Net Book Value
As at 30 September 2024 464,264 1,304,877 1,769,141
As at 1 October 2023 464,264 1,404,232 1,868,496
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 1,196,873 1,385,139
5. Stocks
2024 2023
£ £
Goods for Resale 71,072 154,957
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 123,856 365,226
Due after more than one year
Deferred tax current asset 230,770 -
354,626 365,226
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 341,217 472,071
Trade creditors 229,250 242,512
Bank loans and overdrafts 93,978 -
Other taxes and social security 19,667 11,941
VAT 12,012 84,293
Other creditors 61,863 76,790
Accruals and deferred income 3,000 4,488
Director's loan account 9,851 15,926
770,838 908,021
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 789,808 989,834
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 341,217 472,071
Later than one year and not later than five years 789,808 989,834
1,131,025 1,461,905
1,131,025 1,461,905
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences - 111,120
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 201 201
12. Controlling Party
The company's controlling party is Mr & Mrs Sean Andrew O'Kane by virtue of their ownership of 99.5% of the issued share capital in the company.
Page 5