Company registration number SC638554 (Scotland)
Overland Hire Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with registrar
Overland Hire Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Overland Hire Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Overland Hire Limited for the year ended 31 August 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Overland Hire Limited, as a body, in accordance with the terms of our engagement letter dated 14 May 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Overland Hire Limited and state those matters that we have agreed to state to the board of directors of Overland Hire Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Overland Hire Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Overland Hire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Overland Hire Limited. You consider that Overland Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Overland Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
21 May 2025
Overland Hire Limited
Statement of financial position
as at 31 August 2024
31 August 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
26,255
30,423
Current assets
Debtors
4,235
-
0
Cash at bank and in hand
1,570
5,981
5,805
5,981
Creditors: amounts falling due within one year
(64,996)
(64,716)
Net current liabilities
(59,191)
(58,735)
Total assets less current liabilities
(32,936)
(28,312)
Creditors: amounts falling due after more than one year
(2,217)
(4,076)
Net liabilities
(35,153)
(32,388)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(35,155)
(32,390)
Total equity
(35,153)
(32,388)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Overland Hire Limited
Statement of financial position (continued)
as at 31 August 2024
31 August 2024
3
The financial statements were approved by the board of directors and authorised for issue on 17 May 2025 and are signed on its behalf by:
Morven Innes
Director
Company registration number SC638554 (Scotland)
Overland Hire Limited
Notes to the financial statements
for the year ended 31 August 2024
4
1
Accounting policies
Company information

Overland Hire Limited is a private company limited by shares incorporated in Scotland. The registered office is Elrig, Inverey, Braemar, AB35 5YB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance & 3 years straight line
Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.5
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Overland Hire Limited
Notes to the financial statements (continued)
for the year ended 31 August 2024
5
2
Tangible fixed assets
Total
£
Cost
At 1 September 2023
54,167
Additions
475
At 31 August 2024
54,642
Depreciation and impairment
At 1 September 2023
23,744
Depreciation charged in the year
4,643
At 31 August 2024
28,387
Carrying amount
At 31 August 2024
26,255
At 31 August 2023
30,423
3
Directors' transactions
Description
Opening balance  (credit)
Amounts advanced
Closing balance  (credit)
£
£
£
Director's loan
-
60,242
99
60,341
60,242
99
60,341
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