Company registration number 03129555 (England and Wales)
NATIONWIDE HIRE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
NATIONWIDE HIRE LTD
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
NATIONWIDE HIRE LTD
COMPANY INFORMATION
- 1 -
Directors
Mr M Burton
(Appointed 15 November 2023)
Mr J Hopkins
(Appointed 15 November 2023)
Company number
03129555
Registered office
Howard Piper House
Salterns Lane
Fareham
Hampshire
PO16 0QS
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
NATIONWIDE HIRE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present the strategic report for the year ended 30 September 2024.
Post-Year-End Activity
Subsequent to the financial year ended, on 24 October 2024, Nationwide Hire Limited was acquired through a successful Management Buyout (MBO) led by the existing leadership team. This transaction marked a significant milestone in the company’s evolution and was underpinned by a strategic refinancing agreement.
The MBO facilitated a substantial debt write down of £17 million and introduced a five-year refinancing arrangement with the group’s principal lender. The lender remains committed to supporting the business and its leadership team in achieving its long-term strategic objectives.
In conjunction with the acquisition, a reorganisation of the corporate structure was implemented, delivering meaningful cost savings within FY 2025. These actions have positioned the business for sustainable growth and enhanced operational efficiency.
Notably, EBITDA performance in H1 FY 2025 improved to breakeven, reflecting stabilisation and financial discipline post-MBO. Continued investment in digital infrastructure and operational technology is expected to strengthen Nationwide Hire’s UK-wide service delivery capabilities.
Business strategy and Outlook
Nationwide Hire Limited continues to provide fully managed equipment hire and waste brokerage services across the UK and Ireland. Operating through a broad network of over 3,000 depots, the company’s value proposition centres on minimising logistical delays and ensuring timely delivery of services to customer sites.
Strategic Direction
In October 2024, as part of the MBO transaction, Mark Burton (CEO) and John Hopkins (COO) assumed ownership of the business. Under their leadership, the company has recommitted to its core principles:
The business remains focused on strengthening existing customer relationships, improving supply chain efficiency, and investing in scalable technology solutions, including the integration of AI-driven tools to enhance productivity and customer service.
Mission Statement
“To remain the UK’s leading aggregator in equipment hire and waste services while pursuing sustainable, organic growth.”
Strategic Priorities for FY 2025 and Beyond
Market Expansion: Grow market share through customer retention, new business acquisition, and cross-selling initiatives.
Sales Optimisation: Implement relationship-based sales models to improve conversion and lifetime value.
Technology Enablement: Drive service improvement through ongoing digital transformation and AI integration.
Supplier Engagement: Deepen supplier relationships to secure competitive pricing and dependable service levels.
NATIONWIDE HIRE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Operational and Financial Review
Key Performance Indicators
12 months
12 months
12 months
18 months
September
September
September
September
2024
2023
2022
2021
Turnover
£11.07m
£12.52m
£14.42m
£21.80m
EBITDA
(£1.02m)
(£1.14m)
(£0.28m)
£0.38m
Trust Pilot Score
4.9
4.9
4.9
4.8
While turnover has decreased year-on-year, this is reflective of a strategic refocus post-MBO. The breakeven EBITDA result in H1 FY 2025 and improved cost control measures indicate the early benefits of restructuring and management intervention.
Principal risks and uncertainties
Commercial and Regulatory Risks
Waste Operator Licence: The business maintains full compliance through rigorous internal controls and procedures.
System Dependence: Nationwide Hire relies on its proprietary digital platform; robust backup systems and disaster recovery plans are in place.
Health and Safety:
The company does not directly operate or handle equipment. All operational risk is outsourced to certified and vetted suppliers.
To date, there have been no reportable health and safety incidents.
Financial Risks:
Customer Risk: A diversified client base mitigates customer concentration risk.
Credit Risk: Proactively managed through credit checks, rating agency insights, debt ageing analysis, and coverage via credit insurance (Atradius).
Liquidity Risk: Strong bank support and prudent cash flow management have enabled the company to maintain a net cash surplus.
Cost control and Efficiency Measures
Post-MBO restructuring has led to significant savings through:
Reduction in fixed overheads.
Streamlined operational processes.
Technology-driven efficiencies across sales, customer service, and supplier management.
People and Culture
Nationwide Hire is an equal opportunities employer committed to maintaining an inclusive, respectful, and non-discriminatory workplace. We continue to invest in employee development, with tailored training programmes to build capability, improve engagement, and retain top talent.
Mr M Burton
Director
27 June 2025
NATIONWIDE HIRE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The company's principal activity during the period continued to be the provision of equipment hire and waste brokerage services. The company provides a comprehensive range of waste, powered access, plant, tool and site accommodation solutions.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Leech
(Resigned 1 December 2023)
Ms T Gorman
(Resigned 31 December 2023)
Mr J D Moran
(Resigned 10 October 2024)
Mr M Burton
(Appointed 15 November 2023)
Mr J Hopkins
(Appointed 15 November 2023)
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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). 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.
NATIONWIDE HIRE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Auditor
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M Burton
Director
27 June 2025
NATIONWIDE HIRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE HIRE LTD
- 6 -
Opinion
We have audited the financial statements of Nationwide Hire Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 September 2024 and of its loss 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.
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 Auditor's 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
NATIONWIDE HIRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE HIRE LTD
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks 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 responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
NATIONWIDE HIRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE HIRE LTD
- 8 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
NATIONWIDE HIRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE HIRE LTD
- 9 -
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 an auditor's report 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.
James Blake FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
27 June 2025
Office: Portsmouth
NATIONWIDE HIRE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
11,070,900
12,520,853
Cost of sales
(8,770,789)
(9,190,646)
Gross profit
2,300,111
3,330,207
Administrative expenses
(4,156,597)
(4,054,637)
Other operating income
753,067
498,350
Operating loss
4
(1,103,419)
(226,080)
Interest receivable and similar income
12,876
35,430
Interest payable and similar expenses
(6,454)
(1,381)
Loss before taxation
(1,096,997)
(192,031)
Tax on loss
8
200
Loss for the financial year
(1,096,997)
(191,831)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 25 form part of these financial statements
NATIONWIDE HIRE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
120
1,070
Tangible assets
10
492,116
531,692
Investments
11
2
2
492,238
532,764
Current assets
Debtors
12
6,228,020
6,413,220
Cash at bank and in hand
362,744
1,123,242
6,590,764
7,536,462
Creditors: amounts falling due within one year
13
(3,194,014)
(3,083,241)
Net current assets
3,396,750
4,453,221
Net assets
3,888,988
4,985,985
Capital and reserves
Called up share capital
16
1
1
Capital redemption reserve
1
1
Profit and loss reserves
3,888,986
4,985,983
Total equity
3,888,988
4,985,985
The notes on pages 13 to 25 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr M Burton
Director
Company registration number 03129555 (England and Wales)
NATIONWIDE HIRE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
1
1
5,177,814
5,177,816
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(191,831)
(191,831)
Balance at 30 September 2023
1
1
4,985,983
4,985,985
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(1,096,997)
(1,096,997)
Balance at 30 September 2024
1
1
3,888,986
3,888,988
The notes on pages 13 to 25 form part of these financial statements.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information
Nationwide Hire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Howard Piper House, Salterns Lane, Fareham, Hampshire, PO16 0QS.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Project Kestrel Bidco Limited. These consolidated financial statements are available from its registered office, 100 Wood Street, London, EC2V 7AN.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. In making this assessment the directors have prepared cash flow forecasts for a period covering at least 12 months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Turnover represents the value of hire charges for goods and services supplied, excluding value added tax. Turnover is recognised throughout the hire period on a daily basis.
1.4
Intangible fixed assets other than goodwill
The company has capitalised costs relating to the development of multiple bespoke software systems. The systems are live and contribute towards the generation of revenue and efficiency of operations. The software benefits are expected to provide a competitive advantage for a period of 3 years from the date of release.
Amortisation 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:
Software development
3 years straight line
1.5
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:
Improvements to property
15 years straight line
Fixtures and fittings
20% reducing balance
Office equipment
20% reducing balance
Bicycles
100% straight line
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.
1.6
Fixed asset investments
Interests in subsidiaries are measured at cost. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled of the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,040,907
12,509,225
Europe
29,993
11,628
11,070,900
12,520,853
Turnover comprises entirely of equipment hire and waste brokerage services.
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Exchange losses
111
1,218
Depreciation of owned tangible fixed assets
78,408
82,341
Depreciation of tangible fixed assets held under finance leases
-
2,129
(Profit)/loss on disposal of tangible fixed assets
-
25,226
Amortisation of intangible assets
950
1,651
Operating lease charges
135,802
136,236
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
5
3
Operations
35
43
Administration
15
18
Total
55
64
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,277,200
2,662,984
Social security costs
251,507
276,058
Pension costs
66,338
94,321
2,595,045
3,033,363
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
13,500
13,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
510,227
592,182
Company pension contributions to defined contribution schemes
21,853
53,685
Compensation for loss of office
64,868
596,948
645,867
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 6).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
184,039
225,215
Company pension contributions to defined contribution schemes
6,800
17,200
The director's are considered to be key management personnel.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(200)
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(1,096,997)
(192,031)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(274,249)
(42,247)
Tax effect of expenses that are not deductible in determining taxable profit
12,845
2,549
Change in unrecognised deferred tax assets
261,404
39,968
Under/(over) provided in prior years
(200)
Enhanced capital allowances
(270)
Taxation charge/(credit) for the year
-
(200)
The rate of UK corporation tax is currently 25% from 1 April 2023, as announced in the UK Government's finance budget.
The company has approximately £1,340,000 of tax losses carried forward available for future use. No deferred tax asset has been recognised in respect of these losses due to there being insufficient certainty over the timing of their future use.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
9
Intangible fixed assets
Software development
£
Cost
At 1 October 2023 and 30 September 2024
30,255
Amortisation and impairment
At 1 October 2023
29,185
Amortisation charged for the year
950
At 30 September 2024
30,135
Carrying amount
At 30 September 2024
120
At 30 September 2023
1,070
10
Tangible fixed assets
Improvements to property
Fixtures and fittings
Office equipment
Bicycles
Total
£
£
£
£
£
Cost
At 1 October 2023
483,146
111,840
344,676
1,762
941,424
Additions
13,500
2,294
23,038
38,832
At 30 September 2024
496,646
114,134
367,714
1,762
980,256
Depreciation and impairment
At 1 October 2023
144,819
78,601
184,892
1,420
409,732
Depreciation charged in the year
35,815
6,950
35,301
342
78,408
At 30 September 2024
180,634
85,551
220,193
1,762
488,140
Carrying amount
At 30 September 2024
316,012
28,583
147,521
492,116
At 30 September 2023
338,327
33,239
159,784
342
531,692
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Office equipment
8,517
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
2
2
Fixed asset investments represent 100% of the shares in Momentum Systems Ltd and WowNow Hire Limited.
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,780,902
2,351,990
Amounts owed by group undertakings
4,212,582
3,885,178
Other debtors
16,781
4,334
Prepayments and accrued income
217,755
171,718
6,228,020
6,413,220
There are no formal terms in place in respect of the amounts owed by group undertakings, which are unsecured and repayable on demand.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance lease agreements
-
2,055
Trade creditors
2,195,905
1,997,409
Taxation and social security
182,607
282,977
Other creditors
312,571
259,934
Accruals and deferred income
502,931
540,866
3,194,014
3,083,241
The finance lease liabilities are secured on the assets to which they relate.
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
60,660
71,063
Tax losses
(34,260)
(45,872)
Pensions
(1,133)
(1,632)
Provisions and other timing differences
(25,267)
(23,559)
-
-
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,338
94,321
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date the company had outstanding pension contributions payable of £4,533 (2023 - £6,527).
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
17
Financial commitments, guarantees and contingent liabilities
The company has provided guarantees in respect of the group bank loans. No losses are anticipated as a result of these guarantees, which at 30 September 2024 totalled £7,202,381 (2023- £7,202,381).
18
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
143,866
66,000
Between two and five years
494,939
In over five years
638,805
66,000
In addition to the above, on 15 March 2024 the company entered into an agreement with a fellow group undertaking, for the licensing of the software used in the company's business, for £500,000 per annum effective 1 January 2024 and contracted until at least 31 December 2027. The licence fee payable by the company over the contracted term, being expected to be settled via inter-group debtors and therefore will not impact the company's cash position.
19
Related party transactions
As a wholly owned subsidiary the company has applied the exemption available from FRS 102 Section 33.1A from disclosing transactions with fellow wholly owned group undertakings.
NATIONWIDE HIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
20
Ultimate controlling party
The company's immediate parent company is Project Kestrel Bidco Limited, a company incorporated in England and Wales. For the year ended 30 September 2024, Project Kestrel Bidco Limited is the smallest and largest group in which consolidated accounts are prepared, copies of which can be obtained from Companies House. Project Kestrel Bidco Limited was at 30 September 2024, a wholly owned subsidiary within the group headed by Project Kestrel Topco Limited.
Throughout the year ended 30 September 2024, the directors considered that Livingbridge Enterprise LLP, a limited liability partnership registered in England and Wales, to be the ultimate controlling party.
On 24 October 2024, Maxarlo Limited, a company incorporated in England and Wales, acquired all of the issued share capital of Project Kestrel Bidco Limited, thereby becoming the new ultimate controlling party to the company.
2024-09-302023-10-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr M LeechMs T GormanMr J D MoranMr M BurtonMr J Hopkins031295552023-10-012024-09-3003129555bus:Director42023-10-012024-09-3003129555bus:Director52023-10-012024-09-3003129555bus:Director12023-10-012024-09-3003129555bus:Director22023-10-012024-09-3003129555bus:Director32023-10-012024-09-3003129555bus:RegisteredOffice2023-10-012024-09-30031295552024-09-30031295552022-10-012023-09-3003129555core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3003129555core:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003129555core:OtherResidualIntangibleAssets2024-09-3003129555core:OtherResidualIntangibleAssets2023-09-3003129555core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-09-3003129555core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-09-30031295552023-09-3003129555core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-09-3003129555core:FurnitureFittings2024-09-3003129555core:ComputerEquipment2024-09-3003129555core:MotorVehicles2024-09-3003129555core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3003129555core:FurnitureFittings2023-09-3003129555core:ComputerEquipment2023-09-3003129555core:MotorVehicles2023-09-3003129555core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3003129555core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3003129555core:ShareCapital2024-09-3003129555core:ShareCapital2023-09-3003129555core:CapitalRedemptionReserve2024-09-3003129555core:CapitalRedemptionReserve2023-09-3003129555core:RetainedEarningsAccumulatedLosses2024-09-3003129555core:RetainedEarningsAccumulatedLosses2023-09-3003129555core:ShareCapital2022-09-3003129555core:CapitalRedemptionReserve2022-09-3003129555core:RetainedEarningsAccumulatedLosses2022-09-3003129555core:ShareCapitalOrdinaryShareClass12024-09-3003129555core:ShareCapitalOrdinaryShareClass12023-09-3003129555core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3003129555core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3003129555core:FurnitureFittings2023-10-012024-09-3003129555core:ComputerEquipment2023-10-012024-09-3003129555core:MotorVehicles2023-10-012024-09-300312955512023-10-012024-09-300312955512022-10-012023-09-3003129555core:UKTax2023-10-012024-09-3003129555core:UKTax2022-10-012023-09-300312955522023-10-012024-09-300312955522022-10-012023-09-3003129555core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-09-3003129555core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-10-012024-09-3003129555core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3003129555core:FurnitureFittings2023-09-3003129555core:ComputerEquipment2023-09-3003129555core:MotorVehicles2023-09-30031295552023-09-3003129555core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3003129555core:Non-currentFinancialInstruments2024-09-3003129555core:Non-currentFinancialInstruments2023-09-3003129555core:CurrentFinancialInstruments2024-09-3003129555core:CurrentFinancialInstruments2023-09-3003129555bus:OrdinaryShareClass12023-10-012024-09-3003129555bus:OrdinaryShareClass12024-09-3003129555bus:OrdinaryShareClass12023-09-3003129555core:WithinOneYear2024-09-3003129555core:WithinOneYear2023-09-3003129555core:BetweenTwoFiveYears2024-09-3003129555core:BetweenTwoFiveYears2023-09-3003129555core:MoreThanFiveYears2024-09-3003129555core:MoreThanFiveYears2023-09-3003129555bus:PrivateLimitedCompanyLtd2023-10-012024-09-3003129555bus:FRS1022023-10-012024-09-3003129555bus:Audited2023-10-012024-09-3003129555bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP