Company registration number SC221453 (Scotland)
911 RESCUE RECOVERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
911 RESCUE RECOVERY LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
911 RESCUE RECOVERY LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr S Greenhorn
Secretary
Mr DM Christie
Company number
SC221453
Registered office
2 Jessie Street
Polmadie
Glasgow
United Kingdom
G42 0PG
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
911 RESCUE RECOVERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The director presents the strategic report for the year ended 30 September 2024.
Review of the business
The year was not without its challenges amid the backdrop of economic uncertainty and rising inflation. During the year under review, revenue decreased by 3% to £8.0 million. The company has also continued to be profitable with profit before tax decreasing to £1.1m (2023: £1.3m).
Overall the directors are delighted with the results for the year and the prospects for 2025 provide an opportunity for growth in the future.
Principal risks and uncertainties
The directors have assessed the main risk facing the company as being the competition from other companies within the industry. The directors believe that the reputation of the company and the quality of the service will mitigate this risk.
Key performance indicators
The directors consider the key performance indicators of the company to be the gross profit margin and the operating margin. Gross profit margin has decreased to 40.4% (2023: 42.1%) and operating margin decreased to 16.6% (2023: 18.2%).
Financial risk management objectives and policies
The company finances its operations through its retained profits. Management's objective is to retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due.
Mr S Greenhorn
Director
27 June 2025
911 RESCUE RECOVERY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activities of the company continued to be that of vehicle recovery, commercial vehicle repair and VOSA ATF.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £932,200. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr S Greenhorn
Auditor
The auditor, Consilium Audit Limited, was appointed during the year and is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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 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.
911 RESCUE RECOVERY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Mr S Greenhorn
Director
27 June 2025
911 RESCUE RECOVERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 911 RESCUE RECOVERY LIMITED
- 5 -
Opinion
We have audited the financial statements of 911 Rescue Recovery Limited (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 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.
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 director's 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 director 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 director is 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.
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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
911 RESCUE RECOVERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 911 RESCUE RECOVERY LIMITED
- 6 -
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 director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.
We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
911 RESCUE RECOVERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 911 RESCUE RECOVERY LIMITED
- 7 -
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
David Holt
Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
27 June 2025
911 RESCUE RECOVERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
7,989,781
8,232,125
Cost of sales
(4,761,127)
(4,764,649)
Gross profit
3,228,654
3,467,476
Administrative expenses
(1,925,035)
(1,976,074)
Other operating income
25,000
8,333
Operating profit
3
1,328,619
1,499,735
Interest receivable and similar income
6
2,728
1,538
Interest payable and similar expenses
7
(227,711)
(223,529)
Profit before taxation
1,103,636
1,277,744
Tax on profit
8
(139,276)
(364,094)
Profit for the financial year
964,360
913,650
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 11 to 21 form part of these financial statements.
911 RESCUE RECOVERY LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,050,185
3,050,509
Investments
11
1
1
3,050,186
3,050,510
Current assets
Stocks
4,800
4,800
Debtors
13
2,698,175
2,631,669
Cash at bank and in hand
284,021
608,287
2,986,996
3,244,756
Creditors: amounts falling due within one year
14
(1,726,272)
(1,861,240)
Net current assets
1,260,724
1,383,516
Total assets less current liabilities
4,310,910
4,434,026
Creditors: amounts falling due after more than one year
15
(2,150,731)
(2,329,267)
Provisions for liabilities
Deferred tax liability
18
609,372
586,112
(609,372)
(586,112)
Net assets
1,550,807
1,518,647
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
1,550,805
1,518,645
Total equity
1,550,807
1,518,647
The notes on pages 11 to 21 form part of these financial statements.
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
Mr S Greenhorn
Director
Company Registration No. SC221453
911 RESCUE RECOVERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2
1,494,565
1,494,567
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
913,650
913,650
Dividends
9
-
(889,570)
(889,570)
Balance at 30 September 2023
2
1,518,645
1,518,647
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
964,360
964,360
Dividends
9
-
(932,200)
(932,200)
Balance at 30 September 2024
2
1,550,805
1,550,807
The notes on pages 11 to 21 form part of these financial statements.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
911 Rescue Recovery Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Jessie Street, Polmadie, Glasgow, United Kingdom, G42 0PG. The company's registration number is SC221453.
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 financial instruments not measured at fair value; 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 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.
911 Rescue Recovery Limited is a wholly owned subsidiary of Thornton Holdings (Scotland) Limited and the results of 911 Rescue Recovery Limited are included in the consolidated financial statements of Thornton Holdings (Scotland) Limited which are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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:
Leasehold land and buildings
2% Straight Line
Leasehold improvements
10% Straight Line
Plant and equipment
20% / 25% Straight Line
Fixtures and fittings
10% / 20% Straight Line
Motor vehicles
10% / 20% 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 the profit and loss account.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash and cash equivalents
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.
1.9
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.
1.10
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.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.11
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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.15
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.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
7,989,781
8,232,125
2024
2023
£
£
Other revenue
Interest income
2,728
1,538
Grants received
-
8,333
Insurance claim
25,000
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(8,333)
Fees payable to the company's auditor for the audit of the company's financial statements
14,500
Depreciation of owned tangible fixed assets
29,399
43,185
Depreciation of tangible fixed assets held under finance leases
388,382
372,966
Profit on disposal of tangible fixed assets
(143,812)
(65,444)
Operating lease charges
440,720
429,153
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
69
69
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,358,505
2,582,557
Social security costs
238,656
2,017
Pension costs
51,676
116,007
2,648,837
2,700,581
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
13,000
20,804
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,728
1,538
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
50,190
61,246
Interest on finance leases and hire purchase contracts
177,521
155,202
Other interest
7,081
227,711
223,529
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
116,016
Deferred tax
Origination and reversal of timing differences
23,260
364,094
Total tax charge
139,276
364,094
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 17 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,103,636
1,277,744
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
275,909
281,104
Tax effect of expenses that are not deductible in determining taxable profit
5,336
Tax effect of utilisation of tax losses not previously recognised
(79,811)
Group relief
(2,523)
Fixed asset differences
(54,299)
77,654
Taxation charge for the year
139,276
364,094
9
Dividends
2024
2023
£
£
Final paid
932,200
889,570
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
277,282
8,655
1,029,336
208,539
5,128,576
6,652,388
Additions
689,338
689,338
Disposals
(749,209)
(749,209)
At 30 September 2024
277,282
8,655
1,029,336
208,539
5,068,705
6,592,517
Depreciation and impairment
At 1 October 2023
22,184
8,655
1,010,080
208,539
2,352,421
3,601,879
Depreciation charged in the year
5,546
9,171
403,064
417,781
Eliminated in respect of disposals
(477,328)
(477,328)
At 30 September 2024
27,730
8,655
1,019,251
208,539
2,278,157
3,542,332
Carrying amount
At 30 September 2024
249,552
10,085
2,790,548
3,050,185
At 30 September 2023
255,098
19,256
2,776,155
3,050,509
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
£
£
Motor vehicles
2,682,668
2,620,119
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
1
1
12
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
911 Commercial Services Ltd
62 Fallside Road, Bothwell, Glasgow, G71 8BG
Maintenance and repair of motor vehicles
Ordinary
100.00
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
446,725
556,702
Other debtors
2,205,143
2,034,274
Prepayments and accrued income
46,307
40,693
2,698,175
2,631,669
Included within other debtors are amounts due from fellow group entities of £965,888 (2023:£901,575) and amounts due from other related entities of £1,194,844 (2023: £1,105,344).
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
128,072
96,253
Obligations under finance leases
17
614,691
686,291
Trade creditors
222,644
225,738
Corporation tax
116,016
109,526
Other taxation and social security
336,698
355,084
Other creditors
38,291
42,158
Accruals and deferred income
269,860
346,190
1,726,272
1,861,240
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
248,090
376,162
Obligations under finance leases
17
1,902,641
1,953,105
2,150,731
2,329,267
16
Loans and overdrafts
2024
2023
£
£
Bank loans
376,162
472,415
Payable within one year
128,072
96,253
Payable after one year
248,090
376,162
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Loans and overdrafts
(Continued)
- 20 -
In relation to the loans there are fixed and floating charges over the security of the assets of the company.
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
614,691
686,291
In two to five years
1,902,641
1,953,105
2,517,332
2,639,396
Finance lease contracts are secured over the assets to which they relate.
18
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
609,372
586,112
2024
Movements in the year:
£
Liability at 1 October 2023
586,112
Charge to profit or loss
23,260
Liability at 30 September 2024
609,372
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,676
116,007
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.
911 RESCUE RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
20
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1
1
1
1 Ordinary A Share of £1
1
1
2
2
21
Operating lease commitments
Lessee
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
514,000
467,537
Between two and five years
684,000
In over five years
897,750
2,095,750
467,537
22
Related party transactions
The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries with the group.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
23
Ultimate controlling party
The Company's immediate and ultimate parent undertaking is Thornton Holdings (Scotland) Limited. The Company is included within the consolidated financial statements of the Thornton Holdings (Scotland) Limited which are available from Companies House.
The majority shareholder of Thornton Holdings (Scotland) Limited is S Greenhorn and as a result he was in ultimate control of the Company during the year.
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