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Registered number: 10896090
X-Hire Limited
Financial Statements
For The Year Ended 30 September 2024
Denmark Forrester Limited
Chartered Accountant and Registered Auditor
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 10896090
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,247,657 3,177,650
3,247,657 3,177,650
CURRENT ASSETS
Debtors 5 1,785,328 1,395,787
Cash at bank and in hand 158,059 386,669
1,943,387 1,782,456
Creditors: Amounts Falling Due Within One Year 6 (1,649,109 ) (4,339,798 )
NET CURRENT ASSETS (LIABILITIES) 294,278 (2,557,342 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,541,935 620,308
Creditors: Amounts Falling Due After More Than One Year 7 (3,618,169 ) (762,152 )
NET LIABILITIES (76,234 ) (141,844 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Other reserves 509,952 -
Profit and Loss Account (586,286 ) (141,944 )
SHAREHOLDERS' FUNDS (76,234) (141,844)
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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 Jonathan Stevens
Director
27th June 2025
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
X-Hire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10896090 . The registered office is 4th Floor, Centenary House, Salford, M50 1RF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
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 recoverability of trade debtors has the most significant effect on amounts recognised in the financial statements. Provision is made for any trade debtors that are considered to be irrecoverable. This is based on management's best estimate taking into consideration particular factors including credit insurance and expected recovery. 
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold Not depreciated
Plant & Machinery 25% reducing balance or 18% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.7. Financial Instruments
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of Impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's oriqinal effective interest rate. The impairment loss is recognised in profit or loss.
Impairment of financial assets
If there Is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The Impairment reversal Is recognised In profit or loss.
Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
...CONTINUED
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2.7. Financial Instruments - continued
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 43 (2023: 43)
43 43
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 3,208,159 66,084 2,500 3,276,743
Additions 495,510 273,509 - 769,019
Disposals (255,620 ) - - (255,620 )
As at 30 September 2024 3,448,049 339,593 2,500 3,790,142
Depreciation
As at 1 October 2023 96,339 2,754 - 99,093
Provided during the period 399,282 66,510 500 466,292
Disposals (22,900 ) - - (22,900 )
As at 30 September 2024 472,721 69,264 500 542,485
Net Book Value
As at 30 September 2024 2,975,328 270,329 2,000 3,247,657
As at 1 October 2023 3,111,820 63,330 2,500 3,177,650
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 880,070 3,111,820
Motor Vehicles 121,090 -
1,001,160 3,111,820
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,578,838 958,143
Other debtors 206,490 437,644
1,785,328 1,395,787
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 700,059 787,079
Trade creditors 823,420 297,698
Amounts owed to group undertakings - 3,133,975
Other creditors 16,159 42,204
Taxation and social security 109,471 78,842
1,649,109 4,339,798
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 276,054 762,152
Amounts owed to group undertakings 3,342,115 -
3,618,169 762,152
The director of the ultimate parent company has provided written confirmation to the Board that, in respect of the amounts owed to group undertakings, no repayment will be requested within a period of 12 months from the date of approval of these financial statements.
In addition, guarentees have been given by both the immediate and ultimate parent companies in respect of the hire purchase liabilities.
8. Secured Creditors
Of the creditors the following amounts are secured.
Hire purchase contracts are individually secured against the assets to which they relate.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,041,333 1,549,231
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 700,059 787,079
Later than one year and not later than five years 276,054 762,152
976,113 1,549,231
976,113 1,549,231
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 264,158 155,000
Later than one year and not later than five years 1,056,632 620,000
Later than five years 748,089 439,167
2,068,879 1,214,167
12. Related Party Transactions
During the year the company transacted sales and/or purchases with fellow group companies on normal commercial terms.
At the balance sheet date the company owed its immediate parent company,  Contractors/Plant Hire (Reading) Limited,  £3,342,115 (2023: £3,133,975).  This amount is repayable on 30 September 2027 and is stated net of a capital contribution of £509,952, representing the below market element of the interst charged on the loan.
13. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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14. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Contractors/Plant Hire (Reading) Limited (incorporated in Engalnd and Wales), by virtue of it owning 90% of the company's issued share capital. The company's ultimate parent undertaking is Tulimus Limited (incorporated in Engalnd and Wales), by virtue of it owning 100% of the issued share capital of Contractors/Plant Hire (Reading) Limited.
Copies of the group accounts may be obtained from the secretary, Tulimus Limited, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE.
The company's ultimate controlling party is Mr Jonathan Stevens.
15. Audit Information
The auditor's report on the accounts of X-Hire Limited for the year ended 30 September 2024 was unqualified.
The auditor's report was signed by Robert Easby FCA (Senior Statutory Auditor) for and on behalf of Denmark Forrester Limited , Statutory Auditor.
Denmark Forrester Limited
Office 12 The Bentalls Centre
Colchester Road
Heybridge
Essex
CM9 4GD
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