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Registered number: 01041096
Hamilton Rentals Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
Johnston Wood Roach Ltd
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2025.
Review of the Business
The directors are delighted to report a profit for the year of £1,290,548 (2024: profit of £5,034,676). This result means that the company can report positive net assets of £911,471. 
On 1st July 2024, the company was acquired by Hamilton Management London Ltd, a company formed by key members of the management of Hamilton Rentals Ltd. 
Year on year revenues reduced by £900k, however, the company did not acquire the loss-making end of life asset division which contributed revenues of £1.6m the previous financial year. The company’s core revenues increased by about 10% which was a very pleasing result.
As part of the MBO, Bell Integration agreed to transfer the IP of its bespoke in-house Rental Management System (RMS) to Hamilton Rentals Ltd and this asset has been capitalised with a current net book value of £2,411,707. Hamilton Rentals Ltd continues to invest and develop the system. It is fundamental to the company and used to drive our business. It is the differentiator which makes Hamilton Rentals Ltd the largest independent IT Rental company in Europe. Past and future development and investment will turn RMS into a market leading full e-commerce automated rental asset management system.
In the review, we also took an additional stock provision to reflect current market values and looked to provision against property exposures at Saxon House.
The company continues to invest heavily in new stock, spending over £3.5M on new product in the year. It represents a commitment to the future of the business. 
The directors have reviewed their forecasts for this year and confirm the company can meet its liabilities as they fall due. The new ownership will allow the company to be more flexible in its sales approach, to increase revenues whilst strictly controlling costs. The prospects for the future of the business remain encouraging.
Principal Risks and Uncertainties
Cash flow risk
The company recognises a small exposure to foreign currency exchange rate movements and any exposure is taken against profit and loss account.
Credit risk
The company also recognises a credit risk primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company is not dependant on one single customer.
Liquidity risk
The directors consider that it has sufficient resources available to support the Company for a period of at least 12 months from the date of signing these accounts. 
Page 1
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Key Performance Indicators
The key performance indicators used by the company when monitoring performance are:
- rental revenues
- rental stock utilisation
- gross margins on sale of kit
Revenue
The company measures rental revenue performance against prior periods with a view to achieving an increase of at least 5% per annum. During the current year, the rental turnover increased by over 22% on the prior year. The company benefited from new revenue streams following its relationship with Bell Microsystems. We expect this to continue into following years. 
Rental stock utilisation
Rental stock utilisation is the proportion of time that assets spend on rent at customers. The company targets utilisation of at least 50%. In the period, the company achieved an average utilisation of 48.8% (2024: 46.6%). There are many under-utilised assets depressing the overall result. This is reflected in additional stock provision taken in the year, which will support the disposal of under-utilised assets. 
Gross margin
The company aims to make a profit on the sale on ex-rental assets at the point that they are sold. This is an important check on the carrying values of the rental assets. The margin on the sale of ex-rental assets in the period was 19% (2024: 5%) which indicates the carrying values remain good.
On behalf of the board
Mr Martin O'Connor
Director
18 July 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Principal Activity
The company's principal activity continues to be that of Rental of Information Technology (IT) and Audio Visual (AV) equipment to end users either directly or in conjunction with a business partner.
Management of major IT manufacturers' equipment loan pools and seed equipment on a fee for service basis.
Asset management services; both sales of used assets and the appropriate disposal of non-saleable assets in accordance with WEEE legislation on a fee for service basis.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Vitesh Kerai Appointed 25/09/2024
Mr Marc Ursel Appointed 25/09/2024
Mr Martin O'Connor
Mr Steve Shelsher Appointed 25/09/2024
Mr Nicholas Petheram Resigned 28/06/2024
Mr Manpreet Gill Resigned 28/06/2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Martin O'Connor
Director
18 July 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Hamilton Rentals Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(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.
Basis for Opinion
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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
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. In connection with our audit of the financial statements, 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 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 the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 or 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.
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- Evaluation of controls designed to prevent and detect irregularities; and
- Assessing journals entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our 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 that 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.
Katie Wood FCA FCCA (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited , Statutory Auditor
21 July 2025
JWR Audit Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ
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Profit and Loss Account
2025 2024
Notes £ £
TURNOVER 3 8,100,578 9,004,683
Cost of sales (3,512,383 ) (6,487,145 )
GROSS PROFIT 4,588,195 2,517,538
Administrative expenses (4,440,964 ) (5,758,951 )
OPERATING PROFIT/(LOSS) 4 147,231 (3,241,413 )
Exceptional items 1,544,860 8,688,886
Interest payable and similar charges 9 (401,543 ) (412,797 )
PROFIT FOR THE FINANCIAL YEAR 1,290,548 5,034,676
The notes on pages 11 to 19 form part of these financial statements.
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Statement of Comprehensive Income
2025 2024
£ £
PROFIT FOR THE FINANCIAL YEAR 1,290,548 5,034,676
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,290,548 5,034,676
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Balance Sheet
Registered number: 01041096
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 11 2,473,454 -
Tangible Assets 12 2,904,035 3,355,834
5,377,489 3,355,834
CURRENT ASSETS
Debtors 13 2,109,607 1,864,583
Cash at bank and in hand 142,294 102,674
2,251,901 1,967,257
Creditors: Amounts Falling Due Within One Year 14 (5,632,192 ) (5,211,003 )
NET CURRENT ASSETS (LIABILITIES) (3,380,291 ) (3,243,746 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,997,198 112,088
Creditors: Amounts Falling Due After More Than One Year 15 (685,727 ) (491,165 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 18 (400,000 ) -
NET ASSETS/(LIABILITIES) 911,471 (379,077 )
CAPITAL AND RESERVES
Called up share capital 19 2,438,700 2,438,700
Profit and Loss Account (1,527,229 ) (2,817,777 )
SHAREHOLDERS' FUNDS 911,471 (379,077)
On behalf of the board
Mr Martin O'Connor
Director
18 July 2025
The notes on pages 11 to 19 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2023 2,438,700 (7,852,453 ) (5,413,753)
Profit for the year and total comprehensive income - 5,034,676 5,034,676
As at 31 March 2024 and 1 April 2024 2,438,700 (2,817,777 ) (379,077)
Profit for the year and total comprehensive income - 1,290,548 1,290,548
As at 31 March 2025 2,438,700 (1,527,229 ) 911,471
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Notes to the Financial Statements
1. General Information
Hamilton Rentals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01041096 . The registered office is Saxon House, Oaklands Park, Wokingham, RG41 2FD.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The presentation currency of the financial statements is the Pound Sterling (£).
Accounts are rounded to the nearest pound.
These accounts represent the company as an individual entity.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. Having prepared and reviewed detailed financial projections, the directors believe this to be appropriate as they believe that the company has access to sufficient working capital in order to meet the financial obligations of the company as they fall due.
In reaching their conclusion, the directors have considered the current economic environment and the continued support from the company's ultimate parent company. The rental fleet remains of sufficient value to create additional working capital should this be required by the business.
The ultimate parent company, Hamilton Management (London) Limited, has confirmed it is able and intends to continue to support the company to ensure that it can meet its liabilities as they fall due, for a period of at least one year from the signing of these financial statements.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key areas of judgement and estimation affecting these financial statements are as follows:
Fixed assets
Management are required to estimate the expected Useful Economic Life of rental and other assets. The depreciation policies described are considered a reasonably accurate estimate based on historical analysis of residual values on disposals.
Debtor recoverability
The company is reliant on cash collection from its trade debtor book and the continued support of its ultimate parent company in order to continue to meet its day to day operational needs. Management use judgement in determining the recoverability of both intercompany and trade debts and calculate bed debt provision by analysing each receivable on a case by case basis.
Deferred taxation
A deferred tax asset is recognised in respect of tax losses brought forward. Management use judgement and estimates in preparing the forecasts which justify the recognition of an asset on the basis that taxable profits will be made to offset this in future periods.
2.4. Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
Sale of goods
Revenue from equipment sales is recognised on delivery of the equipment.
Rendering of services
Revenue from equipment rental, software support and hardware maintenance is recognised over the term of the agreement on a straight line basis. Any unrecognised revenue element is shown separately in the balance sheet notes as deferred income. For certain rental equipment arrangements, the company received a discount against the purchase of products from the suppliers of this rental equipment. For these arrangements, revenue is equal to the discount received by the company which is recognised over the term of the rental agreement.
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2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Included in intangible assets is the RMS software. It is amortised to the profit and loss account over its estimated economic life of 10 years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by
management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
The estimated useful lives range as follows:
Rental Equipment Software: 12 months, Other: 60 months
Fixtures & Fittings 48 months
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recongised in the Profit and Loss account.
2.7. 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 the profit and loss account as incurred.
2.8. Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more that 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.9. Foreign Currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting for the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash
flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.11. Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds to the associated capital instrument.
2.12. Change in policy
Following the change in ownership in the year, the Directors have decided to recognise some costs incurred to administrative expenses rather than direct costs in the year ending 31st March 2025. In the current year, the change in policy has increased gross profit by £148,704, increased administrative expenses and reduced cost of sales by the same amount. There is no tax effect. If the same policy was in place in the comparative year, the implication would be an increase in gross profit by £164,610, increased administrative expenses and reduced cost of sales by the same amount.
The nature of costs moved to administrative expenditure is travel, vehicle hire and telephone.
Previously these costs have been included in direct costs.
3. Turnover
Analysis of turnover by class of business is as follows:
2025 2024
£ £
Rental income 5,695,764 6,283,921
Sale of goods 2,404,814 2,720,762
8,100,578 9,004,683
Analysis of turnover by geographical market is as follows:
2025 2024
£ £
United Kingdom 8,008,463 9,004,683
Europe 72,460 60,050
Rest of the world 19,655 47,746
8,100,578 9,112,479
4. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2025 2024
£ £
Bad debts 29,359 1,893
Depreciation of tangible fixed assets 896,497 1,492,162
Amortisation of intangible fixed assets 250,403 -
Impairment losses - tangible fixed assets - 1,588,799
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2025 2024
£ £
Audit Services
Audit of the company's financial statements 22,700 27,647
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2025 2024
£ £
Wages and salaries 2,539,147 3,149,020
Social security costs 269,970 339,985
Other pension costs 116,097 146,321
2,925,214 3,635,326
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2025 2024
Office and administration 13 34
Sales 15 13
Logistics 26 18
54 65
8. Directors' remuneration
2025 2024
£ £
Emoluments 495,290 310,500
Company contributions to defined benefit pension schemes 25,305 24,350
520,595 334,850
During the period retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £197,864 (2024: £334,850).
The value of the company's contributions paid to a defined benefit contribution scheme in respect of the highest paid director amounted to £11,025 (2024: £24,350).
9. Interest Payable and Similar Charges
2025 2024
£ £
Bank loans and overdrafts 37,603 37,036
Other finance charges 363,940 375,761
401,543 412,797
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10. Tax on Profit
The tax (credit)/charge on the profit for the year was as follows:
Tax Rate 2025 2024
2025 2024 £ £
Current tax
UK Corporation Tax 25.0% 25.0% - -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2025 2024
£ £
Profit before tax 1,290,548 5,034,676
Tax on profit at 25% (UK standard rate) 322,637 1,258,669
Expenses not deductible for tax purposes 308,699 (2,165,015 )
Capital allowances (176,021 ) 296,197
Revenue exempt from taxation (766,926 ) -
Tax losses unutilised carried forward 311,611 -
Group relief - 610,149
Total tax charge for the period - -
11. Intangible Assets
Other
£
Cost
As at 1 April 2024 -
Additions 3,338,705
As at 31 March 2025 3,338,705
Amortisation
As at 1 April 2024 -
Provided during the period 865,251
As at 31 March 2025 865,251
Net Book Value
As at 31 March 2025 2,473,454
As at 1 April 2024 -
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12. Tangible Assets
Rental Equipment Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2024 9,345,358 89,002 9,434,360
Additions 3,543,341 22,861 3,566,202
Disposals (4,909,135 ) (6,720 ) (4,915,855 )
As at 31 March 2025 7,979,564 105,143 8,084,707
Depreciation
As at 1 April 2024 6,006,748 71,778 6,078,526
Provided during the period 1,322,327 11,373 1,333,700
Disposals (2,224,834 ) (6,720 ) (2,231,554 )
As at 31 March 2025 5,104,241 76,431 5,180,672
Net Book Value
As at 31 March 2025 2,875,323 28,712 2,904,035
As at 1 April 2024 3,338,610 17,224 3,355,834
The rental fleet included within equipment represents assets held for use in finance leases with gross amount £7,979,562 (2024: £9,345,359) and accumulated depreciation £5,104,239 (2024: £4,417,949).
The cost of the assets held on hire purchase are £1,200,702 (2024: £703,898) with accumulated depreciation of £858,926 (2024: £139,192).
13. Debtors
2025 2024
£ £
Due within one year
Trade debtors 625,903 872,569
Prepayments and accrued income 551,588 252,809
Other debtors (775 ) (10,795 )
Deferred tax current asset 750,000 750,000
Amounts owed by related parties 182,891 -
2,109,607 1,864,583
The deferred taxation balance totalling £750,000 (2024: £750,000) is considered to be due in more than 1 year in accordance with the timing of expected future profits.
14. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 249,451 280,389
Trade creditors 666,184 795,358
Other loans 1,100,158 1,425,804
Other taxes and social security 339,905 165,546
Other creditors 109,240 13,602
Accruals and deferred income 2,178,131 800,466
Amounts owed to group undertakings - 1,729,838
Amounts owed to related parties 989,123 -
5,632,192 5,211,003
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Included within other loans is £1,100,152 (2024: £1,425,804) secured by a fixed and floating charge over all assets of the company.
15. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 176,161 241,165
Other loans 205,000 250,000
Amounts owed to related parties 304,566 -
685,727 491,165
Included within other loans due after more than one year is £205,000 (2024: £250,000) secured by a fixed and floating charge over all assets of the company.
16. Loans
An analysis of the maturity of loans is given below:
2025 2024
£ £
Amounts falling due within one year or on demand:
Other loans 1,100,158 1,425,804
2025 2024
£ £
Amounts falling due between one and five years:
Other loans 205,000 250,000
17. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 249,451 280,389
Later than one year and not later than five years 176,161 241,165
425,612 521,554
425,612 521,554
18. Provisions for Liabilities
Dilapidations Deferred Tax Total
£ £ £
As at 1 April 2024 - (750,000 ) (750,000)
Additions 400,000 - 400,000
Balance at 31 March 2025 400,000 (750,000 ) (350,000)
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19. Share Capital
2025 2024
Allotted, called up and fully paid £ £
243,870,000 Ordinary Shares of £ 0.01 each 2,438,700 2,438,700
The ordinary shares are non-redeemable but hold full rights in respect of voting, and entitle the holder to full participation in respect of equity and in the event of winding up of the company, the shares may be considered by the directors when considering dividends from time to time.
20. Capital Commitments
2025 2024
£ £
At the end of the period 160,003 614,175
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 255,000 -
Later than one year and not later than five years 403,750 -
658,750 -
The operating lease relates to a lease for rental premises.
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £90,792 (2024: £121,971).
At the balance sheet date contributions of £19,829 (2024: £0) were due to the fund and are included in creditors.
23. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Related parties outside of the group have been identified as, Bell Microsystems Limited, Lumino AV Solutions Limited and Grade A Technology Limited. All related party transactions took place at market value. None of the balances have been written off as a bad debt. Details of the related party transactions are outlined below.
Bell Microsystems Limited
Purchases from Bell Microsystems Limited by Hamilton Rentals Limited totalled £2,406,460 in the year. At the year end £497,561 was outstanding and included in creditors.
Sales made by Hamilton Rentals Limited to Bell Microsystems Limited totalled £2,838,224 in the year. At the year end £914 was outstanding and included in debtors.
Further to the above, a loan was provided by Bell Microsystems Limited to Hamilton Rentals Limited. The total loan outstanding at the balance sheet date is £732,739. Of this, £428,173 is due within one year and the remaining loan is payable after one year. The loan is included in balances owed to related parties.
Lumino AV Solutions Limited
Purchases from Lumino AV Solutions Limited by Hamilton Rentals Limited totalled £423,183 in the year. At the year end £63,388 was outstanding and included in creditors.
Sales made by Hamilton Rentals Limited to Lumino AV Solutions Limited totalled £23,748 in the year. At the year end £1,380 was outstanding and included in debtors.
Grade A Technology Limited
Sales made by Hamilton Rentals Limited to Grade A Technology Limited totalled £882,502 in the year. At the year end £180,598 was outstanding and included in debtors.
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24. Controlling Parties
From the 28th June 2024 the ultimate controlling party is Hamilton Management (London) Limited by virtue of their interest in the share capital of the company. The Directors do not deem there to be one individual ultimate controlling party.
Prior to the 28th June 2024, the controlling party was Bell Microsystems Limited. The directors considered A Bell, the beneficial owner of Bell Microsystems Limited, to be the ultimate controlling party prior to 28th June 2024.
The company's financial statements are consolidated in to the financial statements of Hamilton Management (London) Limited which can be obtained from Saxon House Oaklands Business Centre, Oaklands Park, Wokingham, England, RG41 2FD. This is the largest and smallest group of undertakings for which consolidated financial statements are drawn up. 
25. Exceptional Items
Exceptional items in the year relate to the write down of an intangible asset. Prior year exceptional costs relate to an intercompany loan write off.
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