Company No:
Contents
| Director | H R T Mathias |
| Registered office | 4 Highdown Road |
| Hove | |
| East Sussex | |
| BN3 6EE | |
| United Kingdom |
| Company number | 13035371 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| Plus X Innovation Hub | |
| Lewes Road | |
| Brighton | |
| East Sussex | |
| BN2 4GL |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that HM RENTALS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HM RENTALS LIMITED. You consider that HM RENTALS LIMITED is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of HM RENTALS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Lewes Road
Brighton
East Sussex
BN2 4GL
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 595,000 | 595,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 6,033 | 2,219 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (167,103) | (171,281) | ||
| Total assets less current liabilities | 427,897 | 423,719 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net assets/(liabilities) |
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| Called-up share capital |
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| Fair value reserve |
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| Profit and loss account | (
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| Total shareholder's funds/(deficit) |
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Director's responsibilities:
The financial statements of HM RENTALS LIMITED (registered number:
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H R T Mathias
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The company is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is 4 Highdown Road, Hove, East Sussex, BN3 6EE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The fair value is determined annually by the director, on an open market value for existing use basis.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 December 2023 |
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| As at 30 November 2024 |
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Valuation
The 2024 valuations were made by the director, on an open market value for existing use basis.
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax asset |
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| Corporation tax |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to director |
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| Accruals |
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| Deferred tax liability |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
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(
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| (Charged)/credited to the Profit and Loss Account | (
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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| Tax losses carry forward |
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Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| H R T Mathias | 169,600 | 171,400 |
The director provided the company with an interest free loan repayable on demand.