REGISTERED NUMBER: 01678881 (England and Wales)

Hird Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st March 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

P R Hird

J M Wilding

R J Blanchard

J Timmins

SECRETARY:

P R Hird

REGISTERED OFFICE:

127-143 English Street

Hull

East Yorkshire

HU3 2BS

REGISTERED NUMBER:

01678881 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report for the year ended 31st March 2025.

REVIEW OF BUSINESS

The company's principal activities remain the hire of niche lifting equipment, access platforms, mini cranes and glass handling equipment, along with the provision of machinery movement, installations, relocations and contract lifting services and associated training services.

Principal Risks and Uncertainties

The principal risks and uncertainties during the year were dominated by the decisions and policies made by the UK Government resulting in a reduced confidence in UK markets that has helped drive down investment. Combined with increasing inflationary costs continuing to affect all sectors operated within by the company, we would appear to be diving towards a shrinking economy. Hence, businesses have adopted a far more cautious approach in order to accommodate the increases in taxation that are a direct result of the decisions made by the current Chancellor.

The company has also faced eroded pricing structures due to the influx of under-priced Chinese products being offered to the client base at a substantially lower return than the market traditionally operates within.

The conflict in the Ukraine continues to affect the lead times for products and parts and the seemingly ad-hoc policy and tariff decisions emerging from the USA are affecting global markets on an ever-changing basis.

Despite these burdens, the company has continued to operate profitably as trading remained stable. Investments in equipment continues and this has allowed the company to maintain its footprint within all sectors. Following on from this, future ongoing investments have been planned to allow the company to further evolve in anticipation that confidence will return to the economy, placing the company in the best position to respond to demand and growth.

Key Performance Indicators

The company operates a robust KPI on a weekly and monthly basis. These include turnover and costs, profitability, utilisation and cashflow for individual assets. The systems we operate offer weekly indicators allowing the company to respond to challenges in a timely manner and effective way.

Future Development and Performance

The company expects growth to slow in reaction to the markets and proposed new government's policies in both the UK and Europe through 2025. The business has prepared well for any eventuality in 2025 and remains strong across all areas of the business.

The Director's aim is for a robust and diligent trading throughout 2025/26 with investments continuing and costs being monitored. Asset growth is expected to allow the business to be at the forefront of the latest technologies available to our industry.

ON BEHALF OF THE BOARD:

P R Hird - Director

23rd July 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of access platform, crane and glass lifting equipment hire and sales, machinery moving and training providers.

DIVIDENDS

Interim dividends totalling £977,249 were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2025 will be £977,249

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report.

P R Hird

J M Wilding

R J Blanchard

J Timmins

Other changes in directors holding office are as follows:

P S Moss - resigned 28th March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P R Hird - Director

23rd July 2025

Opinion

We have audited the financial statements of Hird Limited (the 'company') for the year ended 31st March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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, 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 31st March 2025 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory 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 and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims;

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 we are required to state to them in a Report of the Auditors 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.

Luke Taylor BSc (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

23rd July 2025

TURNOVER

3

18,952,417

19,498,105

Cost of sales

8,892,271

9,476,278

GROSS PROFIT

10,060,146

10,021,827

Administrative expenses

7,476,019

7,353,170

OPERATING PROFIT

5

2,584,127

2,668,657

Interest receivable and similar income

12,212

-

2,596,339

2,668,657

Interest payable and similar expenses

7

286,664

239,871

PROFIT BEFORE TAXATION

2,309,675

2,428,786

Tax on profit

8

587,218

660,931

PROFIT FOR THE FINANCIAL YEAR

1,722,457

1,767,855

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,722,457

1,767,855

FIXED ASSETS

Tangible assets

10

19,333,714

17,016,185

CURRENT ASSETS

Stocks

11

771,573

877,624

Debtors

12

4,342,345

4,151,769

Cash at bank and in hand

304,313

778,382

5,418,231

5,807,775

CREDITORS

Amounts falling due within one year

13

5,142,211

4,633,154

NET CURRENT ASSETS

276,020

1,174,621

TOTAL ASSETS LESS CURRENT LIABILITIES

19,609,734

18,190,806

CREDITORS

Amounts falling due after more than one year

14

(4,288,559

)

(3,842,167

)

PROVISIONS FOR LIABILITIES

17

(2,609,240

)

(2,381,912

)

NET ASSETS

12,711,935

11,966,727

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

19

12,710,935

11,965,727

SHAREHOLDERS' FUNDS

12,711,935

11,966,727

The financial statements were approved by the Board of Directors and authorised for issue on 23rd July 2025 and were signed on its behalf by:

P R Hird - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

1,000

10,550,780

10,551,780

Changes in equity

Dividends

-

(352,908

)

(352,908

)

Total comprehensive income

-

1,767,855

1,767,855

Balance at 31st March 2024

1,000

11,965,727

11,966,727

Changes in equity

Dividends

-

(977,249

)

(977,249

)

Total comprehensive income

-

1,722,457

1,722,457

Balance at 31st March 2025

1,000

12,710,935

12,711,935

1.	STATUTORY INFORMATION

Hird Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standards 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Turnover

Sale of goods

Turnover from the sale of plant and related goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from plant hire and training is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to hire periods or when the training courses take place.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The rates generally applicable are:-

Long leasehold

2% on cost

Improvement to property

15% on reducing balance

Plant and machinery

10 to 25% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Goods

2,397,160

2,155,941

Services

16,555,257

17,342,164

18,952,417

19,498,105

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,807,930

5,616,156

Social security costs

535,385

516,542

Other pension costs

265,531

266,465

6,608,846

6,399,163

The average number of employees during the year was as follows:

2025

2024

Directors

5

6

Admin

31

12

Labour

74

91

110

109

2025

2024

£

£

Directors' remuneration

390,711

410,158

Directors' pension contributions to money purchase schemes

139,037

154,142

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

112,988

108,716

Pension contributions to money purchase schemes

1,321

1,347

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

770,777

884,219

Depreciation - assets on hire purchase contracts

1,381,164

1,110,419

Loss on disposal of fixed assets

63,167

13,989

Auditors' remuneration

21,927

22,452

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Intercompany loan write off

-

(152,304

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

68

1,908

Bank loan interest

-

15,619

Hire purchase interest

286,596

222,344

286,664

239,871

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

359,890

357,737

Deferred tax

227,328

303,194

Tax on profit

587,218

660,931

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

2,309,675

2,428,786

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

577,419

607,197

Effects of:

Expenses not deductible for tax purposes

5,392

24,230

Depreciation on non qualifying assets

4,407

4,433

Other adjustments

-

25,071

Total tax charge

587,218

660,931

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

977,249

352,908

10.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1st April 2024

864,955

24,099,326

746,149

25,710,430

Additions

-

4,820,082

178,966

4,999,048

Disposals

-

(1,610,121

)

(111,722

)

(1,721,843

)

At 31st March 2025

864,955

27,309,287

813,393

28,987,635

DEPRECIATION

At 1st April 2024

111,136

8,287,042

296,067

8,694,245

Charge for year

17,628

2,021,012

113,301

2,151,941

Eliminated on disposal

-

(1,115,432

)

(76,833

)

(1,192,265

)

At 31st March 2025

128,764

9,192,622

332,535

9,653,921

NET BOOK VALUE

At 31st March 2025

736,191

18,116,665

480,858

19,333,714

At 31st March 2024

753,819

15,812,284

450,082

17,016,185

The net book value of assets includes £9,217,711 (2024 £9,002,224) in respect of assets held under hire purchase contracts.

11.

STOCKS

2025

2024

£

£

Stocks

771,573

877,624

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,260,479

2,921,802

Amounts owed by group undertakings

17,596

-

Other debtors

951,505

1,134,631

Prepayments

112,765

95,336

4,342,345

4,151,769

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 15)

2,246,228

2,129,076

Trade creditors

2,015,825

1,575,538

Amounts owed to group undertakings

1,000

65,455

Tax

182,677

176,891

Social security and other taxes

171,485

177,376

VAT

326,530

319,245

Other creditors

101,187

111,602

Accruals and deferred income

97,279

77,971

5,142,211

4,633,154

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 15)

4,288,559

3,842,167

15.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

2,246,228

2,129,076

Between one and five years

4,288,559

3,842,167

6,534,787

5,971,243