REGISTERED NUMBER: SC739419 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Rental Technology And Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Currie

F Knutsen

T H Staalesen

REGISTERED OFFICE:

Unit 2 Woodside Road

Bridge of Don

Aberdeen

Aberdeenshire

AB23 8EF

REGISTERED NUMBER:

SC739419 (Scotland)

AUDITORS:

BK Plus Audit Ltd

Azzurri House

Walsall Business Park

Aldridge

Walsall

West Midlands

WS9 0RB

FIXED ASSETS

Tangible assets

5

3,631,170

1,511,182

CURRENT ASSETS

Stocks

103,730

57,284

Debtors

6

3,522,610

1,853,194

Cash at bank

514,679

180,537

4,141,019

2,091,015

CREDITORS

Amounts falling due within one year

7

5,215,925

2,796,507

NET CURRENT LIABILITIES

(1,074,906

)

(705,492

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,556,264

805,690

PROVISIONS FOR LIABILITIES

9

709,986

197,925

NET ASSETS

1,846,278

607,765

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,846,178

607,665

SHAREHOLDERS' FUNDS

1,846,278

607,765

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

D R Currie - Director

1.	STATUTORY INFORMATION

Rental Technology And Services Limited is a private company, limited by shares , registered in Scotland. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Operating lease commitments:

As a lessee, the company obtains the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangement, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Useful economic life of non-current assets:

Management estimate the useful economic life of non-current assets based on the period over which the asset is expected to be used and provide for depreciation accordingly. Where an indication of impairment is identified the estimation of recoverable value requires estimation.

Deferred tax:

Management estimation is required to determine the amount of deferred tax asset that can be recognised, based upon likely timing and level of future taxable profits.

Impairment of trade receivables:

The company makes an estimate of the recoverable amount of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33.33% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Debt recovery

All aged debt is regularly reviewed to ascertain the continuing prospect of recovery and that it remains economical to continue to pursue recovery. Where recovery is considered doubtful or uneconomic, the department will provide for or write-off the debt by reducing the value of debtors within the Statement of Financial Position.

Contingent asset - claim for damaged goods:

The company has submitted a claim against a customer in respect of damaged goods. The claim is currently under negotiation, and while the directors are confident of a favourable outcome, the amount and timing of any potential inflow of economic benefits cannot be determined with sufficient certainty at the reporting date. Accordingly, no asset has been recognised in the financial statements. Any proceeds will be recognised when receipt is certain.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 6 ) .

4.	AUDITORS' REMUNERATION

Period

26.7.22

Year Ended

to

31.12.24

31.12.23

(Unaudited)

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,350

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,700,013

Additions

2,671,650

Disposals

(7,690

)

At 31 December 2024

4,363,973

DEPRECIATION

At 1 January 2024

188,831

Charge for year

545,042

Eliminated on disposal

(1,070

)

At 31 December 2024

732,803

NET BOOK VALUE

At 31 December 2024

3,631,170

At 31 December 2023

1,511,182

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade debtors

3,391,994

1,792,391

Other debtors

130,616

60,803

3,522,610

1,853,194

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade creditors

274,210

435,958

Amounts owed to group undertakings

2,610,315

1,365,451

Taxation and social security

26,103

104,000

Other creditors

2,305,297

891,098

5,215,925

2,796,507

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

(Unaudited)

£

£

Within one year

99,820

70,653

Between one and five years

884,711

265,184

In more than five years

160,000

-

1,144,531

335,837

During the year the company paid £64,026 towards operating leases.

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

(Unaudited)

£

£

Deferred tax

709,986

197,925

Deferred

tax

£

Balance at 1 January 2024

197,925

Accelerated capital allowances

512,061

Balance at 31 December 2024

709,986

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keval Dattani ACA (Senior Statutory Auditor)

for and on behalf of BK Plus Audit Ltd

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director David Currie, advanced £1,313,845 to Rental Technology and Services Limited. The company also repaid David Currie £267,107.

The balance of £1,672,109 was outstanding at the year end (2023 - £625,371).

13.	RELATED PARTY DISCLOSURES

During the year AOSS Limited, a company controlled by David Currie, advanced £236,507 to Rental Technology and Services. The balance of £236,507 was outstanding at the year end.

During the year Rental Technology and Services AS advanced £751,641 to Rental Technology and Services of which £138,000 was repaid during the year. The balance of £613,641 was outstanding at the year end.

14.	ULTIMATE CONTROLLING PARTY

The company was controlled by David Currie for the period up to 13th November 2023. The company was subsequently controlled by its immediate parent company, RTS UK Holding AS, a company incorporated in Norway, address is: Sjøenvegen 52, 4270 Åkrehamn Norway.