REGISTERED NUMBER: 06687866 (England and Wales)

SRP HIRE SOLUTIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTOR:

N Ford

REGISTERED OFFICE:

Coldham Road

Coningsby

Lincoln

LN4 4SE

REGISTERED NUMBER:

06687866 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Oxley House

Lincoln Way

Louth

Lincolnshire

LN11 0LS

FIXED ASSETS

Tangible assets

4

1,536,592

1,876,643

CURRENT ASSETS

Debtors

5

1,198,360

1,200,757

Cash at bank and in hand

184,754

26,198

1,383,114

1,226,955

CREDITORS

Amounts falling due within one year

6

1,059,099

933,513

NET CURRENT ASSETS

324,015

293,442

TOTAL ASSETS LESS CURRENT LIABILITIES

1,860,607

2,170,085

CREDITORS

Amounts falling due after more than one year

7

(446,782

)

(441,109

)

PROVISIONS FOR LIABILITIES

(215,615

)

(253,513

)

NET ASSETS

1,198,210

1,475,463

CAPITAL AND RESERVES

Called up share capital

9

102

102

Share premium

362

362

Retained earnings

1,197,746

1,474,999

SHAREHOLDERS' FUNDS

1,198,210

1,475,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 25 September 2025 and were signed by:

N Ford - Director

1.	STATUTORY INFORMATION

SRP Hire Solutions Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

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

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Portable toilets, equipment & furniture

- 10% on cost

Fixtures and fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 33% on cost

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Portable

toilets,

Fixtures

equipment

and

Motor

Computer

& furniture

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

3,203,029

19,829

806,381

14,969

4,044,208

Additions

20,143

-

-

-

20,143

Disposals

(79,155

)

-

(214,937

)

-

(294,092

)

At 30 September 2024

3,144,017

19,829

591,444

14,969

3,770,259

DEPRECIATION

At 1 October 2023

1,593,378

9,057

551,097

14,033

2,167,565

Charge for year

255,695

2,514

60,322

619

319,150

Eliminated on disposal

(50,027

)

-

(203,021

)

-

(253,048

)

At 30 September 2024

1,799,046

11,571

408,398

14,652

2,233,667

NET BOOK VALUE

At 30 September 2024

1,344,971

8,258

183,046

317

1,536,592

At 30 September 2023

1,609,651

10,772

255,284

936

1,876,643

The net book value of tangible assets includes £1,528,017 (2023 - £1,108,793) in respect of assets held under hire purchase contracts and loans.

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

292,897

330,909

Other debtors

50,023

71,576

342,920

402,485

Amounts falling due after more than one year:

Other debtors

855,440

798,272

Aggregate amounts

1,198,360

1,200,757

Other debtors due after one year includes an amount due of £298,280 (2023: £251,418) from Mr N Ford, the director and an amount due of £450,000 (2023: £450,000) from N M & J Limited a company which is under the common control of the director.

Also included in the other debtors due after one year is the tax associated of £100,670 (2023: £84,853) with the amount due from the director.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

246,129

126,856

Hire purchase contracts

218,218

271,431

Trade creditors

147,105

210,391

Taxation and social security

404,799

290,030

Other creditors

42,848

34,805

1,059,099

933,513

The company factors its debtors and included in Bank loans and overdrafts is an amount of £126,856 owed (2022: £188,771).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

216,156

-

Hire purchase contracts

230,626

441,109

446,782

441,109

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

462,285

126,856

Hire purchase contracts

448,844

712,540

911,129

839,396

The company has an invoice financing agreement , the balance of £126,856 (2022: £188,771) which is shown as bank loans. Under this agreement the balance owed to the invoice financing company is secured against the book debts of the company. A recourse arrangement is in place for debts which fall greater than 90 days old.

Hire purchase contracts are secured against the fixed assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

102

Ordinary

£1

102

102

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024

2023

£

£

N Ford

Balance outstanding at start of year

251,418

200,603

Amounts advanced

116,244

100,820

Amounts repaid

(69,382

)

(50,005

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

298,280

251,418

The director's loan account is unsecured and repayable on demand. Interest has been charged at 2/2.25%.

11.	RELATED PARTY DISCLOSURES

Included in other debtors due after one year is £450,000 (2023: £450,000) due from N M & J Limited a company under common control of the director.

12.	GOING CONCERN - MATERIAL UNCERTAINTY

Since the year end, the company encountered financial difficulties stemming from Cash Flow Issues.

If the company is unable to agree a viable solution, then its ability to continue as a going concern may be significantly impacted.

The operations of the company are unaffected, and all assets and liabilities continue to be held at carrying value at present. Therefore, no adjustments have been made as a result of this.

The company has now engaged the services of a recovery specialist to restructure its borrowing and improve cashflow to resolve this. While discussions are ongoing, the directors believe a viable solution will be agreed.

Accordingly, the directors have chosen to adopt the going concern basis in preparing the financial statements.

However, the directors note material uncertainties exists, that may cast significant doubt upon the entity's ability to continue as a going concern.