Registration number: NI650544

BN Hire Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 10

BN Hire Ltd

Company Information

Director

Mr Brendan Nugent

Registered office

67 Slatequarry Road Cullyhanna Newry Down BT35 0PU

Accountants

SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street Newry Co Down BT35 6BE

BN Hire Ltd

(Registration number: NI650544)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	693,831	634,402
Current assets
Stocks	5	70,195	104,000
Debtors	6	1,948	1,988
Cash at bank and in hand		271,865	241,194
		344,008	347,182
Creditors: Amounts falling due within one year	7	(294,873)	(302,195)
Net current assets		49,135	44,987
Total assets less current liabilities		742,966	679,389
Creditors: Amounts falling due after more than one year	7	(295,774)	(322,584)
Provisions for liabilities		(31,452)	(19,841)
Net assets		415,740	336,964
Capital and reserves
Called up share capital	8	100	100
Retained earnings		415,640	336,864
Shareholders' funds		415,740	336,964

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2025
 

......................................... Mr Brendan Nugent Director

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in N Ireland.

The address of its registered office is:
67 Slatequarry Road
Cullyhanna
Newry
Down
BT35 0PU

These financial statements were authorised for issue by the director on 24 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	15% reducing balance
Fixtures and Fittings	20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2024 - 16).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 February 2024	520,635	92,267	88,421	701,323
Additions	-	55,713	40,805	96,518
At 31 January 2025	520,635	147,980	129,226	797,841
Depreciation
At 1 February 2024	-	37,047	29,874	66,921
Charge for the year	-	22,186	14,903	37,089
At 31 January 2025	-	59,233	44,777	104,010
Carrying amount
At 31 January 2025	520,635	88,747	84,449	693,831
At 31 January 2024	520,635	55,220	58,547	634,402

Included within the net book value of land and buildings above is £520,635 (2024 - £520,635) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other inventories	70,195	104,000

6

Debtors

Current	2025 £	2024 £
Trade debtors	1,491	1,182
Other debtors	457	806
	1,948	1,988

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	36,115	36,715
Trade creditors		93,125	102,257
Taxation and social security		33,867	63,284
Accruals and deferred income		5,678	5,170
Other creditors		126,088	94,769
		294,873	302,195

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	295,774	322,584

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Share Capital of £1 each	100	100	100	100

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	295,774	322,584

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	33,171	33,720
Finance lease liabilities	2,944	2,995
	36,115	36,715

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Bank borrowings

Ulster Bank Loan is denominated in Sterling £ with a nominal interest rate of 9.25%, and the final instalment is due on 31 October 2032. The carrying amount at year end is £Nil (2024 - £348,773). Freehold 1st Legal Charge of 703 Springfiled Road, Belfast, Personal Guarantee of £400,000 by director and Freehold legal charge granted by Director of 7, Lothair Avenue Belfast

Santander Bounce Back Loan is denominated in Sterling £ with a nominal interest rate of 2.5%, and the final instalment is due on 31 January 2027. The carrying amount at year end is £Nil (2024 - £4,586).

10

Dividends

Interim dividends paid

		2025 £		2024 £
Interim dividend of £Nil (2024 - £200.00) per each Share Capital		-		20,000

11	Related party transactions

BN Hire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Director guarantees

During the year the company entered into the following guarantee on behalf of the director:

Guarantee for £400,000 on the Ulster Bank Loan on behalf of Mr Brendan Nugent. The maximum liability that may be incurred by the company is £400,000 (2024 - £400,000). (2024 - £Nil).

Dividends paid to the director

		2025 £		2024 £
Mr Brendan Nugent
Dividends		-		20,000