ACCOUNTS - Final Accounts preparation

Registered number: NI021622

P.R.O. Hire Centre (Derry) Limited

Unaudited

Financial statements

For the Year Ended 31 December 2024


P.R.O. Hire Centre (Derry) Limited Registered number:NI021622

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		237,872		287,641
			237,872		287,641
Current assets
Stocks	6	6,247		4,258
Debtors: amounts falling due within one year	7	22,126		26,560
Cash at bank and in hand	8	892		1,738
		29,265		32,556
Creditors: amounts falling due within one year	9	(155,825)		(138,082)
Net current liabilities			(126,560)		(105,526)
Total assets less current liabilities			111,312		182,115
Creditors: amounts falling due after more than one year	10		(10,230)		(37,880)

Net assets			101,082		144,235

Capital and reserves
Called up share capital	11	100	100
Profit and loss account		100,982	144,135
		101,082	144,235

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P.R.O. Hire Centre (Derry) Limited Registered number:NI021622

Balance Sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2025.

Charles McGinn

Director

The notes on pages 3 to 8 form part of these financial statements.

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

P.R.O. Hire Centre (Derry) Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The Directors of P.R.O. Hire Centre (Derry) Limited have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, P.R.O. Hire Centre (Derry) Limited continues to adopt the going concern basis in preparing the financial statements.

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	10%	Reducing Balance
				Computer equipment	-	20%	Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying the Company's accounting policies, management has not made any significant judgments. There are no key assumptions concerning the future or other key sources of estimation that have a significant risk of raising a material asjustment to the carrying amounts of assets or liabilities within the next financial period.

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

5.	Tangible fixed assets

	Plant and machinery	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	708,945	3,400	712,345
Disposals	(57,966)	-	(57,966)
At 31 December 2024	650,979	3,400	654,379
Depreciation
At 1 January 2024	423,480	1,224	424,704
Charge for the year on owned assets	23,576	435	24,011
Disposals	(32,208)	-	(32,208)
At 31 December 2024	414,848	1,659	416,507
Net book value
At 31 December 2024	236,131	1,741	237,872
At 31 December 2023	285,465	2,176	287,641

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

6.	Stocks
		2024	2023
		£	£

Plant for hire	6,247	4,258
	6,247	4,258

Debtors

					2024	2023
					£	£


Trade debtors	15,854	22,206
Other debtors	2,597	-
Prepayments and accrued income	3,675	4,354
	22,126	26,560

8.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	892	1,738
	892	1,738

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	10,781	10,648
Other loans	1,250	5,000
Trade creditors	13,670	24,078
Other taxation and social security	55,305	32,957
Obligations under finance lease and hire purchase contracts	18,392	36,475
Other creditors	27,286	5,512
Accruals and deferred income	29,141	23,412
	155,825	138,082

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P.R.O. Hire Centre (Derry) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	10,230	16,108
Other loans	-	1,250
Net obligations under finance leases and hire purchase contracts	-	20,522
	10,230	37,880

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

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