Registration number: NI055398

Hire Class Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 13

Hire Class Limited

(Registration number: NI055398)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	348,535	190,513
Current assets
Stocks	6	855,763	772,300
Debtors	7	594,572	226,533
Cash at bank and in hand		901,155	1,776,746
		2,351,490	2,775,579
Creditors: Amounts falling due within one year	8	(890,456)	(897,126)
Net current assets		1,461,034	1,878,453
Total assets less current liabilities		1,809,569	2,068,966
Creditors: Amounts falling due after more than one year	8	(4,676)	(58,614)
Provisions for liabilities		(190,381)	(227,651)
Net assets		1,614,512	1,782,701
Capital and reserves
Called up share capital	9	750,100	750,100
Retained earnings		864,412	1,032,601
Shareholders' funds		1,614,512	1,782,701

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Hire Class Limited

(Registration number: NI055398)
Balance Sheet as at 31 January 2025

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

......................................... Mr Samuel Morrison Company secretary and director

Hire Class Limited

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 Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 1 July 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.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Hire Class Limited

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

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

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 company assesses at each reporting date whether tangible fixed assets are impaired.

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
Furniture, fittings and equipment	20%-33.3% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Hire Class Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight Line
Trademarks, patents & licences	20% Straight Line

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.

Hire Class Limited

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Hire Class Limited

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

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.

Financial instruments
 

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the assets carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Letting fees and capital contributions

Capital contributions and costs incurred with regard to letting fees are capitalised and amortised over the life of the lease.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 63 (2024 - 63).

Hire Class Limited

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

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 February 2024	35,000	5,000	40,000
At 31 January 2025	35,000	5,000	40,000
Amortisation
At 1 February 2024	35,000	5,000	40,000
At 31 January 2025	35,000	5,000	40,000
Carrying amount
At 31 January 2025	-	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2024	1,303,102	100,616	1,403,718
Additions	280,291	-	280,291
At 31 January 2025	1,583,393	100,616	1,684,009
Depreciation
At 1 February 2024	1,166,272	46,933	1,213,205
Charge for the year	97,115	25,154	122,269
At 31 January 2025	1,263,387	72,087	1,335,474
Carrying amount
At 31 January 2025	320,006	28,529	348,535
At 31 January 2024	136,830	53,683	190,513

6

Stocks

	2025 £	2024 £
Finished goods and goods for resale	855,763	772,300

Hire Class Limited

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

7

Debtors

Current	Note	2025 £	2024 £
Amounts owed by related parties	13	409,418	15,000
Prepayments		87,167	156,941
Other debtors		97,987	54,592
		594,572	226,533

Details of non-current trade and other debtors

£19,916 (2024 -£8,411) of capitalised lease fees included in Prepayments is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	61,869	29,501
Trade creditors		277,487	264,613
Amounts owed to group undertakings and undertakings in which the company has a participating interest	13	128,006	175,196
Taxation and social security		302,807	293,861
Accruals and deferred income		113,427	115,237
Other creditors		6,860	18,718
		890,456	897,126

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,869 (2024 - £19,501).

Trade creditors include an amount of £121,323 (2024 - £155,844) in respect of goods for which ownership is not passed until payment is made.

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	4,676	58,614

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £52,869 (2024 - £59,940).

Hire Class Limited

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

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Share Capital of £1 each	750,100	750,100	750,100	750,100

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	4,676	14,739
Hire purchase contracts	-	43,875
	4,676	58,614

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,000	10,000
Bank overdrafts	7,994	3,436
Hire purchase contracts	43,875	16,065
	61,869	29,501

Bank borrowings

Bank Loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 3 June 2026. The carrying amount at year end is £14,676 (2024 - £24,739).

Hire Class Limited

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

11	Provisions and Deferred Income

	Landlord incentive £	Total £
At 1 February 2024	227,651	227,651
Utilised during year	(37,270)	(37,270)
At 31 January 2025	190,381	190,381

12

Dividends

		2025		2024
		£		£
Interim dividend of £0.11 (2024 - £0.07) per ordinary share		80,000		50,000

13	Related party transactions

Key management personnel

The directors of the company are deemed to be the key management personnel.

Hire Class Limited

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

Summary of transactions with all entities with joint control or significant interest

Entities under common control
 The company paid expenses/settled liabilities on behalf of entities under common control at normal commercial rates.
 Amounts receivable from/payable to related parties are all denominated in sterling, interest free and repayable on demand.
 

Income and receivables from related parties

2025	Entities with joint control or significant influence £
Settlement of liabilities	449,536
Amounts receivable from related party	409,418

2024	Entities with joint control or significant influence £
Settlement of liabilities	3,628
Amounts receivable from related party	15,000

Expenditure with and payables to related parties

2025	Entities with joint control or significant influence £	Key management £
Purchase of goods	7,928	-
Leases	25,000	-
Settlement of liabilities	-	12,946
	32,928	12,946
Amounts payable to related party	127,996	3,695

Hire Class Limited

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

2024	Entities with joint control or significant influence £	Key management £
Purchase of goods	15,407	-
Leases	25,000	-
Settlement of liabilities	-	90,000
	40,407	90,000
Amounts payable to related party	175,196	16,641

14	Parent and ultimate parent undertaking

The ultimate controlling party is Mr Samuel Morrison.