Hamilton Management (London) Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—4
Consolidated Statement of Income and Retained Earnings	5
Consolidated Balance Sheet	6
Company Balance Sheet	7
Consolidated Statement of Cash Flows	8
Notes to the Consolidated Statement of Cash Flows	9
Notes to the Financial Statements	10—18

The directors present their strategic report for the period ended 31 March 2025.

Principal Activity

The principal activity of the company is as a holding company. The principal activities of the subsidiary are:

Rental of IT and AV equipment to end-users either directly or in conjunction with a business partner.
Management of major manufacturers' loan pools and seed equipment management on a fee for service basis.
Asset management services; both sales of used assets and the appropriate disposal of non-saleable assets in accordance with WEEE legislation on a fee for service basis.

Review of the Business

The Company reported an operating loss for the year of £38,131.

The company acquired Hamilton Rentals Ltd on 1st July 2024 from Bell Microsystems Ltd.

The directors are delighted with the first nine months performance at group level reporting a profit after interest of £31,615 for the period since acquisition. The group is working well and now has a solid balance sheet with position net reserves as a base for future activity. We also have the encouragement of a steady workforce of loyal employees. And the company enjoyed continued support from its funders.

Following MBO, Bell Integration agreed to transfer the IP of its bespoke in-house Rental Management System (RMS) to Hamilton Rentals Ltd and this asset has been capitalised with a net book value of £2,4723,454 at the year end. Hamilton Rentals Ltd continues to invest and develop the system. It is fundamental to the company and used to drive our business. It is the differentiator which makes Hamilton Rentals Ltd the largest independent IT Rental company in Europe. Past and future development and investment will turn RMS into a market leading full e-commerce automated rental asset management system.

In the review, we also took an additional stock provision to reflect current market values and looked to provision against property exposures at Saxon House.

The prospects for the future of the business remain extremely encouraging.

Going Concern

After making reasonable enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Financial risk management objectives and policies

Cash flow risk

The Group recognises a small exposure to foreign currency exchange rate movements and any exposure is taken against the profit and loss account.

Credit risk

The Group also recognises a credit risk primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The Group is not dependent on any single customer.

Liquidity risk

The directors consider that the parent Company has sufficient financial resources to support the Company for a period of at least 12 months from the date of signing these accounts

On behalf of the board

Mr Martin O'Connor

Director

16 October 2025

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Hamilton Management (London) Limited

Company No. 15703283

Directors' Report For the Period 3 May 2024 to 31 March 2025

Directors' Report

The directors present their report and the financial statements for the period ended 31 March 2025.

Directors

The directors who held office during the period were as follows:

Mr Vitesh Kerai	Appointed	03/05/2024
Mr Marc Ursel	Appointed	03/05/2024
Mr Martin O'Connor	Appointed	03/05/2024
Mr Steve Shelsher	Appointed	03/05/2024

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Martin O'Connor

Director

16 October 2025

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Independent Auditor's Report

to the Members of

Hamilton Management (London) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Hamilton Management (London) Limited (the "parent company") and its subsidiaries (the "group") for the period ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Hamilton Management (London) Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;

- Evaluation of controls designed to prevent and detect irregularities; and

- Assessing journals entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Katie Wood FCA FCCA (Senior Statutory Auditor)

for and on behalf of JWR Audit Limited , Statutory Auditor

16 October 2025

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Hamilton Management (London) Limited

Consolidated Statement of Income and Retained Earnings

For the Period 3 May 2024 to 31 March 2025

Consolidated Statement of Income and Retained Earnings

		31 March 2025
	Notes	£
TURNOVER	4	5,970,307
Cost of sales		(2,486,251 )

GROSS PROFIT		3,484,056

Administrative expenses		(3,058,665 )

OPERATING PROFIT	5	425,391
Exceptional items		(44,163)
Interest payable and similar charges	10	(349,613 )

PROFIT FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		31,615
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		31,615

The notes on pages 9 to 18 form part of these financial statements.

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Hamilton Management (London) Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 15703283

		31 March 2025
	Notes	£	£
FIXED ASSETS
Intangible Assets	12		2,631,729
Tangible Assets	13		2,904,034

			5,535,763
CURRENT ASSETS
Debtors	15	1,926,717
Cash at bank and in hand		142,294

		2,069,011
Creditors: Amounts Falling Due Within One Year	16	(5,607,431 )

NET CURRENT ASSETS (LIABILITIES)			(3,538,420 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,997,343

Creditors: Amounts Falling Due After More Than One Year	17		(1,565,727 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	20		(400,000 )

NET ASSETS			31,616

CAPITAL AND RESERVES
Called up share capital	21		1
Profit and Loss Account			31,615

SHAREHOLDERS' FUNDS			31,616

On behalf of the board

Mr Martin O'Connor

Director

16 October 2025

The notes on pages 9 to 18 form part of these financial statements.

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Hamilton Management (London) Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 15703283

		31 March 2025
	Notes	£	£
FIXED ASSETS
Investments	14		1,000,000

			1,000,000
CURRENT ASSETS
Debtors	15	1

		1
Creditors: Amounts Falling Due Within One Year	16	(158,131 )

NET CURRENT ASSETS (LIABILITIES)			(158,130 )

TOTAL ASSETS LESS CURRENT LIABILITIES			841,870

Creditors: Amounts Falling Due After More Than One Year	17		(880,000 )

NET LIABILITIES			(38,130 )

CAPITAL AND RESERVES
Called up share capital	21		1
Profit and Loss Account			(38,131 )

SHAREHOLDERS' FUNDS			(38,130)

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the period was £(38,131 ) .

On behalf of the board

Mr Martin O'Connor

Director

16 October 2025

The notes on pages 9 to 18 form part of these financial statements.

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Hamilton Management (London) Limited

Consolidated Statement of Cash Flows

For the Period 3 May 2024 to 31 March 2025

Consolidated Statement of Cash Flows

		31 March 2025
	Notes	£
Cash flows from operating activities
Net cash generated from operations	1	752,446
Interest paid		(349,613 )

Net cash generated from operating activities		402,833

Cash flows from investing activities
Purchase of intangible assets		(1,000,000 )
Purchase of tangible assets		(2,076,725 )
Proceeds from disposal of tangible assets		2,563,799
Purchase of investment in subsidiary undertaking		(616,428 )

Net cash used in investing activities		(1,129,354 )

Cash flows from financing activities
Proceeds from new other loans		1,000,000
Repayment of other loans		(74,172)
Repayment of finance leases		(57,013 )

Net cash generated from financing activities		868,815



Increase in cash and cash equivalents		142,294
Cash and cash equivalents at beginning of period	2	-

Cash and cash equivalents at end of period	2	142,294

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Hamilton Management (London) Limited

Notes to the Consolidated Statement of Cash Flows

For the Period 3 May 2024 to 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial period to cash generated from operations

	31 March 2025
	£
Profit for the financial period	31,615
Adjustments for:
Interest expense	349,613
Amortisation of intangible assets	263,236
Reversal of impairment of intangible assets	(199,487)
Depreciation of tangible assets	1,173,731
Impairment of tangible assets	1,300,000
Profit on disposal of tangible assets	(1,726,272)
Movements in working capital:
Increase in trade and other debtors	(1,727,311 )
Increase in trade and other creditors	2,345,149
Recognition of intangible fixed asset	(1,057,828)

Net cash generated from operations	752,446

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	31 March 2025
	£
Cash at bank and in hand	142,294

3. Analysis of changes in net debt

	As at 3 May 2024	Cash flows	Acquisition and disposal of subsidiaries	As at 31 March 2025
	£	£	£	£
Cash at bank and in hand	-	(241,277)	383,571	142,294
Finance leases	-	57,012	(482,624)	(425,612)
Debts falling due within one year	-	909,173	(2,167,462)	(1,258,289 )
Debts falling due after more than one year	-	(835,000)	(250,000)	(1,085,000)

	-	(110,092)	(2,516,515)	(2,626,607)

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Hamilton Management (London) Limited

Notes to the Financial Statements

For the Period 3 May 2024 to 31 March 2025

Notes to the Financial Statements

1. General Information

Hamilton Management (London) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15703283 . The registered office is Saxon House Oaklands Business Centre, Oaklands Park, Wokingham, RG41 2FD.

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

3.4. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30.

3.5. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern. The financial statements have thus been prepared on a going concern basis.

Having prepared and reviewed detailed financial projections, the directors believe this to be appropriate as they believe that the group has access to sufficient working capital in order to meet the financial obligations of the group as they fall due.

In reaching their conclusion, the directors have considered the current economic environment. The rental fleet remains of sufficient value to create additional working capital should this be required by the business.

3.6. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. 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.

Key areas of judgement and estimation affecting these financial statements are as follows:

Fixed assets

Management are required to estimate the expected Useful Economic Life of rental and other assets. The depreciation policies described are considered a reasonably accurate estimate based on historical analysis of residual values on disposals.

Debtor recoverability

The company is reliant on cash collection from its trade debtor book and the continued support of its ultimate parent company in order to continue to meet its day to day operational needs. Management use judgement in determining the recoverability of both intercompany and trade debts and calculate bed debt provision by analysing each receivable on a case by case basis.

3.7. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.8. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

3.9. Intangible Fixed Assets and Amortisation - Other Intangible

Included in intangible assets is the RMS software. It is amortised to the profit and loss account over its estimated economic life of 10 years.

3.10. Tangible Fixed Assets and Depreciation

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, using the straight line method.

Rental equipment	Software: 12 months, Other: 60 months
Fixtures & Fittings	48 months

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 amounts and are recongised in the Profit and Loss account.

3.11. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3.12. Cash and Cash Equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more that 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.

3.13. Foreign Currencies

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting for the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

3.14. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.15. Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 to the associated capital instrument.

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

4. Turnover

Analysis of turnover by class of business is as follows:

	31 March 2025
	£
Rental income	1,726,272
Sale of goods	4,244,035

	5,970,307

5. Operating Profit

The operating profit is stated after charging:

	31 March 2025
	£
Bad debts	23,506
Depreciation of tangible fixed assets	1,173,731
Amortisation of intangible fixed assets	263,236

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the period was as follows:

	31 March 2025
	£
Audit Services
Audit of the group and company's financial statements	22,700

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	31 March 2025
	£
Wages and salaries	1,866,238
Social security costs	197,946
Other pension costs	81,848

	2,146,032

8. Average Number of Employees

Group

Average number of employees, including directors, during the period was as follows:

	31 March 2025
Office and administration	13
Sales	14
Logistics	25

	52

Company

Average number of employees, including directors, during the period was: NIL

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

9. Directors' remuneration

	31 March 2025
	£
Emoluments	425,165
Company contributions to defined benefit pension schemes	22,445

	447,610

Information regarding the highest paid director was as follows:

	31 March 2025
	£
Emoluments	102,375
Company contributions to defined benefit pension schemes	5,119

	107,494

During the period retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £102,375.

The value of the company's contributions paid to a defined benefit contribution scheme in respect of the highest paid director amounted to £5,119.

10. Interest Payable and Similar Charges

	31 March 2025
	£
Bank loans and overdrafts	35,930
Other finance charges	313,683

	349,613

11. Tax on Profit

	Tax Rate	31 March 2025
The tax (credit)/charge on the profit for the period was as follows:
	31 March 2025	£
Current tax
UK Corporation Tax	25.0%	-


The actual (credit)/charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
		31 March 2025
		£
Profit before tax		31,615

Tax on profit at 25% (UK standard rate)		7,904
Goodwill/depreciation not allowed for tax		215,512
Expenses not deductible for tax purposes		306,953
Capital allowances		(400,328 )
Revenue exempt from taxation		(264,457 )
Tax losses unutilised carried forward		134,416

Total tax charge for the period		-

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

12. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 3 May 2024	-	-	-
Additions	171,108	1,257,316	1,428,424
Other	-	1,466,541	1,466,541

As at 31 March 2025	171,108	2,723,857	2,894,965

Amortisation
As at 3 May 2024	-	-	-
Provided during the period	12,833	250,403	263,236

As at 31 March 2025	12,833	250,403	263,236

Net Book Value
As at 31 March 2025	158,275	2,473,454	2,631,729

As at 3 May 2024	-	-	-

Company

The company had no intangible fixed assets as at 31 March 2025.

13. Tangible Assets

Group

	Rental equipment	Fixtures & Fittings	Total
	£	£	£
Cost
As at 3 May 2024	-	-	-
Additions	2,054,447	22,278	2,076,725
Disposals	(3,059,514 )	(6,720 )	(3,066,234 )
Other	4,121,909	16,658	4,138,567

As at 31 March 2025	3,116,842	32,216	3,149,058

Depreciation
As at 3 May 2024	-	-	-
Provided during the period	1,163,507	10,224	1,173,731
Disposals	(921,987 )	(6,720 )	(928,707 )

As at 31 March 2025	241,520	3,504	245,024

Net Book Value
As at 31 March 2025	2,875,322	28,712	2,904,034

As at 3 May 2024	-	-	-

The rental fleet included within equipment represents assets held for use in finance leases with gross amount £7,979,562 and accumulated depreciation £5,104,239.

The cost of the assets held on hire purchase are £1,200,702 with accumulated depreciation of £858,926.

Company

The company had no tangible fixed assets as at 31 March 2025.

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

14. Investments

Company

	Subsidiaries
	£
Cost
As at 3 May 2024	-
Additions	1,000,000

As at 31 March 2025	1,000,000

Provision
As at 3 May 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	1,000,000

As at 3 May 2024	-

15. Debtors

	Group	Company
	31 March 2025	31 March 2025
	£	£
Due within one year
Trade debtors	625,903	-
Other debtors	1,300,814	1

	1,926,717	1

The deferred taxation balance totalling £750,000 is considered to be due in more than 1 year in accordance with the timing of expected future profits.

16. Creditors: Amounts Falling Due Within One Year

	Group	Company
	31 March 2025	31 March 2025
	£	£
Net obligations under finance lease and hire purchase contracts	249,451	-
Trade creditors	666,184	-
Other loans	1,258,289	158,131
Amounts owed to participating interests	806,231	-
Other creditors	109,240	-
Taxation and social security	339,905	-
Accruals and deferred income	2,178,131	-

	5,607,431	158,131

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Page 17

Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

17. Creditors: Amounts Falling Due After More Than One Year

	Group	Company
	31 March 2025	31 March 2025
	£	£
Net obligations under finance lease and hire purchase contracts	176,161	-
Other loans	1,085,000	880,000
Amounts owed to participating interests	304,566	-

	1,565,727	880,000

18. Loans

An analysis of the maturity of loans is given below:

	Group	Company
	31 March 2025	31 March 2025
	£	£
Amounts falling due within one year or on demand:
Other loans	1,258,289	158,131

	Group	Company
	31 March 2025	31 March 2025
	£	£
Amounts falling due between one and five years:
Other loans	1,085,000	880,000

19. Obligations Under Finance Leases and Hire Purchase

	Group
	31 March 2025
	£
The future minimum finance lease payments are as follows:
Not later than one year	249,451
Later than one year and not later than five years	176,161

	425,612

	425,612

20. Provisions for Liabilities

Group
	Dilapidations	Deferred Tax	Total
	£	£	£
Additions	400,000	(750,000 )	(350,000)

Balance at 31 March 2025	400,000	(750,000 )	(350,000)

Deferred tax additions represent the deferred tax asset acquired on acquisition of Hamiltons Rentals Limited.

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Hamilton Management (London) Limited

Notes to the Financial Statements (continued)

For the Period 3 May 2024 to 31 March 2025

21. Share Capital

	31 March 2025
Allotted, called up and fully paid	£
100 Ordinary Shares of £ 0.01 each	1

22. Capital Commitments

	31 March 2025
	£
At the end of the period	160,003

At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements

23. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 March 2025
	£
Not later than one year	249,451
Later than one year and not later than five years	176,161

	425,612

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £59,403.

At the balance sheet date contributions of £19,829 were due to the fund and are included in creditors.

25. Controlling Parties

The company has no controlling party

26. Exceptional Items

Exceptional items in the period mainly consists of the write down of rental equipment.

Page 18