Company registration number 01878510 (England and Wales)
HIREX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH REGISTRAR
HIREX LIMITED
CONTENTS
- 1 -
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HIREX LIMITED
COMPANY INFORMATION
Directors
A McWilliams
L Dawid
J McWilliams
N McWilliams
Company number
01878510
Registered office
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Accountants
Xeinadin
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
HIREX LIMITED
BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
635,394
784,279
Investments
4
2
2
635,396
784,281
Current assets
Debtors
5
76,614
120,068
Cash at bank and in hand
401
219,932
77,015
340,000
Creditors: amounts falling due within one year
6
(393,691)
(312,069)
Net current (liabilities)/assets
(316,676)
27,931
Total assets less current liabilities
318,720
812,212
Creditors: amounts falling due after more than one year
7
(56,821)
(199,896)
Provisions for liabilities
(54,389)
(67,180)
Net assets
207,510
545,136
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
9
386,365
466,080
Profit and loss reserves
(188,855)
69,056
Total equity
207,510
545,136
HIREX LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2025
31 July 2025
- 3 -

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

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
J McWilliams
Director
Company registration number 01878510 (England and Wales)
HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 4 -
1
Accounting policies
Company information

Hirex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside House, Kings Reach Business Park, Yew Street, Stockport, Cheshire, SK4 2HD.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

-specific criteria have been met for each of the company's activities

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% Reducing Balance, 20% Cost, 20% Reducing Balance, 10% Cost
Fixtures and fittings
50% Cost, 33% Cost, 20% Cost,15% Reducing balance, 10% Cost
Computers
50% Cost, 33% Cost, 20% Cost and 10% Cost
Motor vehicles
25% Reducing Balance
HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. A m ounts 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
26
27
HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 August 2024
234,021
1,351,629
324,574
41,565
1,951,789
Additions
127
37,547
1,310
-
0
38,984
At 31 July 2025
234,148
1,389,176
325,884
41,565
1,990,773
Depreciation and impairment
At 1 August 2024
140,506
699,840
288,658
38,507
1,167,511
Depreciation charged in the year
24,431
148,745
13,927
765
187,868
At 31 July 2025
164,937
848,585
302,585
39,272
1,355,379
Carrying amount
At 31 July 2025
69,211
540,591
23,299
2,293
635,394
At 31 July 2024
93,515
651,789
35,916
3,059
784,279

Leased assets

Included within net book value of tangible fixed assets is £1,297 (202 4: £1,829) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets is £532 (202 4: £610).

Revaluation

The Plant and Machinery class of fixed assets was revalued on 31st July 2021 by Wignall Brownlow Chartered Surveyors who is external to the company. The basis of this valuation was on current market value using the adopted principles of the RICS valuation standards global and UK 7th edition. The class of assets has a current value of £69,211 (202 4: £93,515) and a carrying amount at historical cost of £44,087 (202 4: £54,787). The depreciation on this historical cost is £10,826 (202 4: £10,407).

The Fixtures and Fittings class of fixed assets was revalued on 31st July 2021 by Wignall Brownlow Chartered Surveyors who is external to the company. The basis of this valuation was on current market value using the adopted principles of the RICS valuation standards global and UK 7th edition. The class of assets has a current value of £540,591 (202 4: £651,789) and a carrying amount at historical cost of £235,140 (202 4: £283,630). The depreciation on this historical cost is £86,037 (202 4: £97,194).

The Office Equipment class of fixed assets was revalued on 31st July 2021 by Wignall Brownlow Chartered Surveyors who is external to the company. The basis of this valuation was on current market value using the adopted principles of the RICS valuation standards global and UK 7th edition. The class of assets has a current value of £23,299 (202 4: £35,916) and a carrying amount at historical cost of £17,295 (202 4: £26,509). The depreciation on this historical cost is £10,523 (202 4: £11,181).

The revaluation surplus is disclosed in note 9.

4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2
2
HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4
4,667
Amounts owed by group undertakings
39,830
46,458
Other debtors
36,780
68,943
76,614
120,068
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
144,260
90,000
Trade creditors
142,039
61,309
Corporation tax
-
0
1,223
Other taxation and social security
39,995
62,040
Other creditors
67,397
97,497
393,691
312,069
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
52,121
121,667
Other creditors
4,700
78,229
56,821
199,896

Overdrafts and finance lease liabilities are secured against the assets of the company of which they relate too.

8
Pension schemes

Defined contribution pension scheme

The company operated a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to nil (202 4: nil).

Contributions totalling £3,029 (202 4: £3,460 were payable to the scheme at the end of the year and are included in creditors.

HIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 9 -
9
Revaluation reserve
2025
2024
£
£
At the beginning of the year
466,080
547,401
Other movements
(79,715)
(81,321)
At the end of the year
386,365
466,080
10
Related party transactions

During the year the company made the following related party transactions:

Index Group Limited

Mr N G McWilliams and Mr J P McWilliams, both directors of Hirex Limited, are also directors or Index Group Limited, Index Shell Limited and Index Electrical Limited.

During the year to the 31st July 202 5, the company has transacted with Index Group Limited, an associated undertaking and details of these transactions are as follows:

a. Sales to Index Group Limited £1,617,949 (202 4: £2,273,179)

b. At 31st July 202 5 the amount owed by Index Group Limited was £39,830 (202 4: £46,458). No amounts were due to Index Group Limited as at 31st July 202 5 (202 4: nil).

No transactions have taken place with Index Shell Limited and Index Electrical Limited.

The company occupies premises at Lomax Street, Radcliffe, Manchester. This property is owned by Hirex Limited Retirement Benefit Scheme, a pension scheme in which three directors are members/trustees. Rents amounting to £6 6,000 have been charged during the year (202 4: £136,000)

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