Company No:
Contents
| Note | 31.03.2026 | |
| £ | ||
| Fixed assets | ||
| Tangible assets | 3 |
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| 53,727 | ||
| Current assets | ||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 76,044 | ||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (105,928) | |
| Total assets less current liabilities | (52,201) | |
| Net liabilities | (
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| Capital and reserves | ||
| Called-up share capital | 6 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Splendid Hire Limited (registered number:
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N Webber
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Splendid Hire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1 Corunna Place, Edinburgh, EH6 5JG, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have considered the Company's financial position and funding requirements for the period of at least 12 months from the date of approval of these financial statements.
At 31 March 2026, the Company had net liabilities of £52,201 and net current liabilities of £105,928. The Company is financed through support from its parent undertaking, Splendid SPA Limited. The directors have received confirmation that the parent undertaking will continue to provide financial support as required, and will not seek repayment of amounts due in a manner that would prejudice the Company's ability to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
On this basis, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.
The financial statements have been prepared for an extended accounting period of 16 months covering the period from 4 December 2024 to 31 March 2026. This extension was made to align the company’s year end with that of its related companies.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the event hireware services have been provided to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Leasehold improvements |
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| Other property, plant and equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. 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. Amounts 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| Period from 04.12.2024 to 31.03.2026 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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| Leasehold improve- ments |
Other property, plant and equipment |
Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 04 December 2024 |
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| Additions |
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| At 31 March 2026 |
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| Accumulated depreciation | |||||
| At 04 December 2024 |
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| Charge for the financial period |
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| At 31 March 2026 |
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| Net book value | |||||
| At 31 March 2026 | 6,379 | 47,348 | 53,727 |
| 31.03.2026 | |
| £ | |
| Trade debtors |
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| Other debtors |
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| 31.03.2026 | |
| £ | |
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Other creditors |
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There are no amounts included above in respect of which any security has been given by the small entity.
| 31.03.2026 | |
| £ | |
| Allotted, called-up and fully-paid | |
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The Company has taken advantage of disclosure exemptions available under Section 33 for FRS 102 whereby it has not disclosed transactions entered into with any wholly owned subsidiary of the group.
Parent Company:
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| Studio 303, Edinburgh House 170 Kennington Lane, London, United Kingdom, SE11 5DP |