Hamilton Rentals Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—21

The directors present their strategic report for the year ended 31 March 2026.

Review of the Business

For the year ending 31st March 2026, the company exceeded its expectations. Operating profit significantly increased to £1,089,760 (2025: £147,231). This significant improvement was down to strong business trading as seen by the 10% increase in revenues to £8,883,338 (2025: £8,100,578). This resulted in Net Profit contribution of £638,141, compared to last year’s net profit of £1,290,548, however, last year’s performance was helped by one-off exceptional item of £1,544,860. This strong performance has increased overall Net Assets to £1,549,612 (2025: £911,471).

The increase in trading saw net current liability increase from £3.4m to £4.0m which was justified by the increase in rental stock to £3,770,033 (2025: £2,875,323). £451,619 was paid in interest and finance charges throughout the year, a similar amount to the £401,543 paid in 2025, but since this was against increased borrowings it demonstrates better funding rates secured.

We hold a good quality of debtors, with a history of minimal bad debt. The balance sheet contains over £1M of deferred revenues forward billed to the coming year providing a good foundation to achieve the planned revenues for FY27. Cash flows are underpinned by the rental stock, which is readily saleable, and we can quickly sell under-utilised stock to refresh the rental fleet should the need arise, providing the company with a strong liquidity profile.

Our asset management system (RMS) is one of the most sophisticated systems in the marketplace which we are proud to own and continually develop. Whilst this asset sits as a £2,592,913 intangible asset on the balance sheet, we class this as a tangible asset with real demonstrative value that is sold into our customer base on a regular basis. We are planning to invest a further £500,000 this financial year to develop further the systems online presence assisted by AI, which puts us ahead of all our competition in the UK and Europe.

Outlook for 2027

The current financial year has started extremely strongly and even with the current economic uncertainties and Global political unrest, which presents us with additional rental opportunities to give the market time to adjust. The business can already see us exceeding our FY26 performance by 10% aided by significant contract wins. Whilst the Technology Rental Business is proven in thriving in these times, new technology in the market driven by AI along with the environmental and circular sustainability benefits of renting over purchase has also presented the business with new revenue opportunities.

We are actively looking for small acquisitions to complement the rental business.

Principal Risks and Uncertainties

Cash flow risk

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

Credit risk

The company 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 company is not dependant on one single customer.

Liquidity risk

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

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Hamilton Rentals Limited

Strategic Report (continued)

For The Year Ended 31 March 2026

Key Performance Indicators

The key performance indicators used by the company when monitoring performance are:

- rental revenues

- rental stock utilisation

- gross margins on sale of kit

Revenue

The company measures rental revenue performance against prior periods with a view to achieving an increase of at least 5% per annum. During the current year, the rental turnover increased by over 10% on the prior year. The company benefited from new revenue streams following its relationship with Bell Microsystems. We expect this to continue into following years.

Rental stock utilisation

Rental stock utilisation is the proportion of time that assets spend on rent at customers. The company targets utilisation of at least 50%. In the period, the company achieved an average utilisation of 48.8% (2025: 48.8%). There are many under-utilised assets depressing the overall result. This is reflected in additional stock provision taken in the year, which will support the disposal of under-utilised assets.

Gross margin

The company aims to make a profit on the sale on ex-rental assets at the point that they are sold. This is an important check on the carrying values of the rental assets. The margin on the sale of ex-rental assets in the period was 19% (2025: 19%) which indicates the carrying values remain good.

On behalf of the board

Mr Martin O'Connor

Director

20 October 2026

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Hamilton Rentals Limited

Company No. 01041096

Directors' Report For The Year Ended 31 March 2026

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2026.

Principal Activity

The company's principal activity continues to be that of the renting of AV and IT technology for short term projects into the corporate and event sector.

Dividends

The value of dividends paid amounted to £NIL .

The directors recommended a final dividend of £NIL .

Directors

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

Mr Vitesh Kerai

Mr Martin O'Connor

Mr Steve Shelsher

Mr Marc Ursel

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 of the profit or loss of the company 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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'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's auditors are aware of that information.

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Hamilton Rentals Limited

Directors' Report (continued)

For The Year Ended 31 March 2026

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

20 October 2026

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Independent Auditor's Report

to the Members of

Hamilton Rentals Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Hamilton Rentals Limited for the year ended 31 March 2026 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, 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 company's affairs as at 31 March 2026 and of its profit/(loss) for the year 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 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 entity'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 year 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 company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Rentals Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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 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 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

20 October 2026

JWR Audit LImited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

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Hamilton Rentals Limited

Profit and Loss Account

For The Year Ended 31 March 2026

Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER	3	8,883,338	8,100,578
Cost of sales		(3,917,147 )	(3,512,383 )

GROSS PROFIT		4,966,191	4,588,195

Administrative expenses		(3,876,431 )	(4,440,964 )

OPERATING PROFIT	4	1,089,760	147,231
Exceptional items		-	1,544,860
Interest payable and similar charges	9	(451,619 )	(401,543 )

PROFIT FOR THE FINANCIAL YEAR		638,141	1,290,548

The notes on pages 12 to 21 form part of these financial statements.

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Hamilton Rentals Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2026

Statement of Comprehensive Income

	2026	2025
	£	£
PROFIT FOR THE FINANCIAL YEAR	638,141	1,290,548
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	638,141	1,290,548

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Hamilton Rentals Limited

Balance Sheet

As At 31 March 2026

Balance Sheet

Registered number: 01041096

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		2,572,913		2,473,454
Tangible Assets	12		3,790,046		2,904,035

			6,362,959		5,377,489
CURRENT ASSETS
Debtors	13	2,245,923		2,109,607
Cash at bank and in hand		663,205		142,294

		2,909,128		2,251,901
Creditors: Amounts Falling Due Within One Year	14	(6,957,274 )		(5,632,192 )

NET CURRENT ASSETS (LIABILITIES)			(4,048,146 )		(3,380,291 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,314,813		1,997,198

Creditors: Amounts Falling Due After More Than One Year	15		(765,201 )		(685,727 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	18		-		(400,000 )

NET ASSETS			1,549,612		911,471

CAPITAL AND RESERVES
Called up share capital	19		2,438,700		2,438,700
Profit and Loss Account			(889,088 )		(1,527,229 )

SHAREHOLDERS' FUNDS			1,549,612		911,471

On behalf of the board

Mr Martin O'Connor

Director

20 October 2026

The notes on pages 12 to 21 form part of these financial statements.

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Hamilton Rentals Limited

Statement of Changes in Equity

For The Year Ended 31 March 2026

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2024	2,438,700	(2,817,777 )	(379,077)
Profit for the year and total comprehensive income	-	1,290,548	1,290,548

As at 31 March 2025 and 1 April 2025	2,438,700	(1,527,229 )	911,471


Profit for the year and total comprehensive income	-	638,141	638,141

As at 31 March 2026	2,438,700	(889,088 )	1,549,612

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Hamilton Rentals Limited

Statement of Cash Flows

For The Year Ended 31 March 2026

Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,322,937	4,080,062
Interest paid		(451,619 )	(401,543 )

Net cash generated from operating activities		1,871,318	3,678,519

Cash flows from investing activities
Purchase of intangible assets		(393,294 )	(3,338,705 )
Purchase of tangible assets		(4,014,978 )	(3,566,202 )
Proceeds from disposal of tangible assets		2,005,734	3,732,596

Net cash used in investing activities		(2,402,538 )	(3,172,311 )

Cash flows from financing activities
Proceeds from new other loans		253,513	-
Repayment of other loans		-	(370,646)
Repayment of finance leases		800,815	(95,942 )

Net cash generated from/(used in) financing activities		1,054,328	(466,588 )



Increase in cash and cash equivalents		523,108	39,620
Cash and cash equivalents at beginning of year	2	142,294	102,674
Foreign exchange losses on cash and cash equivalents		(2,197 )	-

Cash and cash equivalents at end of year	2	663,205	142,294

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Hamilton Rentals Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2026

Notes to the Statement of Cash Flows

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

	2026	2025
	£	£
Profit for the financial year	638,141	1,290,548
Adjustments for:
Interest expense	451,619	401,543
Amortisation of intangible assets	293,835	250,403
Depreciation of tangible assets	1,123,233	896,497
Foreign exchange losses	2,197	3,756
Movements in working capital:
Increase in trade and other debtors	(136,316 )	(245,024 )
(Decrease)/increase in trade and other creditors	(49,772 )	1,482,339

Net cash generated from operations	2,322,937	4,080,062

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:

	2026	2025
	£	£
Cash at bank and in hand	663,205	142,294

3. Analysis of changes in net debt

	As at 1 April 2025	Cash flows	As at 31 March 2026
	£	£	£
Cash at bank and in hand	142,294	520,911	663,205
Finance leases	(425,612)	(800,815)	(1,226,427)
Debts falling due within one year	(1,100,158 )	(458,513)	(1,558,671 )
Debts falling due after more than one year	(205,000)	205,000	-

	(1,588,476)	(533,417)	(2,121,893)

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Hamilton Rentals Limited

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Hamilton Rentals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01041096 . The registered office is Saxon House, Oaklands Park, Wokingham, RG41 2FD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

These accounts represent the company as an individual entity.

2.2. Going Concern Disclosure

The financial statements have 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 company has access to sufficient working capital in order to meet the financial obligations of the company as they fall due.

In reaching their conclusion, the directors have considered the current economic environment and the continued support from the company's ultimate parent company. The rental fleet remains of sufficient value to create additional working capital should this be required by the business.

The ultimate parent company, Hamilton Management (London) Limited, has confirmed it is able and intends to continue to support the company to ensure that it can meet its liabilities as they fall due, for a period of at least one year from the signing of these financial statements.

2.3. Significant judgements and estimations

In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

2.4. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Sale of goods

Revenue from equipment sales is recognised on delivery of the equipment.

Rendering of services

Revenue from equipment rental, software support and hardware maintenance is recognised over the term of the agreement on a straight line basis. Any unrecognised revenue element is shown separately in the balance sheet notes as deferred income. For certain rental equipment arrangements, the company received a discount against the purchase of products from the suppliers of this rental equipment. For these arrangements, revenue is equal to the discount received by the company which is recognised over the term of the rental agreement.

2.5. 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.

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. 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.

The estimated useful lives range as follows:

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.

2.7. 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 company. 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.

2.8. 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.

2.9. 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'.

2.10. Pensions

The company 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.

2.11. 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 Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

3. Turnover

Analysis of turnover by class of business is as follows:

	2026	2025
	£	£
Rental income	5,753,717	5,695,764
Sale of goods	3,129,621	2,404,814

	8,883,338	8,100,578

Analysis of turnover by geographical market is as follows:

	2026	2025
	£	£
United Kingdom	8,640,110	8,008,463
Europe	40,725	72,460
Rest of the world	202,503	19,655

	8,883,338	8,100,578

4. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Bad debts	(18,672)	29,359
Depreciation of tangible fixed assets	1,123,233	896,497
Amortisation of intangible fixed assets	293,835	250,403

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	22,700	22,700

6. Staff Costs

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

	2026	2025
	£	£
Wages and salaries	2,754,734	2,539,147
Social security costs	326,122	269,970
Other pension costs	143,606	116,097

	3,224,462	2,925,214

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Average Number of Employees

Average number of employees during the year was as follows:

	2026	2025
Office and administration	14	13
Sales	14	15
Logistics	25	26

	53	54

8. Directors' remuneration

	2026	2025
	£	£
Emoluments	562,116	495,290
Company contributions to defined benefit pension schemes	25,865	25,305

	587,981	520,595

The number of directors to whom retirement benefits were accruing was as follows:

	2026		2025
Money purchase pension schemes	4		4

The highest paid director received remuneration of £144,112 (2025: £176,078).

The value of the company's contributions paid to a defined benefit contribution scheme in respect of the highest paid director amounted to £6,800 (2025: £11,025).

Information regarding the highest paid director was as follows:

	2026	2025
	£	£
Emoluments	144,112	176,078
Company contributions to money purchase pension schemes	6,800	11,025

	150,912	187,103

9. Interest Payable and Similar Charges

	2026	2025
	£	£
Bank loans and overdrafts	71,408	37,603
Other finance charges	380,211	363,940

	451,619	401,543

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Tax on Profit

The tax (credit)/charge on the profit for the year was as follows:

	Tax Rate		2026	2025
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	-

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2026	2025
	£	£
Profit before tax	638,141	1,290,548

Tax on profit at 25% (UK standard rate)	159,535	322,637
Goodwill/depreciation not allowed for tax	354,267	-
Expenses not deductible for tax purposes	15,675	308,699
Capital allowances	(545,337 )	(176,021 )
Revenue exempt from taxation	(98,324 )	(766,926 )
Tax losses unutilised carried forward	101,444	311,611
Group relief	12,740	-

Total tax charge for the period	-	-

11. Intangible Assets

	Other
	£
Cost
As at 1 April 2025	3,338,705
Additions	393,294
Disposals	(614,848 )

As at 31 March 2026	3,117,151

Amortisation
As at 1 April 2025	865,251
Provided during the period	293,835
Disposals	(614,848 )

As at 31 March 2026	544,238

Net Book Value
As at 31 March 2026	2,572,913

As at 1 April 2025	2,473,454

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Tangible Assets

	Rental Equipment	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 April 2025	7,979,564	105,143	8,084,707
Additions	4,014,978	-	4,014,978
Disposals	(4,487,890 )	-	(4,487,890 )

As at 31 March 2026	7,506,652	105,143	7,611,795

Depreciation
As at 1 April 2025	5,104,241	76,431	5,180,672
Provided during the period	1,114,534	8,699	1,123,233
Disposals	(2,482,156 )	-	(2,482,156 )

As at 31 March 2026	3,736,619	85,130	3,821,749

Net Book Value
As at 31 March 2026	3,770,033	20,013	3,790,046

As at 1 April 2025	2,875,323	28,712	2,904,035

The rental fleet included within equipment represents assets held for use in finance leases with gross amount £7,506,652 (2025: £7,979,564) and accumulated depreciation £3,411,476 (2025: £5,104,241).

The cost of the assets held on hire purchase are £1,586,329 (2025: £1,200,702) with accumulated depreciation of £360,222 (2024: £858,926).

13. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	1,111,935	625,903
Prepayments and accrued income	404,586	551,588
Other debtors	(20,598 )	(775 )
Deferred tax current asset	750,000	750,000
Amounts owed by related parties	-	182,891

	2,245,923	2,109,607

The deferred taxation balance totalling £750,000 (2025: £750,000) is considered to be due in more than 1 year in accordance with the timing of expected future profits.

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

14. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	461,226	249,451
Trade creditors	850,785	666,184
Other loans	1,558,671	1,100,158
Other taxes and social security	605,112	339,905
Other creditors	641,608	109,240
Accruals and deferred income	2,003,938	2,178,131
Amounts owed to related parties	835,934	989,123

	6,957,274	5,632,192

Included within other loans is £1,463,671 (2025: £1,100,158) secured by a fixed and floating charge over all assets of the company. Also included within creditors is a loan from a director of £95,000.

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

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	765,201	176,161
Other loans	-	205,000
Amounts owed to related parties	-	304,566

	765,201	685,727

Included within other loans due after more than one year is £Nil (2025: £205,000) secured by a fixed and floating charge over all assets of the company.

16. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due within one year or on demand:
Other loans	1,558,671	1,100,158

	2026	2025
	£	£
Amounts falling due between one and five years:
Other loans	-	205,000

17. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	461,226	249,451
Later than one year and not later than five years	765,201	176,161

	1,226,427	425,612

	1,226,427	425,612

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

18. Provisions for Liabilities


	Dilapidations	Deferred Tax	Total
	£	£	£
As at 1 April 2025	400,000	(750,000 )	(350,000)
Reversals	(275,000 )	-	(275,000)

Balance at 31 March 2026	125,000	(750,000 )	(625,000)

19. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
243,870,000 Ordinary Shares of £ 0.01 each	2,438,700	2,438,700

The ordinary shares are non-redeemable but hold full rights in respect of voting, and entitle the holder to full participation in respect of equity and in the event of winding up of the company, the shares may be considered by the directors when considering dividends from time to time.

20. Capital Commitments

	2026	2025
	£	£
At the end of the period	476,366	160,003

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

21. Other Commitments

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

	2026	2025
	£	£
Not later than one year	461,226	255,000
Later than one year and not later than five years	765,201	403,750

	1,226,427	658,750

Operating leases recognised during the period relate to the leasing of business premises and motor vehicles. The breakdown is as follows:

	2026	2025
	£	£
Rental
Due within one year	255,000	255,000
Due between one and five years	191,250	403,750
Total Rental	446,250	658,750

Motor vehicles
Due within one year	63,987	-
Due between one and five years	121,629	-

...CONTINUED

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Hamilton Rentals Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Total motor vehicles	185,616	-

Total operating lease commitments	631,866	658,750

22. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £117,741 (2025: £90,792).

At the balance sheet date contributions of £18,341 (2025: £19,829) were due to the fund and are included in creditors.

23. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Related parties outside of the group have been identified as; Lumino AV Solutions Limited and Grade A Technology Limited. All related party transactions took place at market value. None of the balances have been written off as a bad debt. Details of the related party transactions are outlined below.

Lumino AV Solutions Limited

Purchases from Lumino AV Solutions Limited by Hamilton Rentals Limited totalled £Nil in the year. At the year end £189,901 was outstanding and included in creditors.

Sales made by Hamilton Rentals Limited to Lumino AV Solutions Limited totalled £5,999 in the year. At the year end £618 was outstanding and included in debtors.

Grade A Technology Limited

Sales made by Hamilton Rentals Limited to Grade A Technology Limited totalled £1,276,885 in the year. At the year end £354,955 was outstanding and included in debtors.

Purchases from Grade A Technology Limited by Hamilton Rentals Limited totalled £126,513 in the year.

24. Controlling Parties

From the 28th June 2024 the ultimate controlling party is Hamilton Management (London) Limited by virtue of their interest in the share capital of the company. The Directors do not deem there to be one individual ultimate controlling party.

Prior to the 28th June 2024, the controlling party was Bell Microsystems Limited. The directors considered A Bell, the beneficial owner of Bell Microsystems Limited, to be the ultimate controlling party prior to 28th June 2024.

The company's financial statements are consolidated in to the financial statements of Hamilton Management (London) Limited which can be obtained from Saxon House Oaklands Business Centre, Oaklands Park, Wokingham, England, RG41 2FD. This is the largest and smallest group of undertakings for which consolidated financial statements are drawn up.

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