WE HIRE LTD

WE HIRE LTD

WE HIRE LTD - Company Information

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2023-01-012023-12-312023-12-31false09921879WE HIRE LTD2024-04-09iso4217:GBPxbrli:pure099218792023-01-01099218792023-12-31099218792023-01-012023-12-31099218792022-01-01099218792022-12-31099218792022-01-012022-12-3109921879bus:SmallEntities2023-01-012023-12-3109921879bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109921879bus:FullAccounts2023-01-012023-12-3109921879bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109921879core:WithinOneYear2023-12-3109921879core:AfterOneYear2023-12-3109921879core:WithinOneYear2022-12-3109921879core:AfterOneYear2022-12-3109921879core:ShareCapital2023-12-3109921879core:SharePremium2023-12-3109921879core:RevaluationReserve2023-12-3109921879core:OtherReservesSubtotal2023-12-3109921879core:RetainedEarningsAccumulatedLosses2023-12-3109921879core:ShareCapital2022-12-3109921879core:SharePremium2022-12-3109921879core:RevaluationReserve2022-12-3109921879core:OtherReservesSubtotal2022-12-3109921879core:RetainedEarningsAccumulatedLosses2022-12-3109921879core:LandBuildings2023-12-3109921879core:PlantMachinery2023-12-3109921879core:Vehicles2023-12-3109921879core:FurnitureFittings2023-12-3109921879core:OfficeEquipment2023-12-3109921879core:NetGoodwill2023-12-3109921879core:IntangibleAssetsOtherThanGoodwill2023-12-3109921879core:ListedExchangeTraded2023-12-3109921879core:UnlistedNon-exchangeTraded2023-12-3109921879core:LandBuildings2022-12-3109921879core:PlantMachinery2022-12-3109921879core:Vehicles2022-12-3109921879core:FurnitureFittings2022-12-3109921879core:OfficeEquipment2022-12-3109921879core:NetGoodwill2022-12-3109921879core:IntangibleAssetsOtherThanGoodwill2022-12-3109921879core:ListedExchangeTraded2022-12-3109921879core:UnlistedNon-exchangeTraded2022-12-3109921879core:LandBuildings2023-01-012023-12-3109921879core:PlantMachinery2023-01-012023-12-3109921879core:Vehicles2023-01-012023-12-3109921879core:FurnitureFittings2023-01-012023-12-3109921879core:OfficeEquipment2023-01-012023-12-3109921879core:NetGoodwill2023-01-012023-12-3109921879core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109921879core:ListedExchangeTraded2023-01-012023-12-3109921879core:UnlistedNon-exchangeTraded2023-01-012023-12-3109921879core:MoreThanFiveYears2023-01-012023-12-3109921879core:Non-currentFinancialInstruments2023-12-3109921879core:Non-currentFinancialInstruments2022-12-3109921879dpl:CostSales2023-01-012023-12-3109921879dpl:DistributionCosts2023-01-012023-12-3109921879core:LandBuildings2023-01-012023-12-3109921879core:PlantMachinery2023-01-012023-12-3109921879core:Vehicles2023-01-012023-12-3109921879core:FurnitureFittings2023-01-012023-12-3109921879core:OfficeEquipment2023-01-012023-12-3109921879dpl:AdministrativeExpenses2023-01-012023-12-3109921879core:NetGoodwill2023-01-012023-12-3109921879core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109921879dpl:GroupUndertakings2023-01-012023-12-3109921879dpl:ParticipatingInterests2023-01-012023-12-3109921879dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3109921879core:ListedExchangeTraded2023-01-012023-12-3109921879dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3109921879core:UnlistedNon-exchangeTraded2023-01-012023-12-3109921879dpl:CostSales2022-01-012022-12-3109921879dpl:DistributionCosts2022-01-012022-12-3109921879core:LandBuildings2022-01-012022-12-3109921879core:PlantMachinery2022-01-012022-12-3109921879core:Vehicles2022-01-012022-12-3109921879core:FurnitureFittings2022-01-012022-12-3109921879core:OfficeEquipment2022-01-012022-12-3109921879dpl:AdministrativeExpenses2022-01-012022-12-3109921879core:NetGoodwill2022-01-012022-12-3109921879core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3109921879dpl:GroupUndertakings2022-01-012022-12-3109921879dpl:ParticipatingInterests2022-01-012022-12-3109921879dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3109921879core:ListedExchangeTraded2022-01-012022-12-3109921879dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3109921879core:UnlistedNon-exchangeTraded2022-01-012022-12-3109921879core:NetGoodwill2023-12-3109921879core:IntangibleAssetsOtherThanGoodwill2023-12-3109921879core:LandBuildings2023-12-3109921879core:PlantMachinery2023-12-3109921879core:Vehicles2023-12-3109921879core:FurnitureFittings2023-12-3109921879core:OfficeEquipment2023-12-3109921879core:AfterOneYear2023-12-3109921879core:WithinOneYear2023-12-3109921879core:ListedExchangeTraded2023-12-3109921879core:UnlistedNon-exchangeTraded2023-12-3109921879core:ShareCapital2023-12-3109921879core:SharePremium2023-12-3109921879core:RevaluationReserve2023-12-3109921879core:OtherReservesSubtotal2023-12-3109921879core:RetainedEarningsAccumulatedLosses2023-12-3109921879core:NetGoodwill2022-12-3109921879core:IntangibleAssetsOtherThanGoodwill2022-12-3109921879core:LandBuildings2022-12-3109921879core:PlantMachinery2022-12-3109921879core:Vehicles2022-12-3109921879core:FurnitureFittings2022-12-3109921879core:OfficeEquipment2022-12-3109921879core:AfterOneYear2022-12-3109921879core:WithinOneYear2022-12-3109921879core:ListedExchange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WE HIRE LTD

Registered Number
09921879
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

WE HIRE LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

TAYLOR, Dawn

Registered Address

Enterprise House
Herbert Road
Newport
NP19 7BH

Registered Number

09921879 (England and Wales)
WE HIRE LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets33,472,3482,269,884
3,472,3482,269,884
Current assets
Debtors2,536,4892,062,222
Cash at bank and on hand263,602264,258
2,800,0912,326,480
Creditors amounts falling due within one year4(1,189,422)(1,507,081)
Net current assets (liabilities)1,610,669819,399
Total assets less current liabilities5,083,0173,089,283
Creditors amounts falling due after one year5(3,309,732)(2,155,587)
Provisions for liabilities7(108,905)(108,905)
Net assets1,664,380824,791
Capital and reserves
Called up share capital1010
Profit and loss account1,664,370824,781
Shareholders' funds1,664,380824,791
  • The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
  • The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The financial statements were approved and authorised for issue by the Director on 9 April 2024, and are signed on its behalf by:
TAYLOR, Dawn
Director
Registered Company No. 09921879
WE HIRE LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
We Hire Limited (the "Company") is a private company limited by shares incorporated in the United Kingdom. The address of its registered office can be found on Companies House.
Statement of compliance
The financial statements have been prepared on a going concern basis, under the historical. cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss statement in these financial statements. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates. The following principal accounting policies have been applied consistently throughout the year:
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
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 from 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 Profit and Loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Going concern
The director believes that, considering the net assets of £1,874,700 (2022: £1,240,735), the Company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding-will be adequate to meet the Company's needs for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover policy
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: · Rendering of services: Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of turnover can be measured reliably; • it is probable that the Company will receive. the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit and Loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Tax is recognised in the Profit and Loss except that a charge attributable to an item of income arid expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Company operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be. recovered against the reversal of deferred tax liabilities or other future taxable profits; • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. 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.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 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. The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at .a market rate of interest for a similar debt instrument and subsequently at amortised cost unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the. asset if it were to be sold at the Balance Sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Government grants or assistance
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas these in relation to expenditure are credited when the expenditure is charged to profit and loss.
2.Average number of employees

20232022
Average number of employees during the year66
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 232,845,020303,36451,5011,1833,201,068
Additions1,904,386143,280-2,2052,049,871
Disposals(168,286)---(168,286)
At 31 December 234,581,120446,64451,5013,3885,082,653
Depreciation and impairment
At 01 January 23845,25838,08247,011833931,184
Charge for year580,252---580,252
On disposals98,869---98,869
At 31 December 231,524,37938,08247,0118331,610,305
Net book value
At 31 December 233,056,741408,5624,4902,5553,472,348
At 31 December 221,999,762265,2824,4903502,269,884
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables711,180820,498
Bank borrowings and overdrafts10,48710,487
Taxation and social security8,0338,033
Finance lease and HP contracts443,270443,270
Other creditors1,323209,842
Accrued liabilities and deferred income15,12914,951
Total1,189,4221,507,081
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts21,97532,943
Other creditors3,287,7572,122,644
Total3,309,7322,155,587
6.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts3,254,1002,080,437
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)108,905108,905
Total108,905108,905