Hire Association Europe Limited
Hire Association Europe Limited
Directors' Report and
Financial Statements
For The Year Ended 31 December 2018
Hire Association Europe Limited
Directors' Report and Financial Statements
For The Year Ended 31 December 2018
Directors' Report and Financial Statements
| Contents | |
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| Company Information | 1 |
| Directors' Report | 2—3 |
| Auditor's Report | 4—6 |
| Income and Expenditure Account | 7 |
| Balance Sheet | 8—9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11—15 |
Hire Association Europe Limited
Company Information
For The Year Ended 31 December 2018
Company Information
| Directors |
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| Secretary |
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| Registered Office | 2450 Regents Court |
| The Crescent | |
| Birmingham Business Park | |
| Solihull | |
| B37 7YE | |
| Accountants |
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| Chartered Accountants | |
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| Stratford Upon Avon | |
| Warwickshire | |
| CV37 6UA | |
Page 1
Hire Association Europe Limited
Company No. 01183652
Directors' Report For The Year Ended 31 December 2018
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2018 .
Statement of Directors' Responsibilities
The directors are responsible for preparing 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 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 surplus or deficit 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;
- 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.
Statement of Disclosure of Information to Auditors
The directors of the company who held office at the date of approval of this annual report confirm that:
- so far as they are 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.
Directors
The directors who held office during the year were as follows:
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RESIGNED |
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RESIGNED |
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APPOINTED |
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Hire Association Europe Limited
Directors' Report (continued)
For The Year Ended 31 December 2018
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Page 3
Hire Association Europe Limited
Auditor's Report
For The Year Ended 31 December 2018
Auditor's Report
Opinion
We have audited the financial statements of Hire Association Europe Limited for the year ended 31 December 2018 which comprise the Income and Expenditure Account, Balance Sheet, Statement of Changes of Equity 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 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This report is made solely to the company's members, as a body, in accordance with 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.
In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at
31 December 2018 and of its profit/(loss) for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Practice applicable to smaller entities; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of 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 the provisions available for small entities, in the circumstances set out in note 11 to the financial statements 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Opinion on Other Matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
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Hire Association Europe Limited
Auditor's Report (continued)
For The Year Ended 31 December 2018
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 directors' report.
We have nothing to report in respect of the following matters where 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;
- the financial statements are not in agreement with the accounting records or returns;
- certain disclosures of directors' remuneration specified by law are not made;
- we have not received all the information and explanations we require for our audit, or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.
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 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.
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Hire Association Europe Limited
Auditor's Report (continued)
For The Year Ended 31 December 2018
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Page 6
Hire Association Europe Limited
Income and Expenditure Account
For The Year Ended 31 December 2018
Income and Expenditure Account
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
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| GROSS SURPLUS |
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| Administrative expenses |
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| Other operating income |
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| OPERATING SURPLUS |
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| Other interest receivable and similar income |
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| SURPLUS BEFORE TAXATION |
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| Tax on Surplus |
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| SURPLUS AFTER TAXATION BEING SURPLUS FOR THE FINANCIAL YEAR |
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The notes on pages 11 to 15 form part of these financial statements.
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Hire Association Europe Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| RESERVES | |||||
| Revaluation reserve |
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| Income and Expenditure Account |
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| MEMBERS' FUNDS | 1,172,791 | 1,075,992 | |||
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Hire Association Europe Limited
Balance Sheet (continued)
As at
31 December 2018
Directors' responsibilities:
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 11 to 15 form part of these financial statements.
Page 9
Hire Association Europe Limited
Statement of Changes in Equity
For The Year Ended 31 December 2018
Statement of Changes in Equity
| Revaluation reserve | Income and Expenditure Account | Total | |
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| £ | £ | £ | |
| As at 1 January 2017 |
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967,238 |
| Profit for the year and total comprehensive income | - |
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108,754 |
| As at 31 December 2017 and 1 January 2018 |
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1,075,992 |
| Profit for the year and total comprehensive income | - |
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96,799 |
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1,172,791 |
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Hire Association Europe Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Office equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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 income and expenditure 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 income and expenditure account as incurred.
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Hire Association Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
1.7.
Government Grant
Grants are included in the income and expenditure account on a receivable basis. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 13 (2017 : 12)
3.
Directors' remuneration
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| Company contributions to money purchase pension schemes |
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During the year, retirement benefits were accruing to 1 director (2017: 1 director) in respect of money purchase schemes.
Directors (with the exception of Graham Arundell, managing director), who do not receive remuneration for their services, are entitled to claim an attendance allowance of £30 and out of pocket expenses when on Association business. During this financial year payments amounting to £1,894 (2017: £3,030) were made.
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Hire Association Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
4.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Company insignia | Office equipment | Total | |
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| Depreciation | |||
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| Provided during the period |
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| Company insignia | Office equipment | Total | |
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| At cost | - | 337,588 | 337,588 |
| At valuation | 6,900 | - | 6,900 |
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344,488 | |
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| At cost | - | 310,413 | 310,413 |
| At valuation | 6,900 | - | 6,900 |
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317,313 | |
Company insignia were valued on an open market basis on 22 November 2011 by Safeguard, an independent jewellery valuation service.
The directors have considered the value of company insignia and have concluded that no further revaluation is required this year.
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Hire Association Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
5.
Debtors
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| Prepayments and accrued income |
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| Other debtors |
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Creditors: Amounts Falling Due Within One Year
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| Corporation tax |
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| Other taxes and social security |
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| Accruals and deferred income |
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7.
Other Commitments
At the end of the period the company had the following minimum lease payments under non-cancellable leases.
| Land and buildings | Other | |||
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| 2018 | 2017 | 2018 | 2017 | |
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| Within 1 year | 11,175 | 44,699 | 1,360 | 1,360 |
| Between 1 and 5 years | - | 11,175 | 1,360 | 2,720 |
| 11,175 | 55,874 | 2,720 | 4,080 | |
8.
Pension Commitments
The company operates a defined contribution pension scheme for the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,960 (2017: £1,417) were due to the fund, and are included in Other Creditors.
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Hire Association Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
9.
Related Party Transactions
J.G. Martin Plant Hire Ltd
A company in which A D Martin is a director.
During the year the Association made sales of £11,091 (2017: £9,926) to J.G. Martin Plant Hire Ltd. These transactions were completed on normal commercial terms. The balance outstanding at the year end was £1,230 (2017: £2,293).
10.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
11.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12.
General Information
Hire Association Europe Limited Registered number 01183652 is a limited by guarantee company incorporated in England & Wales. The Registered Office is 2450 Regents Court, The Crescent, Birmingham Business Park, Solihull, B37 7YE.
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