Hire or Buy Group Limited - Accounts to registrar (filleted) - small 18.2
Hire or Buy Group Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| HIRE OR BUY GROUP LIMITED |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| HIRE OR BUY GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Fenice Court |
| Phoenix Business Park |
| Eaton Socon |
| St. Neots |
| Cambridgeshire |
| PE19 8EP |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 DECEMBER 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on by: |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Hire or Buy Group Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
| of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
| convention. |
| The principal accounting policies adopted in these financial statements have remained unchanged from the |
| previous year, and have therefore been consistently applied. |
| Consolidation |
| The company ia a parent company subject to the small companies regime. The company and its subsidiaries |
| comprise a small group. The company is therefore not required to and has not chosen to prepare group accounts. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and |
| the revenue can be reliably measured. The following criteria must also be met before revenue is recognised: |
| Supply of goods |
| Revenue is recognised when goods are delivered and supplied. |
| Hire of machinery |
| Revenue is recognised for the period which the hire relates to. |
| Service of machinery |
| Revenue is recognised at point of the service being completed. |
| Repair of machinery |
| Revenue is recognised at the completion of the repair. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment |
| losses. Repairs and maintenance of assets are charged to the income statement during the period in which they |
| are incurred. |
| Depreciation is charged so as to allocate the cost or valuation of assets less their residual value, over their |
| estimated useful lives on the following basis: |
| Plant and machinery - at variable rates on reducing balance. |
| Computers - 33.3% on cost. |
| Fixtures and fittings - 15% on reducing balance. |
| Motor vehicles - 25% on reducing balance. |
| 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 amount and are |
| recognised in the income statement. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful |
| lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The |
| interest element of the agreement is charged to the profit and loss account over the period of the agreement. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| AMORTISATION |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Included within plant and machinery etc. are assets acquired under hire purchase agreements and their net book |
| value at 31 December 2019 amounted to £781,077 (2018 £807,489). During the year depreciation of £240,537 |
| (2018 £185,293) was charged in respect of these assets. |
| 6. | FIXED ASSET INVESTMENTS |
| 2019 | 2018 |
| £ | £ |
| Other investments not loans | 1,315 | 1,315 |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Additional information is as follows: |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Investments (neither listed nor unlisted) were as follows: |
| 2019 | 2018 |
| £ | £ |
| Investments in subsidiaries | 15 | 15 |
| Other investments of £1,300 represents shares held within a unlisted buying group company. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| HIRE OR BUY GROUP LIMITED (REGISTERED NUMBER: 01386833) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdraft |
| Hire purchase creditors | 681,489 | 713,972 |
| The bank overdraft is secured by a debenture dated 30 July 2002. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr SJ Masterson. |