Hunters_Group_Limited - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2020.

The company is dormant and has not traded during the year.

The company has taken the exemptions conferred by S414(B) of the Companies Act 2006 to not prepare a Strategic Report on the grounds that it would qualify as small but for being a member of an ineligible group.

The company has taken the exemption conferred by S415(A) of the Companies Act 2006 permitting it to prepare a Directors' Report in accordance with the small companies regime on the grounds that it would qualify as small but for being a member of an ineligible group.

The results for the year are set out on page 2.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

Hunters Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1626 High Street, Knowle, Solihull, B93 0JU.

The principal activity of the company is that of a holding company.

These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101") and the requirements of the Companies Act 2006.

The company has taken advantage of the following disclosure exemptions under FRS 101:

(a) the requirements of IFRS 7 'Financial Instruments: Disclosure', on the grounds that equivalent disclosures for financial instruments are presented in the group accounts of Hunters Property Plc;

(b) the requirements of IAS 7 'Statement of Cash Flows' to present a statement of cash flows;

(c) the requirements of IAS 24 'Related Party Disclosures' to disclose related party transactions and balances between two or more members of a group;

(d) the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: (i) paragraph 79(a)(iv) of IAS 1

(e) the requirement of paragraph 10(f) of IAS 1 'Presentation of Financial Statements' to present a statement of financial position as at the beginning of the preceding period where an entity has made a retrospective restatement.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Dividend income from equity investments is taken into account by reference to the date the security becomes "ex-dividend". Such income is presented as investment income so as to reflect the returns receivable as a result of the holding company status.

Interest is accounted for on a time apportionment basis so as to reflect the effective yield.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets

Financial assets are recognised in the statement of financial position when, and only when, the company becomes a party to the contractual provisions of the instrument.

Financial assets are initially recognised at fair value plus directly attributable transaction costs.

After initial recognition, financial assets are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Impairment losses on trade receivables are measured based on estimated expected credit losses.

Financial assets held for trading

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. The company has not designated any financial assets upon initial recognition as at fair value through profit or loss.

Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Financial assets at fair vale through profit or loss are carried in the balance sheet at fair value with changes in fair value recognised in finance revenue or finance expense in the income statement.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

The company applies a forward-looking model of IFRS 9 to create an estimation of the expected credit losses arising in the next year on its financial assets, using an expectation derived from historic irrecoverable percentages as adjusted for predicted credit risk adjustments arising through forecast market changes.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and subsequently all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities include borrowings and trade and other payables.

Financial liabilities are obligations to pay cash or other financial assets and are recognised in the statement of financial position when, and only when, the company becomes a party to the contractual provisions of the instrument.

Financial liabilities are initially recognised at fair value adjusted for any directly attributable transactions costs.

After initial recognition, financial liabilities are measured at amortised cost using the effective interest method, with the effective interest recognised as an expense in finance costs.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the obligation specified in the contract is discharged, cancelled, or expires.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

New standards and interpretations

The company has reviewed the requirements of IFRS 16, effective from 1 January 2020, however the new standard does not have a material impact on this company. Further, no standards issued but not yet adopted by the company are expected to have a material impact.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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.

In preparing these financial statements, the directors have not made any key estimates or judgements.

The average monthly number of persons (including directors) employed by the company during the year was:

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

The company's Memorandum and Articles of Association have dispensed with the requirement to specify a maximum authorised share capital.

The capital redemption reserve represents the nominal value of shares bought back from shareholders through a series of transactions, and is equal to the original share capital issued to those shareholders. The reserve is non-distributable.

The company has multilateral guarantees in respect of bank borrowings with group companies; Hunters Property Plc, Hunters Property Group Limited, Hunters Franchising Limited, Hapollo Limited, Greenrose Network (Franchise) Limited, Hunters Partners Limited, Hunters (Midlands) Limited, Hunters Financial Services Limited, Hunters Land & New Homes Limited, Maddison James Limited, Herriot Cottages Limited, Realcube Limited, Realcube Technology Limited and Hunters Survey & Valuation Limited. At the year end, net group bank indebtedness totalled £4,414,013 (2019 - £4,533,004). The directors are of the opinion that the probability of default by those companies is remote and accordingly have assessed the fair value of the company’s obligations under this commitment to be £nil (2019 - £nil).

The company also has a group guarantee in respect of the Coronavirus Business Interruption Loan Scheme (CBILS) loan within Hunters Property Group Limited, which at the year end totalled £3,446,976. The fair value of the company's obligations under the multilateral guarantee is considered to be £nil.

The company had no other contingent liabilities as at 31 December 2020.

The company has taken advantage of the exemption available in FRS 101 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group, which would otherwise be required by IAS 24 'Related party disclosures'.

Hunters Group Limited's immediate parent company is Hunters Property Group Limited, and its ultimate parent company is Hunters Property Plc. Hunters Property Plc is the smallest and largest group into which Hunters Group Limited is consolidated. Copies of Hunters Property Plc's financial statements can be obtained from Apollo House, Eboracum Way, York, YO31 7RE.