Hire or Buy Group Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01386833 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

HIRE OR BUY GROUP LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr SJ Masterson

Mr JR Newland

SECRETARY:

Mrs ZM Masterson

REGISTERED OFFICE:

Cosy Corner

Little Paxton

St. Neots

Cambridgeshire

PE19 6EH

REGISTERED NUMBER:

01386833 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

543,997

317,748

Investments

4

15

15

544,012

317,763

CURRENT ASSETS

Stocks

285,325

332,735

Debtors

359,512

302,711

Cash at bank and in hand

5,266

33,578

650,103

669,024

CREDITORS

Amounts falling due within one year

5

546,222

501,484

NET CURRENT ASSETS

103,881

167,540

TOTAL ASSETS LESS CURRENT LIABILITIES

647,893

485,303

CREDITORS

Amounts falling due after more than one year

5

(304,697

)

(172,516

)

PROVISIONS FOR LIABILITIES

(5,412

)

-

NET ASSETS

337,784

312,787

CAPITAL AND RESERVES

Called up share capital

6

122

122

Other reserves

49

49

Profit and loss account

337,613

312,616

SHAREHOLDERS' FUNDS

337,784

312,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 September 2015 and were signed on its behalf by:

Mr SJ Masterson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on the assumption that the company is able to carry on business as a going

concern. The directors consider this to be appropriate having recently renewed its banking facilities and having

considered the future trading prospects of the business. The company also benefits from the support of its

directors and shareholders.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Hire or Buy Group Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at variable rates on reducing balance

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

61,833

AMORTISATION

At 1 January 2014

and 31 December 2014

61,833

NET BOOK VALUE

At 31 December 2014

-

At 31 December 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

1,370,523

Additions

381,502

Disposals

(300,989

)

At 31 December 2014

1,451,036

DEPRECIATION

At 1 January 2014

1,052,775

Charge for year

137,017

Eliminated on disposal

(282,753

)

At 31 December 2014

907,039

NET BOOK VALUE

At 31 December 2014

543,997

At 31 December 2013

317,748

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2014

2013

£

£

Investments in subsidiaries

15

15

The company's investments at the Balance Sheet date in the share capital of companies include the following:

St. Neots Tool Hire Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

2

2

This company became dormant on 30 September 1998 when the group activities were consolidated into Hire or

Buy Group Limited.

Stevenage Hire Or Buy Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

2

2

This company became dormant on 30 September 1998 when the group activities were consolidated into Hire or

Buy Group Limited.

St. Neots Hire Company Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

10

10

This company has been dormant since incorporation.

HOB Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

1

1

5.

CREDITORS

Creditors include an amount of £ 239,948 (2013 - £ 70,030 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

51

Ordinary

£1

51

51

71

Redeemable ordinary

£1

71

71

122

122

By Special Resolution the directors have exercised their powers under the Company's Articles of Association to

issue Ordinary Redeemable Employee Shares (Non Voting) out of the existing authorised share capital of the

Company. These are non-equity shares and are redeemable either when an employee leaves the employment or

at the option of the company at any point.

7.	RELATED PARTY DISCLOSURES

During 2014 Mr N A Stewart ultimately controlled the company by virtue of his controlling interest in the issued

ordinary share capital.

Mr N A Stewart has given a personal guarantee up to the value of £10,000 for a rental lease of the Company.

The Company paid rent of £29,000 during the year to pension funds in which Mr N A Stewart and Mrs R A

Stewart have beneficial interests.

Mr N A Stewart has provided a loan to the Company, the amount outstanding at 31 December 2014 was

£194,642.

Mr J R Newland has provided a loan to the Company, the amount outstanding at 31 December 2014 was £2,535.

During 2014 the directors charged the Company loan interest against these loans of £12,534.