Hire or Buy Group Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01386833 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

HIRE OR BUY GROUP LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

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

4

-

-

Tangible assets

5

774,383

595,332

Investments

6

15

15

774,398

595,347

CURRENT ASSETS

Stocks

266,774

313,033

Debtors

7

337,333

343,489

Cash at bank and in hand

1,960

1,328

606,067

657,850

CREDITORS

Amounts falling due within one year

8

515,991

530,714

NET CURRENT ASSETS

90,076

127,136

TOTAL ASSETS LESS CURRENT LIABILITIES

864,474

722,483

CREDITORS

Amounts falling due after more than one year

9

(400,662

)

(303,609

)

PROVISIONS FOR LIABILITIES

(43,043

)

(30,534

)

NET ASSETS

420,769

388,340

CAPITAL AND RESERVES

Called up share capital

11

61

51

Other reserves

49

49

Retained earnings

420,659

388,240

SHAREHOLDERS' FUNDS

420,769

388,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 June 2017 and were signed on its behalf by:

Mr SJ Masterson - Director

1.	STATUTORY INFORMATION

Hire or Buy Group Limited is a private company, limited by shares , registered in England and Wales. The

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.

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 January 2015. The transition to FRS 102

Section 1A small entities has not resulted in any changes to the accounting estimates.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

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 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 28 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

61,833

AMORTISATION

At 1 January 2016

and 31 December 2016

61,833

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

1,499,572

Additions

409,805

Disposals

(283,214

)

At 31 December 2016

1,626,163

DEPRECIATION

At 1 January 2016

904,240

Charge for year

215,312

Eliminated on disposal

(267,772

)

At 31 December 2016

851,780

NET BOOK VALUE

At 31 December 2016

774,383

At 31 December 2015

595,332

Included within plant and machinery etc. are assets acquired under hire purchase agreements and their net book

value at 31 December 2016 amounted to £450,447. During the year depreciation of £95,054 was charged in

respect of these assets.

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2016

2015

£

£

Investments in subsidiaries

15

15

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

302,075

267,929

Prepayments

35,258

75,560

337,333

343,489

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

17,700

55,473

Hire purchase contracts

111,364

53,656

Trade creditors

263,242

294,084

Social security and other taxes

10,638

13,102

VAT

29,460

28,457

Other creditors

6,003

5,943

Pension creditor

984

1,008

Loan creditor

54,504

53,504

Wages creditor

-

171

Owed to subsidiaries

15

15

Directors' current accounts

2,934

2,399

Accruals and deferred income

19,147

22,902

515,991

530,714

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

322,830

171,760

Loan creditor

77,832

131,849

400,662

303,609

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdrafts

17,700

55,473

Hire purchase creditors

434,194

225,416

451,894

280,889

The bank overdraft is secured by a debenture dated 30 July 2002.

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

51

Ordinary

£1

51

51

10

Redeemable ordinary shares

£1

10

-

(2015 - NIL)

61

51

The following shares were issued during the year for cash at par :

10 Redeemable ordinary shares of £1

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.

12.	OTHER FINANCIAL COMMITMENTS

At 31 December 2016 the Company had the following future minimum lease payments under non-cancellable

operating leases as follows:

Land and buildings

- Due within one year £76,167.

- Due between one and five years £186,500.

13.	RELATED PARTY DISCLOSURES

Mr J R Newland has provided a loan to the Company, the amount outstanding at 31 December 2016 was £2,312.

Mr S J Masterson has provided a loan to the Company, the amount outstanding at 31 December 2016 was £622.

During the year 10 Ordinary Redeemable Employee Shares (Non Voting and Non Equity) were issued to Mr J R

Newland.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr SJ Masterson.