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Registration number: 01183652

Hire Association Europe Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hire Association Europe Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Hire Association Europe Limited

Company Information

Chairman

NE Bravery

Directors

PD Gaze

S R Slaughter

A S Fishburn

A J Caulfield

S A Wray

Registered office

2450 Regents Court
The Crescent Birmingham Business Park
Solihull
West Midlands
B37 7YE

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Hire Association Europe Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

PD Gaze

DJ Lowans (resigned 1 December 2023)

PJ Ludlow (Resigned 19 July 2023)

NE Bravery - Chairman

S R Slaughter

A J Caulfield (appointed 6 December 2023)

The following directors were appointed after the year end:

A S Fishburn (appointed 4 April 2024)

S A Wray (appointed 8 February 2024)

Principal activity

The principal activity of the company is the running of a trade association.

Small companies provision statement

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.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
NE Bravery
Chairman

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hire Association Europe Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hire Association Europe Limited for the year ended 31 December 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hire Association Europe Limited, as a body, in accordance with the terms of our engagement letter dated 7 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of Hire Association Europe Limited and state those matters that we have agreed to state to the Board of Directors of Hire Association Europe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hire Association Europe Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hire Association Europe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hire Association Europe Limited. You consider that Hire Association Europe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hire Association Europe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

31 July 2024

 

Hire Association Europe Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

1,599,295

1,567,604

Cost of sales

 

(443,534)

(568,307)

Gross surplus

 

1,155,761

999,297

Administrative expenses

 

(1,049,720)

(1,231,341)

Operating surplus/(deficit)

 

106,041

(232,044)

Interest payable and similar expenses

 

(23,701)

(25,429)

Surplus/(deficit) before tax

82,340

(257,473)

Surplus/(deficit) for the financial year

 

82,340

(257,473)

The above results were derived from continuing operations.

 

Hire Association Europe Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Surplus/(deficit) for the year

82,340

(257,473)

Surplus on property, plant and equipment revaluation

369

-

Total comprehensive income for the year

82,709

(257,473)

 

Hire Association Europe Limited

(Registration number: 01183652)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

693,523

699,739

Investment property

5

660,837

660,837

 

1,354,360

1,360,576

Current assets

 

Stocks

6

36,106

30,510

Debtors

7

359,571

299,423

Cash at bank and in hand

 

293,610

249,460

 

689,287

579,393

Creditors: Amounts falling due within one year

8

(469,257)

(388,122)

Net current assets

 

220,030

191,271

Total assets less current liabilities

 

1,574,390

1,551,847

Creditors: Amounts falling due after more than one year

8

(601,789)

(661,586)

Provisions for liabilities

(17,268)

(17,637)

Net assets

 

955,333

872,624

Reserves

 

Revaluation reserve

38,116

37,796

Retained earnings

917,217

834,828

Surplus

 

955,333

872,624

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

 

Hire Association Europe Limited

(Registration number: 01183652)
Balance Sheet as at 31 December 2023

.........................................
NE Bravery
Chairman

 

Hire Association Europe Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

37,796

834,828

872,624

Surplus for the year

-

82,340

82,340

Other comprehensive income

320

49

369

Total comprehensive income

320

82,389

82,709

At 31 December 2023

38,116

917,217

955,333

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

-

1,130,097

1,130,097

Prior period adjustment

37,843

(37,843)

-

At 1 January 2022 (As restated)

37,843

1,092,254

1,130,097

Deficit for the year

-

(257,473)

(257,473)

Other comprehensive income

(47)

47

-

Total comprehensive income

(47)

(257,426)

(257,473)

At 31 December 2022

37,796

834,828

872,624

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
2450 Regents Court
The Crescent Birmingham Business Park
Solihull
West Midlands
B37 7YE
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

straight line over the term of the lease

Company insignia

2% straight line

Office equipment

10% to 33 1/3% straight line

Investment property

Investment property is carried at fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 20).

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Long leasehold land and buildings
£

Company insignia
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

661,452

6,900

467,709

1,136,061

Additions

-

-

14,726

14,726

At 31 December 2023

661,452

6,900

482,435

1,150,787

Depreciation

At 1 January 2023

1,279

1,691

433,352

436,322

Charge for the year

663

138

20,141

20,942

At 31 December 2023

1,942

1,829

453,493

457,264

Carrying amount

At 31 December 2023

659,510

5,071

28,942

693,523

At 31 December 2022

660,173

5,209

34,357

699,739

Included within the net book value of land and buildings above is £659,510 (2022 - £660,173) in respect of long leasehold land and buildings.
 

Property has been purchased which is partly occupied by the company and is partly available for rent to unrelated parties on normal commercial terms. The directors consider the apportionment to be 50% and 50% respectively. The property is split between leasehold property and investment property on this basis.

The property was last revalued on 31 December 2021 by the directors. The directors have considered the value of the leasehold property as at 31 December 2023 and have concluded that no further revaluation is required this year. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £612,887 (2022:£613,500)

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 the company insignia and have concluded that no further revaluation is required this year.



 

5

Investment properties

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

At 1 January

660,837

At 31 December

660,837

The directors have considered the carrying value at 31 December 2023 and do not consider it to be materially different from fair value.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

36,106

30,510

7

Debtors

Current

2023
£

2022
£

Trade debtors

313,925

239,102

Prepayments

45,646

47,681

Other debtors

-

12,640

 

359,571

299,423

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

59,797

58,169

Trade creditors

 

107,154

78,666

Taxation and social security

 

42,663

18,269

Accruals and deferred income

 

255,145

229,519

Other creditors

 

4,498

3,499

 

469,257

388,122

Creditors include bank loans and overdrafts which are secured of £49,797 (2022 - £48,169).

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

601,789

661,586

Creditors include bank loans and overdrafts which are secured of £587,622 (2022 - £637,419).

Creditors include bank loans repayable by instalments of £370,137 (2022: £427,321) due after more than five years.

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

320

49

369

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(47)

47

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

601,789

661,586

2023
£

2022
£

Current loans and borrowings

Bank borrowings

59,797

58,169

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Hire Association Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Not later than one year

701

572

Later than one year and not later than five years

330

906

1,031

1,478

The amount of non-cancellable operating lease payments recognised as an expense during the year was £785 (2022 - £952).

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,500 (2022 - £Nil). The commitment is for capital expenditure.

13

Undistributable reserves

Retained earnings includes £37,345 of undistributable reserves.