Registration number:
Hire Association Europe Limited
(A company limited by guarantee)
for the Year Ended 31 December 2024
Hire Association Europe Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Hire Association Europe Limited
Company Information
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Chairman |
P A Leahy |
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Directors |
PD Gaze S R Slaughter A S Fishburn A J Caulfield S A Wray |
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Registered office |
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Accountants |
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Hire Association Europe Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
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
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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 2024
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 2024 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.
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Chartered Accountants
Evesham
Worcestershire
WR11 4XP
Hire Association Europe Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross surplus |
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Administrative expenses |
( |
( |
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Operating surplus |
68,837 |
106,041 |
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Interest payable and similar expenses |
( |
( |
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Surplus before tax |
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Surplus for the financial year |
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The above results were derived from continuing operations.
Hire Association Europe Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Surplus for the year |
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Surplus on property, plant and equipment revaluation |
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Total comprehensive income for the year |
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Hire Association Europe Limited
(Registration number: 01183652)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Reserves |
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Revaluation reserve |
38,193 |
38,116 |
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Retained earnings |
963,939 |
917,217 |
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Surplus |
1,002,132 |
955,333 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
Hire Association Europe Limited
(Registration number: 01183652)
Balance Sheet as at 31 December 2024
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Hire Association Europe Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Surplus for the year |
- |
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Other comprehensive income |
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Total comprehensive income |
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At 31 December 2024 |
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Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Surplus for the year |
- |
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Other comprehensive income |
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Total comprehensive income |
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At 31 December 2023 |
38,116 |
917,217 |
955,333 |
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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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:
United Kingdom
These financial statements were authorised for issue by the
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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.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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:
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Asset class |
Depreciation method and rate |
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Leasehold property |
straight line over the term of the lease |
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Company insignia |
2% straight line |
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Office equipment |
10% to 33 1/3% straight line |
Investment property
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.
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.
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Long leasehold land and buildings |
Company insignia |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £658,847 (2023 - £659,510) 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 2024 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 £612,272 (2023:£612,887)
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.
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Investment properties |
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2024 |
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At 1 January |
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At 31 December |
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The directors have considered the carrying value at 31 December 2024 and do not consider it to be materially different from fair value.
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Stocks |
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2024 |
2023 |
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Finished goods and goods for resale |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £51,601 (2023 - £49,797).
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £536,021 (2023 - £587,622).
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Creditors include bank loans repayable by instalments of £310,909 (2023: £370,137) due after more than five years.
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Retained earnings |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Retained earnings |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Hire Association Europe Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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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 £Nil (2023 - £Nil). The commitment is for capital expenditure.
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Undistributable reserves |
Retained earnings includes £37,345 of undistributable reserves.