Registered number:
(A company limited by guarantee)
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
COMPANY INFORMATION
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
CONTENTS
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the Directors' report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
From a political perspective it was a year of considerable uncertainty. We saw more ministerial changes and an agenda dominated by Brexit that had a clear impact on the Government being able to focus on or progress housing policy.
Our hope, along with that of the business community generally, must be that the new Government can create a more stable environment and move the focus back onto the domestic agenda. Initial indications are that housing will continue as a key focus for the new Government and that it remains committed to further increases in housing supply. Despite the hiatus through 2019 however, HBF has continued its key role working to influence Government policy in the areas that impact on our members with the aim of creating an environment in which members can operate effectively to deliver the high quality new homes our country badly needs as well as understanding the needs of other stakeholders and in particular our customers. The primary areas of focus included. New Homes Ombudsman (NHO) . HBF has continued to take the lead on the proposals for a ‘voluntary’ NHO solution that will deliver further increases in build quality and strengthen consumer redress. Significant progress was made. We worked with stakeholders on proposals for a new industry code of practice and the creation of a framework within which it will operate and through which a NHO can be appointed. In the Summer, Natalie Elphicke was appointed as the independent New Homes Quality Champion to take the work forward. We envisage the proposals coming into operation through 2020. Environmental agenda . This will be a huge focus moving forward and the industry has been set some extremely challenging targets. We have worked to identify the key areas and the relevant stakeholders with the ambition of creating a road map for how the industry can deliver against the targets set. This culminated in an environmental agenda summit early in the New Year of 2020. We continued to engage in all relevant consultations including on Part L; the Future Homes Standards; Biodiversity Net Gain; Electric car charging points. Planning . A peak in local plans submitted to beat the new National Planning Policy Framework (NPPF) deadline in January resulted in an increased workload at public inquiries around the country while national policy changes and implementation has been delayed by the political turmoil in Westminster. We continue to represent the industry at every Local Plan Inquiry to ensure the industry’s position is strongly represented and local authorities are held to account. Design will become a major focus of 2020 with the publication of the Building Better, Building Beautiful Commission report and the Government’s own National Model Design Code around the turn of the year. Help to Buy (HTB) . Through the year we liaised with Homes England as they consider what the proposed 2021-2023 HTB scheme will look like and provided modelling work on the impact of the proposed price caps. We have also been exploring with lenders and other interested parties what a non-Government replacement scheme for post 2023 could look like. Supply base . We continued to press for policies to assist in widening the supply base. Though our retirement housing group we argued for policy changes to allow more specialist homes to be delivered; whilst through our Small Developers Group, we looked to agree and push for policy changes that reflected the needs of smaller builders.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Skills
. Through the Home Building Skills Partnership (HBSP) that the industry set up in 2016, we continued to grow and progress initiatives that will attract and train more people and increase industry capacity. With NHBC, we developed targeted training for bricklayers to address common defects; whilst we ran campaigns to attract more young people into our industry and worked with CITB on its pathways into construction to encourage people leaving other areas of education , ex-military personnel and women into homebuilding – and those from underrepresented groups in to the sector. During 2019, we have secured further grant funding from CITB amounting to £1.9m over the next 3 years to enable the important contribution of enhancing workforce numbers and skills.
Customer satisfaction survey data . In March we published the latest results of the industry customer satisfaction survey showing a further 1% year on year improvement in the industry score to 87% for the key survey question ‘would you recommend your builder to a friend?’. A record 21 homebuilders achieved 5 star status meaning over 90% of customers would recommend their new home builder. In addition, we started reporting industry customer satisfaction rolling year scores quarterly. The survey remains a key barometer of performance for the industry. Image . We represented the industry to the media seeking to encourage balanced reporting, counter negative criticism and explain the positive impact our industry has on the UK economy and society generally. We continue to develop campaigns to better position the industry with various audiences including customers, media and politicians. More generally, on behalf of industry we responded to all of the numerous relevant technical consultations put out by Government; Diversity has been a major focus for us; whilst the industry launched in partnership with the charity Lighthouse Club, a major industry wide mental health awareness campaign in Spring. In a financial context, 2019 was a successful year for the Group allowing it to report a surplus after tax of £493,346 (2018 - £495,117) . Housebuilder Media contributed strongly to this performance with a surplus after tax of £262,119 (2018 - £252,395) . As a consequence, our reserves increased to £4,151,188 (2018 - £3,657,842) and cash balances remained stable at £4,531,372 (2018 - £4,609,392) . This includes member subscriptions for 2020 paid prior to the year end of £328,870 (2018 - £504,796) .
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
This report was approved by the board on
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED
We have audited the financial statements of Home Builders Federation Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2019, which comprise the Group Statement of income and retained earnings, the Group and Company Balance sheets
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED (CONTINUED)
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Leytonstone House
3 Hanbury Drive
London
E11 1GA
6 May 2020
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
REGISTERED NUMBER:
02764757
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2019
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2020
.
The notes on pages 11 to 26 form part of these financial statements.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
REGISTERED NUMBER:
02764757
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 26 form part of these financial statements.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Home Builders Federation Limited ("the Company") is a company limited by guarantee, incorporated in England and Wales. Its registered office is 27 Broadwall, London, SE1 9PL.
The principal activity of the Group is the provision of services to the members of the Home Builders Federation ("the HBF").
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.
Non-consolidation of dormant subsidiaries
The following dormant subsidiary companies of Home Builders Federation Limited and Housebuilder Media Limited have not been included in the consolidated accounts as the companies were deemed immaterial to the group: House Builders Federation Limited Housebuilder Publications Limited HB Media Limited
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Home Builders Federation Limited
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue represents subscription fees payable by members calculated on a subscription year basis (which coincides with the Company's financial year). Where a member joins part way through a year, the subscription is pro-rated. Revenue is recognised in the year in which the membership services are provided. Where revenue is received in advance for a subsequent subscription year, a suitable adjustment to creditors is made to show this as deferred income. Housebuilder Media Limited Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes. The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below: (i) The Company publishes a magazine entitled Housebuilder 10 times each year. The magazine is made available free of charge to members of the Home Builders Federation and the National House Building Council and both these organisations pay subscriptions for this service. Individuals can also purchase subscriptions to the magazine. (ii) In addition to subscription income, the Company also sells advertising space in the magazine. Revenue from both subscriptions and advertising is recognised in the year in which the magazines are published. Any revenue received in advance of future subscriptions and advertising is deferred until the service is provided. (iii) The Company also organises conferences and other events throughout the year and revenue is raised by the sale of tickets and via third party sponsorship. Revenue from conferences and events is recognised in the year in which the event takes place. (iv) Finally, the Company derives revenue from the sale of advertising on its website. Revenue is recognised in the year in which the advertisement is placed. An appropriate adjustment is made for any revenue for advertising space that straddles the Company’s financial year end.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Rentals paid under operating leases are charged to the Consolidated statement of income and retained earnings on a straight line basis over the lease term.
Interest income is recognised in the Consolidated statement of income and retained earnings using the effective interest method.
The Group provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. (ii) Defined contribution pension plan The group operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid or prepaid are shown in other accruals or prepayments in the Balance sheet. The assets of the plan are held separately from the Group in an independently administered fund.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of income and retained earnings.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks of printing paper are valued at the lower of cost and net realisable value.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated statement of income and retained earnings in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of income and retained earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the Balance sheet date
The group and company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the group financial statements
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies No critical accounting judgments have had to be made by management in preparing these financial statements. Critical accounting estimates and assumptions (i) Useful economic lives of tangible and intangible assets The annual depreciation and amortisation charge for tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 5 and 6 for the carrying amount of the property plant and equipment and intangible assets. See notes 2.8 and 2.9 for the useful economic lives for each class of assets. (ii) Taxation The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The profit after tax of the parent Company for the year was £
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Housing Market Intelligence is held by the parents subsidiary undertaking.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
7.
Tangible fixed assets (continued)
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
9.
Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Direct subsidiary undertakings
Indirect Subsidiary undertaking
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
16.
Deferred taxation (continued)
The company is a private company limited by guarantee 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 Group and the company operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the Group and the company in an independently administered fund. The pension cost charge represents contributions payable by the Group and the company to the fund and amounted to £260,799 for the Group of which £219,992 related solely to the company
(2018, Group - £206,914, company - £166,719)
. Contributions totalling £47,521 for the Group, contributions of £42,880 are in relation to the company
(2018, Group - £5,457, Company - £1,626)
and were payable to the fund at the balance sheet date.
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HOME BUILDERS FEDERATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Included within creditors at the balance sheet date is an outstanding balance of £201,411
(2018 - £200,000)
payable to an entity which has trustees in common with the directors.
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