The directors present their annual report and financial statements for the year ended 31 December 2020.
The financial result of the Company for the year ended 31 December 2020 is profit after tax of £Nil (year ended 31 December 2019: profit after tax of £Nil). The Directors do not recommend the payment of a dividend in respect of the year ended 31 December 2020 (year ended 31 December 2019: £nil).
Going concern
After making enquiries, including considering the potential impact of COVID-19, the Directors have formed the view, at the time of approving the financial statements, that the Company has adequate resources to continue in operational existence for the foreseeable future. This is primarily based upon a letter of support from the immediate parent Company, Just Retirement (Holdings) Limited, for this reason the Directors have adopted the going concern basis in preparing these financial statements.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Directors’ Indemnities
The Company’s Articles of Association provide, subject to the provisions of UK legislation, an indemnity for Directors and Officers of the Company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers or employees of the Company. Such qualifying third party indemnity provision remains in force at the date of this report. Directors’ and Officers’ liability insurance cover was maintained throughout the year at the Company’s expense and remains in force at the date of this report.
Political donations
No political contributions were made during the year ended 31 December 2020 (2019: £nil).
Audit exemption statement
For the year ended 31 December 2020 the Company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The directors are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.
Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable international accounting standards in conformity with the requirements of the Companies Act 2006 have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 enable them to ensure that the financial statements comply with the Companies Act 2006.
BY ORDER OF THE BOARD
David Cooper
Director
September 2021
Registered Office:
Enterprise House
Bancroft Road
Reigate
Surrey
RH2 7RP
Registered in England
Number 10145612
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HUB Pension Consulting (Holdings) Limited for the year ended 31 December 2020 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes 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/en/members/regulations-standards-and-guidance .
It is your duty to ensure that HUB Pension Consulting (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of HUB Pension Consulting (Holdings) Limited. You consider that HUB Pension Consulting (Holdings) 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 financial statements of HUB Pension Consulting (Holdings) 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 financial statements.
HUB Pension Consulting (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise House, Bancroft Road, Reigate, Surrey, RH2 7RP.
Notwithstanding a profit/loss for the year of nil, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, including assessing the likely impact of the ongoing COVID-19 pandemic, the Company will have sufficient funds, through funding from its intermediate parent company, Just Retirement (Holdings) Limited, to meet its liabilities as they fall due for that period.
Those forecasts are dependent on Just Retirement (Holdings) Limited providing direct additional financial support during that period. Just Retirement (Holdings) Limited has indicated through a letter of support its intention to continue to make available such funds as are needed by the Company. As with any Company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
As noted above, the directors have considered the continued impact of the COVID-19 pandemic on the Company, which are expected to be minimal. The Company is continuing to operate with the majority of staff working at home.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Given that it has investments in subsidiaries, the Company does not present consolidated financial statements as it is exempted under s400 of the Companies Act 2006 from preparing Group accounts.
There are no new accounting standards or amendments to existing accounting standards effective from 1 January 2020 that have an impact on the Company.
The following new accounting standards, interpretations and amendments to existing accounting standards in issue are being assessed but have not yet been adopted by the Company:
UK-adopted IFRS
As part of its exit from the European Union, the UK has been in a transition period up to 31 December 2020. From 1 January 2021, the Company is required to apply UK-adopted IFRS. In the short term, UK and EU-adopted IFRS are expected to be identical as all existing EU-adopted IFRS are brought into UK law and become UK-adopted IFRS as at 31 December 2020. Going forwards any changes to IFRS will be applied once adopted by the UK.
The following accounting policies have been applied consistently throughout the year.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Company had no capital commitments as at 31 December 2020 (2019: nil).
This note presents information about the major financial risks to which the Company is exposed. Financial risk comprises exposure to market, credit and liquidity risk.
Market risk
Market risk is the risk of loss or of adverse change in the financial situation resulting, directly or indirectly, from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments, together with the impact of changes in interest rates.
The Company only invests in AAA cash equivalent financial assets and so has limited exposure to market risk.
Credit risk
Credit risk arises if another party fails to perform its financial obligations to the Company, including failing to perform them in a timely manner. The Company has no third party debtors (2019: nil).
Liquidity risk
Liquidity risk is the risk of loss because the Company either does not have sufficient financial resources available to it in order to meet its obligations as they fall due, or can secure them only at excessive cost. The Company has no liabilities (2019: nil) and is therefore not exposed to liquidity risk..
At present, the subsidiary undertaking, Hub Pension Consulting Limited is in a negative net asset position. The C ompany has completed an impairment assessment of the carrying value of this investment in Hub Pension Consulting Limited and does not consider this investment to be impaired.
There are no other post balance sheet events that have taken place between 31 December 2020 and the date of this report that are required to be brought to the attention of shareholders.
The immediate Parent Company of Hub Pension Consulting (Holdings) Limited is Just Retirement (Holdings) Limited, a Company incorporated in England and Wales.
The ultimate Parent Company of the Group in which the results of Hub Pension Consulting (Holdings) Limited are consolidated, is Just Group plc, a Company incorporated in England and Wales.
The registered office is Enterprise House, Bancroft Road, Reigate, England, RH2 7RP.