Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-311The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-01-01falseNo description of principal activity1truetrue 09556706 2022-01-01 2022-12-31 09556706 2021-01-01 2021-12-31 09556706 2022-12-31 09556706 2021-12-31 09556706 c:Director1 2022-01-01 2022-12-31 09556706 c:RegisteredOffice 2022-01-01 2022-12-31 09556706 d:PlantMachinery 2022-01-01 2022-12-31 09556706 d:PlantMachinery 2022-12-31 09556706 d:PlantMachinery 2021-12-31 09556706 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09556706 d:FurnitureFittings 2022-01-01 2022-12-31 09556706 d:FurnitureFittings 2022-12-31 09556706 d:FurnitureFittings 2021-12-31 09556706 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09556706 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09556706 d:FreeholdInvestmentProperty 2022-12-31 09556706 d:FreeholdInvestmentProperty 2021-12-31 09556706 d:FreeholdInvestmentProperty 2 2022-01-01 2022-12-31 09556706 d:CurrentFinancialInstruments 2022-12-31 09556706 d:CurrentFinancialInstruments 2021-12-31 09556706 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09556706 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09556706 d:ShareCapital 2022-12-31 09556706 d:ShareCapital 2021-12-31 09556706 d:RetainedEarningsAccumulatedLosses 2022-12-31 09556706 d:RetainedEarningsAccumulatedLosses 2021-12-31 09556706 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09556706 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 09556706 c:OrdinaryShareClass1 2022-01-01 2022-12-31 09556706 c:OrdinaryShareClass1 2022-12-31 09556706 c:OrdinaryShareClass1 2021-12-31 09556706 c:FRS102 2022-01-01 2022-12-31 09556706 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 09556706 c:FullAccounts 2022-01-01 2022-12-31 09556706 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 09556706












THE BHE HUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 

THE BHE HUB LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 13


 

THE BHE HUB LIMITED
 
COMPANY INFORMATION


Director
P B Morris 




Registered number
09556706



Registered office
3 Vision House
Station Road

Borehamwood

WD6 1DE




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:09556706
THE BHE HUB LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
35,535
47,016

Fixed asset investments
 6 
76,107
76,107

Investment property
 7 
817,639
923,100

  
929,281
1,046,223

Current assets
  

Debtors: amounts falling due within one year
 8 
55,741
35,825

Cash at bank and in hand
  
5,866
48,236

  
61,607
84,061

Creditors: amounts falling due within one year
 9 
(1,474,398)
(1,449,776)

Net current liabilities
  
 
 
(1,412,791)
 
 
(1,365,715)

Total assets less current liabilities
  
(483,510)
(319,492)

Provisions for liabilities
  

Deferred tax
  
-
(26,365)

  
 
 
-
 
 
(26,365)

Net liabilities
  
(483,510)
(345,857)


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
  
(483,511)
(345,858)

Net deficit
  
(483,510)
(345,857)


Page 2


 
REGISTERED NUMBER:09556706
THE BHE HUB LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the sole director: 




P B Morris
Director

Date: 5 March 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The BHE Hub Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 3 Vision House, Station Road, Borehamwood, WD6 1DE.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholder and director to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved. Paul Morris has indicated his willingness to continue supporting the company and has undertaken not to facilitate a repayment of his loan, unless the company has sufficient resources to make payment and continue to meet its obligations as they fall due for the foreseeable future. 

  
2.3

Prior year adjustment

The company has restated its comparative figures for the year ended 31 December 2021 and its brought forward profit and loss account reserves as at 1 January 2021 and 1 January 2022. An explanation of the adjustment together with the financial impact is set out in Note 12.

Page 4

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Rental income from operating leases is credited to the profit and loss account on a straight line basis over the term of the relevant lease.

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 value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line method
Office equipment
-
25%
Reducing balance method

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 profit or loss.

Page 5

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director and derived from external valuations based on 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.8

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.10

Share capital

Ordinary shares are classified as equity.

Page 6

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are recognised at transaction price.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies  that are classified as debt, are recognised at transaction price.
Impairment of financial assets
Financial assets 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 profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 

Page 7

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Valuation of investment properties
The company carries its investment properties at fair value, with changes in fair value being recognised through profit or loss. The 2022 valuations were made by the director, on an open market value for existing use basis. There is an inevitable degree of judgment involved and the fair value can only ultimately be reliably tested in the market itself.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 -1).

Page 8

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost


At 1 January 2022
-
88,099
88,099


Additions
27,505
1,265
28,770


Disposals
(27,505)
(1,229)
(28,734)



At 31 December 2022

-
88,135
88,135



Depreciation


At 1 January 2022
-
41,083
41,083


Charge for the year
2,292
11,670
13,962


Disposals
(2,292)
(153)
(2,445)



At 31 December 2022

-
52,600
52,600



Net book value



At 31 December 2022
-
35,535
35,535



At 31 December 2021
-
47,016
47,016


6.


Fixed asset investments





Unlisted investments

£



Cost


At 1 January 2022
76,107



At 31 December 2022
76,107

Page 9

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022 (as restated)
923,100


Fair value movements
(105,461)



At 31 December 2022
817,639

The valuations as at 31 December 2022 were made by the director, on an open market value for existing use basis.







8.


Debtors

2022
2021
£
£


Trade debtors
-
517

Other debtors
23,991
35,308

Prepayments and accrued income
31,750
-

55,741
35,825



9.


Creditors: amounts falling due within one year

As restated
2022
2021
£
£

Amounts owed to group undertakings
394,685
400,165

Other creditors
1,074,209
1,046,110

Accruals and deferred income
5,504
3,501

1,474,398
1,449,776


Page 10

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Deferred taxation




2022


£






At beginning of year (as restated)
(26,365)


Charged to profit or loss
26,365



At end of year
-

The deferred taxation balance is made up as follows:

As restated
2022
2021
£
£


Fair value movements on investment properties
-
(26,365)


11.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 -1) Ordinary share of £1.00
1
1

The holder of ordinary share is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the company.

Page 11

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Prior year adjustment

Prior period adjustments have been recognised to reflect that the company granted a long leasehold in a property to its parent company, BHE Limited, which had not previously been accounted for in the financial statements of either company.  As a result, the comparatives have been restated to account for the disposal of the property, the impact on the carrying value of the company’s investment property portfolio, the intercompany balance with its parent, the deferred tax liability in respect of unrealised gains, and retained earnings.  
The property was disposed of at market value of £400,000 during the year ended 31 December 2019, which resulted in a profit of £8,827 for that year.   The subsequent fair value movements of that property of £13,538 for the year ended 31 December 2020 and £11,462 for the year ended 31 December 2021 have been reversed.   
As a result, the deferred tax liability has been reduced by £3,384 as at 31 December 2020 and a further £2,866; total £6,250 as at 31 December 2021.
Accordingly, the comparatives have been restated as detailed below:     


Reconciliation of changes to the balance sheet as at 31 December 2021


As previously reported
Adjustment
As restated

£
£
£

Investment properties 
 1,339,273
 (416,173)
 923,100

Amounts owed to group undertakings
 (800,165)
 400,000
 (400,165)

Deferred tax
 (32,615)
 6,250
 (26,365)

 
 
 


Reconciliation of changes in equity


1
January 2021
31 December 2021

£
£

Equity as previously reported
 (132,911)
 (335,934)

Adjustments to prior year
 
 

Profit on disposal of investment property 
 8,827
 8,827

Fair value movements
 (13,538)
 (25,000)

Deferred tax 
 3,384
 6,250

 
 

Equity as adjusted
 (134,238)
 (345,857)
Page 12

 

THE BHE HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Prior year adjustment (continued)

Reconciliation of changes in loss for the previous financial period


Year ended 31 December 2021 as restated

£

Loss as previously reported
 (203,023)

Adjustments to prior year
 

Fair value movements
 (11,462)

Deferred tax 
 2,866

 

Loss as adjusted
 (211,619)


13.


Transactions with director

Included in other creditors due within one year, is a balance of £1,067,457 (2021 - £1,038,816) owed to the director. The loan from the director is interest free and unsecured.

 
Page 13