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Registration number: 09162272

Hiveaway Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Hiveaway Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hiveaway Ltd

Company Information

Directors

Mr Keith Roberts

Mrs Dawn Roberts

Registered office

9 St George's Yard
Farnham
Surrey
GU9 7LW

Accountants

Melrose Group
8 St Mary Street
Thornbury
Bristol
BS35 2AB

 

Hiveaway Ltd

(Registration number: 09162272)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,788

17,320

Current assets

 

Stocks

5

12,000

7,800

Debtors

6

15,331

14,845

Cash at bank and in hand

 

32,172

28,990

 

59,503

51,635

Creditors: Amounts falling due within one year

7

(122,413)

(74,524)

Net current liabilities

 

(62,910)

(22,889)

Total assets less current liabilities

 

(53,122)

(5,569)

Creditors: Amounts falling due after more than one year

7

(22,892)

(32,966)

Net liabilities

 

(76,014)

(38,535)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(76,114)

(38,635)

Shareholders' deficit

 

(76,014)

(38,535)

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

Directors' responsibilities:

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

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
Mrs Dawn Roberts
Director

 

Hiveaway Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 St George's Yard
Farnham
Surrey
GU9 7LW
United Kingdom

These financial statements were authorised for issue by the Board on 23 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

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.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Leasehold improvements

Equally over the lease term

 

Hiveaway Ltd

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

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 25).

 

Hiveaway Ltd

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

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

7,577

84,119

91,696

Additions

-

2,328

2,328

At 31 August 2023

7,577

86,447

94,024

Depreciation

At 1 September 2022

7,052

67,324

74,376

Charge for the year

282

9,578

9,860

At 31 August 2023

7,334

76,902

84,236

Carrying amount

At 31 August 2023

243

9,545

9,788

At 31 August 2022

525

16,795

17,320

Included within the net book value of land and buildings above is £243 (2022 - £525) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

12,000

7,800

6

Debtors

2023
£

2022
£

Other debtors

10,730

10,730

Prepayments

4,601

4,115

15,331

14,845

 

Hiveaway Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

14,115

10,503

Trade creditors

 

24,493

23,229

Taxation and social security

 

19,678

33,460

Accruals and deferred income

 

2,705

2,361

Other creditors

 

61,422

4,971

 

122,413

74,524

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,892

32,966

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

'A' Ordinary Shares of £1 each

35

35

35

35

'B' Ordinary Shares of £1 each

35

35

35

35

'C' Ordinary Shares of £1 each

30

30

30

30

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

22,892

32,966

Current loans and borrowings

 

Hiveaway Ltd

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

2023
£

2022
£

Bank borrowings

10,074

9,826

Bank overdrafts

2,184

-

Other borrowings

1,857

677

14,115

10,503

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

4,971

4,971

Advanced

56,451

56,451

At end of period

61,422

61,422

2022

Key management
£

Total
£

At start of period

14,536

14,536

Repaid

(9,565)

(9,565)

At end of period

4,971

4,971

Terms of loans from related parties

Loans owed to directors at 0% interest.