REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 20 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
HYVE OPERATIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 20 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
HYVE OPERATIONS LIMITED |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 20 July 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HYVE OPERATIONS LIMITED |
COMPANY INFORMATION |
for the Period 20 July 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
BALANCE SHEET |
31 December 2023 |
Notes | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Accumulated losses | 9 | ( |
) |
SHAREHOLDERS' DEFICIT | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 20 July 2022 to 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Hyve Operations Limited is a company limited by shares and is incorporated in England and Wales. The address of the registered office is 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX. The principal activity of the company is that of acting as landlord for apartments specifically leased to NHS key worker staff. |
The company's financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" Section 1A and the Companies Act 2006. |
The financial statements comprise the unaudited financial statements of the company up to 31 December each year, and are stated in pounds, the company's functional and presentational currency. |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
Exemptions |
In accordance with the small companies regime, no cash flow statement is required to be presented as the company qualifies as a small entity as defined in the Companies Act 2006. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost of each asset over its expected useful life as follows: |
Leasehold improvements | - 20% on a straight line basis |
Fixtures and fittings | - 25% on a straight line basis |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 20 July 2022 to 31 December 2023 |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
3. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
4. | DEBTORS |
£ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
Deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Deferred income |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 20 July 2022 to 31 December 2023 |
7. | LEASING AGREEMENTS |
Arrangements in the capacity of lessee |
Minimum lease payments payable under non-cancellable operating leases fall due as follows: |
31.12.23 |
£ |
Within one year | 402,000 |
Between one and five years | 1,608,000 |
In more than five years | 15,785,934 |
17,795,934 |
Rental income payable under the lease is subject to annual inflationary increases linked to the RPI index. |
8. | DEFERRED TAX |
Deferred |
tax |
£ |
Balance at 20 July 2022 | - |
Charged to Income Statement during the year | (61,837 | ) |
Balance at 31 December 2023 | (61,837 | ) |
The provision for deferred tax consists of the following deferred tax (assets)/liabilities: |
31.12.23 |
£ |
Accelerated capital allowances | 71,518 |
Unutilised losses | (133,355 | ) |
Deferred tax asset | (61,837 | ) |
9. | RESERVES |
Accumulated |
losses |
£ |
Deficit for the period | ( |
) |
At 31 December 2023 | ( |
) |
HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 20 July 2022 to 31 December 2023 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption under section 33 of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group. |
Prime (UK) Developments Limited is a company with a common director, and during the year Prime (UK) Developments Limited invoiced the company £420,070 relating to costs which are rechargeable to the company. At the year end the outstanding balance to Prime (UK) Developments Limited was £nil. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Hyve by Prime Limited, a company which is owned by private shareholders, none of which have a controlling interest in the company. Accordingly there is no ultimate controlling party. |