Company Registration No. 10514752 (England and Wales)
B-HIVE LIVING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
B-HIVE LIVING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
B-HIVE LIVING LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,735
11,057
Investment property
4
2,811,283
2,392,363
2,815,018
2,403,420
Current assets
Debtors
5
17,137
Cash at bank and in hand
341,721
332,976
341,721
350,113
Creditors: amounts falling due within one year
6
(919,511)
(954,851)
Net current liabilities
(577,790)
(604,738)
Total assets less current liabilities
2,237,228
1,798,682
Creditors: amounts falling due after more than one year
7
(1,612,400)
(1,337,402)
Provisions for liabilities
(153,228)
(125,174)
Net assets
471,600
336,106
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
471,500
336,006
Total equity
471,600
336,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
B-HIVE LIVING LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
W Johnson Mota
Director
Company registration number 10514752 (England and Wales)
B-HIVE LIVING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
B-Hive Living Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
B-HIVE LIVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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
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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
B-HIVE LIVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
55,718
Additions
267
At 31 December 2023
55,985
Depreciation and impairment
At 1 January 2023
44,661
Depreciation charged in the year
7,589
At 31 December 2023
52,250
Carrying amount
At 31 December 2023
3,735
At 31 December 2022
11,057
4
Investment property
2023
£
Fair value
At 1 January 2023
2,392,363
Additions
306,702
Revaluations
112,218
At 31 December 2023
2,811,283
B-HIVE LIVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
Investment property comprises five properties that have been developed for letting.
Valuations of the properties were made on an open market basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,377
Amounts owed by group undertakings
15,600
Other debtors
160
17,137
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,506
8,422
Amounts owed to group undertakings
429,572
262,034
Other creditors
482,433
684,395
919,511
954,851
Included in Other Creditors is an amount owed to the joint venture partner. This amount was £480,349 at the year end (2022 - £468,783 and 2021 - £458,465).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,612,400
1,337,402
Paratus Amc Limited holds a fixed charge over one of the properties held by the company.
Onesavings Bank Plc holds a fixed charge over three of the properties held by the company.
B-HIVE LIVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions
At the year end, the company owed Light Factory Asset Management Limited, the parent company, £397,431 (2022 - £262,034). The loan incurs interest at a rate of 3% per annum, and is repayable on demand. Interest of £9,746 (2022 - £7,637) was charged during the year.
At the year end the company was owed £32,141 (2022 - £15,600) by B-Hive Investment and Management Limited, a fellow subsidiary of the parent company.
At the year end, the company owed the directors £nil (2022 - £211,802). The loan incurs interest at a rate of 9% per annum, and is repayable on demand. Interest of £nil (2022 - £17,710) was charged during the year.