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REGISTERED NUMBER: 03179382 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Hive Insurance Services Limited

Hive Insurance Services Limited (Registered number: 03179382)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Hive Insurance Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr P W Taylor
Mr I Y Lam





SECRETARY: Mr P W Taylor





REGISTERED OFFICE: Ground Floor Unit 4
Almondsbury Business Centre
Bradley Stoke
Bristol
Gloucestershire
BS32 4QH





REGISTERED NUMBER: 03179382 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY

Hive Insurance Services Limited (Registered number: 03179382)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,564 653
Investments 6 58,559 58,559
60,123 59,212

CURRENT ASSETS
Debtors 7 1,074,346 1,104,666
Cash at bank and in hand 471,201 482,069
1,545,547 1,586,735
CREDITORS
Amounts falling due within one year 8 924,828 1,147,316
NET CURRENT ASSETS 620,719 439,419
TOTAL ASSETS LESS CURRENT LIABILITIES 680,842 498,631

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 630,842 448,631
SHAREHOLDERS' FUNDS 680,842 498,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Hive Insurance Services Limited (Registered number: 03179382)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 July 2024 and were signed on its behalf by:




Mr P W Taylor - Director



Mr I Y Lam - Director


Hive Insurance Services Limited (Registered number: 03179382)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hive Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Hive Insurance Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33.33% on cost
Fixtures and fittings - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Hive Insurance Services Limited (Registered number: 03179382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 43,506
AMORTISATION
At 1 January 2023
and 31 December 2023 43,506
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 26,291 8,273 34,564
Additions 1,280 - 1,280
At 31 December 2023 27,571 8,273 35,844
DEPRECIATION
At 1 January 2023 26,291 7,620 33,911
Charge for year 178 191 369
At 31 December 2023 26,469 7,811 34,280
NET BOOK VALUE
At 31 December 2023 1,102 462 1,564
At 31 December 2022 - 653 653

Hive Insurance Services Limited (Registered number: 03179382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 58,559
NET BOOK VALUE
At 31 December 2023 58,559
At 31 December 2022 58,559

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 649,864 581,751
Amounts owed by group undertakings 112,921 79,562
Other debtors 6,414 4,477
Directors' current accounts 2,584 -
Tax 3,239 112,168
Prepayments 299,324 326,708
1,074,346 1,104,666

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 71,961 247,423
Tax 1,910 -
Social security and other taxes 16,634 27,288
Other creditors 45,439 84,826
Accruals and deferred income 788,884 787,779
924,828 1,147,316

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50,000 Ordinary £1 50,000 50,000

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme.
The scheme and its assets are held by independent managers.

The pension charge represents contributions due from the company and amounted to £43,568 (2022 - £44,670).
Contributions outstanding as at the period end amounted to £5,333 (2022 - £14,659).

Hive Insurance Services Limited (Registered number: 03179382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. OTHER FINANCIAL COMMITMENTS

The company leases certain assets which do not appear on the balance sheet, classed as 'operating leases'.

The total aggregate payment covering operating leases from the balance sheet date up to the expected completion of all operating leases is £80,019 (2022 - £112,169).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Hive Insurance Services Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hive Insurance Services Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hive Insurance Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hive Insurance Services Limited and state those matters that we have agreed to state to the Board of Directors of Hive Insurance Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hive Insurance Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hive Insurance Services 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 profit of Hive Insurance Services Limited. You consider that Hive Insurance Services 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 Hive Insurance Services 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.






Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY


31 July 2024