IRIS Accounts Production v24.2.0.383 11226361 Board of Directors 31.10.23 1.11.22 31.10.23 31.10.23 The principal activity of the group is to act as a wholesale supplier of fresh & prepared fruits & vegetables to hotels, restaurants, event and contact caterers, bars, pubs and schools. true true false true true false false false true false Ordinary 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112263612022-10-31112263612023-10-31112263612022-11-012023-10-31112263612021-10-31112263612021-11-012022-10-31112263612022-10-3111226361ns15:EnglandWales2022-11-012023-10-3111226361ns14:PoundSterling2022-11-012023-10-3111226361ns10:Director12022-11-012023-10-3111226361ns10:Consolidated2023-10-3111226361ns10:ConsolidatedGroupCompanyAccounts2022-11-012023-10-3111226361ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3111226361ns10:Consolidatedns10:FRS1022022-11-012023-10-3111226361ns10:Consolidatedns10:Audited2022-11-012023-10-3111226361ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3111226361ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3111226361ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3111226361ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-11-012023-10-3111226361ns10:FullAccounts2022-11-012023-10-311122636112022-11-012023-10-3111226361ns10:OrdinaryShareClass12022-11-012023-10-3111226361ns10:Consolidated2022-11-012023-10-3111226361ns10:Director22022-11-012023-10-3111226361ns10:RegisteredOffice2022-11-012023-10-3111226361ns10:Consolidated2021-11-012022-10-3111226361ns5:CurrentFinancialInstruments2023-10-3111226361ns5:CurrentFinancialInstruments2022-10-3111226361ns5:ShareCapital2023-10-3111226361ns5:ShareCapital2022-10-3111226361ns5:NetGoodwill2022-11-012023-10-3111226361ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3111226361ns5:LeaseholdImprovements2022-11-012023-10-3111226361ns5:PlantMachinery2022-11-012023-10-3111226361ns5:FurnitureFittings2022-11-012023-10-3111226361ns5:MotorVehicles2022-11-012023-10-3111226361ns5:ComputerEquipment2022-11-012023-10-3111226361ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-10-3111226361ns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2023-10-3111226361ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-10-3111226361ns5:UnlistedNon-exchangeTraded2023-10-3111226361ns5:UnlistedNon-exchangeTraded2022-10-3111226361ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3111226361ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3111226361ns10:OrdinaryShareClass12023-10-3111226361ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3111226361ns5:RetainedEarningsAccumulatedLosses2023-10-31
REGISTERED NUMBER: 11226361 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

BEES & HONEY LTD

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


BEES & HONEY LTD

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Mr J F Fowler
Mr N Fowler



REGISTERED OFFICE: Unit 1 Deptford Trading Estate
Blackhorse Road
London
SE8 5HY



REGISTERED NUMBER: 11226361 (England and Wales)



AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE



ACCOUNTANTS: Chartswood Limited
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

GROUP STRATEGIC REPORT
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

Bees & Honey Ltd is the parent company of 6 subsidiary companies.

For the purposes of this report and the financial statements, the group shall mean Bees & Honey Ltd and its subsidiaries.

REVIEW OF BUSINESS
The principal activity of the Group throughout the financial period continued to be the wholesale distribution and preparation of fresh food products.

Overall, the Group had a strong year of growth building upon the positive results of the previous year. Turnover increased by £3.3m/14.2% in 2023, with gross profit margins being improved. The Group continues to increase its operational capacity to facilitate further growth whilst investing strategically to support current and future commercial strategies.

The directors view the key financial performance indicators as being turnover and operating profit. As shown in the Group's consolidated profit and loss account, turnover has reached £27.1m (2022: £23.7m), with the Group generating an operating profit of £1,637k (2022: £603k).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group are broadly categorised as strategic, technology, operational, people and legal and regulatory risks.

STRATEGIC RISK
The directors do occasionally look to diversify into related businesses, where appropriate, such as retail and restaurants. However, the main focus and resources continue to be directed towards developing and nurturing our wholesale supply business.

Our aim is simple - to have the best people supplying the best product with the best service at the right price to customers who value those attributes in a supplier. We use weekly reports and KPIs to measure the performance of our business. We have weekly sales dashboards to measure sales against budget and monitor our margins. We use debtor days and cash banking targets to monitor our credit control. We use monthly management accounts to review, monitor and manage the performance of the overall business.

TECHNOLOGY AND OPERATIONAL RISK
We have invested heavily over the last two years in enhancing our IT infrastructure and we now operate comfortably from two sites which provides a degree of contingency for disaster planning. We have an annual review of our IT hardware to ensure that the kit is still fit for purpose. We have anti-virus software across all our various IT networks and ensure that our data and our customer's data is kept safe and secure.

Our fridges are monitored, and we can be notified by SMS if there are problems with our temperatures in the various fridges.

We use a Health & Safety advisor to review our risk assessments for the operation, and in conjunction with HR and our management team to ensure that Smith & Brock Ltd remains a safe place to work and a reliable provider of services to our customers across the 52 weeks of the year. Our day shift transport manager is qualified to assess new drivers and ensures existing drivers have refresher training. Our transport management team carry out regular 'toolbox talks' to ensure that we are adhering to the required standards of operation for our vehicles.

PEOPLE RISK
Our people are the key to our ongoing success and growth. The Group continues to have a relatively low churn rate for our industry. We have signed up to the Living Wage Foundation and ensure via our staff orders scheme and discounted café food that our team is well looked after. Our vehicles are installed with cameras which provides safety not only for the public and our customers but also for our drivers.


BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

GROUP STRATEGIC REPORT
for the Year Ended 31 October 2023

LEGAL AND REGULATORY RISK
We use food safety and Health & Safety consultants to ensure that we adhere to the very highest of standards in our operation. We have achieved AA accreditation under BRC Food Certification and our preparatory facility operates to SALSA requirements. We understand that changes to laws and regulations could have a direct impact on the business and/or the services we provide.

Our transport compliance ensures that our drivers have valid licences and are fit to operate trucks.

ON BEHALF OF THE BOARD:





Mr N Fowler - Director


9 October 2024

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 450,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr J F Fowler
Mr N Fowler

POLITICAL DONATIONS AND EXPENDITURE
During the year the group made donations amounting to £3,788.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N Fowler - Director


9 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEES & HONEY LTD

Opinion
We have audited the financial statements of Bees & Honey Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern
We draw attention to note 2 in the financial statements which indicates the Group's ability to continue as a going concern despite net cash outflows. As stated in note 2, these events or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included obtaining and reviewing the Group's business plan and holding discussions with management over the key assumptions therein, and discussions with management surrounding the parent company's future plans for the Group including working capital support.

Our responsibilities and the responsibilities of the directors' with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEES & HONEY LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEES & HONEY LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the retail sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The prior period financial statements were audited by Chartswood Limited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEES & HONEY LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

15 October 2024

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
for the Year Ended 31 October 2023

31.10.23 31.10.22
as restated
Notes £    £   

TURNOVER 27,103,109 23,715,685

Cost of sales 20,639,061 18,493,901
GROSS PROFIT 6,464,048 5,221,784

Administrative expenses 4,827,384 4,618,534
OPERATING PROFIT 5 1,636,664 603,250

Interest receivable and similar income - 1
1,636,664 603,251

Interest payable and similar expenses 6 347,341 202,242
PROFIT BEFORE TAXATION 1,289,323 401,009

Tax on profit 7 118,649 212,172
PROFIT FOR THE FINANCIAL YEAR 1,170,674 188,837

Retained earnings at beginning of year (711,779 ) (400,616 )

Dividends 9 (450,500 ) (500,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

8,395

(711,779

)

Profit attributable to:
Owners of the parent 1,170,674 188,837

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

CONSOLIDATED BALANCE SHEET
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 349,314 -
Tangible assets 12 2,298,838 2,095,610
Investments 13 - -
2,648,152 2,095,610

CURRENT ASSETS
Stocks 14 287,869 317,156
Debtors 15 5,097,188 4,278,115
Cash at bank and in hand 123,162 167,351
5,508,219 4,762,622
CREDITORS
Amounts falling due within one year 16 3,658,272 3,833,395
NET CURRENT ASSETS 1,849,947 929,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,498,099

3,024,837

CREDITORS
Amounts falling due after more than one
year

17

(4,022,507

)

(3,373,178

)

PROVISIONS FOR LIABILITIES 20 (466,997 ) (363,238 )
NET ASSETS/(LIABILITIES) 8,595 (711,579 )

CAPITAL AND RESERVES
Called up share capital 21 200 200
Retained earnings 22 8,395 (711,779 )
SHAREHOLDERS' FUNDS 8,595 (711,579 )

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Mr N Fowler - Director


BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

COMPANY BALANCE SHEET
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 100,722 101
100,722 101

CURRENT ASSETS
Debtors 15 11,666 504,119
Cash at bank and in hand 700 200
12,366 504,319
CREDITORS
Amounts falling due within one year 16 112,888 504,220
NET CURRENT (LIABILITIES)/ASSETS (100,522 ) 99
TOTAL ASSETS LESS CURRENT
LIABILITIES

200

200

CAPITAL AND RESERVES
Called up share capital 21 200 200
SHAREHOLDERS' FUNDS 200 200

Company's profit for the financial year - -

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Mr N Fowler - Director


BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 October 2023

31.10.23 31.10.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,305,148 1,440,862
Interest paid (267,385 ) (138,446 )
Interest element of hire purchase payments
paid

(79,956

)

(63,796

)
Tax paid (47,047 ) 3,497
Net cash from operating activities 1,910,760 1,242,117

Cash flows from investing activities
Purchase of intangible fixed assets (388,127 ) -
Purchase of tangible fixed assets (682,183 ) (1,593,355 )
Sale of tangible fixed assets 45,061 -
Interest received - 1
Net cash from investing activities (1,025,249 ) (1,593,354 )

Cash flows from financing activities
Capital repayments in year (125,607 ) 846,446
Amount introduced by directors 275,688 -
Amount withdrawn by directors (629,281 ) -
Share issue - (201 )
Equity dividends paid (450,500 ) (500,000 )
Net cash from financing activities (929,700 ) 346,245

Decrease in cash and cash equivalents (44,189 ) (4,992 )
Cash and cash equivalents at beginning of
year

2

167,351

172,343

Cash and cash equivalents at end of year 2 123,162 167,351

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
as restated
£    £   
Profit before taxation 1,289,323 401,009
Depreciation charges 484,122 363,108
Profit on disposal of fixed assets (11,416 ) -
Loan movement - (111,010 )
Finance costs 347,341 202,242
Finance income - (1 )
2,109,370 855,348
Decrease/(increase) in stocks 29,287 (84,065 )
(Increase)/decrease in trade and other debtors (462,220 ) 1,782,334
Increase/(decrease) in trade and other creditors 628,711 (1,112,755 )
Cash generated from operations 2,305,148 1,440,862

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 123,162 167,351
Year ended 31 October 2022
31.10.22 1.11.21
as restated
£    £   
Cash and cash equivalents 167,351 172,343


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 167,351 (44,189 ) 123,162
167,351 (44,189 ) 123,162
Debt
Finance leases (1,163,936 ) 125,607 (1,038,329 )
Debts falling due within 1 year (71,824 ) - (71,824 )
Debts falling due after 1 year (186,967 ) 71,904 (115,063 )
(1,422,727 ) 197,511 (1,225,216 )
Total (1,255,376 ) 153,322 (1,102,054 )

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Bees & Honey Ltd 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The Group meets its day-to-day working capital requirements through its cash reserves and bank facilities. The Group has prepared forecasts up to October 2025 based upon what it considers to be prudent assumptions. After considering these forecasts, the directors consider that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements and believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure exemptions
As the parent company, Bees & Honey Ltd has provided a guarantee under the provision of the Companies Act 2006, s479A, for an audit exemption for four of its subsidiary companies, with the exception of Smith & Brock Ltd (Company Number 09999330) . The subsidiary companies using the exemption are as follows:

- Sylva London Ltd (Company Number 05453919)
- Knock Knock by Smith & Brock Ltd (Company Number 12525507)
- Catch! By Smith & Brock Ltd (Company Number 13582959)
- Uncle Reg Limited (Company Number 11425326)

The results of these companies and the parent company are included in these consolidated financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

Inter-company transactions and balances between the company and its subsidiaries, which are related parties, are eliminated in full.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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.

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on reducing balance, 20% on cost and 20% on reducing balance
Computer equipment - 20% on cost and Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of Stock
The directors have applied their judgement in impairing slow moving stock to its net realisable value, based on sell by dates and customer demand.

Impairment of Trade Debtors
Some customers are offered credit accounts based on a credit review and historical trading information available. The debtors ledger is reviewed frequently and provision made where necessary. When assessing the impairment of trade debtors management considers factors including the current credit rating of the debtor, the ageing profile of debts and historical experience.

4. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
as restated
£    £   
Wages and salaries 5,437,261 4,844,985
Social security costs 573,901 532,752
Other pension costs 103,131 56,878
6,114,293 5,434,615

The average number of employees during the year was as follows:
31.10.23 31.10.22
as restated

Management 17 17
Administration 16 18
Sales 8 9
Transport drivers 31 26
Operations management 10 10
Operations picking 53 44
135 124

The average number of employees by undertakings that were proportionately consolidated during the year was 135 (2022 - 124 ) .

31.10.23 31.10.22
as restated
£    £   
Directors' remuneration 83,333 63,100

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
as restated
£    £   
Hire of plant and machinery 83,305 79,732
Other operating leases 351,957 503,713
Depreciation - owned assets 204,953 152,438
Depreciation - assets on hire purchase contracts 240,357 210,671
Profit on disposal of fixed assets (11,416 ) -
Goodwill amortisation 38,813 -
Auditors' remuneration 7,000 7,000
Foreign exchange differences (18,010 ) (60,877 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
as restated
£    £   
Other interest 38,688 13,374
Late filing penalties 829 -
Invoice financing interest 227,868 125,072
Hire purchase 79,956 63,796
347,341 202,242

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
as restated
£    £   
Current tax:
UK corporation tax 14,830 (33,696 )
Prior year - 5,403
Interest on taxation 60 1,759
Total current tax 14,890 (26,534 )

Deferred tax 103,759 238,706
Tax on profit 118,649 212,172

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
as restated
£    £   
Profit before tax 1,289,323 401,009
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

244,971

76,192

Effects of:
Capital allowances in excess of depreciation (126,322 ) -
Depreciation in excess of capital allowances - 135,980
Total tax charge 118,649 212,172

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.10.23 31.10.22
as restated
£    £   
Interim 450,500 500,000

10. PRIOR YEAR ADJUSTMENT

A prior period adjustment has been made with respect to a subsidiary undertaking not being included in the consolidated financial position of the Group.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 388,127
At 31 October 2023 388,127
AMORTISATION
Amortisation for year 38,813
At 31 October 2023 38,813
NET BOOK VALUE
At 31 October 2023 349,314

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 November 2022 - 170,807 1,414,251
Additions 28,800 - 134,706
Disposals - - -
At 31 October 2023 28,800 170,807 1,548,957
DEPRECIATION
At 1 November 2022 - 94,142 233,118
Charge for year 6,516 15,333 150,818
Eliminated on disposal - - -
At 31 October 2023 6,516 109,475 383,936
NET BOOK VALUE
At 31 October 2023 22,284 61,332 1,165,021
At 31 October 2022 - 76,665 1,181,133

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 225,290 1,143,013 200,380 3,153,741
Additions 60,166 358,670 99,841 682,183
Disposals - (80,726 ) - (80,726 )
At 31 October 2023 285,456 1,420,957 300,221 3,755,198
DEPRECIATION
At 1 November 2022 62,049 585,631 83,191 1,058,131
Charge for year 43,032 186,378 43,233 445,310
Eliminated on disposal - (47,081 ) - (47,081 )
At 31 October 2023 105,081 724,928 126,424 1,456,360
NET BOOK VALUE
At 31 October 2023 180,375 696,029 173,797 2,298,838
At 31 October 2022 163,241 557,382 117,189 2,095,610

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 734,327 10,950 738,487 1,483,764
Additions - - 336,538 336,538
Disposals - - (34,131 ) (34,131 )
At 31 October 2023 734,327 10,950 1,040,894 1,786,171
DEPRECIATION
At 1 November 2022 77,705 2,909 294,086 374,700
Charge for year 79,441 2,010 158,906 240,357
Eliminated on disposal - - (29,580 ) (29,580 )
At 31 October 2023 157,146 4,919 423,412 585,477
NET BOOK VALUE
At 31 October 2023 577,181 6,031 617,482 1,200,694
At 31 October 2022 656,622 8,041 444,401 1,109,064

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 November 2022 101
Additions 100,621
At 31 October 2023 100,722
NET BOOK VALUE
At 31 October 2023 100,722
At 31 October 2022 101


14. STOCKS

Group
31.10.23 31.10.22
as restated
£    £   
Stocks 287,869 317,156

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
as restated as restated
£    £    £    £   
Trade debtors 4,266,627 3,332,740 - -
Amounts owed by group undertakings - - 11,666 -
Other debtors 186,868 673,776 - 504,119
Directors' current accounts 355,131 - - -
Tax 1,722 - - -
Value added tax 25,853 114,480 - -
Prepayments 260,987 157,119 - -
5,097,188 4,278,115 11,666 504,119

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
as restated as restated
£    £    £    £   
Other loans (see note 18) 71,824 71,824 - -
Hire purchase contracts (see note 19) 406,549 386,874 - -
Trade creditors 2,250,852 2,347,603 - -
Amounts owed to group undertakings - - 89,451 504,119
Taxation 13,330 43,765 - -
Social security and other taxes 292,410 618,046 - -
Other creditors 58,568 158,141 23,336 -
Directors' current accounts 1,639 101 101 101
Accruals 563,100 207,041 - -
3,658,272 3,833,395 112,888 504,220

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.10.23 31.10.22
as restated
£    £   
Other loans (see note 18) 115,063 186,967
Hire purchase contracts (see note 19) 631,780 777,062
Other creditors 3,275,664 2,409,149
4,022,507 3,373,178

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.10.23 31.10.22
as restated
£    £   
Amounts falling due within one year or on demand:
Other loans 71,824 71,824
Amounts falling due between two and five years:
Other loans - 2-5 years 115,063 186,967

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.10.23 31.10.22
as restated
£    £   
Net obligations repayable:
Within one year 406,549 386,874
Between one and five years 631,780 777,062
1,038,329 1,163,936

20. PROVISIONS FOR LIABILITIES

Group
31.10.23 31.10.22
as restated
£    £   
Deferred tax
Accelerated capital allowances 466,997 363,238

Group
Deferred
tax
£   
Balance at 1 November 2022 363,238
Charge to Income Statement during year 103,759
Balance at 31 October 2023 466,997

BEES & HONEY LTD (REGISTERED NUMBER: 11226361)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: as restated
£    £   
2,000 Ordinary 10p 200 200

22. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 (711,779 )
Profit for the year 1,170,674
Dividends (450,500 )
At 31 October 2023 8,395

Company
Retained
earnings
£   

Profit for the year -
At 31 October 2023 -


23. RELATED PARTY DISCLOSURES

During the year an advance was made to the Directors amounting to £353,993 (2022: £Nil).

During the year, a total of key management personnel compensation of £ 83,333 (2022 - £ 63,100 ) was paid.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N Fowler and Mr J Fowler.