Company Registration No. 09076616 (England and Wales)
NUTMEG AND HIVE LIMITED
Unaudited accounts
for the year ended 31 December 2023
NUTMEG AND HIVE LIMITED
Unaudited accounts
Contents
NUTMEG AND HIVE LIMITED
Company Information
for the year ended 31 December 2023
Directors
Steven Hegarty
Janett Lozano Villaseca
Michel Massoud
Florian Wojewodzki
Company Number
09076616 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
NUTMEG AND HIVE LIMITED
Accountants' report
Accountants' report to the board of directors of NUTMEG AND HIVE LIMITED on the preparation of the unaudited statutory accounts for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
NUTMEG AND HIVE LIMITED for the year ended
31 December 2023 as set out on pages
5 -
10 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of NUTMEG AND HIVE LIMITED, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of NUTMEG AND HIVE LIMITED and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NUTMEG AND HIVE LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that NUTMEG AND HIVE LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of NUTMEG AND HIVE LIMITED. You consider that NUTMEG AND HIVE 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 accounts of NUTMEG AND HIVE 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 accounts.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
30 November 2024
NUTMEG AND HIVE LIMITED
Statement of financial position
as at 31 December 2023
Intangible assets
10,389
1,015
Tangible assets
214,848
247,396
Inventories
251,856
209,587
Debtors
1,438,454
1,060,742
Cash at bank and in hand
4,082,396
70,287
Creditors: amounts falling due within one year
(1,036,299)
(1,091,781)
Net current assets
4,736,407
248,835
Total assets less current liabilities
4,961,644
497,246
Creditors: amounts falling due after more than one year
(286,954)
(392,594)
Provisions for liabilities
Other provisions
-
(284,024)
Net assets/(liabilities)
4,674,690
(179,372)
Called up share capital
4,004
2,158,602
Profit and loss account
(3,219,435)
(2,337,974)
Shareholders' funds
4,674,690
(179,372)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2024 and were signed on its behalf by
Steven Hegarty
Director
Company Registration No. 09076616
NUTMEG AND HIVE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
NUTMEG AND HIVE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09076616. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight Line
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
33% Straight Line
NUTMEG AND HIVE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Intangible fixed assets are included at cost less accumulated amortisation.
Intangible assets are amortised over 10 years on a straight-line basis
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
NUTMEG AND HIVE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
The company operates a defined contribution plan for its employees. A defined contribution plan is a plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
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.
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.
4
Intangible fixed assets
Other
At 31 December 2023
10,615
At 31 December 2023
10,389
Intangible assets are amortised over 10 years on a straight-line basis
NUTMEG AND HIVE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
13,376
526,874
19,600
27,920
587,770
Additions
3,053
9,410
-
6,892
19,355
At 31 December 2023
16,429
536,284
19,600
34,812
607,125
At 1 January 2023
5,839
294,819
14,174
25,542
340,374
Charge for the year
1,439
47,280
1,357
1,827
51,903
At 31 December 2023
7,278
342,099
15,531
27,369
392,277
At 31 December 2023
9,151
194,185
4,069
7,443
214,848
At 31 December 2022
7,537
232,055
5,426
2,378
247,396
Finished goods
251,856
209,587
There is no significant difference between the replacement cost of work in progress and finished goods and goods for resale and their carrying amounts
Amounts falling due within one year
Trade debtors
323,185
323,477
Deferred tax asset
702,349
509,585
Other debtors
172,341
66,341
Amounts falling due after more than one year
Amounts due from group undertakings etc.
240,579
161,339
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
276,754
305,303
Obligations under finance leases and hire purchase contracts
40,797
49,170
Trade creditors
302,616
263,840
Taxes and social security
67,901
36,095
Other creditors
62,919
325,812
Loans from directors
8,764
-
NUTMEG AND HIVE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
131,667
200,905
Obligations under finance leases and hire purchase contracts
61,625
100,717
Amounts owed to group undertakings and other participating interests
93,662
90,972
10
Average number of employees
During the year the average number of employees was 13 (2022: 11).