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Registration number: 05158391

Myhive Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Myhive Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Myhive Services Limited

(Registration number: 05158391)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,692

21,406

Other financial assets

5

10,852,767

4,923,403

 

10,870,459

4,944,809

Current assets

 

Debtors

6

18,386

139,254

Cash at bank and in hand

 

192,515

318,289

 

210,901

457,543

Creditors: Amounts falling due within one year

7

(153,108)

(166,711)

Net current assets

 

57,793

290,832

Total assets less current liabilities

 

10,928,252

5,235,641

Provisions for liabilities

(2,707,329)

(1,224,989)

Net assets

 

8,220,923

4,010,652

Capital and reserves

 

Called up share capital

1,000

1,000

Fair value reserves

8,109,718

3,662,699

Profit and loss account

110,205

346,953

Shareholders' funds

 

8,220,923

4,010,652

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

 

Myhive Services Limited

(Registration number: 05158391)
Statement of Financial Position as at 31 July 2024 (continued)


Mr M Noordewier
Director

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of the provision of IT, application, operations and marketing services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any
accumulated impairment losses.

Other investments other than loans are measured at fair value with changes in fair value being
recognised through a fair value reserve, as explained in note 6.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

2,724

40,141

35,995

78,860

Additions

417

6,866

-

7,283

At 31 July 2024

3,141

47,007

35,995

86,143

Depreciation

At 1 August 2023

2,149

34,495

20,810

57,454

Charge for the year

249

6,952

3,796

10,997

At 31 July 2024

2,398

41,447

24,606

68,451

Carrying amount

At 31 July 2024

743

5,560

11,389

17,692

At 31 July 2023

575

5,646

15,185

21,406

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Other financial assets (current and non-current)

Financial investments at fair value
£

Investments at cost value
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

4,923,403

-

4,923,403

Fair value adjustments

5,929,359

-

5,929,359

Additions

-

5

5

At 31 July 2024

10,852,762

5

10,852,767

Impairment

Carrying amount

At 31 July 2024

10,852,762

5

10,852,767

The financial investments are carried in the accounts at fair value. The historic cost of these investments is £39,782 (2023: £39,782). The difference between historic cost and fair value is carried in the fair value reserve. Deferred tax is provided at 25% throughout on the increase/ decrease in value of the investment.
Corporation tax will fall due when the investments, the fair value of which are quoted in US dollars and converted to sterling at the prevailing rate of exchange at the balance sheet date, are sold or converted into cash or cash equivalent.

6

Debtors

2024
£

2023
£

Trade debtors

2,551

106,914

Other debtors

675

3,017

Accrued income

15,160

29,323

18,386

139,254

 

Myhive Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

853

537

Taxation and social security

4,204

24,949

Accruals and deferred income

12,325

12,000

Other creditors

135,726

129,225

153,108

166,711

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Fair Value reserve:

This reserve records fair value movements on the company's investments as explained in note 6.
Deferred tax has been provided at 25% on the increase in the value of the investments above historic base cost and charged to the Fair value reserve.

9

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

(129,014)

(275,665)

269,257

(135,422)

         
       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

(173,400)

(243,794)

288,180

(129,014)

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Noordhaven Ltd, incorporated in England and Wales.