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Registration number: 11897184

Hive Composites Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hive Composites Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hive Composites Limited

Company Information

Directors

Mr Gerard Stephen Boyce

Mr Matthew Turner

Mr James Thomas Nixon

Mr Ebrahim Ghavam-Shahidi

Mr Nigel Finney

Mr Peter Hansen

Registered office

Unit 10 Phoenix Park
Stephenson Industrial Estate
Telford Way
Coalville
Leicestershire
LE67 3HB

 

Hive Composites Limited

(Registration number: 11897184)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

118,658

19,185

Current assets

 

Stocks

5

316,999

151,363

Debtors

6

257,360

190,916

Cash at bank and in hand

 

69,619

262,371

 

643,978

604,650

Creditors: Amounts falling due within one year

7

(396,981)

(126,400)

Net current assets

 

246,997

478,250

Total assets less current liabilities

 

365,655

497,435

Creditors: Amounts falling due after more than one year

7

(31,076)

(37,144)

Provisions for liabilities

(22,545)

(4,796)

Net assets

 

312,034

455,495

Capital and reserves

 

Called up share capital

100

100

Retained earnings

311,934

455,395

Shareholders' funds

 

312,034

455,495

For the financial year ending 31 March 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 Profit and Loss Account.

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

 

Hive Composites Limited

(Registration number: 11897184)
Balance Sheet as at 31 March 2024

.........................................
Mr James Thomas Nixon
Director

 

Hive Composites Limited

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

1

General information

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

The address of its registered office is:
Unit 10 Phoenix Park
Stephenson Industrial Estate
Telford Way
Coalville
Leicestershire
LE67 3HB
England

These financial statements were authorised for issue by the Board on 20 March 2025.

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.

Going concern

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

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 sales/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.

 

Hive Composites Limited

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

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 and deferred 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

3 years straight line

Plant and Machinery

5 years straight line

Fixtures and Fittings

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Hive Composites Limited

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

Trade debtors

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hive Composites Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 12).

 

Hive Composites Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

-

29,500

3,636

33,136

Additions

118,428

-

-

118,428

At 31 March 2024

118,428

29,500

3,636

151,564

Depreciation

At 1 April 2023

-

11,800

2,151

13,951

Charge for the year

11,843

5,900

1,212

18,955

At 31 March 2024

11,843

17,700

3,363

32,906

Carrying amount

At 31 March 2024

106,585

11,800

273

118,658

At 31 March 2023

-

17,700

1,485

19,185

5

Stocks

2024
£

2023
£

Work in progress

316,999

151,363

6

Debtors

Current

2024
£

2023
£

Trade debtors

235,408

76,117

Prepayments

15,094

-

Other debtors

6,858

114,799

 

257,360

190,916

7

Creditors

Creditors: amounts falling due within one year

 

Hive Composites Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,215

5,000

Trade creditors

 

227,921

75,132

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

85,978

23,804

Taxation and social security

 

68,667

18,518

Accruals and deferred income

 

8,000

3,500

Other creditors

 

1,200

446

 

396,981

126,400

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

31,076

37,144

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,076

37,144

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,215

5,000

9

Related party transactions

 

Hive Composites Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

389,182

297,203

Expenditure with and payables to related parties

2024

Parent
£

Leases

18,600

2023

Loans to related parties

2023

Parent
£

Total
£

At start of period

8,901

8,901

Repaid

(8,901)

(8,901)

At end of period

-

-

Terms of loans to related parties

There are no repayment terms and no interest is charged on the loan.
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

23,804

23,804

Advanced

62,174

62,174

At end of period

85,978

85,978

2023

Parent
£

Total
£

Advanced

23,804

23,804

At end of period

23,804

23,804

Terms of loans from related parties

There are no repayment terms and no interest is charged on the loan.
 

 

Hive Composites Limited

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

10

Parent and ultimate parent undertaking

The company's immediate parent is Hive Technology Limited, incorporated in England.