| REGISTERED NUMBER: 11849821 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| THE HIVE LONDON HOLDINGS LIMITED |
| REGISTERED NUMBER: 11849821 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| THE HIVE LONDON HOLDINGS LIMITED |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Balance Sheet | 13 |
| Company Balance Sheet | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| THE HIVE LONDON HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his strategic report of the company and the group for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| The principal activities of the group are provision of hospitality and leisure facilities. |
| The director is satisfied with the performance of the Group over the last year. The Group turnover for the year was £4,293,905 (2023: £4,392,661) and profit before tax of £526,012 (2023: £1,441,929). |
| The Group complies with laws and regulations (including environmental regulations) relevant to its operations. |
| The Group has created a positive and challenging work environment by encouraging feedback from employees and other external stakeholders and use it as a tool to monitor and drive business performance. |
| The Group's activities are carried out through its subsidiary The Hive Operations Limited and an intermediate holding company, namely The Hive London Group Limited whose principal activities are provision of hospitality and leisure facilities through its subsidiary companies. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The main financial risks, to which the group has exposure, are interest, price and credit risks. Management actively monitors these risks to minimise the potential impact of them |
| Credit risk - All customers who wish to trade on credit terms are subject to credit verification procedures to reduce the risk of bad debts. Trade debtors are reviewed on a regular basis and prompt action is taken to recover amounts due. |
| Price risk - Expenditure made by the group is authorised by management prior to it being made so to ensure the prices being paid for the required goods and services are competitive. |
| Interest rate risk - The group monitors any borrowings to ensure interest rates are minimised as far as is practicable. |
| Competition risk - Management closely monitors the activities and performance of its competitors and strategic decisions take this risk into account. |
| GOING CONCERN |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the company's balance sheet position as at the year end, its working capital forecasts, the current crisis, effects of inflation and war in Ukraine and the projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. Consequently, the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
| KEY FINANCIAL PERFORMANCE INDICATORS |
| Because of the diversity of the Group there are no relevant key performance indicators. |
| ON BEHALF OF THE BOARD: |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 June 2024. |
| DIRECTOR |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| CHAIRMAN’S STATEMENT |
| As Chairman of The Hive London Holdings Ltd , I am pleased to present our statement on trading results to June 30th 2024 together with our Environmental, Social, and Governance (ESG) report as part of our annual audited accounts. |
| There has been significant investment into The Hive this year, creating enhanced facilities and infra structure at The Hive. This being part of our strategy to build on our world class venue. In the year to 2024, the COVID recovery was firmly re-establishing itself, with strong growth prospects evident. |
| We have a strong base upon which we continue to build profitable, and sustainable Group business opportunities, in a well governed and responsible manner. |
| FINANCIAL COMMENTARY |
| Despite a challenging economic backdrop The Hive Group has delivered a resilient performance, demonstrating the strength and diversity of our business model and operational excellence. |
| Overall, our financial performance underscores our ability to navigate challenges while positioning the business for long-term, sustainable growth. We have a diverse and ever evolving Group outlook and the Group continues to extend linked strategic partnership to enhance the site trading opportunities |
| Despite broader economic challenges, we have maintained a solid financial position, enabling us to reinvest strongly in our business and deliver sustained value to our stakeholders. |
| ESG STRATEGY & COMMITMENT |
| I am pleased to present our statement on our Environmental, Social, and Governance (ESG) strategy as part of our annual audited accounts. This year has been marked by, strategic growth, and continued commitment to sustainability and responsible business practices. |
| I am pleased to present our Environmental, Social, and Governance (ESG) report as part of our audited accounts for the financial year. Sustainability and responsible business practices are at the heart of our strategy, and we are committed to making a positive impact on the environment, our communities, and our stakeholders. |
| ENVIRONMENTAL RESPONSIBILITY |
| We recognize the importance of minimizing our environmental footprint and have continued to implement sustainable practices across our operations. Key initiatives this year include: |
| - Carbon Reduction: Implementing energy-efficient technologies, transitioning to renewable energy sources, and reducing waste across our venues. |
| - Sustainable Procurement: Partnering with suppliers who share our sustainability values and reducing single-use plastics in our operations. |
| - Eco-Friendly Operations: Enhancing recycling programs and improving water conservation efforts in all facilities. |
| SOCIAL IMPACT |
| As a diverse business, our role in the community is integral to our success. We are committed to fostering an inclusive and engaging environment for both our employees and customers. |
| Our key social initiatives include: |
| - Diversity & Inclusion: Ensuring an equitable workplace with clear policies that promote diversity and career growth opportunities for all employees. |
| - Employee Well-being: Supporting our workforce through competitive benefits, mental health initiatives, and professional development programs. |
| - Community Engagement: Partnering with local charities and community organizations to enhance social well-being and provide recreational opportunities for underserved groups. |
| - We maintain a positive working environment and engage with multiple stakeholders in the community to maintain and enhance this. |
| - We operate an active community programme interacting with numerous local schools |
| - The Hive is a central hub for our Foundation which operates both after-school activities and school holiday activities for the local community. |
| - The facilities at The Hive are used by local leagues encompassing both girls and boys' teams. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| GOVERNANCE AND ETHICAL BUSINESS PRACTICES |
| Strong governance underpins our ability to operate responsibly and sustainably. We are dedicated to upholding the highest standards of integrity, transparency, and accountability. Key governance measures include: |
| - Board Oversight: Strengthening ESG oversight through our Board and ensuring compliance with best practices in corporate governance. |
| - Stakeholder Engagement: Actively engaging with shareholders, employees, customers, and regulators to align our business with stakeholder expectations. |
| - Risk Management: Implementing robust risk assessment frameworks to address ESG-related risks and opportunities. |
| - We consider Environmental, Social and Governance (ESG) issues holistically across all of our portfolio of businesses. We firmly believe that a firmly embedded ESG Policy is essential to protect and enhance our Brand and standing in the Community and that in return it generates increased customer loyalty and awareness. |
| LOOKING AHEAD |
| Our commitment to ESG is an ongoing journey, and we are continuously evolving our strategies to align with global sustainability trends and stakeholder expectations. We will continue to set ambitious ESG targets and report on our progress transparently. |
| We remain steadfast in our mission to create a positive, lasting impact while delivering value to our shareholders and communities. We thank our employees, partners, and customers for their continued support in driving sustainable growth for The Hive London Holdings Limited. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| AUDITORS |
| The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE HIVE LONDON HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of The Hive London Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 30 June 2024 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. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE HIVE LONDON HOLDINGS LIMITED |
| 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 Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE HIVE LONDON HOLDINGS LIMITED |
| 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 fraudand non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations. |
| - we identified the laws and regulations applicable to the company through discussions with directors and other |
| management, and from our commercial knowledge and experience of the electronic money institution 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, data protection, anti-bribery and employment. |
| - 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, including fraud 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 that 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 mayinvolve 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE HIVE LONDON HOLDINGS LIMITED |
| 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. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 4,293,905 | 4,392,661 |
| Cost of sales | 785,157 | 788,006 |
| GROSS PROFIT | 3,508,748 | 3,604,655 |
| Administrative expenses | 2,427,220 | 2,164,513 |
| 1,081,528 | 1,440,142 |
| Other operating income | 132,950 | 167,215 |
| OPERATING PROFIT | 5 | 1,214,478 | 1,607,357 |
| Marketing Support | 6 | 500,000 | - |
| 714,478 | 1,607,357 |
| Interest payable and similar expenses | 7 | 188,466 | 165,428 |
| PROFIT BEFORE TAXATION | 526,012 | 1,441,929 |
| Tax on profit | 8 | (1,466,396 | ) | 1,128,452 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,992,408 | 313,477 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,992,408 | 313,477 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation reserve | - | 14,152,945 |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
14,152,945 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,992,408 |
14,466,422 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,992,408 | 14,466,422 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONSOLIDATED BALANCE SHEET |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 | 175,190,007 | 175,414,947 |
| Investments | 11 | - | - |
| 175,190,007 | 175,414,947 |
| CURRENT ASSETS |
| Stocks | 12 | 170,437 | - |
| Debtors | 13 | 4,282,771 | 4,892,544 |
| Cash at bank | 1,026,479 | 705,096 |
| 5,479,687 | 5,597,640 |
| CREDITORS |
| Amounts falling due within one year | 14 | 9,312,806 | 9,112,971 |
| NET CURRENT LIABILITIES | (3,833,119 | ) | (3,515,331 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
171,356,888 |
171,899,616 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(2,557,427 |
) |
(3,334,809 |
) |
| PROVISIONS FOR LIABILITIES | 17 | (41,390,856 | ) | (43,148,610 | ) |
| NET ASSETS | 127,408,605 | 125,416,197 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 112,780,100 | 112,780,100 |
| Revaluation reserve | 19 | 119,939,520 | 119,939,520 |
| Merger reserve | 19 | (112,780,000 | ) | (112,780,000 | ) |
| Retained earnings | 19 | 7,468,985 | 5,476,577 |
| SHAREHOLDERS' FUNDS | 127,408,605 | 125,416,197 |
| The financial statements were approved by the director and authorised for issue on 13 June 2025 and were signed by: |
| A A Kleanthous - Director |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| COMPANY BALANCE SHEET |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash in hand |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The financial statements were approved by the director and authorised for issue on |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Revaluation | Merger | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 July 2022 | 112,780,100 | 5,163,100 | 105,786,575 | (112,780,000 | ) | 110,949,775 |
| Changes in equity |
| Total comprehensive income | - | 313,477 | 14,152,945 | - | 14,466,422 |
| Balance at 30 June 2023 | 112,780,100 | 5,476,577 | 119,939,520 | (112,780,000 | ) | 125,416,197 |
| Changes in equity |
| Total comprehensive income | - | 1,992,408 | - | - | 1,992,408 |
| Balance at 30 June 2024 | 112,780,100 | 7,468,985 | 119,939,520 | (112,780,000 | ) | 127,408,605 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Balance at 30 June 2023 |
| Changes in equity |
| Balance at 30 June 2024 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 462,822 | 2,114,715 |
| Interest paid | (188,274 | ) | (158,233 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
(192 |
) |
(7,195 |
) |
| Tax paid | (203,950 | ) | (330,329 | ) |
| Net cash from operating activities | 70,406 | 1,618,958 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (213,604 | ) | (444,754 | ) |
| Net cash from investing activities | (213,604 | ) | (444,754 | ) |
| Cash flows from financing activities |
| Loan repayments in year | - | (646,602 | ) |
| Movement in amounts owed to related co's | 464,581 | (518,588 | ) |
| Net cash from financing activities | 464,581 | (1,165,190 | ) |
| Increase in cash and cash equivalents | 321,383 | 9,014 |
| Cash and cash equivalents at beginning of year |
2 |
705,096 |
696,082 |
| Cash and cash equivalents at end of year | 2 | 1,026,479 | 705,096 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 526,012 | 1,441,929 |
| Depreciation charges | 438,543 | 415,224 |
| Finance costs | 188,466 | 165,428 |
| 1,153,021 | 2,022,581 |
| (Increase)/decrease in stocks | (170,437 | ) | 4,652 |
| (Increase)/decrease in trade and other debtors | (706,398 | ) | 145,451 |
| Increase/(decrease) in trade and other creditors | 186,636 | (57,969 | ) |
| Cash generated from operations | 462,822 | 2,114,715 |
| 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 30 June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 1,026,479 | 705,096 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 705,096 | 696,082 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 705,096 | 321,383 | 1,026,479 |
| 705,096 | 321,383 | 1,026,479 |
| Debt |
| Debts falling due within 1 year | (646,667 | ) | - | (646,667 | ) |
| Debts falling due after 1 year | (2,322,500 | ) | 646,667 | (1,675,833 | ) |
| (2,969,167 | ) | 646,667 | (2,322,500 | ) |
| Total | (2,264,071 | ) | 968,050 | (1,296,021 | ) |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| The Hive London Holdings Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the company's balance sheet position as at the year end, its working capital forecasts, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. Consequently, the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
| Going concern |
| The director has recently undertaken a thorough review of the Group's budgets and forecasts. This financial assessment takes into account prudent assumptions with regard future performances, key revenue streams, operating costs and cash-flows. The Group's financial projections also take account of reasonably possible changes in trading performance. The financial projections have been stress tested to ensure that the financial position remains robust in reasonable worst-case scenarios. The director has also considered a number of actions that he could take in order to further mitigate any potential adverse circumstances. |
| The Group currently meets its day to day working capital requirements through its own financial resources, which include a loan from its ultimate parent company. |
| The director has given careful consideration to the sufficiency of the financial resources which have been confirmed as available to the Group through loan funding from its ultimate parent company, both now and as required to finance the business for the foreseeable future. On this basis the director has a reasonable expectation that the Group and the Company will have adequate financial resources and, accordingly, they continue to adopt the going concern basis in preparing the annual financial statements. |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of The Hive London Holdings Limited and all its subsidiary undertakings drawn up to 30 June each year. No profit and loss account is presented for The Hive London Holdings Limited as permitted by section 408 of the Companies Act 2006. |
| The holding company was created as part of a group reorganisation and consequently merger accounting is being used. |
| The comparatives comprise consolidated accounts of the group assuming the reorganisation had occurred before the beginning of the comparative period. Consequently, the comparatives are for a 12 month period. |
| Investment in Subsidiaries |
| In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. |
| Tangible fixed assets |
| (i) Land and buildings |
| Land and buildings are initially recorded at cost. |
| Freehold land is subsequently stated at fair value less accumulated impairment losses. Buildings and leasehold land are subsequently stated at fair value less accumulated depreciation and accumulated impairment losses |
| Fair values of land and buildings are determined by an independent professional valuer on a triennial basis and whenever their carrying amounts are likely to differ materially from their fair values. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset. Revaluation surpluses are taken to the asset revaluation reserve, unless they offset previous revaluation losses of the same asset that were taken to the income statement. Revaluation losses are taken to the asset revaluation reserve, to the extent that they offset previous revaluation surpluses of the same asset that were taken to the asset revaluation reserve. Other revaluation surpluses or losses are taken to the income statement. |
| (ii) Other Property, Plant and Equipment |
| All other property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
| (iii) Component of costs |
| The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the items. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. |
| Depreciation |
| Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. |
| Depreciation is calculated to reduce the carrying value of buildings, plant, equipment and motor vehicles to the anticipated residual value of the assets concerned in equal annual instalments over their estimated useful lives as follows: |
| Freehold property | 1% straight-line method |
| Computer equipment | 33.33% straight-line method |
| Fixtures and fittings | 25% straight-line method |
| Leasehold improvements | 2% straight-line method |
| Motor vehicles | 25% straight-line method |
| Plant and machinery | 4%-25% straight-line method |
| Freehold land is not depreciated. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. |
| At each reporting date, inventories are assessed for impairment. If stock is 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. |
| Financial instruments |
| The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months. |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| 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. |
| Foreign currencies |
| 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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The following are the key judgements that management have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements: |
| a) Provisions: at the year end, the Group evaluates the need for any provisions for impairment of fixed assets, stocks and trade debtors which requires management to make judgements. The judgements, estimated and associated assumptions necessary to calculate these provisions are based on historical experience, expected future cash flows and other reasonable factors. |
| b) Amortisation of intangible assets: amortisation is provided as to write down assets to their residual value over their estimated useful lives. |
| c) Freehold property valuations: the year end valuations have been determined by the director on an open |
| market value for existing use basis. The director has deemed it necessary to take appropriate market advice |
| determining the valuation. |
| d) Taxation: tax benefits are not recognised unless it is probable that they will be obtained. Tax provisions are made if it is probable that a liability will arise. The Group reviews each significant tax liability or benefit to assess the appropriate accounting treatment. |
| e) Impairment of financial assets and liabilities. Impairement is provided where there is objective evidence the estimated future cash flows are significantly affected. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of assets |
| a)Goodwill |
| Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill may be impaired. |
| For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group's cash-generating-units (CGU) expected to benefit from synergies of the business combination. |
| An impairment loss is recognised in the income statement when the carrying amount of CGU, including the goodwill, exceeds the recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU's fair value less cost to sell and value in use. |
| The total impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. |
| Impairment loss on goodwill is not reversed in a subsequent period. |
| (b)Intangible assets, Property, plant and equipment Investments in subsidiaries, associated companies and joint ventures |
| Intangible assets, property, plant and equipment and investments in subsidiaries, associated companies and joint ventures are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e., the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss. |
| For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to which the asset belongs to. |
| If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the income statement unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. |
| An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the assets' recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in the income statement, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. |
| Provisions |
| Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Hospitality and leisure | 4,293,905 | 4,392,661 |
| 4,293,905 | 4,392,661 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 4,293,905 | 4,392,661 |
| 4,293,905 | 4,392,661 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average monthly number of persons employed by the Group during the year was 34 (34 - 2023). |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 438,544 | 415,224 |
| 6. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Marketing Support | (500,000 | ) | - |
| To support a fellow group company, it was agreed by the board that The Hive London Estates Limited will provide a support package of £500,000 for the year to 30 June 2024 and this will be recognised as income in The Barnet Football Club Limited and as an exceptional cost in the accounts of THe Hive London Estates Limited. |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 188,274 | 158,233 |
| Hire purchase | 192 | 7,195 |
| 188,466 | 165,428 |
| 8. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 291,358 | 225,571 |
| Corporation tax - PY Adj. | - | (220 | ) |
| Total current tax | 291,358 | 225,351 |
| Deferred tax | (1,757,754 | ) | 903,101 |
| Tax on profit | (1,466,396 | ) | 1,128,452 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 30 June 2024. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 8. | TAXATION - continued |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation reserve | 14,152,945 | - | 14,152,945 |
| 9. | 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. |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Leasehold | Plant and |
| property | improvements | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2023 | 167,268,034 | 9,186,922 | 656,978 |
| Additions | - | 45,892 | 24,100 |
| At 30 June 2024 | 167,268,034 | 9,232,814 | 681,078 |
| DEPRECIATION |
| At 1 July 2023 | 657,100 | 762,531 | 308,343 |
| Charge for year | 130,700 | 185,230 | 77,991 |
| At 30 June 2024 | 787,800 | 947,761 | 386,334 |
| NET BOOK VALUE |
| At 30 June 2024 | 166,480,234 | 8,285,053 | 294,744 |
| At 30 June 2023 | 166,610,934 | 8,424,391 | 348,635 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2023 | 398,711 | 28,397 | 27,698 | 177,566,740 |
| Additions | 129,400 | - | 14,212 | 213,604 |
| At 30 June 2024 | 528,111 | 28,397 | 41,910 | 177,780,344 |
| DEPRECIATION |
| At 1 July 2023 | 372,114 | 28,397 | 23,308 | 2,151,793 |
| Charge for year | 35,743 | - | 8,880 | 438,544 |
| At 30 June 2024 | 407,857 | 28,397 | 32,188 | 2,590,337 |
| NET BOOK VALUE |
| At 30 June 2024 | 120,254 | - | 9,722 | 175,190,007 |
| At 30 June 2023 | 26,597 | - | 4,390 | 175,414,947 |
| Included in cost or valuation of land and buildings is freehold land of £124,942,000 (2023 - £124,942,000) which is not depreciated. |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 30 June 2024 is represented by: |
| Freehold | Leasehold | Plant and |
| property | improvements | machinery |
| £ | £ | £ |
| Valuation in 2022 | 138,012,000 | 8,836,922 | 580,364 |
| Valuation in 2023 | 29,256,034 | 350,000 | 76,614 |
| Valuation in 2024 | - | 45,892 | 24,100 |
| 167,268,034 | 9,232,814 | 681,078 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2022 | 380,571 | 28,397 | 27,698 | 147,865,952 |
| Valuation in 2023 | 18,140 | - | - | 29,700,788 |
| Valuation in 2024 | 129,400 | - | 14,212 | 213,604 |
| 528,111 | 28,397 | 41,910 | 177,780,344 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 7,994,880 | 7,994,880 |
| Aggregate depreciation | 466,246 | 466,246 |
| Value of land in freehold land and buildings | 2,154,013 | 2,154,013 |
| Freehold land and buildings was valued on a fair value basis on 1 July 2018 by Wilkes, Head & Eve . |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| The following were subsidiary undertakings of the Company: |
| Name | Registered Office | Principal Activity |
Class of Shares |
Holdings |
| The Hive London Group Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Holding company of a sub-group |
Ordinary | 100% |
| The Hive Operations Ltd | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Provision of management services |
Ordinary | 100% |
| The Hive London Estates Ltd | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Letting of freehold properties |
Ordinary | 100% |
| The Hive Conference Centre Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Conference room facilities |
Ordinary | 100% |
| The Hive London Power Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Generation & sale of solar electricity |
Ordinary | 100% |
| The Hive Stadium Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of football stadium |
Ordinary | 100% |
| Amber Football Centre Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Operating & hiring out of football facilities |
Ordinary | 100% |
| The Hive Gym Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of fitness centre |
Ordinary | 100% |
| The Hive Banqueting Limited | 1 Kings Avenue, London, N21 3NA |
Café, bar and restaurants |
Ordinary | 100% |
| The Hive Parking Limited | 1 Kings Avenue, London, N21 3NA |
Car parking facilities |
Ordinary | 100% |
| The Hive Match Day Parking Limited |
1 Kings Avenue, London, N21 3NA |
Dormant | Ordinary | 100% |
| All the above subsidiaries are included in the consolidation. All investments are held indirectly except for The Hive London Group Limited and The Hive Operations Limited which are held directly by the company. |
| 12. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress | 170,437 | - |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 811,769 | 216,859 |
| Amounts owed by related undertakings | 3,235,000 | 4,551,171 | - | - |
| Other debtors | 152,880 | 61,274 |
| Prepayments and accrued income | 83,122 | 63,240 |
| 4,282,771 | 4,892,544 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) | 646,667 | 646,667 |
| Trade creditors | 281,067 | 416,540 |
| Amounts owed to related undertakings | 7,036,000 | 7,240,924 |
| Tax | 312,176 | 224,768 |
| Social security and other taxes | 65,692 | 86,998 |
| Other creditors | 639,056 | 139,347 |
| Accruals and deferred income | 332,148 | 357,727 |
| 9,312,806 | 9,112,971 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) | 1,675,833 | 2,322,500 |
| Accruals and deferred income | 881,594 | 1,012,309 |
| 2,557,427 | 3,334,809 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 646,667 | 646,667 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 663,418 | 708,617 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 1,012,415 | 1,613,883 |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 1,523,250 | 3,152,281 |
| Other timing differences | 39,863,289 | 39,992,012 |
| Deferred tax | 4,317 | 4,317 |
| 41,390,856 | 43,148,610 |
| THE HIVE LONDON HOLDINGS LIMITED (REGISTERED NUMBER: 11849821) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 17. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 | 43,148,610 |
| Provided during year | (1,757,754 | ) |
| Balance at 30 June 2024 | 41,390,856 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 112,780,100 | 112,780,100 |
| 19. | RESERVES |
| Group |
| Retained | Revaluation | Merger |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 July 2023 | 5,476,577 | 119,939,520 | (112,780,000 | ) | 12,636,097 |
| Profit for the year | 1,992,408 | 1,992,408 |
| At 30 June 2024 | 7,468,985 | 119,939,520 | (112,780,000 | ) | 14,628,505 |
| 20. | 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| The group is a related party with a related undertaking by virtue of a common ultimate controlling company, they are not part of the same wholly owned group. Therefore, the company does not qualify for the exemption with the above group of companies and the relevant transactions are disclosed below. |
| During the year, the group made purchases of £468,967 (2023: £471,909) from related undertakings with common ultimate controlling party and made sales of £753,076 (2023: £1,083,617) to related undertakings with common ultimate controlling party. |
| As at the statement of financial position date, the Group was owed the balance of £3,235,000 (2023: £4,551,171) from related undertakings and the Group owed the balance of £7,036,000 (2023: £7,240,924) to related undertakings. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The controlling party is A A Kleanthous. |