Filleted

Registration number: 07181672

R2M&N Ltd
trading as The Hive

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

R2M&N Ltd
trading as The Hive

Company Information

Directors

Mr R J Davies Mr R T Davies Mrs M L Davies Mr N R Davies

Registered office

1 Cadwgan Place Aberaeron CEREDIGION SA46 0BU

R2M&N Ltd
trading as The Hive

(Registration number: 07181672)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	1,144,275	1,209,035
Current assets
Stocks	7	32,828	29,652
Debtors	8	11,862	8,408
Cash at bank and in hand		39,816	70,079
		84,506	108,139
Creditors: Amounts falling due within one year	9	(227,655)	(177,087)
Net current liabilities		(143,149)	(68,948)
Total assets less current liabilities		1,001,126	1,140,087
Creditors: Amounts falling due after more than one year	9	(201,251)	(228,578)
Net assets		799,875	911,509
Capital and reserves
Called up share capital		300,200	300,200
Revaluation reserve		250,000	250,000
Profit and loss account		249,675	361,309
Total equity		799,875	911,509

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 September 2025 and signed on its behalf by:

......................................... Mr R J Davies Director

......................................... Mr R T Davies Director

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 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:
1 Cadwgan Place
Aberaeron
CEREDIGION
SA46 0BU

The principal place of business is:
The Hive
Cadwgan Place
Aberaeron
SA46 0BU

These financial statements were authorised for issue by the Board on 11 September 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.

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.

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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
Freehold property	2% straight line
Plant & machinery	20% reducing balance
Fixtures & fittings	20% reducing balance
Motor vehicles	20% reducing balance
Office equipment	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% 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.

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.

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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.

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.

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 32).

4	Loss before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	64,762	62,848

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	70,000	70,000
At 31 December 2024	70,000	70,000
Amortisation
At 1 January 2024	70,000	70,000
At 31 December 2024	70,000	70,000
Carrying amount
At 31 December 2024	-	-

6	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2024	1,160,045	277,038	184,497	5,770	35,284
At 31 December 2024	1,160,045	277,038	184,497	5,770	35,284
Depreciation
At 1 January 2024	183,996	129,141	112,027	2,935	25,500
Charge for the year	18,165	29,579	14,493	566	1,957
At 31 December 2024	202,161	158,720	126,520	3,501	27,457
Carrying amount
At 31 December 2024	957,884	118,318	57,977	2,269	7,827
At 31 December 2023	976,049	147,897	72,470	2,835	9,784

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 2024

	Total £
Cost or valuation
At 1 January 2024	1,662,634
At 31 December 2024	1,662,634
Depreciation
At 1 January 2024	453,599
Charge for the year	64,760
At 31 December 2024	518,359
Carrying amount
At 31 December 2024	1,144,275
At 31 December 2023	1,209,035

Included within the net book value of land and buildings above is £957,884 (2023 - £976,049) in respect of freehold land and buildings.
 

7

Stocks

	2024 £	2023 £
Other inventories	32,828	29,652

8

Debtors

	2024 £	2023 £
Trade debtors	214	-
Prepayments	9,398	6,158
Other debtors	2,250	2,250
	11,862	8,408

R2M&N Ltd
trading as The Hive

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	11	24,647	24,647
Trade creditors		91,356	39,868
Taxation and social security		28,970	30,263
Directors' loan accounts	12	80,175	74,287
Outstanding defined contribution pension costs		267	508
Other creditors		2,240	7,514
		227,655	177,087