Company No: 10514752 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	S Grattieri
	W Johnson Mota

REGISTERED OFFICE	2 Leman Street
	London
	E1W 9US
	United Kingdom

COMPANY NUMBER

10514752 (England and Wales)

ACCOUNTANT	Gravita Business Services II Limited
	Aldgate Tower
	2 Leman Street
	London
	E1 8FA
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	4,558		3,735
Investment property	4	3,024,581		2,811,283
		3,029,139		2,815,018
Current assets
Debtors	5	3,200		0
Cash at bank and in hand		180,102		341,721
		183,302		341,721
Creditors: amounts falling due within one year	6	( 917,788)		( 919,511)
Net current liabilities		(734,486)		(577,790)
Total assets less current liabilities		2,294,653		2,237,228
Creditors: amounts falling due after more than one year	7	( 1,612,400)		( 1,612,400)
Provision for liabilities		( 153,243)		( 153,228)
Net assets		529,010		471,600
Capital and reserves
Called-up share capital		100		100
Profit and loss account		528,910		471,500
Total shareholder's funds		529,010		471,600

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of B-Hive Living Ltd (registered number: 10514752) were approved and authorised for issue by the Board of Directors on 17 October 2025. They were signed on its behalf by:

W Johnson Mota Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

B-Hive Living Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income

Taxation

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 January 2024	55,985		55,985
Additions	3,689		3,689
At 31 December 2024	59,674		59,674
Accumulated depreciation
At 01 January 2024	52,250		52,250
Charge for the financial year	2,866		2,866
At 31 December 2024	55,116		55,116
Net book value
At 31 December 2024	4,558		4,558
At 31 December 2023	3,735		3,735

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	2,811,283
Additions	209,817
Fair value movement	3,481
As at 31 December 2024	3,024,581

Investment property comprises five properties that have been developed for letting.

Valuations of the properties were made on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

	2024		2023
	£		£
Trade debtors	3,200		0

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	12,717		7,506
Amounts owed to Group undertakings	409,632		429,572
Other creditors	495,439		482,433
	917,788		919,511

Included in Other Creditors is an amount owed to the joint venture partner. This amount was £493,293 at the year end (2023 - £480,349 and 2022 - £468,783).

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	1,612,400		1,612,400

Paratus Amc Limited holds a fixed charge over one of the properties held by the company.

Onesavings Bank Plc holds a fixed charge over three of the properties held by the company.

8. Related party transactions

At the year end, the company owed Light Factory Asset Management Limited, the parent company, £389,119 (2023 - £397,431). The loan incurs interest at a rate of 3% per annum, and is repayable on demand. Interest of £11,624 (2023 - £9,746) was charged during the year.

At the year end the company was owed £20,513 (2023 - £32,141) by B-Hive Investment and Management Limited, a fellow subsidiary of the parent company.