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Registration number: 11897184

Hive Composites Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

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 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 100,642 | 118,658
Current assets |  |  |
Stocks | 5 | 146,922 | 316,999
Debtors | 6 | 345,647 | 257,360
Cash at bank and in hand |  | 475,700 | 69,619
|  | 968,269 | 643,978
Creditors: Amounts falling due within one year | 7 | (492,247) | (396,981)
Net current assets |  | 476,022 | 246,997
Total assets less current liabilities |  | 576,664 | 365,655
Creditors: Amounts falling due after more than one year | 7 | (25,302) | (31,076)
Provisions for liabilities |  | (25,161) | (22,545)
Net assets |  | 526,201 | 312,034
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 526,101 | 311,934
Shareholders' funds |  | 526,201 | 312,034

For the financial year ending 31 March 2025 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 27 December 2025 and signed on its behalf by:

Hive Composites Limited

(Registration number: 11897184)
Balance Sheet as at 31 March 2025

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

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 27 December 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.

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.

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises 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.

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.

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

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.

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 16).

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 April 2024 | 118,428 | 29,500 | 3,636 | 151,564
At 31 March 2025 | 118,428 | 29,500 | 3,636 | 151,564
Depreciation
At 1 April 2024 | 11,843 | 17,700 | 3,363 | 32,906
Charge for the year | 11,843 | 5,900 | 273 | 18,016
At 31 March 2025 | 23,686 | 23,600 | 3,636 | 50,922
Carrying amount
At 31 March 2025 | 94,742 | 5,900 | - | 100,642
At 31 March 2024 | 106,585 | 11,800 | 273 | 118,658

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 146,922 | 316,999

6 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 203,937 | 235,408
Amounts owed by related parties | 9 | 126,615 | -
Prepayments |  | 15,095 | 15,094
Other debtors |  | - | 6,858
|  | 345,647 | 257,360

7 | Creditors

Creditors: amounts falling due within one year

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 5,620 | 5,215
Trade creditors |  | 100,606 | 227,921
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 9 | - | 85,978
Taxation and social security |  | 106,323 | 68,667
Accruals and deferred income |  | 1,800 | 8,000
Other creditors |  | 277,898 | 1,200
|  | 492,247 | 396,981

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 25,302 | 31,076

8 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 25,302 | 31,076

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 5,620 | 5,215

9 | Related party transactions

Hive Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 291,411 | 389,182

Expenditure with and payables to related parties

2025 | Parent £
Leases | 39,000

2024 | Parent £
Leases | 18,600

Loans to related parties

2025 | Parent £ | Total £
Advanced | 126,615 | 126,615
At end of period | 126,615 | 126,615

Terms of loans to related parties

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

Loans from related parties

2025 | Parent £ | Total £
At start of period | 85,978 | 85,978
Repaid | (85,978) | (85,978)
At end of period | - | -

2024 | Parent £ | Total £
At start of period | 23,804 | 23,804
Advanced | 62,174 | 62,174
At end of period | 85,978 | 85,978

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 2025

10 | Parent and ultimate parent undertaking

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