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Registered number: 05134075
B-HIVE SITE STAFF SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Company Information
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Michael Hehir (appointed 21 March 2023)
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Chartered Accountants and Statutory Auditor
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Contents
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Notes to the financial statements
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Registered number: 05134075
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2023.
The notes on pages 2 to 7 form part of these financial statements.
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
The principal acvtivity of the Company during the year under review was the provision of concierge staff and associated services to residential blocks of flats.
The Company is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 9-11 The Quadrant, Richmond, Surrey, TW9 1BP. Its registered number is 05134075.
On 2 February 2023 the Company changed its name from HML Concierge Services Limited to B-Hive Site Staff Solutions Limited.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company’s forecasts and projections for the 12 months following the signing of these accounts, taking account of possible changes in trading performance from macroeconomic issues and other factors, show that the Company with the support of the Parent will be able to meet its obligations as they fall due.
Consequently, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
2.Accounting policies (continued)
Revenue is recognised for services provided during the year. Revenue from concierge services is spread over the period in which the services are being provided.
Revenue is measured as the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset (other than goodwill) that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
2.Accounting policies (continued)
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of an instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price, unless the arrangement constitutes a financing transaction in which case they are measured at the present value of future payments, discounted at a market rate of interest for a similar debt instrument. Debtors and creditors due after more than one year are subsequently measured at amortised cost using the effective interest rate method. Financial assets and liabilities due within one year are measured at their undiscounted carrying value. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets are de-recognised 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.
Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and liabilities are only off set and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average number of employees during the year, excluding directors, was 143 (2022: 168).
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Charge for the year on owned assets
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
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Amounts owed by parent company
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Amounts owed by fellow subs
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Allotted, called up and fully paid
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2 (2022 - 2) Ordinary shares of £1.00 each
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8.Other financial commitments
The Company has entered into a bank cross guarantee with its fellow group companies. The assets of the Company are pledged as security for the bank borrowings by way of fixed and floating charge. The charge was satisfied in full on 16 October 2023.
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B-HIVE SITE STAFF SOLUTIONS LIMITED
Notes to the financial statements
For the year ended 31 March 2023
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Related party transactions
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The Company has taken advantage of the exemption provided under FRS 102 Section 33.1A of FRS 102 and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company whose financial statements are consolidated and publicly available.
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The immediate parent undertaking is Vegner Group Limited, a Company incorporated in the United Kingdom and registered in England and Wales. Vegner Group Limited owns 100% of the share capital of the Company and provides central management services to the Company.
The parent undertaking of the smallest group to prepare consolidated accounts is Vegner Holdings Limited, a Company incorporated in the United Kingdom and registered in England and Wales. The consolidated accounts of Vegner Holdings Limited can be obtained from 9-11 The Quadrant, Richmond, Surrey, TW9 1BP.
The ultimate controlling party is Odevo UK Limited.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 19 December 2023 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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