Hive Beach Company Limited - Period Ending 2018-04-30

Hive Beach Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2018

Registration number: 08501659

Hive Beach Company Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 10

Hive Beach Company Limited

Balance Sheet

30 April 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	-	100,000
Tangible assets	5	382,751	422,702
		382,751	522,702
Current assets
Stocks	6	31,400	15,172
Debtors	7	210,944	204,419
Cash at bank and in hand		58,142	105,691
		300,486	325,282
Creditors: Amounts falling due within one year	8	(401,591)	(410,663)
Net current liabilities		(101,105)	(85,381)
Total assets less current liabilities		281,646	437,321
Creditors: Amounts falling due after more than one year	8	(148,300)	(222,888)
Provisions for liabilities		(28,869)	(36,066)
Net assets		104,477	178,367
Capital and reserves
Called up share capital		100	100
Profit and loss account		104,377	178,267
Total equity		104,477	178,367

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 1

Hive Beach Company Limited

Balance Sheet

30 April 2018

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 August 2018
 

......................................... S J Attrill Director

Company Registration Number: 08501659

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 2

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

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:
Towngate House
2 - 8 Parkstone Road
Poole
Dorset
BH15 2PW
England

The principal place of business is:
The Old Farm Dairy
Manor Farm
Barr Lane
Burton Bradstock
Dorset
DT6 4PX
England

These financial statements were authorised for issue by the director on 3 August 2018.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A,and the Companies Act 2006.

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

There were net current liabilities at the balance sheet date. These financial statements have been prepared on a going concern basis which is dependent upon the continued support of the director..

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 rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 3

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position 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
Improvements to property	10 years on a straight line basis
Fixtures, fittings and equipment	25% on a reducing balance basis
Motor vehicles	25% on a reducing balance basis
Office equipment	3 years on a straight line basis

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	5 Years on a straight line basis

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 stocks 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.

Page 4

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Page 5

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 111 (2017 - 113).

Page 6

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2017	500,000	500,000
At 30 April 2018	500,000	500,000
Amortisation
At 1 May 2017	400,000	400,000
Amortisation charge	100,000	100,000
At 30 April 2018	500,000	500,000
Carrying amount
At 30 April 2018	-	-
At 30 April 2017	100,000	100,000

Page 7

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 May 2017	187,812	344,173	130,636	41,217	703,838
Additions	-	19,735	-	-	19,735
At 30 April 2018	187,812	363,908	130,636	41,217	723,573
Depreciation
At 1 May 2017	-	198,221	74,671	8,244	281,136
Charge for the year	-	41,572	13,992	4,122	59,686
At 30 April 2018	-	239,793	88,663	12,366	340,822
Carrying amount
At 30 April 2018	187,812	124,115	41,973	28,851	382,751
At 30 April 2017	187,812	145,952	55,965	32,973	422,702

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings and £187,812 (2017 - £187,812) in respect of long leasehold land and buildings.
 

Page 8

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

6

Stocks

	2018 £	2017 £
Other inventories	31,400	15,172

7

Debtors

	2018  £	2017  £
Trade debtors	285	313
Other debtors	205,505	200,350
Prepayments	5,154	3,756
	210,944	204,419

8

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	9	59,944	24,708
Trade creditors		106,188	192,656
Corporation tax		78,127	57,624
Social security and other taxes		95,772	87,562
Outstanding defined contribution pension costs		1,829	-
Other creditors		46,847	39,113
Accrued expenses		12,884	9,000
		401,591	410,663
Due after one year
Loans and borrowings	9	148,300	222,888

Creditors include bank loans of £11,390 (2017 - £nil) which are personally guaranteed by the directors.

Page 9

Hive Beach Company Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	9	148,300	222,888

Creditors include bank loans of £60,295 (2017 - £nil) which are personally guaranteed by the directors.

9	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	60,295	-
Finance lease liabilities	8,005	22,888
Other borrowings	80,000	200,000
	148,300	222,888

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	11,390	-
Bank overdrafts	33,263	10,408
Finance lease liabilities	15,291	14,300
	59,944	24,708

Page 10