Hive Intelligence Limited - Period Ending 2018-12-31
Hive Intelligence Limited - Period Ending 2018-12-31
Registration number:
for the Year Ended
Pages for filing with Registrar
Hive Intelligence Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hive Intelligence Limited
Company Information
Directors |
R J Horton J A Mclevy J V J Mitchell C J Underhill J Butters |
Registered office |
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Registered number |
07117925 |
Accountants |
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Hive Intelligence Limited
(Registration number: 07117925)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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Hive Intelligence Limited
(Registration number: 07117925)
Balance Sheet as at 31 December 2018
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 for issue by the
R J Horton
Director
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Turnover in respect of contracts for ongoing services is recognised over the life of the contract.
The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Tax
The tax expense or credit for the period comprises the current tax expense or credit. 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.
Tangible fixed assets
Tangible fixed 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 fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Computer equipment |
25% and 50% on cost |
Fixtures and fittings |
25% on cost |
Research and development
Expenditure on research and development is written off to profit or loss in the year in which it is incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured 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.
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured 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.
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.
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.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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Accounting policies (continued) |
Share based payments
The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using the Black-Scholes pricing model.
FRS 102 then requires that at each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
As permitted by FRS102, these financial statements do not include any expense for share options which have been issued to certain employees since they were granted prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible fixed assets |
Computer equipment |
Fixtures and fittings |
Total |
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Cost |
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At 1 January 2018 |
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Additions |
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- |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Debtors: amounts falling due within one year |
2018 |
2017 |
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Trade debtors |
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Other debtors |
2,577 |
2,303 |
Corporation tax |
- |
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors: amounts falling due within one year |
2018 |
2017 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
2,613 |
2,794 |
Accruals and deferred income |
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Directors' current accounts |
51 |
7,155 |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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253 |
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253 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Total lease commitment |
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Hive Intelligence Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 January 2018 |
Capital introduced |
Drawings |
At 31 December 2018 |
Directors |
(7,155) |
(22,122) |
29,226 |
( |
2017 |
At 1 January 2017 |
Capital introduced |
Drawings |
At 31 December 2017 |
Directors |
6 |
(54,405) |
47,244 |
( |
Share options |
The following options have been granted in an EMI share scheme:
Date granted |
Granted |
Exercised / lapsed |
31 December 2018 |
Employees & other |
Exercise price |
30 June 2014 |
4,000 |
(4,000) |
- |
1 |
750 |
The option will vest in 24 traches over the 2 years from the granting of the options as follows:
a) the option will vest in respect of 182 shares on the date of the agreement
b) the option will vest in respect of a further 166 shares in each calendar month to 30 June 2016.
The options lapsed in the year as the employee left the company.
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