Hive Intelligence Limited - Period Ending 2020-12-31
Hive Intelligence Limited - Period Ending 2020-12-31
Registration number:
Hive Intelligence Limited
for the Year Ended 31 December 2020
Hive Intelligence Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited 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 2020
Note |
2020 |
2019 |
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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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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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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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Hive Intelligence Limited
(Registration number: 07117925)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 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. |
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
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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 £.
Going concern
The company’s investment in research and development during the year has resulted in a loss for the period. The directors are confident through a combination of increasing revenues, further investment and judicial cost control, the company will 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.
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
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.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
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:
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Computer equipment |
25% and 50% on cost |
Fixtures and fittings |
25% on cost |
Research and development costs
Expenditure on research and development is written off to profit and loss during 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 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.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible fixed assets |
Computer equipment |
Fixtures and fittings |
Total |
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Cost |
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At 1 January 2020 |
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Additions |
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- |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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- |
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At 31 December 2019 |
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- |
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Debtors: amounts falling due within one year |
2020 |
2019 |
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Trade debtors |
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Other debtors |
2,303 |
2,303 |
Prepayments |
7,010 |
6,124 |
Corporation tax |
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Directors' current accounts |
- |
4 |
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Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Creditors |
2020 |
2019 |
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Amounts falling due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
5,928 |
3,503 |
Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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- |
Other non-current financial liabilities |
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50,492 |
492 |
The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 6 years, charged at 2.5% interest.
Provisions for liabilities |
Other provisions |
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Additional provisions |
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At 31 December 2020 |
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The provision relates to the anticipated costs of remedial work needed to return the current premises to the condition required in the lease.
Hive Intelligence Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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253.35 |
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253.35 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2020 |
2019 |
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Total lease commitment |
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