Company Registration No. 13463033 (England and Wales)
BEEHIVE EQUITY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
BEEHIVE EQUITY LIMITED
COMPANY INFORMATION
Directors
Mr Z Issa
Mr M Issa
Secretary
Mr I Patel
Company number
13463033
Registered office
Waterside Head Office
Guide
Guide
Blackburn
Lancashire
United Kingdom
BB1 2FA
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
BEEHIVE EQUITY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
BEEHIVE EQUITY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the Period ended 31 December 2021.
Principal business activities
The
c
ompany forms part of the
g
roup of companies referred to as EG Group (the “
G
roup”). The
g
roup provides fuel forecourt services across the UK, Continental Europe, the US and Australia, including Fuel, Grocery and Merchandise and Foodservice sales.
The
c
ompany’s principal activity is to hold investments of other holding companies not within the
G
roup.
The company was incorporated on 17 June 2021 and therefore, statutory accounts have been set from the period of incorporation to 31 December 2021.
Fair review of the business
The principal activity of the
c
ompany is to hold investments in other companies (to which the directors hold interest), therefore the
d
irectors are of the opinion that key performance indicators are not relevant for an understanding of the
c
ompany’s performance.
Principal risks and uncertainties
From the perspective of the
c
ompany, principal risks and uncertainties are primarily integrated with the principal risks and uncertainties of the
G
roup, which include those of the
c
ompany and are discussed in the consolidated group annual report and financial statements
of EG Group Holdings Limited
, which do not form part of this report.
Mr Z Issa
Director
16 February 2023
BEEHIVE EQUITY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
The directors present their annual report and financial statements for the Period ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of
hold
ing
investments of other holding companies not within the EG Group.
Results and dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Mr Z Issa
Mr M Issa
Post reporting date events
On 30 August 2022, the
c
ompany (as the lender) entered into a convertible loan arrangement with HV Systems Limited (the borrower) for the aggregate sum of £25,000,000.
Auditor
PM+M Solutions for Business LLP were appointed as auditor to the company.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
BEEHIVE EQUITY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
Going concern
The company is a consolidated member of the EG Group and its ultimate parent entity is EG Group Holdings Limited. The company is under common management of the Group and benefits from Group support when needed.
On behalf of the board
Mr Z Issa
Director
16 February 2023
BEEHIVE EQUITY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEEHIVE EQUITY LIMITED
- 4 -
Opinion
We have audited the financial statements of Beehive Equity Limited
(the 'company')
for the Period ended 31 December 2021 which comprise, the statement of financial position, the statement of changes in equity and
notes to the financial statements, including significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the Period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial Period for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
BEEHIVE EQUITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEEHIVE EQUITY LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Extent to which the audit was considered capable of
detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
BEEHIVE EQUITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEEHIVE EQUITY LIMITED
- 6 -
Identifying and assessing potential risks related to
irregularities
In identifying and assessing risks of material misstatement in
respect of irregularities, including fraud and non-compliance with
laws and regulations, we have considered the following
:
-
the nature of the industry and sector, control environment and
business performance including the design of the
company'
s
remuneration policies, key drivers for directors’ remuneration,
bonus levels and performance targets;
-
results of our enquiries of management about their own identification and assessment of
the risks of irregularities;
-
the matters discussed among the audit engagement team
and
relevant specialists regarding how and where fraud
might occur in the financial statements and any potential
indicators of fraud
;
-
a
ny matters we identified having obtained and reviewed the
Company's
documentation of their policies and procedures
relating to:
-
identifying, evaluating and complying with laws and regulations
and whether they were aware of any instances of non
-
compliance;
-
detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged
fraud;
-
the internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations
.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory
frameworks that the
company
operates in, focusing on provisions
of those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this
context included
UK Companies Act, employment law, health and
safety
regulations
, pensions legislation and tax legislation.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
-
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
enquiring of management concerning actual and potential litigation and claims;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
-
in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Owing to the inherent limitations of an audit, there is an unavoidable risk
that we may not have detected some material misstatements in the
financial statements, even though we have properly planned and
performed our audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and regulations
(irregularities) is
from the events and transactions reflected in the financial
statements, the less likely the inherently limited procedures required by
auditing standards would identify it. In addition, as with any audit, there
remained a higher risk of non
-
detection of irregularities, as these may
involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal controls. We are not responsible for preventing
non-compliance and cannot be expected to detect non-compliance with
all laws and regulations.
BEEHIVE EQUITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEEHIVE EQUITY LIMITED
- 7 -
A further description of our responsibilities is available on the
Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our
auditor's
report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Miss Helen Louise Clayton BSc FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP
16 February 2023
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
BEEHIVE EQUITY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
2021
Notes
£
£
Non-current assets
Investments
4
7,930,000
Non-current liabilities
6
(2,929,900)
Net assets
5,000,100
Equity
Called up share capital
8
101
Share premium account
9
4,999,999
Total equity
5,000,100
The financial statements were approved by the board of directors and authorised for issue on 15 February 2023 and are signed on its behalf by:
Mr Z Issa
Director
Company registration number 13463033
BEEHIVE EQUITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
Share capital
Share premium account
Total
Notes
£
£
£
Balance at 17 June 2021
Period ended 31 December 2021:
Transactions with owners in their capacity as owners:
Issue of share capital
8
101
101
Cash issue
-
4,999,999
4,999,999
Balance at 31 December 2021
101
4,999,999
5,000,100
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information
Beehive Equity Limited is a private company limited by shares incorporated in England and Wales. The registered office is Waterside Head Office, Haslingden Road,
Guide,
Blackburn, BB1 2FA.
The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Reporting period
The
c
ompany was incorporated on 17 June 2021 and therefore, statutory accounts have been set from the period of incorporation to 31 December 2021.
1.2
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
-
inclusion of an explicit and unreserved statement of compliance with IFRS;
-
presentation of a statement of cash flows and related notes;
-
disclosure of the objectives, policies and processes for managing capital;
-
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
-
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of EG Group Holdings Limited. The group accounts of EG Group Holdings Limited are available to the public and can be obtained as set out in note 10.
1.3
Going concern
The
true
c
ompany is a member of the EG
c
onsolidated
g
roup whose ultimate parent entity is EG Group Limited ("the
g
roup"). The
c
ompany is under common management of the
g
roup and benefits from
g
roup support when needed.
The financial statements have been prepared on a going concern basis which the
d
irectors consider to be appropriate for the following reasons:
The
d
irectors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from the
g
roup, to meet its liabilities as they fall due for that period.
Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.4
Non-current investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
A financial asset or group of financial assets classified as measured at amortized cost is considered to be credit-impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the
c
ompany has no reasonable expectation of recovering amounts due.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
Other financial liabilities
Other financial liabilities, including borrowings
, t
rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs
directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method
.
For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company’s
obligations are discharged, cancelled, or they expire.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
There were no critical accounting judgements.
In the application of the
c
ompany’s accounting policies, which are described in Note 4, the
d
irectors are required to make judgements, estimates and assumptions about the carrying amounts of assets and the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
Impairment of investments
At each balance sheet date, the
c
ompany reviews the carrying amounts of its investments to determine whether there is any indication that these have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any).
The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
2
Critical accounting estimates and judgements
(Continued)
- 13 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
Number
2
Director’s remuneration is borne by another Group company with no element of the remuneration specifically identified as relating to services to this entity.
4
Investments
Current
Non-current
2021
2021
£
£
Investments in joint ventures
-
5,000,000
Investments held at fair value through profit or loss
2,930,000
7,930,000
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
4
Investments
(Continued)
- 14 -
Movements in non-current investments
Shares in joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 17 June 2021
-
-
-
Additions
5,000,000
2,930,000
7,930,000
At 31 December 2021
5,000,000
2,930,000
7,930,000
Carrying amount
At 31 December 2021
5,000,000
2,930,000
7,930,000
5
Joint ventures
Details of the company's joint ventures at 31 December 2021 are as follows:
Name of undertaking
Registered office
Principal activities
Interest
% Held
held
Direct
HV Systems Limited
UK
Manufacture of Motor Vehicles
Ordinary
31.40
Registered office address
:
Park View House, 96 Caledonia Street, Glasgow, Scotland, G5 0XG
6
Liabilities
Non-current
2021
Notes
£
Trade and other payables
7
2,929,900
7
Trade and other payables
Non-current
2021
£
Amount owed to parent undertaking
2,929,900
8
Share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
101
101
BEEHIVE EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 15 -
9
Share premium account
2021
£
At the beginning of the Period
Cash issue
4,999,999
At the end of the Period
4,999,999
10
Controlling party
The immediate parent undertaking is Euro Garages Limited, a company incorporated in Great Britain, registered at Waterside Head Office, Haslingden Road, Guide, Blackburn, BB1 2FA, United Kingdom.
In the opinion of the Directors, the Company's ultimate parent Company and ultimate controlling party is Optima Bidco (Jersey) Limited, a Company incorporated and registered in Jersey Channel Islands
.
The parent undertaking of the largest group that includes the
c
ompany and for which group accounts are prepared, is EG Group Holdings Limited, a company incorporated in Great Britain, registered at Waterside Head Office, Haslingden Road, Guide, Blackburn, BB1 2FA, United Kingdom.
The parent undertaking of the smallest such group is EG Group Limited, a company incorporated in Great Britain, registered at Waterside Head Office, Haslingden Road,
Guide
Blackburn, BB1 2FA, United Kingdom.
Copies of the group financial statements of EG Group Holdings Limited and EG Group Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. The
c
ompany’s immediate controlling party is Euro Garages Limited.
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13463033
core:ShareCapital
2021-06-17
2021-12-31
13463033
core:SharePremium
2021-06-17
2021-12-31
13463033
core:FinancialInstrumentsFairValueThroughProfitOrLoss
2021-06-17
2021-12-31
13463033
core:Held-to-maturityFinancialAssets
2021-06-17
2021-12-31
13463033
core:FinancialAssetsHeldForTrading
core:FairValue
core:CurrentFinancialInstruments
2021-12-31
13463033
core:FinancialAssetsHeldForTrading
core:FairValue
core:Non-currentFinancialInstruments
2021-12-31
13463033
core:CurrentFinancialInstruments
2021-12-31
13463033
core:Non-currentFinancialInstruments
2021-12-31
13463033
core:JointVenture1
2021-06-17
2021-12-31
13463033
core:AfterOneYear
2021-12-31
13463033
bus:PrivateLimitedCompanyLtd
2021-06-17
2021-12-31
13463033
bus:Audited
2021-06-17
2021-12-31
13463033
bus:FRS101
2021-06-17
2021-12-31
13463033
bus:FullAccounts
2021-06-17
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP