Company registration number 04843723 (England and Wales)
BMR SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BMR SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BMR SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
350,780
357,491
Investment properties
6
255,000
255,000
605,780
612,491
Current assets
Debtors
7
430,344
542,713
Cash at bank and in hand
242,696
163,894
673,040
706,607
Creditors: amounts falling due within one year
8
(525,677)
(573,668)
Net current assets
147,363
132,939
Total assets less current liabilities
753,143
745,430
Creditors: amounts falling due after more than one year
9
(357,651)
(399,240)
Net assets
395,492
346,190
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
395,392
346,090
Total equity
395,492
346,190
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BMR SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
K Roberts
Director
Company Registration No. 04843723
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
BMR Solutions Limited (registered number: 04843723) is a private company limited by shares incorporated in England and Wales. The registered office is 14 Hotwell Road, Bristol, Avon, BS8 4UD.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 principal accounting policies adopted are set out below:
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account settlement discounts, if applicable.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. At the period end the carrying value of Goodwill was £nil.
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
980 years straight line
Fixtures and fittings
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, are measured at transaction price including transaction costs. Financial assets classed as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans, are recognised at transaction price. Financial liabilities classed as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis.
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
11
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
16,171
Amortisation and impairment
At 1 January 2022 and 31 December 2022
16,171
Carrying amount
At 31 December 2022
At 31 December 2021
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
333,137
85,402
418,539
Additions
1,998
7,413
9,411
Disposals
(37,808)
(37,808)
At 31 December 2022
335,135
55,007
390,142
Depreciation and impairment
At 1 January 2022
1,672
59,376
61,048
Depreciation charged in the year
340
4,676
5,016
Eliminated in respect of disposals
(26,702)
(26,702)
At 31 December 2022
2,012
37,350
39,362
Carrying amount
At 31 December 2022
333,123
17,657
350,780
At 31 December 2021
331,465
26,026
357,491
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Motor vehicles
-
11,589
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
255,000
The investment property was purchased on 1 April 2017 for £241,384. The fair value has been considered and advice taken by Savills UK, who considers that £255,000 is a fair representation of the fair value of the investment property at 31 December 2022.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
98,025
59,967
Amounts owed by related party
13,711
15,126
Other debtors
299,240
365,213
Prepayments and accrued income
19,184
98,236
430,160
538,542
Deferred tax asset
184
4,171
430,344
542,713
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
42,811
42,292
Obligations under finance leases
5,648
Trade creditors
18,900
18,776
Corporation tax
106,218
58,318
Other taxation and social security
91,406
137,267
Other creditors
223,985
227,304
Accruals
42,357
84,063
525,677
573,668
Bank loans and obligations under finance leases are secured against the assets to which they relate.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
357,651
399,240
Bank loans are secured against the assets to which they relate.
BMR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
33,015
7,370
12
Related party transactions
At 31 December 2022, the company was owed £13,711 from Aztec Funding Limited (2021: £15,126), a company which K Roberts has an interest. The amount is interest free and repayable on demand.
13
Directors' transactions
At 31 December 2022, K Roberts owed the company £10,449 (2021: £8,141). This was the maximum outstanding during the period and will be repaid within 9 months of the period end.