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Registration number: 07124373

BSM Building Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

BSM Building Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 12

 

BSM Building Limited

Company Information

Director

Mr Simon Moore

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

BSM Building Limited

Director's Report for the Year Ended 31 January 2023

The director presents his report and the financial statements for the year ended 31 January 2023.

Director of the company

The director who held office during the year was as follows:

Mr Simon Moore

Principal activity

The principal activity of the company is that of building services.

Small companies provision statement

This report has 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.

Approved by the director on 10 October 2023 and signed on its behalf by:

.........................................
Mr Simon Moore
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
BSM Building Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BSM Building Limited for the year ended 31 January 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of BSM Building Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of BSM Building Limited and state those matters that we have agreed to state to the Board of Directors of BSM Building Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BSM Building Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that BSM Building Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of BSM Building Limited. You consider that BSM Building Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of BSM Building Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

10 October 2023

 

BSM Building Limited

(Registration number: 07124373)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,773

14,051

Current assets

 

Stocks

6

12,500

17,927

Debtors

7

41,933

43,027

Cash at bank and in hand

 

43,637

25,937

 

98,070

86,891

Creditors: Amounts falling due within one year

8

(61,777)

(47,238)

Net current assets

 

36,293

39,653

Total assets less current liabilities

 

48,066

53,704

Creditors: Amounts falling due after more than one year

8

(41,566)

(49,662)

Provisions for liabilities

(3,120)

(3,590)

Net assets

 

3,380

452

Capital and reserves

 

Called up share capital

10

200

200

Retained earnings

3,180

252

Shareholders' funds

 

3,380

452

For the financial year ending 31 January 2023 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 October 2023
 

.........................................
Mr Simon Moore
Director

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the director on 10 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The accrual model is adopted for the recognition of grant income received.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% Reducing Balance Method

Tools and equipment

15% Reducing Balance Method

Computer equipment

33.33% Straight Line Method

Fixtures and fittings

25% Reducing Balance Method

Plant and machinery

20% Reducing Balance Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost 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.

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 inventories 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.

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost 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.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,529

4,379

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Computer equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 February 2022

4,147

16,200

1,780

590

22,717

Additions

189

-

-

1,061

1,250

At 31 January 2023

4,336

16,200

1,780

1,651

23,967

Depreciation

At 1 February 2022

2,693

4,430

1,362

181

8,666

Charge for the year

240

2,942

201

145

3,528

At 31 January 2023

2,933

7,372

1,563

326

12,194

Carrying amount

At 31 January 2023

1,403

8,828

217

1,325

11,773

At 31 January 2022

1,454

11,770

418

409

14,051

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Stocks

2023
£

2022
£

Work in progress

12,500

17,927

7

Debtors

2023
£

2022
£

Trade debtors

6,864

8,000

Other debtors

35,069

35,027

41,933

43,027

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

8,032

2,529

Taxation and social security

 

42,351

28,962

Accruals and deferred income

 

2,398

1,225

HP and finance lease liabilities

 

2,541

2,300

Payments received on account

 

833

6,667

Other payables

 

67

-

Bank borrowings

 

5,555

5,555

 

61,777

47,238

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

41,566

49,662

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,648

41,203

Finance lease liabilities

5,918

8,459

41,566

49,662

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,555

5,555

Finance lease liabilities

2,541

2,300

8,096

7,855

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

Ordinary A Shares of £1 each

50

50

50

50

Ordinary B Shares of £1 each

50

50

50

50

 

200

200

200

200

11

Government grants

During the period the company received government grants in support of the pandemic Covid-19.
The amount of grants recognised in the financial statements was £Nil (2022 - £521).
 

 

BSM Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

12

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Loans to director

29,249

56,148

(59,833)

25,564

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Loans to director

17,780

57,244

(45,775)

29,249

         
       

 

The loan was interest free up to £10,000 and on balances in excess of this amount, interest was charged at the official rate as per HMRC. The loan is repayable on demand.