Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-3172022-08-01false7The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue 03478722 2022-08-01 2023-07-31 03478722 2021-08-01 2022-07-31 03478722 2023-07-31 03478722 2022-07-31 03478722 2021-08-01 03478722 c:Director2 2022-08-01 2023-07-31 03478722 d:PlantMachinery 2022-08-01 2023-07-31 03478722 d:PlantMachinery 2023-07-31 03478722 d:PlantMachinery 2022-07-31 03478722 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03478722 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03478722 d:MotorVehicles 2022-08-01 2023-07-31 03478722 d:MotorVehicles 2023-07-31 03478722 d:MotorVehicles 2022-07-31 03478722 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03478722 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03478722 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03478722 d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03478722 d:Goodwill 2022-08-01 2023-07-31 03478722 d:Goodwill 2023-07-31 03478722 d:Goodwill 2022-07-31 03478722 d:CurrentFinancialInstruments 2023-07-31 03478722 d:CurrentFinancialInstruments 2022-07-31 03478722 d:Non-currentFinancialInstruments 2023-07-31 03478722 d:Non-currentFinancialInstruments 2022-07-31 03478722 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03478722 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03478722 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03478722 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 03478722 d:ShareCapital 2023-07-31 03478722 d:ShareCapital 2022-07-31 03478722 d:RetainedEarningsAccumulatedLosses 2023-07-31 03478722 d:RetainedEarningsAccumulatedLosses 2022-07-31 03478722 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03478722 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 03478722 c:FRS102 2022-08-01 2023-07-31 03478722 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03478722 c:FullAccounts 2022-08-01 2023-07-31 03478722 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03478722 d:WithinOneYear 2023-07-31 03478722 d:WithinOneYear 2022-07-31 03478722 d:BetweenOneFiveYears 2023-07-31 03478722 d:BetweenOneFiveYears 2022-07-31 03478722 d:MoreThanFiveYears 2023-07-31 03478722 d:MoreThanFiveYears 2022-07-31 03478722 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 03478722 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 03478722 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 03478722 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 03478722 2 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 03478722










BRANCH BMN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
BRANCH BMN LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
BRANCH BMN LIMITED
REGISTERED NUMBER: 03478722

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
24,287
31,266

  
24,287
31,266

Current assets
  

Stocks
  
28,198
46,423

Debtors: amounts falling due within one year
 6 
259,666
397,651

Cash at bank and in hand
  
219,305
120,390

  
507,169
564,464

Creditors: amounts falling due within one year
 7 
(325,759)
(382,845)

Net current assets
  
 
 
181,410
 
 
181,619

Total assets less current liabilities
  
205,697
212,885

Creditors: amounts falling due after more than one year
 8 
(11,287)
(25,631)

Provisions for liabilities
  

Deferred tax
 10 
(967)
(1,493)

  
 
 
(967)
 
 
(1,493)

Net assets
  
193,443
185,761


Capital and reserves
  

Called up share capital 
  
46,667
46,667

Profit and loss account
  
146,776
139,094

  
193,443
185,761


Page 1

 
BRANCH BMN LIMITED
REGISTERED NUMBER: 03478722
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R J Branch
Director

Date: 22 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Branch BMN Limited is a private company, limited by shares, registered in England and Wales. The registered office is BMN House, 153 Dollman Street, Birmingham, B7 4RS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 The estimated useful lives range as follows:

Goodwill
-
20
years

Page 4

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% to 25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
177,497



At 31 July 2023

177,497



Amortisation


At 1 August 2022
177,497



At 31 July 2023

177,497



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 6

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 August 2022
89,451
28,620
118,071


Additions
585
-
585



At 31 July 2023

90,036
28,620
118,656



Depreciation


At 1 August 2022
78,308
8,497
86,805


Charge for the year on owned assets
2,533
-
2,533


Charge for the year on financed assets
-
5,031
5,031



At 31 July 2023

80,841
13,528
94,369



Net book value



At 31 July 2023
9,195
15,092
24,287



At 31 July 2022
11,143
20,123
31,266

The net book value of assets held under hire purchase contracts, included above, amounted to £15,092 (2022 - £20,123)


6.


Debtors

2023
2022
£
£


Trade debtors
242,486
379,491

Prepayments and accrued income
17,180
18,160

259,666
397,651


Page 7

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
10,260
10,000

Trade creditors
260,016
343,021

Corporation tax
2,300
2,650

Other taxation and social security
12,366
19,503

Obligations under finance lease and hire purchase contracts
4,050
4,050

Other creditors
36
36

Accruals and deferred income
36,731
3,585

325,759
382,845


The following liabilities were secured:

2023
2022
£
£



Bank loan
10,260
10,000

Obligations under finance lease and hire purchase contracts
4,050
4,050

14,310
14,050

Details of security provided:

The bank loan is secured by a government guarantee. The obligations under finance lease and hire purchase contracts is secured on the underlying asset to which it relates.

Page 8

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
8,250
18,544

Net obligations under finance leases and hire purchase contracts
3,037
7,087

11,287
25,631


The following liabilities were secured:

2023
2022
£
£



Bank loan
8,250
18,544

Obligations under finance lease and hire purchase contracts
3,037
7,087

11,287
25,631

Details of security provided:

The bank loan is secured by a government guarantee. The obligations under finance lease and hire purchase contracts is secured on the underlying asset to which it relates.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,050
4,050

Between 1-5 years
3,037
7,087

7,087
11,137

Page 9

 
BRANCH BMN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,493)
(1,105)


Credited to the profit or loss
526
(388)



At end of year
(967)
(1,493)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(967)
(1,493)


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,643 (2022 - £6,311). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date.


12.


Commitments under operating leases

At 31 July 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
29,062
29,062

Later than 1 year and not later than 5 years
26,140
26,702

Later than 5 years
370,500
377,000

425,702
432,764


13.


Controlling party

The ultimate controlling party are the executors of the estate of R B Branch.

 
Page 10