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REGISTERED NUMBER: 02886680 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

BMS-BULK METER SERVICES LIMITED

BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 386,468 521,135

CURRENT ASSETS
Stocks 355,222 322,583
Debtors 6 1,045,185 1,058,095
Cash at bank and in hand 69,754 23,829
1,470,161 1,404,507
CREDITORS
Amounts falling due within one year 7 960,831 930,003
NET CURRENT ASSETS 509,330 474,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

895,798

995,639

CREDITORS
Amounts falling due after more than one
year

8

(142,303

)

(143,886

)

PROVISIONS FOR LIABILITIES (66,626 ) (61,758 )
NET ASSETS 686,869 789,995

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 686,769 789,895
SHAREHOLDERS' FUNDS 686,869 789,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





C S Bigwood - Director


BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

BMS-Bulk Meter Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02886680

Registered office: Chancery House
3 Hatchlands Road
Redhill
RH1 6AA

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with Financial Reporting Standard 102 Section 1A requires the use of certain accounting estimates. It also requires the directors to exercise judgement in applying the company's accounting policies.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised when the contractual obligations relating to the goods and services sold have been met.

BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Plant and machinery etc - 10% to 33% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

The company has no financial assets or financial liabilities measured at fair value, but the company does have external borrowings. The company is not exposed to risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Factoring
Where debts are factored, the gross amount of the debt is included within the company's sales ledger, with advances secured under the factoring arrangement shown as a liability.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 32 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 101,530 911,103 1,012,633
Additions - 157,846 157,846
Disposals (101,530 ) (217,025 ) (318,555 )
At 28 February 2023 - 851,924 851,924
DEPRECIATION
At 1 March 2022 - 491,498 491,498
Charge for year - 106,866 106,866
Eliminated on disposal - (132,908 ) (132,908 )
At 28 February 2023 - 465,456 465,456
NET BOOK VALUE
At 28 February 2023 - 386,468 386,468
At 28 February 2022 101,530 419,605 521,135

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 739,236 721,339
Amounts owed by group undertakings 93,129 -
Other debtors 212,820 336,756
1,045,185 1,058,095

BMS-BULK METER SERVICES LIMITED (REGISTERED NUMBER: 02886680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 80,458 79,454
Trade creditors 466,309 626,942
Taxation and social security 72,293 121,789
Other creditors 341,771 101,818
960,831 930,003

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 142,303 143,886

9. LEASING AGREEMENTS

At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £65,333 (2022: £81,333)

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 222,761 223,340

HP liabilities are secured on the assets acquired.

Included in other creditors is an amount of £283,608 (2022: £nil) which is secured against trade debtors of £739,236 (2022: £721,339).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year amounts totalling £337,554 were advanced to the directors, £221,356 was repaid and interest totalling £1,739 was charged. The loan is unsecured and repayable on demand.

At the balance sheet date the company was owed £116,198 (2022: £74,119) by the directors.

12. ULTIMATE CONTROLLING PARTY

BMS-Bulk Meter Services Group Ltd, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company. The registered office of BMS-Bulk Meter Services Group Ltd is Chancery House, 3 Hatchlands Road, Redhill, Surrey RH1 6AA.