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COMPANY REGISTRATION NUMBER: 1887679
BCM GRC Limited
Filleted Unaudited Financial Statements
31 July 2023
BCM GRC Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
183,840
160,302
Current assets
Stocks
610,936
430,112
Debtors
6
582,677
894,220
Cash at bank and in hand
345,597
262,751
-----------
-----------
1,539,210
1,587,083
Creditors: amounts falling due within one year
7
635,799
839,660
-----------
-----------
Net current assets
903,411
747,423
-----------
---------
Total assets less current liabilities
1,087,251
907,725
Creditors: amounts falling due after more than one year
8
50,328
51,188
Provisions
Taxation including deferred tax
19,135
10,071
-----------
---------
Net assets
1,017,788
846,466
-----------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
1,015,788
844,466
-----------
---------
Shareholders funds
1,017,788
846,466
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BCM GRC Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr T F Jordan
Director
Company registration number: 1887679
BCM GRC Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, modified, as necessary, by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Fixtures, fittings & office equipment
-
33% straight line
Motor vehicles
-
25% straight line
Buildings
-
2% straight line
Master & production moulds are represented on the company's balance sheet at a nominal value of £1 each in order to recognise their existence. The costs incurred in producing both master & production moulds are written-off to the profit and loss account in the year in which the costs are incurred.
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(g) Stocks and work in progress
Raw material stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks of finished goods are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(h) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(i) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2022: 48 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Moulds
Land & buildings
Total
£
£
£
£
£
£
Cost
At 1 Aug 2022
28,767
166,446
2
49,825
245,040
Additions
17,910
11,014
43,095
72,019
Disposals
( 70,424)
( 70,424)
-------
-------
---------
----
-------
---------
At 31 Jul 2023
46,677
11,014
139,117
2
49,825
246,635
-------
-------
---------
----
-------
---------
Depreciation
At 1 Aug 2022
6,151
75,615
2,972
84,738
Charge for the year
6,834
2,263
27,510
996
37,603
Disposals
( 59,546)
( 59,546)
-------
-------
---------
----
-------
---------
At 31 Jul 2023
12,985
2,263
43,579
3,968
62,795
-------
-------
---------
----
-------
---------
Carrying amount
At 31 Jul 2023
33,692
8,751
95,538
2
45,857
183,840
-------
-------
---------
----
-------
---------
At 31 Jul 2022
22,616
90,831
2
46,853
160,302
-------
-------
---------
----
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
524,314
852,359
Other debtors
58,363
41,861
---------
---------
582,677
894,220
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
291,015
428,371
Corporation tax
56,777
66,416
Social security and other taxes
126,714
134,595
Other creditors
161,293
210,278
---------
---------
635,799
839,660
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
50,328
51,188
-------
-------
9. Related party transactions
Mr T Jordan & Mr M O'Connor, both directors, own the premises occupied by the company and received £130,000 during the current financial year under the terms of their rental agreement. (2022: £100,000)