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Registered number: 00621650










BMM Weston Limited










Directors' Report and Financial Statements

For the 52 week period ended 1 October 2023

 
BMM Weston Limited
 

Company Information


Directors
J S Cleaver (Chairman and Managing Director) 
B Cleaver 
D White 
D Frawley 
C Beckett 
D Silvester 




Company secretary
J S Cleaver



Registered number
00621650



Registered office
Weston Works

Faversham

Kent

ME13 7EB




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margarets's Street

Canterbury

Kent

CT1 2TU




Bankers
Lloyds Bank PLC
49 High Street

Canterbury

Kent

CT1 2SE





 
BMM Weston Limited
 

Contents



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 29


 
BMM Weston Limited
 

 
Directors' Report
For the 52 week period ended 1 October 2023

The directors present their report and the financial statements for the 52 week period ended 1 October 2023.

Results and dividends

The profit for the 52 week period, after taxation, amounted to £257,000 (2022 - £324,000).

During the period, dividends totalling £Nil (2022: £Nil) were paid in respect of Ordinary shares. No dividend has been recommended in respect of the period. 

Directors

The directors who served during the 52 week period were:

J S Cleaver (Chairman and Managing Director) 
B Cleaver 
D White 
D Frawley 
C Beckett 
D Silvester 

Financial instruments

The company's principal instruments comprise of bank balances, bank overdraft facility, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. 
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company makes use of money market facilities where funds are available. 
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. 
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.  

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 1

 
BMM Weston Limited
 

 
Directors' Report (continued)
For the 52 week period ended 1 October 2023


Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 December 2023 and signed on its behalf.
 





J S Cleaver 
Chairman and Managing Director

Page 2

 
BMM Weston Limited
 

Directors' Responsibilities Statement
For the 52 week period ended 1 October 2023

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
BMM Weston Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Limited
 

Opinion


We have audited the financial statements of BMM Weston Limited (the 'Company') for the 52 week period ended 1 October 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 1 October 2023 and of its profit for the 52 week period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
BMM Weston Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial 52 week period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BMM Weston Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of stock. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations and fraud, and review of the reports made by management; and
• Assessment of identified fraud risk factors; and
• Challenging assumptions and judgements made by management in its significant accounting estimates;    and
• Confirmation of related parties with management, and review of transactions throughout the period to    identify any previously undisclosed transactions with related parties outside the normal course of     business; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or     unexpected relationships, including related party transactions, that may indicate risks of material     misstatement due to fraud; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale     supporting the transactions. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 6

 
BMM Weston Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Limited (continued)


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Peter Manser FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Canterbury

11 December 2023
Page 7

 
BMM Weston Limited
 

Statement of Comprehensive Income
For the 52 week period ended 1 October 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
7,028
7,114

Other operating income
  
205
242

Raw materials and consumables
  
(2,378)
(2,708)

Other external charges
  
(1,578)
(1,437)

Staff costs
  
(2,996)
(2,864)

Depreciation and amortisation
  
(47)
(42)

Operating profit
 5 
234
305

Interest receivable and similar income
 9 
7
1

Profit before tax
  
241
306

Tax on profit
 10 
16
18

Profit for the financial 52 week period
  
257
324

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 8

 
BMM Weston Limited
Registered number: 00621650

Balance Sheet
As at 1 October 2023

1 October
2 October
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
141
116

Investments
 13 
109
109

  
250
225

Current assets
  

Stocks
 14 
1,084
1,119

Debtors: amounts falling due within one year
 15 
2,522
2,308

Cash at bank and in hand
 16 
1,139
1,229

  
4,745
4,656

Creditors: amounts falling due within one year
 17 
(2,456)
(2,599)

Net current assets
  
 
 
2,289
 
 
2,057

Total assets less current liabilities
  
2,539
2,282

  

Net assets
  
2,539
2,282


Capital and reserves
  

Called up share capital 
 18 
280
280

Share premium account
 19 
10
10

Capital redemption reserve
 19 
180
180

Profit and loss account
 19 
2,069
1,812

  
2,539
2,282


The Company's financial statements have been prepared in accordance with the 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 on 11 December 2023.




J S Cleaver 
Chairman and Managing Director

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 

 
BMM Weston Limited


 

Statement of Changes in Equity
For the 52 week period ended 1 October 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity


£000
£000
£000
£000
£000



At 4 October 2021
280
10
180
1,488
1,958



Comprehensive income for the period


Profit for the period
-
-
-
324
324

Total comprehensive income for the period
-
-
-
324
324





At 3 October 2022
280
10
180
1,812
2,282



Comprehensive income for the 52 week period


Profit for the 52 week period
-
-
-
257
257

Total comprehensive income for the 52 week period
-
-
-
257
257



At 1 October 2023
280
10
180
2,069
2,539



The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
BMM Weston Limited
 

Statement of Cash Flows
For the 52 week period ended 1 October 2023

1 October
2 October
2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial 52 week period
257
324

Adjustments for:

Depreciation of tangible assets
61
46

Profit on disposal of tangible assets
(14)
(5)

Interest received
(7)
(1)

Taxation charge
(16)
(18)

Decrease/(increase) in stocks
35
(248)

(Increase) in debtors
(222)
(19)

Decrease/(increase) in amounts owed by groups
7
(245)

(Decrease) in creditors
(126)
(638)

Corporation tax received
-
4

Net cash generated from operating activities

(25)
(800)


Cash flows from investing activities

Purchase of tangible fixed assets
(86)
(45)

Sale of tangible fixed assets
14
5

Interest received
7
1

Net cash from investing activities

(65)
(39)


Net (decrease) in cash and cash equivalents
(90)
(839)

Cash and cash equivalents at beginning of 52 week period
1,229
2,068

Cash and cash equivalents at the end of 52 week period
1,139
1,229


Cash and cash equivalents at the end of 52 week period comprise:

Cash at bank and in hand
1,139
1,229

1,139
1,229


Page 11

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

1.


General information

BMM Weston Limited is a private limited liability company incorporated in England and Wales with registered number 00621650.
The company's registered office is Weston Works, Faversham, Kent, ME13 7EB. 
The company's principal activity is the business of designing, manufacturing and selling decontamination equipment for the medical and pharmaceutical industries, and designing, manufacturing and selling machinery for the laundry and foundry industries. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is Pounds Sterling. 
The company's financial statements are presented to the nearest thousand pound. 
The company is itself a subsidiary company and is exempt from the requirements to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not its group.  

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's current position and cashflow projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the annual report and financial statements.

Page 12

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The methods used to determine the stage of completion of contracts in progress, is on estimation of the physical proportion of the contract work. 

Page 13

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Development expenditure is capitalised when the outcome of certain new projects is assessed as being reasonably certain with regards to viability and technical feasibility. Such expenditure is amortised over its expected useful life once commercial production of the product has commenced. 
Amortisation is provided at the following rates:
Patents                      - 5 years
Development             - 4 years
The carrying values of intangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. 

 
2.5

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
4 years

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at fair value.

Page 14

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

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.

Debtors - amounts recoverable on contracts
When the outcome of a construction contract can be estimated reliably, contract revenue is recognised by reference to the stage of completion. Where the amount recognised is greater than billings made, the balance due is included in amounts recoverable on contracts. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 15

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

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 16

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

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.

 
2.15

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.16

Pensions

The group operates a group personal pension scheme. The pension cost charge represents contributions payable by the group during the period. 

Page 17

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

2.Accounting policies (continued)

 
2.17

Taxation

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.

 
2.18

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.19

Interest income

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
 
Page 18

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

3.Judgments in applying accounting policies (continued)

The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The company has entered into a lease commitment in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £141,000 at the reporting date (see note 12).  These assets are stated at their cost less provision for depreciation and impairment.  The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired.   For material assets such as land and buildings the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs.  These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets.  These tests require estimates of the fair value of assets less cost to sell and of their value in use.  Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Construction contracts
The company enters into contracts for the design and manufacture of machinery for the medical and pharmaceutical industries and the design and manufacture of machinery for the laundry and foundry industries. Amounts recognised as revenue in a period for these contracts requires judgements on the stage of completion, future costs and the collectibilty of billings. 
The following are the company's key sources of estimation uncertainty:
Stock provisioning
The company designs, manufactures and sells machinery and decontamination equipment and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.  
Construction contracts
The company enters into contracts for the design and manufacture of machinery for the medical and pharmaceutical industries and the design and manufacture of machinery for the laundry and foundry industries. Amounts recognised as revenue in a period for these contracts requires judgements on the stage of completion, future costs and the collectibilty of billings. 

Page 19

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

4.


Turnover

The whole of the turnover is attributable to the company's activities designing, manufacturing and selling decontamination equipment for the medical and pharmaceutical industries, and designing and selling machinery for the laundry and foundry industries.

Analysis of turnover by country of destination:

Period ended 1 October 2023
Period ended 2 October 2022
£000
£000

United Kingdom
6,247
5,567

Rest of Europe
78
182

Rest of the world
703
1,365

7,028
7,114



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of tangible fixed assets
61
46

Exchange differences
2
(3)

Fees payable to the company's auditor and its associates for the audit of the company's financial statements
17
15

Operating lease rentals: land and buildings
5
5

Defined contribution pension costs
83
81

(Profit)/loss on sale of fixed assets
(14)
(5)

Page 20

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

6.


Auditors' remuneration

2023
2022
£000
£000

Fees payable to the Company's auditors and its associates for the audit of the Company's financial statements
17
15


.


Fees payable to the Company's auditor and its associates in respect of:

Period ended 2 October
Period ended 3 October
2023
2022
£000
£000



All other services
1
1

1
1


7.


Employees

2023
2022
£000
£000

Wages and salaries
2,652
2,527

Social security costs
284
279

Cost of defined contribution scheme
83
81

3,019
2,887


The average monthly number of employees, including the directors, during the 52 week period was as follows:


        2023
        2022
            No.
            No.







Office and Factory
85
86


8.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
23
22

23
22


Page 21

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

9.


Interest receivable

2023
2022
£000
£000


Other interest receivable
7
1

7
1


10.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
22
38

Adjustments in respect of previous periods
(38)
(56)


(16)
(18)


Total current tax
(16)
(18)

Deferred tax

Total deferred tax
-
-


Taxation on loss on ordinary activities
(16)
(18)

Factors affecting tax charge for the 52 week period/period

The tax assessed for the 52 week period/period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
241
305


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
53
58

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1
5

Adjustments to tax charge in respect of prior periods
(38)
(56)

Short-term timing difference leading to an increase (decrease) in taxation
(32)
(25)

Total tax charge for the 52 week period/period
(16)
(18)

Page 22

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

11.


Intangible assets






Patents

£000



Cost


At 3 October 2022
100



At 1 October 2023

100



Amortisation


At 3 October 2022
100



At 1 October 2023

100



Net book value



At 1 October 2023
-



At 2 October 2022
-



Page 23

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

12.


Tangible fixed assets







Plant and machinery

£000



Cost or valuation


At 3 October 2022
388


Additions
86


Disposals
(53)



At 1 October 2023

421



Depreciation


At 3 October 2022
272


Charge for the 52 week period on owned assets
61


Disposals
(53)



At 1 October 2023

280



Net book value



At 1 October 2023
141



At 2 October 2022
116


13.


Fixed asset investments








Investments in subsidiary companies

£000



Cost or valuation


At 3 October 2022
109



At 1 October 2023
109




Page 24

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Discovery Electronics Limited
Dormant company
Ordinary & 100% *Pref
97.5%
The British Moulding Machine Company Limited
Dormant company
Ordinary
100%
Weston Laundry Machine Company Limited
Dormant company
Ordinary
100%
Drayton Castle Limited
Dormant company
Ordinary
100%
C F Doyle Limited
Dormant company
Ordinary
100%
BMM Weston International Limited
Dormant company
Ordinary
100%

The registered office of the above companies is Weston Works, Faversham, Kent, ME13 7EB.

The aggregate of the share capital and reserves as at 1 October 2023 and the profit or loss for the 52 week period ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
£000

Discovery Electronics Limited
165

The British Moulding Machine Company Limited
158

Weston Laundry Machine Company Limited
69

Drayton Castle Limited
-

C F Doyle Limited
-

BMM Weston International Limited
4


14.


Stocks

1 October
2 October
2023
2022
£000
£000

Raw materials and consumables
1,084
1,119

1,084
1,119


Page 25

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

15.


Debtors

1 October
2 October
2023
2022
£000
£000


Trade debtors
605
406

Amounts owed by group undertakings
1,687
1,694

Other debtors
1
31

Prepayments and accrued income
190
177

Amounts recoverable on long-term contracts
39
-

2,522
2,308



16.


Cash and cash equivalents

1 October
2 October
2023
2022
£000
£000

Cash at bank and in hand
1,139
1,229

1,139
1,229



17.


Creditors: Amounts falling due within one year

1 October
2 October
2023
2022
£000
£000

Trade creditors
507
759

Amounts owed to group undertakings
392
392

Corporation tax
22
38

Other taxation and social security
246
87

Other creditors
410
556

Accruals and deferred income
879
767

2,456
2,599


Page 26

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

18.


Share capital

1 October
2 October
2023
2022
£000
£000
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £1.00 each
200
200
80,000 (2022 - 80,000) Cumulative 7% convertible perferred shares of £1.00 each
80
80

280

280

Cumulative 7% convertible preferred shares, also referred to as Preferred Ordinary shares, carry preferential rights to dividends and on winding up compared to Ordinary shares. They are convertible at any time to 'A' Ordinary shares at the option of the holder. Such shares will rank pari passu with Ordinary shares.  
Holders of Ordinary shares have two votes for every share held. Holders of Preferred Ordinary shares have one vote per share. 



19.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the company.  Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

20.


Analysis of net debt




At 3 October 2022
Cash flows
At 1 October 2023
£000

£000

£000

Cash at bank and in hand

1,229

(90)

1,139


1,229
(90)
1,139

Page 27

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

21.


Contingent liabilities

The company has an Omnibus Guarantee and Set-Off Agreement in place with Lloyds Bank plc and BMM Weston Holdings Limited, the company's parent company, regarding any bank indebtedness of BMM Weston Limited and BMM Weston Holdings Limited.


22.


Pension commitments

The company operates a group personal pension scheme. The assets of the scheme are held separately 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 £83,000 (2022: £81,000). Contributions totaling £2,000 (2022: £2,000) were payable to the fund at the balance sheet date. 


23.


Commitments under operating leases

At 1 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

1 October
2 October
2023
2022
£000
£000


Not later than 1 year
5
5

5
5


24.


Key Management Personnel

Key management comprises the directors of the company. The key management compensation is borne by the parent company BMM Weston Holdings Limited. 


25.


Related party transactions

During the period, payment was made totalling £1,000 (2022: £500) to C Beckett, a director of the company, for consultancy services. At 1 October 2023, no amounts were due from the company (2022: £Nil).
During the period, rental amounts of £96,000 (2022: £96,000) were paid to Weller Properties (Faversham) Limited, a company under common control. At 1 October 2023, no amounts were due to the company (2022: £Nil). 
Transactions with group companies have not been disclosed in accordance with section 33.1A of Financial Reporting Standard 102. 

Page 28

 
BMM Weston Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023

26.


Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of BMM Weston Holdings Limited, a company registered in England and Wales.
The ultimate parent company is BMM Weston Holdings Two Limited, a company incorporated in England and Wales. 
BMM Weston Holdings Two Limited is controlled by J S Cleaver and B Cleaver, directors of the company, by virtue of their combined interest in 100% of the Ordinary share capital of that company. 


Page 29