Caseware UK (AP4) 2023.0.135 2023.0.135 falseNo description of principal activity2022-10-03false55false 03166621 2022-10-03 2023-10-01 03166621 2021-10-04 2022-10-02 03166621 2023-10-01 03166621 2022-10-02 03166621 2021-10-04 03166621 1 2022-10-03 2023-10-01 03166621 1 2021-10-04 2022-10-02 03166621 5 2022-10-03 2023-10-01 03166621 5 2021-10-04 2022-10-02 03166621 6 2022-10-03 2023-10-01 03166621 6 2021-10-04 2022-10-02 03166621 d:CompanySecretary1 2022-10-03 2023-10-01 03166621 d:Director1 2022-10-03 2023-10-01 03166621 d:Director2 2022-10-03 2023-10-01 03166621 d:Director3 2022-10-03 2023-10-01 03166621 d:RegisteredOffice 2022-10-03 2023-10-01 03166621 d:Agent1 2022-10-03 2023-10-01 03166621 e:Buildings 2022-10-03 2023-10-01 03166621 e:Buildings 2023-10-01 03166621 e:Buildings 2022-10-02 03166621 e:Buildings e:OwnedOrFreeholdAssets 2022-10-03 2023-10-01 03166621 e:PlantMachinery 2022-10-03 2023-10-01 03166621 e:PlantMachinery 2023-10-01 03166621 e:PlantMachinery 2022-10-02 03166621 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-10-03 2023-10-01 03166621 e:OwnedOrFreeholdAssets 2022-10-03 2023-10-01 03166621 e:CurrentFinancialInstruments 2023-10-01 03166621 e:CurrentFinancialInstruments 2022-10-02 03166621 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-01 03166621 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-02 03166621 e:UKTax 2022-10-03 2023-10-01 03166621 e:UKTax 2021-10-04 2022-10-02 03166621 e:ShareCapital 2022-10-03 2023-10-01 03166621 e:ShareCapital 2023-10-01 03166621 e:ShareCapital 2021-10-04 2022-10-02 03166621 e:ShareCapital 2022-10-02 03166621 e:ShareCapital 2021-10-04 03166621 e:OtherMiscellaneousReserve 2022-10-03 2023-10-01 03166621 e:OtherMiscellaneousReserve 2023-10-01 03166621 e:OtherMiscellaneousReserve 2021-10-04 2022-10-02 03166621 e:OtherMiscellaneousReserve 2022-10-02 03166621 e:OtherMiscellaneousReserve 2021-10-04 03166621 e:RetainedEarningsAccumulatedLosses 2022-10-03 2023-10-01 03166621 e:RetainedEarningsAccumulatedLosses 2023-10-01 03166621 e:RetainedEarningsAccumulatedLosses 2021-10-04 2022-10-02 03166621 e:RetainedEarningsAccumulatedLosses 2022-10-02 03166621 e:RetainedEarningsAccumulatedLosses 2021-10-04 03166621 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-01 03166621 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-02 03166621 d:OrdinaryShareClass1 2022-10-03 2023-10-01 03166621 d:OrdinaryShareClass1 2023-10-01 03166621 d:OrdinaryShareClass2 2022-10-03 2023-10-01 03166621 d:OrdinaryShareClass2 2023-10-01 03166621 d:FRS102 2022-10-03 2023-10-01 03166621 d:Audited 2022-10-03 2023-10-01 03166621 d:FullAccounts 2022-10-03 2023-10-01 03166621 d:PrivateLimitedCompanyLtd 2022-10-03 2023-10-01 03166621 e:Subsidiary1 2022-10-03 2023-10-01 03166621 e:Subsidiary1 1 2022-10-03 2023-10-01 03166621 e:AcceleratedTaxDepreciationDeferredTax 2023-10-01 03166621 e:AcceleratedTaxDepreciationDeferredTax 2022-10-02 03166621 e:TaxLossesCarry-forwardsDeferredTax 2023-10-01 03166621 e:TaxLossesCarry-forwardsDeferredTax 2022-10-02 03166621 6 2022-10-03 2023-10-01 03166621 f:PoundSterling 2022-10-03 2023-10-01 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03166621










BMM Weston Holdings Limited










Directors' Report and Financial Statements

For the 52 week period ended 1 October 2023

 
BMM Weston Holdings Limited
 

Company Information


Directors
J S Cleaver 
B Cleaver 
C Beckett 




Company secretary
J S Cleaver



Registered number
03166621



Registered office
Brent Hill

Faversham

Kent

ME13 7EB




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
Lloyds Bank plc
49 High Street

Canterbury

Kent

CT1 2SE





 
BMM Weston Holdings 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 - 25


 
BMM Weston Holdings Limited
 

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

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

Results and dividends

The loss for the period, after taxation, amounted to £26,000 (2022 - profit £4,000).

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 period were:

J S Cleaver 
B Cleaver 
C Beckett 

Financial instruments

The company's principal financial instruments comprise bank balances 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.
In respect of loans these comprise loans from financial institutions. The interest rate on the loans from financial institutions is fixed and the monthly repayments are also fixed. The company manages the liquidity risk by ensuring these are sufficient funds to meet these payments. 

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 period end.

Page 1

 
BMM Weston Holdings 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
Director

Page 2

 
BMM Weston Holdings 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 judgements 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 Holdings Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Holdings Limited
 

Opinion


We have audited the financial statements of BMM Weston Holdings Limited (the 'company') for the 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 loss for the 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 Holdings Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Holdings 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 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 Holdings Limited
 

 
Independent Auditors' Report to the Members of BMM Weston Holdings 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
• 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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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.
 
Page 6

 
BMM Weston Holdings Limited
 

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


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 Holdings Limited
 

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

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

  

Turnover
  
546
507

Gross profit
  
546
507

Administrative expenses
  
(587)
(546)

Operating loss
 4 
(41)
(39)

Tax on loss
 8 
15
43

(Loss)/profit for the financial period
  
(26)
4

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 25 form part of these financial statements.

Page 8

 
BMM Weston Holdings Limited
Registered number: 03166621

Balance Sheet
As at 1 October 2023

1 October
2 October
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 9 
2,301
2,350

Investments
 10 
4,484
4,484

  
6,785
6,834

Current assets
  

Debtors: amounts falling due within one year
 11 
65
64

Cash at bank and in hand
 12 
113
113

  
178
177

Creditors: amounts falling due within one year
 13 
(1,689)
(1,696)

Net current liabilities
  
 
 
(1,511)
 
 
(1,519)

Total assets less current liabilities
  
5,274
5,315

Provisions for liabilities
  

Deferred tax
 15 
(325)
(340)

  
 
 
(325)
 
 
(340)

Net assets
  
4,949
4,975


Capital and reserves
  

Called up share capital 
 16 
200
200

Other reserves
 17 
4,532
4,532

Profit and loss account
 17 
217
243

  
4,949
4,975


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
Director

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 

 
BMM Weston Holdings Limited


 

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



Called up share capital
Other reserves
Profit and loss account
Total equity


£000
£000
£000
£000



At 4 October 2021
200
4,532
239
4,971



Comprehensive income for the period


Profit for the period
-
-
4
4

Total comprehensive income for the period
-
-
4
4





At 2 October 2022
200
4,532
243
4,975



Comprehensive income for the period


Loss for the period
-
-
(26)
(26)

Total comprehensive income for the period
-
-
(26)
(26)



At 1 October 2023
200
4,532
217
4,949



The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
BMM Weston Holdings Limited
 

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

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

Cash flows from operating activities

Loss for the financial period
(26)
4

Adjustments for:

Depreciation of tangible assets
76
72

Taxation charge
(15)
(43)

(Increase) in amounts owed by groups
(2)
(7)

(Decrease)/increase in amounts owed to groups
(7)
49

Corporation tax received
-
6

Net cash generated from operating activities

26
81


Cash flows from investing activities

Purchase of tangible fixed assets
(26)
(76)

Net cash from investing activities
(26)
(76)


Net increase in cash and cash equivalents
-
5

Cash and cash equivalents at beginning of period
113
108

Cash and cash equivalents at the end of period
113
113


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
113
113

113
113


Page 11

 
BMM Weston Holdings Limited
 

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

1.


General information

BMM Weston Holdings Limited is a private limited liability company incorporated in England and Wales with registered number 03166621.
The company's registered office is Brent Hill, Faversham, Kent, ME13 7EB.
The company's principal activity continues to be a holding company within the BMM Weston Group.

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. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Revenue

Turnover comprises rental income and management charges receivable by the company, exclusive of VAT. 

 
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.

Page 12

 
BMM Weston Holdings Limited
 

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

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

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:

Freehold property
-
50 years
Plant and machinery
-
7-10 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. 

 
2.7

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.

 
2.8

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.

 
2.9

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 13

 
BMM Weston Holdings Limited
 

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

2.Accounting policies (continued)

 
2.10

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.

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.

Page 14

 
BMM Weston Holdings Limited
 

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

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when 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 probable 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 the relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 15

 
BMM Weston Holdings Limited
 

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

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the period 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 16

 
BMM Weston Holdings Limited
 

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

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.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £2,301,000 at the reporting date (see note 9).  These assets are stated at their deemed cost less provision for depreciation and impairment.  The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired.   
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.
Investments in subsidiary companies
The company holds investments in subsidiary companies with a fair value of £4,484,000 at the year end (see note 10).  In order to determine the fair value of investments in subsidiaries, the directors have made reference to the carrying value of relevant entities.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £325,000 at the reporting date (see note 15).  This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies. 


4.


Operating loss

The operating loss is stated after charging:

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

Depreciation of tangible fixed assets
76
72

Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
2
2

Defined contribution pension cost
16
15

Page 17

 
BMM Weston Holdings Limited
 

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

5.


Auditors' remuneration

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

Fees payable to the company's auditors for the audit of the company's financial statements
2
2


6.


Employees

Period ended 2 October
Period ended 3 October
2023
2022
£000
£000
Wages and salaries

437

405
 
Social security costs

55

52
 
Cost of defined contribution scheme

16

15
 
508

472
 

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


Period ended 2 October
     Period ended
       2 October
        2023
        2022
            No.
            No.







Directors
2
2



Management
3
3

5
5


7.


Directors' remuneration

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

Directors' emoluments
213
200

213
200


Page 18

 
BMM Weston Holdings Limited
 

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

8.


Taxation


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

Corporation tax


Adjustments in respect of previous periods
-
(6)


-
(6)


Total current tax
-
(6)

Deferred tax


Origination and reversal of timing differences
(15)
(24)

Losses and other deductions
-
(13)

Total deferred tax
(15)
(37)


Taxation on loss on ordinary activities
(15)
(43)

Factors affecting tax charge for the period

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

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


Loss on ordinary activities before tax
(41)
(39)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
(9)
(7)

Effects of:


Adjustments to tax charge in respect of prior periods
-
1

Adjust deferred tax to average rate
(6)
(37)

Total tax charge for the period
(15)
(43)

Page 19

 
BMM Weston Holdings Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023
 
8.Taxation (continued)


Factors that may affect future tax charges

Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements.


9.


Tangible fixed assets







Freehold property
Plant and machinery
Total

£000
£000
£000



Cost or valuation


At 3 October 2022
2,300
489
2,789


Additions
-
26
26


Disposals
-
(231)
(231)



At 1 October 2023

2,300
284
2,584



Depreciation


At 3 October 2022
195
243
438


Charge for the period on owned assets
39
37
76


Disposals
-
(231)
(231)



At 1 October 2023

234
49
283



Net book value



At 1 October 2023
2,066
235
2,301



At 2 October 2022
2,105
246
2,351

Page 20

 
BMM Weston Holdings Limited
 

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

10.


Fixed asset investments








Investments in subsidiary companies

£000



Cost or valuation


At 3 October 2022
4,484



At 1 October 2023
4,484






Net book value



At 1 October 2023
4,484



At 2 October 2022
4,484


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

BMM Weston Limited
Design, manufacturing and selling machinery
Ordinary
100%

The registration office of the above company 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 period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
£000
Profit/(Loss)
£000

BMM Weston Limited

2,538
241

Page 21

 
BMM Weston Holdings Limited
 

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

.


Subsidiary undertaking (continued)

The following were indirect subsidairy undertakings of the company. 

Class of shares
Holding
Principal activity

Discovery Electronics Limited

Ordinary

100%

Dormant company
 
The British Moulding Machine Company Limited

Ordinary

100%

Dormant company
 
Weston Laundry Machine Company Limited

Ordinary

100%

Dormant company
 
Drayton Castle Limited

Ordinary

100%

Dormant company
 
C F Doyle Limited

Ordinary

100%

Dormant company
 
BMM Weston International Limited

Ordinary

100%

Dormant company
 

The registration 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 for the year ended on that date for the subsidiary undertaking was as follows: 

Aggregate of share capital and reserves
1 October 2023
      £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



11.


Debtors

1 October
2 October
2023
2022
£000
£000


Amounts owed by group undertakings
9
8

Other debtors
56
56

65
64


Page 22

 
BMM Weston Holdings Limited
 

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

12.


Cash and cash equivalents

1 October
2 October
2023
2022
£000
£000

Cash at bank and in hand
113
113

113
113



13.


Creditors: Amounts falling due within one year

1 October
2 October
2023
2022
£000
£000

Amounts owed to group undertakings
1,687
1,694

Other creditors
2
2

1,689
1,696



14.


Financial instruments

1 October
2 October
2023
2022
£000
£000

Financial assets


Financial assets measured at fair value through profit or loss
4,484
4,484




Financial assets measured at fair value through profit or loss comprise of investments in subsidiary companies (see note 10). 


15.


Deferred taxation






2023
2022


£000

£000






At beginning of year
(340)
(377)


Utilised in year
15
37



At end of year
(325)
(340)

Page 23

 
BMM Weston Holdings Limited
 

 
Notes to the Financial Statements
For the 52 week period ended 1 October 2023
 
15.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

1 October
2 October
2023
2022
£000
£000


Accelerated capital allowances
16
1

Capital gains
(341)
(341)

(325)
(340)


16.


Share capital

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



125,000 Ordinary A shares shares of £1 each
125
125
75,000 Ordinary B shares shares of £1 each
75
75

200

200



17.


Reserves

Other reserves

This reserve comprises revaluation surpluses recognised on the fair value of investment properties and investment in subsidiaries and capital redemption.

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.


18.


Contingent liabilities

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


19.


Key Management Personnel

Key management comprises the directors of the company. The key management compensation totalled £248,000 (2022: £233,000). 

Page 24

 
BMM Weston Holdings Limited
 

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

20.


Related party transactions

During the period, rental amounts of £Nil (2022: £Nil) were receivable from Weller Properties (Faversham) Limited, a company under common control. At 1 October 2023, Weller Properies (Faversham) Limited owed the company £56,000 (2022: £56,000). 
Transactions with group companies have not been disclosed in accordance with section 33.1A of
Financial Reporting Standard 102. 


21.


Controlling party

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. 

22.


Analysis of net debt



At 3 October 2022
At 1 October 2023
£000

£000

Cash at bank and in hand

113

113


113
113


Page 25