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Registration number: 04559866

BMJ Plumbing & Heating Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

BMJ Plumbing & Heating Limited

Contents

 

Company Information

1

Directors' Report

2

Accountants' Report

3

Income Statement

4

Statement of Financial Position

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 16

 

BMJ Plumbing & Heating Limited

Company Information

 

Company number

04559866

Directors

Mr BM Jerman

Mr Jack Jerman

Company secretary

Mrs AD Jerman

Registered office

Abernant
Troed Y Garth
Y Fan
Llanidloes, Powys
SY18 6NA

Accountants

Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB

 

BMJ Plumbing & Heating Limited

Directors' Report for the Year Ended 31 October 2023
 

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr BM Jerman

Mr Jack Jerman

Principal activity

The principal activity of the company is plumbing and heating.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 July 2024 and signed on his behalf by:


Mrs AD Jerman
Company secretary

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
BMJ Plumbing & Heating Limited
for the Year Ended 31 October 2023

 

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BMJ Plumbing & Heating Limited for the year ended 31 October 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of BMJ Plumbing & Heating Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BMJ Plumbing & Heating Limited and state those matters that we have agreed to state to the Board of Directors of BMJ Plumbing & Heating Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/
technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BMJ Plumbing & Heating Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that BMJ Plumbing & Heating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BMJ Plumbing & Heating Limited. You consider that BMJ Plumbing & Heating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of BMJ Plumbing & Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB

30 July 2024

 

BMJ Plumbing & Heating Limited

Income Statement for the Year Ended 31 October 2023

 

Note

2023
£

2022
£

Turnover

 

705,737

575,822

Cost of sales

 

(488,185)

(441,791)

Gross profit

 

217,552

134,031

Administrative expenses

 

(135,788)

(123,873)

Other operating income

 

5,000

5,658

Operating profit

 

86,764

15,816

Interest payable and similar expenses

 

(752)

(756)

Profit before tax

4

86,012

15,060

Tax on profit

 

(18,548)

(3,369)

Profit for the financial year

 

67,464

11,691

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

BMJ Plumbing & Heating Limited

(Registration number: 04559866 )
Statement of Financial Position as at 31 October 2023

 

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

7

10,745

20,347

Current assets

 

Stocks

8

75,654

78,445

Debtors

9

59,435

51,488

Cash at bank and in hand

 

104,747

105,419

 

239,836

235,352

Creditors: Amounts falling due within one year

10

(77,461)

(95,138)

Net current assets

 

162,375

140,214

Total assets less current liabilities

 

173,120

160,561

Creditors: Amounts falling due after more than one year

10

-

(3,704)

Provisions for liabilities

(2,268)

(3,866)

Net assets

 

170,852

152,991

Capital and reserves

 

Called up share capital

11

101

101

Share premium reserve

1,499

1,499

Retained earnings

169,252

151,391

Shareholders' funds

 

170,852

152,991

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

BMJ Plumbing & Heating Limited

(Registration number: 04559866 )
Statement of Financial Position as at 31 October 2023

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

Mr BM Jerman
Director

 

BMJ Plumbing & Heating Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

 

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 November 2022

101

1,499

151,391

152,991

Profit for the year

-

-

67,464

67,464

Dividends

-

-

(49,603)

(49,603)

At 31 October 2023

101

1,499

169,252

170,852

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 November 2021

101

1,499

186,924

188,524

Profit for the year

-

-

11,691

11,691

Dividends

-

-

(47,224)

(47,224)

At 31 October 2022

101

1,499

151,391

152,991

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Abernant
Troed Y Garth
Y Fan
Llanidloes, Powys
SY18 6NA

The principal place of business is:
Unit 6b
Parc Derwen Fawr
Llanidloes
Powys
SY18 6FE

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Office equipment

25% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,601

9,696

Amortisation expense

-

2,500

5

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

20,146

5,179

Deferred taxation

Arising from origination and reversal of timing differences

(1,598)

(1,810)

Tax expense in the income statement

18,548

3,369

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

Deferred tax

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

50,000

50,000

At 31 October 2023

50,000

50,000

Amortisation

At 1 November 2022

50,000

50,000

At 31 October 2023

50,000

50,000

Carrying amount

At 31 October 2023

-

-

7

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

6,833

5,827

62,350

75,010

At 31 October 2023

6,833

5,827

62,350

75,010

Depreciation

At 1 November 2022

6,587

5,666

42,410

54,663

Charge for the year

246

41

9,315

9,602

At 31 October 2023

6,833

5,707

51,725

64,265

Carrying amount

At 31 October 2023

-

120

10,625

10,745

At 31 October 2022

246

161

19,940

20,347

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

8

Stocks

2023
£

2022
£

Work in progress

65,568

68,281

Finished goods and goods for resale

10,086

10,164

75,654

78,445

9

Debtors

Current

2023
£

2022
£

Trade debtors

53,912

47,179

Prepayments

5,523

4,309

 

59,435

51,488

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

15

4,456

10,648

Trade creditors

 

18,185

41,369

Taxation and social security

 

37,944

22,334

Accruals and deferred income

 

2,660

2,429

Other creditors

 

14,216

18,358

 

77,461

95,138

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

15

-

3,704

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares A Class of £1 each

100

100

100

100

Ordinary shares B Class of £1 each

1

1

1

1

 

101

101

101

101

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the balance sheet is £4,620 (2022 - £9,240).

13

Related party transactions

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

41,746

37,295

Contributions paid to money purchase schemes

741

632

42,487

37,927

Dividends paid to directors

   

2023
£

 

2022
£

Mr BM Jerman

       

 

16,411

 

16,004

         

Mrs AD Jerman

       

 

16,411

 

16,004

         

Mr Jack Jerman

       

 

14,081

 

13,717

         

14

Controlling party

The ultimate controlling party is Mr BM Jerman (director) and Mrs AD Jerman.

 

BMJ Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
 

15

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

3,704

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,456

10,648