Company registration number 10252159 (England and Wales)
BM CONNECT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
BM CONNECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BM CONNECT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,823
4,944
Current assets
Debtors
4
538,505
566,384
Cash at bank and in hand
130,217
33,145
668,722
599,529
Creditors: amounts falling due within one year
5
(180,503)
(229,243)
Net current assets
488,219
370,286
Total assets less current liabilities
492,042
375,230
Provisions for liabilities
Deferred tax liability
726
939
(726)
(939)
Net assets
491,316
374,291
Capital and reserves
Called up share capital
6
15,000
15,000
Profit and loss reserves
476,316
359,291
Total equity
491,316
374,291

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr P Drown
Director
Company Registration No. 10252159
BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

BM Connect Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts derived from provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received. Invoices raised in advance of the provision of services are recorded as deferred income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33.33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
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.

BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
14
14
BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 September 2022
12,899
Additions
1,621
At 31 August 2023
14,520
Depreciation and impairment
At 1 September 2022
7,955
Depreciation charged in the year
2,742
At 31 August 2023
10,697
Carrying amount
At 31 August 2023
3,823
At 31 August 2022
4,944
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
152,807
123,637
Amounts owed by group undertakings
244,248
300,659
Other debtors
98,012
95,745
Prepayments and accrued income
43,438
46,343
538,505
566,384
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,653
50,782
Amounts owed to group undertakings
1,927
23,319
Corporation tax
32,289
31,124
Other taxation and social security
88,614
76,083
Other creditors
-
0
2,229
Accruals and deferred income
25,020
45,706
180,503
229,243
BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
5,000
10,000
5,000
A Ordinary shares of £1 each
5,000
10,000
5,000
10,000
15,000
15,000
15,000
15,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Crean
Statutory Auditor:
Crean & Co Accountants Limited
Date of audit report:
29 August 2024
8
Related party transactions

Beavis Morgan Audit Limited

Directors, Mr B J Dunning and Mr R S Thacker are also directors and shareholders in Beavis Morgan Audit

Limited.

 

At the year end, the company was owed £147,067 (2022: £146,527) by Beavis Morgan Audit Limited.

 

Beavis Morgan LLP

Directors, Mr P F Jackson, Mr P K Ashton, Mr P L Drown, Mr B J Dunning and Mr R S Thacker are also

members in Beavis Morgan LLP.

 

At the year end, the company owed £ 1,927 (2022: £23,319) to Beavis Morgan LLP.

 

Beavis Morgan 360 LLP

Beavis Morgan 360 LLP is a related party by virtue of common control.

 

At the year end, the company was owed £687 (2022: £447) by Beavis Morgan 360 LLP.

 

Beavis Morgan 360 Holdings Limited

Directors, Mr P F Jackson, Mr P K Ashton, Mr P L Drown, Mr B J Dunning and Mr R S Thacker are also

directors in Beavis Morgan 360 Holdings Limited.

 

At the year end, the company was owed £16,702 (2022: £16,702) by Beavis Morgan 360 Holdings Limited.

 

Beavis Morgan (City)Limited

Directors, Mr P F Jackson, Mr P K Ashton, Mr P L Drown, Mr B J Dunning and Mr R S Thacker are also

directors in Beavis Morgan (City) Limited.

 

At the year end, the company was owed £62,809 (2022: £0) by Beavis Morgan (City) Limited.

 

Integrity 365 Limited

Director, Mr P F Jackson is also director in Integrity 365 Limited.

 

At the year end, the company was owed £ 0 (2022: £120,000) by Integrity 365 Limited.

BM CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
8
Related party transactions
(Continued)
- 7 -

Techn22 Limited

Director, Mr P K Ashton is also director in Techn22 Limited.

 

At the year end, the company was owed £16,983 (2022: £16,983) by Techn22 Limited.

 

Mountune 2 Limited

Director, Mr P F Jackson is also director in Mountune 2 Limited.

 

Included within other debtors is an amount of £50,000 (2022: £50,000), the company was owed by

Mountune 2 Limited.

9
Parent company

The company is under the control of Beavis Morgan LLP by virtue of its 100% shareholding.

 

In the opinion of the directors there is no ultimate controlling party.

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