BME Electrical (NI) Limited NI615107 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is electrical installation Digita Accounts Production Advanced 6.30.9574.0 true true NI615107 2023-04-01 2024-03-31 NI615107 2024-03-31 NI615107 bus:OrdinaryShareClass1 2024-03-31 NI615107 core:CurrentFinancialInstruments 2024-03-31 NI615107 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI615107 core:Non-currentFinancialInstruments 2024-03-31 NI615107 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI615107 core:Goodwill 2024-03-31 NI615107 core:FurnitureFittingsToolsEquipment 2024-03-31 NI615107 core:OtherPropertyPlantEquipment 2024-03-31 NI615107 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 NI615107 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 NI615107 bus:SmallEntities 2023-04-01 2024-03-31 NI615107 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI615107 bus:FilletedAccounts 2023-04-01 2024-03-31 NI615107 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI615107 bus:RegisteredOffice 2023-04-01 2024-03-31 NI615107 bus:Director1 2023-04-01 2024-03-31 NI615107 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI615107 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI615107 core:Goodwill 2023-04-01 2024-03-31 NI615107 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI615107 core:OfficeEquipment 2023-04-01 2024-03-31 NI615107 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI615107 core:PlantMachinery 2023-04-01 2024-03-31 NI615107 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 NI615107 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases 2023-04-01 2024-03-31 NI615107 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2023-04-01 2024-03-31 NI615107 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 NI615107 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:Leases 2023-04-01 2024-03-31 NI615107 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:SaleOrPurchaseGoods 2023-04-01 2024-03-31 NI615107 countries:NorthernIreland 2023-04-01 2024-03-31 NI615107 2023-03-31 NI615107 core:Goodwill 2023-03-31 NI615107 core:FurnitureFittingsToolsEquipment 2023-03-31 NI615107 core:OtherPropertyPlantEquipment 2023-03-31 NI615107 2022-04-01 2023-03-31 NI615107 2023-03-31 NI615107 bus:OrdinaryShareClass1 2023-03-31 NI615107 core:CurrentFinancialInstruments 2023-03-31 NI615107 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI615107 core:Non-currentFinancialInstruments 2023-03-31 NI615107 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI615107 core:FurnitureFittingsToolsEquipment 2023-03-31 NI615107 core:OtherPropertyPlantEquipment 2023-03-31 NI615107 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:Leases 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI615107

BME Electrical (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

BME Electrical (NI) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

BME Electrical (NI) Limited

(Registration number: NI615107)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

78,128

91,134

Current assets

 

Stocks

6

69,040

76,710

Debtors

7

573,864

354,784

Cash at bank and in hand

 

158,845

161,202

 

801,749

592,696

Creditors: Amounts falling due within one year

8

(639,878)

(471,898)

Net current assets

 

161,871

120,798

Total assets less current liabilities

 

239,999

211,932

Creditors: Amounts falling due after more than one year

8

(14,086)

(23,994)

Provisions for liabilities

(19,070)

(16,888)

Net assets

 

206,843

171,050

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

206,743

170,950

Shareholders' funds

 

206,843

171,050

For the financial year ending 31 March 2024 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.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

 

BME Electrical (NI) Limited

(Registration number: NI615107)
Balance Sheet as at 31 March 2024

.........................................
Brian McMaster
Director

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
104A Straid Road
Gracehill
Ballymena
BT42 2QF

These financial statements were authorised for issue by the Board on 23 August 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.

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.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

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.

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 balance sheet 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

20% straight line

Fixtures and fittings

20% 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.

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

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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. 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.

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 profit and loss account 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.

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.

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 (2023 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Amortisation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Carrying amount

At 31 March 2024

-

-

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

13,806

219,507

233,313

Additions

1,620

22,581

24,201

At 31 March 2024

15,426

242,088

257,514

Depreciation

At 1 April 2023

7,024

135,155

142,179

Charge for the year

2,206

35,001

37,207

At 31 March 2024

9,230

170,156

179,386

Carrying amount

At 31 March 2024

6,196

71,932

78,128

At 31 March 2023

6,782

84,352

91,134

6

Stocks

2024
£

2023
£

Work in progress

69,040

76,710

7

Debtors

Current

2024
£

2023
£

Trade debtors

470,842

267,639

Prepayments

3,153

2,555

Other debtors

99,869

84,590

 

573,864

354,784

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,210

20,951

Trade creditors

 

403,572

275,400

Taxation and social security

 

44,350

26,082

Accruals and deferred income

 

2,545

2,345

Other creditors

 

177,201

147,120

 

639,878

471,898

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

14,086

23,994

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,086

23,994

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

2,210

10,951

12,210

20,951

 

BME Electrical (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,430

16,430

Contributions paid to money purchase schemes

112

120

16,542

16,550

Summary of transactions with entities with joint control or significant interest

Transactions with entities under the control of the directors
 

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Key management
£

Purchase of goods

56,848

-

Leases

-

15,000

56,848

15,000

Amounts payable to related party

28,000

-

2023

Key management
£

Leases

15,000

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

Advanced

63,000

63,000

At end of period

63,000

63,000