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REGISTERED NUMBER: 03301614 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BLM GROUP UK LTD

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 14


BLM GROUP UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S E Colombo
J Curtis
P Colombo





REGISTERED OFFICE: 4 Ampthill Business Park
Ampthill
Bedfordshire
MK45 2QW





REGISTERED NUMBER: 03301614 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. In our opinion the key financial performance indicators are sales growth, gross profit percentage and net profit percentage. These are as follows for the last 3 years.



Sales Growth
Gross Profit
Margin
Net Profit
Margin
% % %
2023 (34.58) 22.99 4.61
2022 22.8 15.96 0.59
2021 18.2 15.08 0.86

In order to improve its operations, the company is constantly striving to explore new markets and customer bases.The financial risk management operations are managed centrally. Exposure to the risk of fluctuation in exchange rates arises from the company's dealings with group companies in Euros. The company carries out forward currency transactions to manage this risk. Credit risk is monitored by the group's finance department and the group has a prudent policy of managing liquidity risk.

The company has sufficient financial resources together with reliable customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risk successfully despite the current uncertain economic outlook. The company meets its day to day working capital requirements through its cash reserves.

The directors have a reasonable expectation therefore, that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

PRINCIPAL RISKS AND UNCERTAINTIES
Our ultimate strategy is to maintain or increase our products' market share in the UK.

Principal risks are: -
- the strength of the UK economy in general and the manufacturing sector in particular
- exchange rate fluctuations
- not achieving the highest levels of customer service

All these prime risk areas are managed and monitored on a continuous daily basis.

ON BEHALF OF THE BOARD:





J Curtis - Director


22 May 2024

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S E Colombo
J Curtis
P Colombo

Other changes in directors holding office are as follows:

P A Lake - resigned 31 March 2023

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale and maintenance of tube bending and cutting machines.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Curtis - Director


22 May 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLM GROUP UK LTD

Opinion
We have audited the financial statements of BLM Group UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 December 2023 and of its profit for the year 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLM GROUP UK LTD


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have 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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLM GROUP UK LTD


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 2006. Our 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 a Report of the Auditors 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.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

22 May 2024

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

REVENUE 3 8,450,021 12,916,790

Cost of sales 6,507,517 10,854,878
GROSS PROFIT 1,942,504 2,061,912

Administrative expenses 1,627,694 1,993,727
OPERATING PROFIT 5 314,810 68,185

Interest receivable and similar income 77,860 7,643
392,670 75,828

Interest payable and similar expenses 6 2,373 -
PROFIT BEFORE TAXATION 390,297 75,828

Tax on profit 7 92,526 13,561
PROFIT FOR THE FINANCIAL
YEAR

297,771

62,267

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

297,771

62,267

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 276,814 170,041
Investments 9 47,960 48,801
324,774 218,842

CURRENT ASSETS
Inventories 10 346,984 314,367
Debtors 11 3,453,022 3,099,994
Cash at bank and in hand 4,243,675 13,625,011
8,043,681 17,039,372
CREDITORS
Amounts falling due within one year 12 6,830,030 16,065,391
NET CURRENT ASSETS 1,213,651 973,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,538,425

1,192,823

CREDITORS
Amounts falling due after more than one
year

13

(48,897

)

-

PROVISIONS FOR LIABILITIES 15 (537 ) (1,603 )
NET ASSETS 1,488,991 1,191,220

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 17 1,487,991 1,190,220
SHAREHOLDERS' FUNDS 1,488,991 1,191,220

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 May 2024 and were signed on its behalf by:





J Curtis - Director


BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 1,127,953 1,128,953

Changes in equity
Total comprehensive income - 62,267 62,267
Balance at 31 December 2022 1,000 1,190,220 1,191,220

Changes in equity
Total comprehensive income - 297,771 297,771
Balance at 31 December 2023 1,000 1,487,991 1,488,991

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 160,544 (1,208,467 )
Interest element of hire purchase
payments paid

(2,373

)

-
Tax paid (14,505 ) (16,732 )
Net cash from operating activities 143,666 (1,225,199 )

Cash flows from investing activities
Purchase of tangible fixed assets (254,347 ) (134,871 )
Sale of tangible fixed assets 47,000 61,352
Interest received 77,860 7,643
Net cash from investing activities (129,487 ) (65,876 )

Cash flows from financing activities
Capital repayments in year 61,053 -
Amounts owed to group (9,456,568 ) 3,129,374
Net cash from financing activities (9,395,515 ) 3,129,374

(Decrease)/increase in cash and cash equivalents (9,381,336 ) 1,838,299
Cash and cash equivalents at
beginning of year

2

13,625,011

11,786,712

Cash and cash equivalents at end of
year

2

4,243,675

13,625,011

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 390,297 75,828
Depreciation charges 116,812 63,076
Profit on disposal of fixed assets (16,238 ) (22,413 )
Exchange rate difference - subsidiary 841 (2,542 )
Payments on account 434,130 (1,380,299 )
Finance costs 2,373 -
Finance income (77,860 ) (7,643 )
850,355 (1,273,993 )
(Increase)/decrease in inventories (32,617 ) 835,651
Increase in trade and other debtors (353,028 ) (560,071 )
Decrease in trade and other creditors (304,166 ) (210,054 )
Cash generated from operations 160,544 (1,208,467 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,243,675 13,625,011
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 13,625,011 11,786,712


BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 13,625,011 (9,381,336 ) 4,243,675
13,625,011 (9,381,336 ) 4,243,675
Debt
Finance leases - (61,053 ) (61,053 )
- (61,053 ) (61,053 )
Total 13,625,011 (9,442,389 ) 4,182,622

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. COMPANY INFORMATION

BLM Group (UK) Limited is a private company, limited by shares, registered in England and Wales. Its registered office and principal place of business is No 4 Ampthill Business Park, Ampthill, Bedfordshire, MK45 2QW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the term of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less provision for any permanent diminution in value.

Inventories
Inventories are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being interest rate swaps and forward foreign exchange contracts). Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 8,339,467 12,833,774
Rest of the world 110,554 83,016
8,450,021 12,916,790

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,025,654 1,328,599
Social security costs 129,471 166,375
Other pension costs 16,480 15,101
1,171,605 1,510,075

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 3 2
Sales, admin and support engineers 12 12
15 14

31.12.23 31.12.22
£    £   
Directors' remuneration 280,940 703,631

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 185,474 570,616

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 116,812 63,077
Profit on disposal of fixed assets (16,238 ) (22,413 )
Auditors' remuneration 13,680 11,800
Foreign exchange differences (114,848 ) 75,135

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Hire purchase 2,373 -

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 95,236 16,149
Prior year adjustment (1,644 ) -
Total current tax 93,592 16,149

Deferred tax (1,066 ) (2,588 )
Tax on profit 92,526 13,561

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 390,297 75,828
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

91,798

14,407

Effects of:
Deferred tax: origination and reversal of timing differences 2,372 (846 )
prior year adjustment (1,644 ) -
Total tax charge 92,526 13,561

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 14,978 7,408 73,529 267,993 363,908
Additions - - - 254,347 254,347
Disposals - - - (95,747 ) (95,747 )
At 31 December 2023 14,978 7,408 73,529 426,593 522,508
DEPRECIATION
At 1 January 2023 14,978 7,408 68,324 103,157 193,867
Charge for year - - 1,301 115,511 116,812
Eliminated on disposal - - - (64,985 ) (64,985 )
At 31 December 2023 14,978 7,408 69,625 153,683 245,694
NET BOOK VALUE
At 31 December 2023 - - 3,904 272,910 276,814
At 31 December 2022 - - 5,205 164,836 170,041

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 48,801
Exchange differences (841 )
At 31 December 2023 47,960
NET BOOK VALUE
At 31 December 2023 47,960
At 31 December 2022 48,801

10. INVENTORIES
31.12.23 31.12.22
£    £   
Stocks 346,984 314,367

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,437,309 3,082,882
Prepayments 15,713 17,112
3,453,022 3,099,994

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 14) 12,156 -
Payments on account 656,220 222,090
Trade creditors 71,025 112,954
Amounts owed to group undertakings 5,210,134 14,666,702
Tax 95,236 16,149
Social security and other taxes 30,153 30,897
VAT 487,057 439,055
Accrued expenses and deferred
income 268,049 577,544
6,830,030 16,065,391

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 14) 48,897 -

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 12,156 -
Between one and five years 48,897 -
61,053 -

15. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 537 1,603

BLM GROUP UK LTD (REGISTERED NUMBER: 03301614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 1,603
Provided during year (1,066 )
Balance at 31 December 2023 537

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

17. RESERVES
Retained
earnings
£   

At 1 January 2023 1,190,220
Profit for the year 297,771
At 31 December 2023 1,487,991

18. ULTIMATE PARENT COMPANY

The parent and ultimate controlling party is BLM S.P.A. a company incorporated in Italy whose principal place of business is Via Selvaregina 30 - 22063 Cantù (CO), Italy.

19. RELATED PARTY DISCLOSURES

The total remuneration of key management personnel during the year ended 31 December 2023 (including salaries and other benefits) was £276,940 (2022: £570,616).