Company registration number 12475668 (England and Wales)
BMS Progress Group Ltd
Unaudited financial statements
For the year ended 31 March 2024
BMS Progress Group Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
BMS Progress Group Ltd
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
241,593
285,249
Tangible assets
4
30,852
12,296
272,445
297,545
Current assets
Debtors
5
155,316
187,522
Cash at bank and in hand
268,010
263,702
423,326
451,224
Creditors: amounts falling due within one year
6
(247,916)
(319,649)
Net current assets
175,410
131,575
Total assets less current liabilities
447,855
429,120
Creditors: amounts falling due after more than one year
7
(61,245)
(112,245)
Provisions for liabilities
(7,700)
(3,100)
Net assets
378,910
313,775
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
378,810
313,675
Total equity
378,910
313,775
BMS Progress Group Ltd
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr G J Halewood
Mr D R Bill
Director
Director
Company registration number 12475668 (England and Wales)
BMS Progress Group Ltd
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

BMS Progress Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Europa House, Gemini Business Park, Europa Boulevard, Warrington, Cheshire, United Kingdom, WA5 7XR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
33.33% on cost

Intangible assets

 

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

1.5
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.

BMS Progress Group Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures and fittings
25% on reducing balance
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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 debtors 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.

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 bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BMS Progress Group Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement 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.

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.

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.

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.

2
Employees

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

2024
2023
Number
Number
Total
8
6
BMS Progress Group Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
397,142
11,898
409,040
Amortisation and impairment
At 1 April 2023
119,154
4,637
123,791
Amortisation charged for the year
39,720
3,936
43,656
At 31 March 2024
158,874
8,573
167,447
Carrying amount
At 31 March 2024
238,268
3,325
241,593
At 31 March 2023
277,988
7,261
285,249
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
11,546
14,023
25,569
Additions
15,032
10,947
25,979
At 31 March 2024
26,578
24,970
51,548
Depreciation and impairment
At 1 April 2023
6,039
7,234
13,273
Depreciation charged in the year
3,254
4,169
7,423
At 31 March 2024
9,293
11,403
20,696
Carrying amount
At 31 March 2024
17,285
13,567
30,852
At 31 March 2023
5,507
6,789
12,296
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,458
100,017
Amounts owed by group undertakings
65,734
77,099
Other debtors
19,124
10,406
155,316
187,522
BMS Progress Group Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,905
53,323
Taxation and social security
100,059
103,552
Other creditors
116,952
162,774
247,916
319,649
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
61,245
112,245
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
188,139
-
0
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