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Company No: 11171616 (England and Wales)

BCB N.E. LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

BCB N.E. LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

BCB N.E. LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
BCB N.E. LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Christopher Bennett-Cowell
Jonathon Stokes
Paul David Thompson (Appointed 09 August 2024)
SECRETARY Jonathon Stokes
REGISTERED OFFICE 206 Maling Exchange Hoults Yard
Walker Road
Newcastle
NE6 2HL
England
United Kingdom
COMPANY NUMBER 11171616 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
BCB N.E. LIMITED

BALANCE SHEET

As at 31 January 2024
BCB N.E. LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,293,790 2,112,298
6,293,790 2,112,298
Current assets
Stocks 221,817 0
Debtors
- due within one year 5 887,813 2,662,698
- due after more than one year 5 27,625 111,711
Cash at bank and in hand 878,372 110,104
2,015,627 2,884,513
Creditors: amounts falling due within one year 6 ( 7,024,506) ( 3,943,497)
Net current liabilities (5,008,879) (1,058,984)
Total assets less current liabilities 1,284,911 1,053,314
Creditors: amounts falling due after more than one year 7 ( 108,495) ( 23,164)
Provision for liabilities ( 157,261) ( 135,090)
Net assets 1,019,155 895,060
Capital and reserves
Called-up share capital 4 4
Profit and loss account 1,019,151 895,056
Total shareholders' funds 1,019,155 895,060

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of BCB N.E. Limited (registered number: 11171616) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Jonathon Stokes
Director
BCB N.E. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
BCB N.E. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BCB N.E. Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 206 Maling Exchange Hoults Yard, Walker Road, Newcastle, NE6 2HL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The directors have confirmed that the shareholder loans will not be recalled unless the Company has the funds to do so. The shareholders have supported the Company since the year end with additional loans and confirm they will continue to support the Company for at least 12 months from the date of signing these financial statements. Given this continued support, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover from the sale of goods is recognised when the significant risks and rewards are considered to have been transferred to the customer. Turnover is recognised at net present value where extended credit terms are provided to the customer.

Turnover from the rental of goods is recognised on a straight-line basis over the term of the lease.

Turnover from consultancy services is recognised in the period to which it relates.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 - 20 years straight line
Vehicles 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Intangible assets

Website costs Total
£ £
Cost
At 01 February 2023 4,600 4,600
At 31 January 2024 4,600 4,600
Accumulated amortisation
At 01 February 2023 4,600 4,600
At 31 January 2024 4,600 4,600
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 February 2023 2,497,573 0 3,034 2,500,607
Additions 4,566,725 124,609 915 4,692,249
Disposals ( 198,920) 0 0 ( 198,920)
At 31 January 2024 6,865,378 124,609 3,949 6,993,936
Accumulated depreciation
At 01 February 2023 386,540 0 1,769 388,309
Charge for the financial year 318,542 25,960 689 345,191
Disposals ( 33,354) 0 0 ( 33,354)
At 31 January 2024 671,728 25,960 2,458 700,146
Net book value
At 31 January 2024 6,193,650 98,649 1,491 6,293,790
At 31 January 2023 2,111,033 0 1,265 2,112,298

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 619,779 2,638,930
Prepayments 263,741 20,116
VAT recoverable 4,293 3,652
887,813 2,662,698
Debtors: amounts falling due after more than one year
Trade debtors 27,625 111,711

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,635 9,542
Trade creditors 81,764 5,178
Other loans 6,880,400 3,919,267
Accruals 22,566 4,000
Obligations under finance leases and hire purchase contracts 21,567 0
Other creditors 11,574 5,510
7,024,506 3,943,497

HSBC PLC holds a fixed and floating charge over the Company's assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,108 23,164
Obligations under finance leases and hire purchase contracts 99,387 0
108,495 23,164

HSBC PLC holds a fixed and floating charge over the Company's assets.

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 404 257

9. Related party transactions

The total aggregate directors remuneration for the year was £8,424 (2022: £8,424). The directors are the only key management personnel of the Company.

10. Ultimate controlling party

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