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Registered number: 14262626









BM SOUTH KENSINGTON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BM SOUTH KENSINGTON LIMITED
REGISTERED NUMBER: 14262626

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
56,785
65,756

  
56,785
65,756

Current assets
  

Stocks
  
8,861
9,641

Debtors: amounts falling due within one year
 5 
52,393
33,493

Cash at bank and in hand
 6 
275,621
24,656

  
336,875
67,790

Creditors: amounts falling due within one year
 7 
(308,433)
(166,252)

Net current assets/(liabilities)
  
 
 
28,442
 
 
(98,462)

Total assets less current liabilities
  
85,227
(32,706)

  

Net assets/(liabilities)
  
85,227
(32,706)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
85,127
(32,806)

  
85,227
(32,706)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Page 1

 
BM SOUTH KENSINGTON LIMITED
REGISTERED NUMBER: 14262626
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024



................................................
Alexander Robert Large
Director

Date: 15 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

BM South Kensington Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Brushfield Street, London, United Kingdom, E1 6AA. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Plant and machinery
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
405,991
178,566

Social security costs
31,891
12,509

Cost of defined contribution scheme
6,852
2,058

444,734
193,133


The average monthly number of employees, including directors, during the year was 45 (2023 - 37).


4.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
16,710
55,730
-
72,440


Additions
-
5,116
300
5,416



At 29 February 2024

16,710
60,846
300
77,856



Depreciation


At 1 March 2023
646
6,038
-
6,684


Charge for the year on owned assets
1,671
12,696
20
14,387



At 29 February 2024

2,317
18,734
20
21,071



Net book value



At 29 February 2024
14,393
42,112
280
56,785



At 28 February 2023
16,064
49,692
-
65,756


5.


Debtors

29 February
28 February
2024
2023
£
£

Page 6

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.Debtors (continued)


Trade debtors
295
21,355

Other debtors
37,391
-

Prepayments and accrued income
14,707
12,138

52,393
33,493



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
275,621
24,656

Less: bank overdrafts
(145)
-

275,476
24,656



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
145
-

Trade creditors
75,473
44,377

Amounts owed to group undertakings
167,211
46,777

Other taxation and social security
25,841
5,279

Other creditors
13,827
20,919

Accruals and deferred income
25,936
48,900

308,433
166,252


Page 7

 
BM SOUTH KENSINGTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Related party transactions

At the year end the company owed £167,211 (2023 : £46,777) to Brother Marcus Limited, a parent company, in respect of an interest free loan which is repayable on demand.
At the year end the company owed £22,017 (2023 : £15,321) to BM Spitalfields Limited , a related company, in respect of an interest free loan which is repayable on demand.
At the year end the company owed £15,374 (2023 : £2,357) to BM Borough Limited, a related company, in respect of an interest free loan which is repayable on demand.
At the year end the company owed £9,006 (2023 : £3,241) to BM Angel Limited, a related company, in respect of an interest free loan which is repayable on demand.


9.


Controlling party

Brother Marcus Ltd holds 100% shares of the company.

 
Page 8