Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the company continued to be that of servicing and repairs to vehicles.1312truetruefalse NI650561 2023-04-01 2024-03-31 NI650561 2022-04-01 2023-03-31 NI650561 2024-03-31 NI650561 2023-03-31 NI650561 c:Director1 2023-04-01 2024-03-31 NI650561 d:PlantMachinery 2023-04-01 2024-03-31 NI650561 d:PlantMachinery 2024-03-31 NI650561 d:PlantMachinery 2023-03-31 NI650561 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI650561 d:MotorVehicles 2023-04-01 2024-03-31 NI650561 d:MotorVehicles 2024-03-31 NI650561 d:MotorVehicles 2023-03-31 NI650561 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI650561 d:FurnitureFittings 2023-04-01 2024-03-31 NI650561 d:FurnitureFittings 2024-03-31 NI650561 d:FurnitureFittings 2023-03-31 NI650561 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI650561 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI650561 d:CurrentFinancialInstruments 2024-03-31 NI650561 d:CurrentFinancialInstruments 2023-03-31 NI650561 d:Non-currentFinancialInstruments 2024-03-31 NI650561 d:Non-currentFinancialInstruments 2023-03-31 NI650561 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 NI650561 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 NI650561 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 NI650561 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 NI650561 d:ShareCapital 2024-03-31 NI650561 d:ShareCapital 2023-03-31 NI650561 d:RetainedEarningsAccumulatedLosses 2024-03-31 NI650561 d:RetainedEarningsAccumulatedLosses 2023-03-31 NI650561 c:FRS102 2023-04-01 2024-03-31 NI650561 c:Audited 2023-04-01 2024-03-31 NI650561 c:FullAccounts 2023-04-01 2024-03-31 NI650561 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI650561 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI650561 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: NI650561










BP COMMERCIALS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BP COMMERCIALS LIMITED
REGISTERED NUMBER: NI650561

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
516,542
123,682

  
516,542
123,682

Current assets
  

Stocks
 6 
239,324
16,534

Debtors: amounts falling due within one year
 7 
542,050
549,831

Cash at bank and in hand
 8 
6,295
81,791

  
787,669
648,156

Creditors: amounts falling due within one year
 9 
(671,017)
(371,909)

Net current assets
  
 
 
116,652
 
 
276,247

Total assets less current liabilities
  
633,194
399,929

Creditors: amounts falling due after more than one year
  
(36,810)
-

Provisions for liabilities
  

Deferred tax
  
(3,416)
(3,416)

  
 
 
(3,416)
 
 
(3,416)

Net assets
  
592,968
396,513


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
592,967
396,512

  
592,968
396,513


Page 1

 
BP COMMERCIALS LIMITED
REGISTERED NUMBER: NI650561

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 on 22 October 2024.




Christopher Slowey
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

BP Commercials Limited is a private company limited by shares incorporated in Northern Ireland. 
The registered office is 87 Dargan Road, Duncrue Industrial Estate, BT3 9JU. 

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:

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.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.4

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.

Page 3

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

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.

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:

Plant and machinery
-
12.5% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% -25% straight line

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.

Page 4

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty 
Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of 
the assets. 
Stock value
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment and this value may vary depending on a number of factors.


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).

Page 6

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
69,432
71,398
49,576
190,406


Additions
372,500
140,000
3,825
516,325



At 31 March 2024

441,932
211,398
53,401
706,731



Depreciation


At 1 April 2023
17,275
16,732
32,717
66,724


Charge for the year on owned assets
78,247
40,529
4,689
123,465



At 31 March 2024

95,522
57,261
37,406
190,189



Net book value



At 31 March 2024
346,410
154,137
15,995
516,542



At 31 March 2023
52,157
54,666
16,859
123,682


6.


Stocks

2024
2023
£
£

Work in progress
3,379
10,122

Finished goods
235,945
6,412

239,324
16,534


Page 7

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
159,489
163,162

Amounts owed by group undertakings
369,810
377,251

Other debtors
8,791
7,286

Prepayments and accrued income
3,960
2,132

542,050
549,831



Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Trade debtors are stated after provisions for impairment of £23,535 (2023: £23,535).  


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,295
81,791

6,295
81,791



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
449,364
327,453

Amounts owed to group undertakings
8,066
2,246

Other taxation and social security
45,904
21,731

Obligations under finance lease and hire purchase contracts
147,240
-

Accruals and deferred income
20,443
20,479

671,017
371,909


Amounts owed to group undertakings are unsecured, interest free and payable on demand.
HSBC UK Bank PLC hold a fixed and floating charge over all assets. 
Page 8

 
BP COMMERCIALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
36,810
-

36,810
-



11.


Related party transactions

The company has taken the exemption in FRS 102 not to disclose transactions with any companies that are wholly owed within the group.


12.


Controlling party

The company's parent company is Manfreight International (IOM) Limited, a company incorporated in the Isle of Man. 
BP Commercials Limited is controlled by Chris Slowey by right of his 100% shareholding in the parent company, Manfreight International (IOM) Limited. The address of the registered office is Ridgeway House, Ridgeway Street, Douglas, Isle of Man. 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 22 October 2024 by Paddy Harty (Senior Statutory Auditor) on behalf of AAB Group Accountants Limited.


Page 9