Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true412023-03-01falseNo description of principal activity165trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12189197 2023-03-01 2024-02-29 12189197 2022-03-01 2023-02-28 12189197 2024-02-29 12189197 2023-02-28 12189197 c:Director3 2023-03-01 2024-02-29 12189197 d:Buildings 2023-03-01 2024-02-29 12189197 d:Buildings 2024-02-29 12189197 d:Buildings 2023-02-28 12189197 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12189197 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 12189197 d:Buildings d:LongLeaseholdAssets 2024-02-29 12189197 d:Buildings d:LongLeaseholdAssets 2023-02-28 12189197 d:PlantMachinery 2023-03-01 2024-02-29 12189197 d:PlantMachinery 2024-02-29 12189197 d:PlantMachinery 2023-02-28 12189197 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12189197 d:FurnitureFittings 2023-03-01 2024-02-29 12189197 d:FurnitureFittings 2024-02-29 12189197 d:FurnitureFittings 2023-02-28 12189197 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12189197 d:ComputerEquipment 2023-03-01 2024-02-29 12189197 d:ComputerEquipment 2024-02-29 12189197 d:ComputerEquipment 2023-02-28 12189197 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12189197 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12189197 d:CurrentFinancialInstruments 2024-02-29 12189197 d:CurrentFinancialInstruments 2023-02-28 12189197 d:Non-currentFinancialInstruments 2024-02-29 12189197 d:Non-currentFinancialInstruments 2023-02-28 12189197 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12189197 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12189197 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 12189197 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12189197 d:ShareCapital 2024-02-29 12189197 d:ShareCapital 2023-02-28 12189197 d:RetainedEarningsAccumulatedLosses 2024-02-29 12189197 d:RetainedEarningsAccumulatedLosses 2023-02-28 12189197 c:OrdinaryShareClass1 2023-03-01 2024-02-29 12189197 c:OrdinaryShareClass1 2024-02-29 12189197 c:OrdinaryShareClass1 2023-02-28 12189197 c:FRS102 2023-03-01 2024-02-29 12189197 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12189197 c:FullAccounts 2023-03-01 2024-02-29 12189197 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12189197 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12189197









BM SPITALFIELDS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BM SPITALFIELDS LIMITED
REGISTERED NUMBER: 12189197

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
46,340
116,344

  
46,340
116,344

Current assets
  

Stocks
  
17,888
19,647

Debtors: amounts falling due within one year
 5 
878,051
1,080,280

Cash at bank and in hand
 6 
115,910
34,739

  
1,011,849
1,134,666

Creditors: amounts falling due within one year
 7 
(947,015)
(1,224,959)

Net current assets/(liabilities)
  
 
 
64,834
 
 
(90,293)

Total assets less current liabilities
  
111,174
26,051

Creditors: amounts falling due after more than one year
  
(155,961)
(215,105)

  

Net liabilities
  
(44,787)
(189,054)


Capital and reserves
  

Called up share capital 
 9 
300
300

Profit and loss account
  
(45,087)
(189,354)

  
(44,787)
(189,054)


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 profit and loss account 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 SPITALFIELDS LIMITED
REGISTERED NUMBER: 12189197
    
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 SPITALFIELDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

BM Spitalfields Limited is a private company limited by shares incorporated in England and Wales. The
registered office address and company number are as below;
Registered office : 65 Brushfield Street, London, United Kingdom, E1 6AA.
Company number : 12189197

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 SPITALFIELDS 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

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.

 
2.6

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 SPITALFIELDS 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:

Freehold property
-
10%
SLM
Long-term leasehold property
-
10%
SLM
Plant and machinery
-
25%
SLM
Fixtures and fittings
-
25%
SLM
Computer equipment
-
33%
SLM

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 SPITALFIELDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2023 - 165).


4.


Tangible fixed assets







Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
-
21,250
329,370
171,392
-
522,012


Additions
1,721
-
22,517
14,003
342
38,583



At 29 February 2024

1,721
21,250
351,887
185,395
342
560,595



Depreciation


At 1 March 2023
-
7,260
267,423
130,985
-
405,668


Charge for the year on owned assets
64
2,125
64,830
41,508
60
108,587



At 29 February 2024

64
9,385
332,253
172,493
60
514,255



Net book value



At 29 February 2024
1,657
11,865
19,634
12,902
282
46,340



At 28 February 2023
-
13,990
61,947
40,407
-
116,344


5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
7,360
609,294

Other debtors
843,751
463,876

Prepayments and accrued income
26,940
7,110

878,051
1,080,280


Page 6

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

6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
115,910
34,739

115,910
34,739



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
70,000
74,344

Trade creditors
45,971
171,790

Other taxation and social security
461,332
300,062

Other creditors
325,038
614,375

Accruals and deferred income
44,674
64,388

947,015
1,224,959



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans and overdrafts
155,961
215,105

155,961
215,105



9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary Share shares of £1.00 each
300
300


Page 7

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

10.


Related party transactions

At the year end the company was owed £727,670 (2023 : £283,620) by BM Angel Limited, a related company, in respect of an interest free loan which is repayable on demand.
At the year end the company owed £178 (2023 : -£603,640) to Brother Marcus Limited, a related
company, in respect of an interest free loan which is repayable on demand.
At the year end the company was owed £223,793 (2023 : -£128,155) 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 was owed £30,675 (2023 : £15,321) by BM South Kensington Limited, a related company, in respect of an interest free loan which is repayable on demand.


11.


Controlling party

The immediate and ultimate parent undertaking and controlling party is Brother Marcus Limited.
 
Page 8