Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr S Lappin 06/02/2015 Mr M McGuire 06/02/2015 Mr R Speakman 06/02/2015 Mr J R Whitfield (Deceased 19 March 2023) 06/02/2015 Matthew McGuire 28 November 2024 The principal activity of the company continued to be that of 3D BIM (Building Information Modelling) and the co-ordination of mechanical and electrical building services, bringing together the design, coordination, fabrication, installation and commissioning of all the building services. 09427152 2024-02-29 09427152 bus:Director1 2024-02-29 09427152 bus:Director2 2024-02-29 09427152 bus:Director3 2024-02-29 09427152 bus:Director4 2024-02-29 09427152 2023-02-28 09427152 core:CurrentFinancialInstruments 2024-02-29 09427152 core:CurrentFinancialInstruments 2023-02-28 09427152 core:ShareCapital 2024-02-29 09427152 core:ShareCapital 2023-02-28 09427152 core:RetainedEarningsAccumulatedLosses 2024-02-29 09427152 core:RetainedEarningsAccumulatedLosses 2023-02-28 09427152 core:Goodwill 2023-02-28 09427152 core:Goodwill 2024-02-29 09427152 core:FurnitureFittings 2023-02-28 09427152 core:ComputerEquipment 2023-02-28 09427152 core:FurnitureFittings 2024-02-29 09427152 core:ComputerEquipment 2024-02-29 09427152 2023-03-01 2024-02-29 09427152 bus:FilletedAccounts 2023-03-01 2024-02-29 09427152 bus:SmallEntities 2023-03-01 2024-02-29 09427152 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09427152 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09427152 bus:Director1 2023-03-01 2024-02-29 09427152 bus:Director2 2023-03-01 2024-02-29 09427152 bus:Director3 2023-03-01 2024-02-29 09427152 bus:Director4 2023-03-01 2024-02-29 09427152 bus:Director5 2023-03-01 2024-02-29 09427152 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 09427152 core:FurnitureFittings core:TopRangeValue 2023-03-01 2024-02-29 09427152 core:ComputerEquipment core:TopRangeValue 2023-03-01 2024-02-29 09427152 2022-03-01 2023-02-28 09427152 core:FurnitureFittings 2023-03-01 2024-02-29 09427152 core:ComputerEquipment 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 09427152 (England and Wales)

BIMTECH ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

BIMTECH ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

BIMTECH ENGINEERING LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
BIMTECH ENGINEERING LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
DIRECTORS Mr S Lappin
Mr M McGuire
Mr R Speakman
Mr J R Whitfield (Deceased 19 March 2023)
REGISTERED OFFICE 1 St. Ann Street
Manchester
M2 7LR
United Kingdom
COMPANY NUMBER 09427152 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
BIMTECH ENGINEERING LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
BIMTECH ENGINEERING LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 53,334 42,928
53,334 42,928
Current assets
Debtors 5 1,398,213 699,881
Cash at bank and in hand 594,837 745,418
1,993,050 1,445,299
Creditors: amounts falling due within one year 6 ( 508,833) ( 287,723)
Net current assets 1,484,217 1,157,576
Total assets less current liabilities 1,537,551 1,200,504
Provision for liabilities ( 10,007) ( 2,159)
Net assets 1,527,544 1,198,345
Capital and reserves
Called-up share capital 1,332 1,332
Profit and loss account 1,526,212 1,197,013
Total shareholders' funds 1,527,544 1,198,345

For the financial year ending 29 February 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 BIMTech Engineering Limited (registered number: 09427152) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Matthew McGuire
Director
BIMTECH ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
BIMTECH ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 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

BIMTech Engineering 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 1 St. Ann Street, Manchester, M2 7LR, 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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the
consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Goodwill 5 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:

Fixtures and fittings 5 years straight line
Computer equipment 4 years straight line

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 31

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 52,000 52,000
At 29 February 2024 52,000 52,000
Accumulated amortisation
At 01 March 2023 52,000 52,000
At 29 February 2024 52,000 52,000
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2023 174,432 218,161 392,593
Additions 2,136 35,527 37,663
At 29 February 2024 176,568 253,688 430,256
Accumulated depreciation
At 01 March 2023 162,276 187,389 349,665
Charge for the financial year 3,052 24,205 27,257
At 29 February 2024 165,328 211,594 376,922
Net book value
At 29 February 2024 11,240 42,094 53,334
At 28 February 2023 12,156 30,772 42,928

5. Debtors

2024 2023
£ £
Trade debtors 1,287,871 655,004
Amounts owed by Group undertakings 9,258 5,000
Other debtors 101,084 39,877
1,398,213 699,881

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 78,707 38,076
Amounts owed to Group undertakings 1,751 8,275
Taxation and social security 189,351 187,764
Other creditors 239,024 53,608
508,833 287,723

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 90,675 137,692

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan accounts 41,494 15,515

At the reporting date, two of the company's directors had overdrawn loan accounts totaling £41,494. Advances of £25,486 were made during the year and no repayment were made. Interest has been charged on the amounts at a rate of 2%/2.25% and totaled £493.