Company registration number 10211698 (England and Wales)
B M AIR MECHANICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
B M AIR MECHANICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
B M AIR MECHANICAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF B M AIR MECHANICAL LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B M Air Mechanical Limited for the year ended 29 February 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of B M Air Mechanical Limited, as a body, in accordance with the terms of our engagement letter dated 19 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of B M Air Mechanical Limited and state those matters that we have agreed to state to the board of directors of B M Air Mechanical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B M Air Mechanical Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that B M Air Mechanical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B M Air Mechanical Limited. You consider that B M Air Mechanical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of B M Air Mechanical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
29 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
B M AIR MECHANICAL LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
170
170
Current assets
Debtors
4
263,634
5,678
Cash at bank and in hand
100
100
263,734
5,778
Creditors: amounts falling due within one year
5
(263,067)
(10,361)
Net current assets/(liabilities)
667
(4,583)
Net assets/(liabilities)
837
(4,413)
Capital and reserves
Called up share capital
6
50
100
Capital redemption reserve
50
Profit and loss reserves
737
(4,513)
Total equity
837
(4,413)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr A M Fisher
Director
Company registration number 10211698 (England and Wales)
B M AIR MECHANICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
100
(3,513)
(3,413)
Period ended 28 February 2023:
Profit and total comprehensive income
-
-
139,000
139,000
Dividends
-
-
(140,000)
(140,000)
Balance at 28 February 2023
100
(4,513)
(4,413)
Period ended 29 February 2024:
Profit and total comprehensive income
-
-
340,250
340,250
Dividends
-
-
(85,000)
(85,000)
Redemption of shares
6
(50)
50
(250,000)
(250,000)
Balance at 29 February 2024
50
50
737
837
B M AIR MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
B M Air Mechanical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1b, Lakeview, Old Hollow, Worth, Crawley, West Sussex, RH10 4TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 29 February 2024 are the first financial statements of B M Air Mechanical Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
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. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.4
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
B M AIR MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
170
170
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
249,764
5,678
Other debtors
13,870
263,634
5,678
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
263,067
10,361
B M AIR MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included in other creditors is an amount of £250,000 owed to a former Director
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
100
50
100
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
-
13,870
13,870
-
13,870
13,870