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COMPANY REGISTRATION NUMBER: 1887679
BCM GRC Limited
Filleted Unaudited Financial Statements
31 July 2024
BCM GRC Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
140,019
183,840
Current assets
Stocks
878,092
610,936
Debtors
6
894,951
582,677
Cash at bank and in hand
388,154
345,597
-----------
-----------
2,161,197
1,539,210
Creditors: amounts falling due within one year
7
890,722
635,799
-----------
-----------
Net current assets
1,270,475
903,411
-----------
-----------
Total assets less current liabilities
1,410,494
1,087,251
Creditors: amounts falling due after more than one year
8
24,642
50,328
Provisions
Taxation including deferred tax
9,758
19,135
-----------
-----------
Net assets
1,376,094
1,017,788
-----------
-----------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
1,374,094
1,015,788
-----------
-----------
Shareholders funds
1,376,094
1,017,788
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BCM GRC Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
Mr T F Jordan
Director
Company registration number: 1887679
BCM GRC Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, modified, as necessary, by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Motor vehicles
-
25% straight line
Master & production moulds
-
NIL %
Buildings
-
2% straight line
Master & production moulds are represented on the company's balance sheet at a nominal value of £1 each in order to recognise their existence. The costs incurred in producing both master & production moulds are written-off to the profit and loss account in the year in which the costs are incurred.
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(g) Stocks and work in progress
Raw material stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks of finished goods are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(h) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(i) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 52 (2023: 47 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Land & buildings
Total
£
£
£
£
£
Cost
At 1 August 2023
46,677
139,117
11,016
49,825
246,635
Additions
6,893
6,893
Disposals
( 36,455)
( 36,455)
-------
---------
-------
-------
---------
At 31 July 2024
46,677
102,662
17,909
49,825
217,073
-------
---------
-------
-------
---------
Depreciation
At 1 August 2023
12,985
43,579
2,263
3,968
62,795
Charge for the year
8,402
26,608
4,985
997
40,992
Disposals
( 26,733)
( 26,733)
-------
---------
-------
-------
---------
At 31 July 2024
21,387
43,454
7,248
4,965
77,054
-------
---------
-------
-------
---------
Carrying amount
At 31 July 2024
25,290
59,208
10,661
44,860
140,019
-------
---------
-------
-------
---------
At 31 July 2023
33,692
95,538
8,753
45,857
183,840
-------
---------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
821,984
524,314
Other debtors
72,967
58,363
---------
---------
894,951
582,677
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
356,622
291,015
Corporation tax
162,759
56,777
Social security and other taxes
151,104
126,714
Other creditors
220,237
161,293
---------
---------
890,722
635,799
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
24,642
50,328
-------
-------
9. Related party transactions
Mr T Jordan & Mr M O'Connor, both directors, own the premises occupied by the company and received £130,000 during the current financial year under the terms of their rental agreement. (2023: £130,000)