Company registration number 06417228 (England and Wales)
BMS GROUP (HOLDINGS) LTD
Unaudited Financial Statements
for the Year Ended 30 June 2024
BMS GROUP (HOLDINGS) LTD
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BMS GROUP (HOLDINGS) LTD
Company Information
- 1 -
Directors
Mr V E Sullivan
Mrs C Sullivan
Company number
06417228
Registered office
Unit 5 Cartel Business Unit
Stroudley Road
Basingstoke
RG24 8FW
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
BMS GROUP (HOLDINGS) LTD
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
899,303
523,765
Investments
4
100
100
899,403
523,865
Current assets
Debtors
6
8,287
8,287
Cash at bank and in hand
10,638
128
18,925
8,415
Creditors: amounts falling due within one year
7
(456,521)
(8,189)
Net current (liabilities)/assets
(437,596)
226
Total assets less current liabilities
461,807
524,091
Creditors: amounts falling due after more than one year
8
(290,000)
(290,000)
Net assets
171,807
234,091
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
171,707
233,991
Total equity
171,807
234,091
BMS GROUP (HOLDINGS) LTD
BALANCE SHEET
- 3 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 December 2024 and are signed on its behalf by:
Mr V E Sullivan
Mrs C Sullivan
Director
Director
Company registration number 06417228 (England and Wales)
BMS GROUP (HOLDINGS) LTD
Notes to the Financial Statements
For the Year Ended 30 June 2024
- 4 -
1
Accounting policies
Company information
Bms Group (Holdings) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Cartel Business Unit, Stroudley Road, Basingstoke, RG24 8FW.
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.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £437,596 (2023 £8,189) and Net assets of £171,807 (2023 £234,091) In addition the directors are aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and they believe these targets can be met. The directors review realistic objectives at regular intervals based on this periodic review, the company's plans and the continued support of the directors, they consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BMS GROUP (HOLDINGS) LTD
Notes to the Financial Statements
For the Year Ended 30 June 2024
1
Accounting policies
- 5 -
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
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 at transaction price.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
Investment property
2024
£
Fair value
At 1 July 2023
523,765
Additions
375,538
At 30 June 2024
899,303
BMS GROUP (HOLDINGS) LTD
Notes to the Financial Statements
For the Year Ended 30 June 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BMS Services Ltd
Unit 5 Cartel Business Centre, Stroudley Road, Basingstoke, RG24 8FW
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
8,287
8,287
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,489
Amounts owed to group undertakings and undertakings in which the company has a participating interest
444,937
7,949
Other creditors
7,095
240
456,521
8,189
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
290,000
290,000
9
Loans and overdrafts
2024
2023
£
£
Bank loans
290,000
290,000
Payable after one year
290,000
290,000
BMS GROUP (HOLDINGS) LTD
Notes to the Financial Statements
For the Year Ended 30 June 2024
9
Loans and overdrafts
- 7 -
The long-term loans are secured by fixed charges over Unit 5, Cartel Business Centre.
The loan from Cartel Estates is denominated in GBP with a nominal interest rate of 7% repayable by the two year anniversary of the initial drawdown. The carrying amount at year end is £290,000.