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Registration number: 09554393

BWM Holdings UK Ltd

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

BWM Holdings UK Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

BWM Holdings UK Ltd

(Registration number: 09554393)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

1,629,068

1,629,068

Current assets

 

Debtors

6

252,712

1

Cash at bank and in hand

 

53,925

53,960

 

306,637

53,961

Creditors: Amounts falling due within one year

7

(1,752,821)

(1,747,821)

Net current liabilities

 

(1,446,184)

(1,693,860)

Net assets/(liabilities)

 

182,884

(64,792)

Capital and reserves

 

Called up share capital

390,001

390,001

Share premium reserve

254,278

254,278

Retained earnings

(461,395)

(709,071)

Shareholders' funds/(deficit)

 

182,884

(64,792)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 26 January 2025 and signed on its behalf by:
 

.........................................
E Avitov
Director

 

BWM Holdings UK Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Group accounts not prepared

These financial statements are consolidated in the financial statements of the parent company Bermad CS Ltd. The company is therefore exempt from preparing consolidated financial statements.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date the Company had has current liabilities of £1,446,184. The Company retains the support of its ultimate parent who have confirmed their continured support of the Company to the extent required and that they will consequently not call in the amount owed by BWM Holdings UK Limited if it would compromise the Company's going concern status.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 January 2025 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

BWM Holdings UK Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

4,200

2,500


 

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,027,839

1,027,839

Investments in associates

601,229

601,229

1,629,068

1,629,068

 

BWM Holdings UK Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,027,839

Carrying amount

At 30 April 2024

1,027,839

At 30 April 2023

1,027,839

Associates

£

Cost

At 1 May 2023

601,229

Carrying amount

At 30 April 2024

601,229

At 30 April 2023

601,229

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

BWM Italy S.r.L.

Italy

Ordinary

100%

100%

 

     

Bermad UK Limited

England & Wales

Ordinary

100%

100%

 

     

Associates

Euromag International S.r.L.

Italy

Ordinary

20%

20%

 

     

Subsidiary undertakings

BWM Italy S.r.L.

The principal activity of BWM Italy S.r.L. is that of a holding company.

Bermad UK Limited

The principal activity of Bermad UK Limited is water control solutions.

 

BWM Holdings UK Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Associates

Euromag International S.r.L.

The principal activity of Euromag International S.r.L. is the manufacture and distribution of flowmeters.

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

252,711

-

Other debtors

 

1

1

   

252,712

1

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

3,300

-

Amounts owed to related parties

8

1,745,321

1,744,272

Other creditors

 

4,200

3,549

 

1,752,821

1,747,821

8

Related party transactions


Summary of transaction with parent
At the balance sheet date the company owed £1,733,350 (2023: £1,732,301) to its parent company Bermad CS in relation to an interest free loan.

 

Summary of transactions with subsidairies
At the balance sheet date the company owed £3,410 (2023: £3,410) to subdiary company Bermad UK Limited and £8,561 (2023: £8.561) to subsidiary company BWM Italy S.r.L.

Summary of transactions with associates

At the balance sheet date the company was owed £252,711 (2023: £Nil) by associate Euromag International S.r.L.
 

 

BWM Holdings UK Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is Bermad CS Limited, incorporated in Israel.