Company registration number 11345028 (England and Wales)
BLS COMMERCIALS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BLS COMMERCIALS LIMITED
COMPANY INFORMATION
Directors
M S Powar
D S Sawrij
B Sowersby
Company number
11345028
Registered office
Bell Truck Sales
Kingsway North
Team Valley Trading Estate
Gateshead
Tyne & Wear
United Kingdom
NE11 0JH
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BLS COMMERCIALS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income Statement
8
Income statement
9
Statement of Financial Position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
BLS COMMERCIALS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of commercial vehicle sales and servicing and the supply of replacement parts.

Review of the business

The performance achieved during the year is set out in the Income Statement on page 8.

 

The company made a pre-tax profit of £910,474 (2023 - £786,255).

 

The company's key financial and other performance indicators during the year were as follows:

 

 

Unit

2024

2023

 

 

 

 

Turnover

£

19,754,460

24,485,232

Profit before tax

£

910,474

786,255

Return on sales

%

5

3

Principal risks and uncertainties

The company is subject to a number of risks and uncertainties. These include the competitive environment in which we operate, economic factors which influence customer behaviour and credit worthiness. The directors are aware of these risks and manage these accordingly.

 

The company is also governed by a wide range of legislation and takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry.

 

The company continues to monitor the ongoing issues facing the wider economy and has a business continuity plan in place to ensure that the impact on both our customers and employees is minimised.

On behalf of the board

B Sowersby
Director
29 January 2025
BLS COMMERCIALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M S Powar
D S Sawrij
B Sowersby
Financial instruments
Objectives and policies

The company finances its activities primarily from cash. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.

Price risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Cash flow and liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Future developments

Post year-end the company has performed well. The financial performance of the company has resulted in further balance sheet improvements strengthening its position as a going concern.

 

The company remains flexible in its approach to meeting the needs of its customers in an ever-changing environment where the health and well-being of our staff, customers and other visitors have been a priority.

Auditor

The auditors Azets Audit Services are deemed to be reappointed under section 487(2) of the companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BLS COMMERCIALS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
On behalf of the board
B Sowersby
Director
29 January 2025
BLS COMMERCIALS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BLS COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLS COMMERCIALS LIMITED
- 5 -
Opinion

We have audited the financial statements of BLS Commercials Limited (the 'company') for the year ended 30 April 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BLS COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLS COMMERCIALS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BLS COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLS COMMERCIALS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with UK Companies Act.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Hinshaw ACCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
30 January 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BLS COMMERCIALS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,754,460
24,485,232
Cost of sales
(16,589,105)
(21,586,307)
Gross profit
3,165,355
2,898,925
Administrative expenses
(1,971,739)
(1,965,460)
Operating profit
4
1,193,616
933,465
Interest receivable and similar income
7
46
-
0
Interest payable and similar expenses
8
(283,188)
(147,210)
Profit before taxation
910,474
786,255
Tax on profit
9
(228,217)
(139,504)
Profit for the financial year
682,257
646,751

The Income statement has been prepared on the basis that all operations are continuing operations.

BLS COMMERCIALS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
682,257
646,751
Other comprehensive income
-
-
Total comprehensive income for the year
682,257
646,751
BLS COMMERCIALS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
21,738
33,432
Current assets
Stocks
11
12,124,661
9,367,389
Debtors
12
1,593,032
2,019,150
Cash at bank and in hand
1,676,095
875,362
15,393,788
12,261,901
Creditors: amounts falling due within one year
13
(13,981,366)
(11,543,430)
Net current assets
1,412,422
718,471
Net assets
1,434,160
751,903
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
1,434,060
751,803
Total equity
1,434,160
751,903
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
B  Sowersby
Director
Company Registration No. 11345028
BLS COMMERCIALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
105,052
105,152
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
646,751
646,751
Balance at 30 April 2023
100
751,803
751,903
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
682,257
682,257
Balance at 30 April 2024
100
1,434,060
1,434,160
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

The company is a private company limited by share capital incorporated in England and Wales.The address of its registered office is Bell Truck Sales, Kingsway North, Team Valley Trading Estate, Gateshead, England, NE11 0JH.

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.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

 

The financial statements of the company are consolidated in the financial statements of Bell Truck (Holdings) Limited. These consolidated financial statements are available from its registered office, Swalesmoor Farm, Swalesmoor, Halifax, United Kingdom, HX3 6UF.

1.2
Going concern

Atruet 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.

1.3
Turnover

Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured.Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The following criteria must also be met before revenue is recognised ;

Sale of goods

Revenue from the sale of vehicles and parts is recognised on despatch or when collected by the customer.

Rendering of services

Revenue from servicing vehicles is recognised when the work has been completed.

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

Manufacturer bonuses

The company receives bonus payments from its key supplier, which are dependant on achievement of certain quantitative and qualitative targets.This income is recognised when the bonus payments have been earned and it is included in the Income statement as a credit within cost of sales.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line basis
Fixtures and fittings
20% - 50% Straight line basis
Motor vehicles
50% Straight line basis

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 current liabilities.

1.8
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 statement of financial position 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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

 

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

 

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

1.12
Retirement benefits

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

1.13
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company has made an assumption of writing down the value of stock items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised. This assumption has involved looking at the historic sales patterns and expected sales in future years.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle Sales
13,707,089
19,202,854
Parts
4,070,309
3,519,148
Servicing
1,977,062
1,763,230
19,754,460
24,485,232
2024
2023
£
£
Turnover analysed by geographical market
UK
19,754,460
24,485,232
2024
2023
£
£
Other revenue
Interest income
46
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
14,119
26,303
Operating lease charges
209,809
200,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,500
9,700
For other services
Taxation compliance services
1,850
-
0
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Administration and support
-
2
Sales and servicing
26
26
Total
29
31

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,288,660
1,217,032
Social security costs
133,111
134,608
Pension costs
30,938
36,247
1,452,709
1,387,887
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
46
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
9,524
5,270
Other interest on financial liabilities
273,664
141,940
283,188
147,210
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
229,084
149,039
Adjustments in respect of prior periods
(97)
-
0
Total current tax
228,987
149,039
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(770)
(7,435)
Changes in tax rates
-
0
(2,100)
Total deferred tax
(770)
(9,535)
Total tax charge
228,217
139,504

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
910,474
786,255
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
227,619
153,266
Tax effect of expenses that are not deductible in determining taxable profit
695
219
Tax effect of income not taxable in determining taxable profit
-
0
(1,590)
Change in unrecognised deferred tax assets
-
0
(2,100)
Adjustments in respect of prior years
(97)
-
0
Deferred tax not provided
-
0
(10,557)
Other
-
0
266
Taxation charge for the year
228,217
139,504
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
61,403
55,829
2,500
119,732
Additions
-
0
2,425
-
0
2,425
At 30 April 2024
61,403
58,254
2,500
122,157
Depreciation and impairment
At 1 May 2023
40,507
43,293
2,500
86,300
Depreciation charged in the year
8,655
5,464
-
0
14,119
At 30 April 2024
49,162
48,757
2,500
100,419
Carrying amount
At 30 April 2024
12,241
9,497
-
0
21,738
At 30 April 2023
20,896
12,536
-
0
33,432
11
Stocks
2024
2023
£
£
Vehicles
11,393,915
8,767,612
Parts and Consumables
693,013
576,552
Work in progress
37,733
23,225
12,124,661
9,367,389
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
777,418
1,215,821
Amounts owed by group undertakings
725,024
728,275
Other debtors
40,612
28,219
Prepayments and accrued income
41,108
38,734
1,584,162
2,011,049
Deferred tax asset (note 14)
8,870
8,101
1,593,032
2,019,150
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,548,755
10,478,264
Amounts owed to group undertakings
111,582
155,777
Corporation tax
229,084
149,039
Other taxation and social security
346,661
28,371
Other creditors
90,804
93,689
Accruals and deferred income
654,480
638,290
13,981,366
11,543,430

Any bank overdrafts are secured by an omnibus guarantee and set-off agreement with certain fellow group companies.

 

Included within trade creditors is an amount of £10,222,096 (2023: £8,108,977) which is secured over the stock to which it relates. The creditor is secured over the stock in which it relates in addition to a guarantee provided by Leo Group Limited in relation to the company borrowings.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
8,260
7,523
Other
610
578
8,870
8,101
2024
Movements in the year:
£
Asset at 1 May 2023
(8,101)
Credit to profit or loss
(770)
Other
1
Asset at 30 April 2024
(8,870)
BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,938
36,247

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £6,447 (2023: £5,784) were payable to the scheme at the end of the year and are included within creditors.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
17
Financial commitments, guarantees and contingent liabilities

The company is party to a multilateral intercompany guarantee in respect to bank facilities for other group companies.

18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
0
66,084
19
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

BLS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Related party transactions
(Continued)
- 23 -

The company has taken advantage of the exemption,available in section 33 of FRS 102.''The Financial Reporting Standard applicable in the UK and The Republic Of Ireland''exempting them from the requirement to disclose transactions with wholly owned group companies.

 

At the year end a balance of £723,398 (2023: £717,161) was included within amounts owed by group companies.This balance relates to companies in the wider Leo Group in which BLS Commercials Limited is not wholly owned.

 

At the year end a balance of £25,083 (2023: £40,000) was included within amounts owed to group companies.This balance relates to companies in the wider Leo Group in which BLS Commercials Limited is not wholly owned.

 

Included within Turnover is sales made to the wider Leo Group companies of £103,952 (2023: £12,461).During the year, BLS Commercials Limited made purchases amounting to £245,439 (2023: £200,297) from the wider Leo Group companies.

20
Ultimate controlling party

The company's immediate parent is Bell Trucks (Holdings) Limited,incorporated in England and Wales.

The ultimate parent is Leo Group Family Holdings Limited,incorporated in Jersey.

 

The most senior parent entity producing publicly available financial statements is Bell Truck (Holdings) Limited. These financial statements are available upon request from Swalesmoor Farm, Swalesmoor Road, Halifix, HX3 6UF.

 

The ultimate controlling party is D Sawrij by virtue of thier shareholding in the ultimate parent company.

2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210M S PowarD S SawrijB Sowersbyfalsefalse113450282023-05-012024-04-3011345028bus:Director12023-05-012024-04-3011345028bus:Director22023-05-012024-04-3011345028bus:Director32023-05-012024-04-3011345028bus:RegisteredOffice2023-05-012024-04-30113450282024-04-30113450282022-05-012023-04-3011345028core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3011345028core:RetainedEarningsAccumulatedLosses2023-05-012024-04-30113450282023-04-3011345028core:PlantMachinery2024-04-3011345028core:FurnitureFittings2024-04-3011345028core:MotorVehicles2024-04-3011345028core:PlantMachinery2023-04-3011345028core:FurnitureFittings2023-04-3011345028core:MotorVehicles2023-04-3011345028core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3011345028core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3011345028core:CurrentFinancialInstruments2024-04-3011345028core:CurrentFinancialInstruments2023-04-3011345028core:ShareCapital2024-04-3011345028core:ShareCapital2023-04-3011345028core:RetainedEarningsAccumulatedLosses2024-04-3011345028core:RetainedEarningsAccumulatedLosses2023-04-3011345028core:ShareCapital2022-04-3011345028core:RetainedEarningsAccumulatedLosses2022-04-3011345028core:PlantMachinery2023-05-012024-04-3011345028core:FurnitureFittings2023-05-012024-04-3011345028core:MotorVehicles2023-05-012024-04-3011345028core:UKTax2023-05-012024-04-3011345028core:UKTax2022-05-012023-04-301134502812023-05-012024-04-301134502812022-05-012023-04-301134502822023-05-012024-04-301134502822022-05-012023-04-3011345028core:PlantMachinery2023-04-3011345028core:FurnitureFittings2023-04-3011345028core:MotorVehicles2023-04-30113450282023-04-3011345028core:WithinOneYear2024-04-3011345028core:WithinOneYear2023-04-3011345028bus:PrivateLimitedCompanyLtd2023-05-012024-04-3011345028bus:FRS1022023-05-012024-04-3011345028bus:Audited2023-05-012024-04-3011345028bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP