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Registration number: 07569045

BM Enterprises (Upper Caldecote) Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

BM Enterprises (Upper Caldecote) Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

BM Enterprises (Upper Caldecote) Limited

Company Information

Directors

Mrs C E Maudlin

Mr B Maudlin

Registered office

BM Enterprises (Upper Caldecote) Limited
29b Hitchin Road
Upper Caldecote
Biggleswade
Beds
SG18 9BU

 

BM Enterprises (Upper Caldecote) Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mrs C E Maudlin

Mr B Maudlin

Principal activity

The principal activity of the company is maintenance and repair of motor vehicles

Small companies provision statement

This report has 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 by the Board on 17 January 2025 and signed on its behalf by:

.........................................
Mrs C E Maudlin
Director

.........................................
Mr B Maudlin
Director

 

BM Enterprises (Upper Caldecote) Limited

(Registration number: 07569045)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

131,794

73,402

Current assets

 

Stocks

6

10,388

8,153

Debtors

7

140,466

111,458

Cash at bank and in hand

 

3,770

8,521

 

154,624

128,132

Creditors: Amounts falling due within one year

8

(186,893)

(160,048)

Net current liabilities

 

(32,269)

(31,916)

Total assets less current liabilities

 

99,525

41,486

Creditors: Amounts falling due after more than one year

8

(50,052)

(20,833)

Provisions for liabilities

(20,668)

(9,576)

Net assets

 

28,805

11,077

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,705

10,977

Shareholders' funds

 

28,805

11,077

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 

 

BM Enterprises (Upper Caldecote) Limited

(Registration number: 07569045)
Balance Sheet as at 30 April 2024

.........................................
Mrs C E Maudlin
Director

.........................................
Mr B Maudlin
Director

 

BM Enterprises (Upper Caldecote) Limited

Notes to the Unaudited 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:
BM Enterprises (Upper Caldecote) Limited
29b Hitchin Road
Upper Caldecote
Biggleswade
Beds
SG18 9BU

These financial statements were authorised for issue by the Board on 17 January 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

BM Enterprises (Upper Caldecote) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Leasehold Improvements

25% Straight line

Office Equipment

25% Reducing balance

Goodwill

Goodwill has arisen from the incorporation of a sole trade. The amount represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Goodwill arose on the incorporation of the sole trade.

Asset class

Amortisation method and rate

Goodwill

10% Straight line

 

BM Enterprises (Upper Caldecote) Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and parts. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

BM Enterprises (Upper Caldecote) Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 8).

 

BM Enterprises (Upper Caldecote) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

38,873

38,873

At 30 April 2024

38,873

38,873

Amortisation

At 1 May 2023

38,873

38,873

At 30 April 2024

38,873

38,873

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

30,251

222,791

34,675

287,717

Additions

-

5,237

77,465

82,702

At 30 April 2024

30,251

228,028

112,140

370,419

Depreciation

At 1 May 2023

15,984

174,752

23,579

214,315

Charge for the year

4,007

12,742

7,561

24,310

At 30 April 2024

19,991

187,494

31,140

238,625

Carrying amount

At 30 April 2024

10,260

40,534

81,000

131,794

At 30 April 2023

14,267

48,039

11,096

73,402

 

BM Enterprises (Upper Caldecote) Limited

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

Included within the net book value of fixtures and fittings of £18,998 is £931 (2023 - £1,242) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of certain assets amounted to £310 (2023 - £414).

Included within the net book value of motor vehicles of £ 81,000 is £72,678 (2023 - £Nil) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of certain assets amounted to £4,787 (2023 - £0).

Included within the net book value of land and buildings above is £10,260 (2023 - £14,268) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

10,388

8,153

7

Debtors

Current

2024
£

2023
£

Trade debtors

30,121

17,351

Prepayments

23,574

6,656

Other debtors

86,771

87,451

 

140,466

111,458

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

45,039

26,058

Trade creditors

 

94,827

102,857

Taxation and social security

 

44,249

28,389

Accruals and deferred income

 

1,700

1,700

Other creditors

 

1,078

1,044

 

186,893

160,048

Creditors include bank loans and overdrafts which are secured by way of personal guarantee from the directors. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.

 

BM Enterprises (Upper Caldecote) Limited

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

Creditors include hire purchase agreement of £23,585 (2023 - £3,431).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

50,052

20,833

Creditors include hire purchase agreement of £39,221 (2023 - £0).

The hire purchase agreements are secured on the assets concerned.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Dividends

2024

2023

£

£

Interim dividend of £1,500.00 (2023 - £800.00) per ordinary share

150,000

80,000

 

 

11

Related party transactions

At the balance sheet the company was owed £65,109 (2023: £65,789 owed) by the director. There are no terms relating to the repayment of capital on this loan and interest is being charged 2.5%.

12

Controlling Party

The ultimate controlling party is Ben Maudlin and Claire Maudlin, the directors of the company.

 

BM Enterprises (Upper Caldecote) Limited

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

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,831

20,833

Hire purchase contracts

39,221

-

50,052

20,833

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

11,454

12,627

Hire purchase contracts

23,585

3,431

45,039

26,058

Within loans and borrowings there is a £20,833 (2022: £30,833) bounce back loan from the government provided through Lloyds. As per government regulations there is no security required on this loan by either BM Enterprises (Upper Caldecote) Limited or the directors.