Registered number: 14400095 (England and Wales)
BMD INFRASTRUCTURE SERVICES LTD
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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BMD INFRASTRUCTURE SERVICES LTD
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COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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BMD INFRASTRUCTURE SERVICES LTD
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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BMD INFRASTRUCTURE SERVICES LTD
REGISTERED NUMBER:14400095
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BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BMD INFRASTRUCTURE SERVICES LTD
REGISTERED NUMBER:14400095
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BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 11 form part of these financial statements.
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BMD INFRASTRUCTURE SERVICES LTD
REGISTERED NUMBER:14400095
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Shares issued during the year
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 prior period was a short accounting period covering 9 months as the directors elected to align the accounting period with group requirements. Therefore the prior period accounts are not entirely comparable.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The company is in a net asset position at the end of the financial year. BMD Infrastructure Services Ltd has received written confirmation from its intermediate parent company, BMD Construction Pty Ltd, that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. In assessing the Company's ability to continue as a going concern, the directors have considered the availability of financing from the parent company and are confident the Company will be able to meet its liabilities as they fall due. For these reasons, the directors continue to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover is generated through the provision of consultancy services. Turnover is recognised on either a straight-line basis across an agreed fixed price and duration of a project, or on a time-spent basis by employee or contractor, applying an agreed hourly rate.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at the transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short term creditors are measured at the transaction price.
Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
Certain amounts owed to group undertakings are measured at amortised cost. These are unsecured, repayable five years from the utilisation date and bear an annual interest rate of 5.65%.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on 14 March 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the measurement of assets and liabilities.
Carrying value of investments
During the year, the investment in The Ultimate Solutions Partnership Limited was adjusted to reflect the derecognition of contingent consideration and an additional investment in this company. Subsequently, the Company received additional capital to invest in its subsidiary, £201,000, which increased the cost of investment.
The directors have considered the forward looking information available and the expected performance and position of the investment to the end of 2029 and do not consider there to be any indicators of impairment at this stage. The forward looking information is based on assumptions relating to expected increases in turnover and margin which are sensitive to change. They have also used a cost of capital of 4.91% which could be subject to change and cause a material change in the carrying value of the investment.
The remaining investment value reflects the disposal of the contingent consideration and the additional investment, and is the value that the directors believe to be an appropriate estimate of the recoverable amount of the investment based on the future forecast position of that company.
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The average monthly number of employees during the year was 27 (2023 - 4).
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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During the year, an amount of £201,000 was added as a result of cancelling debt owed to the subsidiary company in exchange for additional equity.
Additionally, contingent consideration amounting to £1,951,314 was written off during the year because the conditions for payment were not satisfied, in accordance with FRS 102 Section 19.13A.
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The following was a subsidiary undertaking of the Company:
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The Ultimate Solutions Partnership Limited
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Birchin Court 5th Floor, 19-25 Birchin Lane, London, United Kingdom, EC3V 9DU
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Amounts owed by group undertakings
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Prepayments and accrued income
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Interest is charged on the loan due after more than one year, at an annual rate of 5.65% until the principal amount has been paid in full. During the year, loan interest expenditure amounted to £317,717 (2023: £68,891). The principal sum, amounting to £5,286,708 shall become due and payable in full on 1 January 2028.
In the current year, the contingent consideration of £1,975,288 was disposed of as this was no longer payable, the corresponding entry was made to reduce the value of the investment in the subsidiary.
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Allotted, called up and fully paid
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2,100,120 (2023 - 120) ordinary shares of £1.00 each
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During the year, the Company issued 2,100,000 ordinary shares at a price of £1 per ordinary share.
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BMD INFRASTRUCTURE SERVICES LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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BMD Holdings Pty Ltd is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. Their registered office of the parent company is 1 Sandpiper Avenue, Port of Brisbane, QLD 4178.
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Post balance sheet events
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There were no adjusting or non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.
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