Company registration number 05488487 (England and Wales)
BMIB 2005 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BMIB 2005 LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
245,000
230,000
Investments
5
103,564
103,564
348,564
333,564
Current assets
Debtors
6
158,633
102,300
Cash at bank and in hand
60,611
60,718
219,244
163,018
Creditors: amounts falling due within one year
7
(189,043)
(130,014)
Net current assets
30,201
33,004
Total assets less current liabilities
378,765
366,568
Creditors: amounts falling due after more than one year
8
(76,377)
(84,647)
Provisions for liabilities
(9,748)
(5,998)
Net assets
292,640
275,923
Capital and reserves
Called up share capital
9
840
840
Share premium account
5,913
5,913
Capital redemption reserve
160
160
Investment property revaluation reserve
10
29,243
17,993
Retained earnings
11
256,484
251,017
Total equity
292,640
275,923
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BMIB 2005 LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
Mr AS Jackson
Director
Company Registration No. 05488487
BMIB 2005 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
BMIB 2005 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Aldridge Fields Business Park, Middlemore Lane West, Aldridge, Walsall, UK, WS9 8AE.
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 certain assets. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Investment properties
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.
An amount equivalent to any increase/decrease over the previous carrying value net of a provision for deferred taxation, where applicable, is transferred to/from the Investment property revaluation reserve as a movement in reserves.
1.3
Fixed asset investments
Interests in subsidiaries 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.
1.4
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 profit and loss account 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.
BMIB 2005 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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 profit and loss account, 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 July 2023
230,000
Revaluations
15,000
At 30 June 2024
245,000
The company purchased the investment property, which is an industrial unit, on the open market in February 2017 for £200,000 and it was initially capitalised at this cost, plus stamp duty and associated legal fees and expenses of £6,009. The director has valued the property as at 30 June 2024 at £245,000 (2023: £230,000) which is his best estimate of its fair value on the basis of the asking price for similar units in the same business park.
BMIB 2005 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
103,564
103,564
The investment represents 100% of the issued share capital in BMIB Limited (Company No. 03907186).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
158,633
102,300
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,498
7,625
Amounts owed to group undertakings
163,447
107,113
Taxation and social security
2,572
2,521
Other creditors
13,276
11,505
Accruals and deferred income
1,250
1,250
189,043
130,014
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
76,377
84,647
The following secured debts are included within creditors £84,875 (2023: £92,272).
The security takes the form of a fixed charge over the company's investment property and a fixed and floating charge over the other assets and undertaking of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
33,804
46,718
BMIB 2005 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
840
840
840
840
10
Investment property revaluation reserve
2024
2023
£
£
At the beginning of the year
17,993
7,283
Non distributable profits in the year
11,250
10,710
At the end of the year
29,243
17,993
The balance carried forward in the investment property revaluation reserve is non distributable and represents the surplus/(deficit) of the carrying value of the investment property over its cost, net of provision for deferred taxation.
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
251,017
249,871
Profit for the year
16,717
41,861
Current year profits transferred to non-distributable reserve
(11,250)
(10,710)
Dividends declared and paid in the year
-
(30,005)
At the end of the year
256,484
251,017
The surplus, net of provision for deferred taxation, of £11,250 (2023: £10,710), which is included in the profit for the year, relates to the revaluation of the company's investment property and represents an unrealised gain which is non-distributable. Accordingly, the surplus has been transferred to the investment property revaluation reserve (see Note 10).
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company or its wholly owned subsidiary.true
13
Parent company
The ultimate parent company is BMIB 2005 Holdings Limited, Company No. 14743531 (England and Wales). The Registered Office of BMIB 2005 Holdings Limited is Unit 5, Aldridge Fields Business Park, Middlemore Lane West. Aldridge, Walsall, WS9 8AE