Company registration number 10021832 (England and Wales)
BMC UK SUBADVISOR SUPPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BMC UK SUBADVISOR SUPPORT LIMITED
COMPANY INFORMATION
Directors
Ms. L M Pérez-Deisboeck
Mr. C Schiavo
Secretary
Speafi Secretarial Limited
Company number
10021832
Registered office
1 London Street
Reading
Berkshire
United Kingdom
RG1 4PN
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
Business address
Fourth & fifth floor
3 Cavendish Square
London
United Kingdom
W1G 0LB
BMC UK SUBADVISOR SUPPORT LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
BMC UK SUBADVISOR SUPPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The company is regulated by the Financial Conduct Authority. The company provides advisory services to Battery Management Company LLC, its immediate parent company.
Results and dividends
No dividends will be distributed for the year ended 31 December 2024.
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:
Ms. L M Pérez-Deisboeck
Mr. C Schiavo
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
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.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities and support from its immediate parent company, Battery Management Company LLC. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities with continued group support. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
On behalf of the board
Mr. C Schiavo
Director
22 April 2025
BMC UK SUBADVISOR SUPPORT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
BMC UK SUBADVISOR SUPPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BMC UK SUBADVISOR SUPPORT LIMITED
- 3 -
Opinion
We have audited the financial statements of BMC UK Subadvisor Support Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BMC UK SUBADVISOR SUPPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BMC UK SUBADVISOR SUPPORT LIMITED
- 4 -
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 and 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
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.
BMC UK SUBADVISOR SUPPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BMC UK SUBADVISOR SUPPORT LIMITED
- 5 -
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.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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.
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.
Jack Tatschner ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
BMC UK SUBADVISOR SUPPORT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
4,050,345
3,497,023
Administrative expenses
(3,231,504)
(2,760,350)
Operating profit
4
818,841
736,673
Interest receivable and similar income
7
103
Interest Payable
8
(2,538)
Profit before taxation
818,944
734,135
Tax on profit
9
(210,787)
(178,599)
Profit for the financial year
608,157
555,536
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BMC UK SUBADVISOR SUPPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Profit for the year
608,157
555,536
Other comprehensive income
-
-
Total comprehensive income for the year
608,157
555,536
BMC UK SUBADVISOR SUPPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
167,838
200,063
Current assets
Debtors
11
2,613,913
1,879,329
Cash at bank and in hand
361,691
327,657
2,975,604
2,206,986
Creditors: amounts falling due within one year
12
(207,724)
(78,332)
Net current assets
2,767,880
2,128,654
Total assets less current liabilities
2,935,718
2,328,717
Provisions for liabilities
Deferred tax liability
14
3,430
4,586
(3,430)
(4,586)
Net assets
2,932,288
2,324,131
Capital and reserves
Called up share capital
16
50,000
50,000
Profit and loss reserves
2,882,288
2,274,131
Total equity
2,932,288
2,324,131
The financial statements were approved by the board of directors and authorised for issue on 22 April 2025 and are signed on its behalf by:
Mr. C Schiavo
Director
Company Registration No. 10021832
BMC UK SUBADVISOR SUPPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
50,000
1,718,595
1,768,595
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
555,536
555,536
Balance at 31 December 2023
50,000
2,274,131
2,324,131
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
608,157
608,157
Balance at 31 December 2024
50,000
2,882,288
2,932,288
BMC UK SUBADVISOR SUPPORT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
147,743
585,007
Interest paid
(2,538)
Income taxes paid
(104,594)
(314,645)
Net cash inflow from operating activities
43,149
267,824
Investing activities
Purchase of tangible fixed assets
(9,218)
(9,630)
Interest received
103
Net cash used in investing activities
(9,115)
(9,630)
Net increase in cash and cash equivalents
34,034
258,194
Cash and cash equivalents at beginning of year
327,657
69,463
Cash and cash equivalents at end of year
361,691
327,657
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
BMC UK Subadvisor Support Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 London Street, Reading, Berkshire, United Kingdom, RG1 4PN.
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.The principal accounting policies adopted are set out below.
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
Turnover represents amounts due, excluding value added tax, from services relating to the identification of investment opportunities and related administrative support provided to Battery Management Company LLC and is recognised on an accruals basis.
100% of turnover was sourced outside the UK.
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:
Leasehold property improvements
10% or 33% on Cost
Fixtures and fittings
20% on Cost
Computer equipment
33% on Cost
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.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.
1.6
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.
1.7
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 balance sheet 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.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.
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
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.
1.8
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.
1.9
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.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.11
Retirement benefits
The company operates a defined contribution pension scheme. Contribution payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.12
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.
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.
2.1 Critical judgements in applying the company's accounting policies
There are no critical judgements that the directors have made in the process of applying the company’s
accounting policies.
2.2 Key sources of estimation uncertainty
The directors do not consider there to be any key sources of estimation uncertainty.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
Rest of World
4,050,345
3,497,023
2024
2023
£
£
Other revenue
Interest income
103
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
36
96
Depreciation of owned tangible fixed assets
41,443
36,778
Operating lease charges
268,793
225,466
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
22,000
20,000
For other services
All other non-audit services
30,054
41,269
6
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Investment professionals and administration
9
7
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,904,166
1,534,070
Social security costs
234,141
200,820
Pension costs
7,989
7,562
2,146,296
1,742,452
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
72
Other interest income
31
Total income
103
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
72
8
Interest payable
2024
2023
£
£
Interest
2,538
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
211,943
178,599
Deferred tax
Origination and reversal of timing differences
(1,156)
Total tax charge
210,787
178,599
The corporation tax rate increased to 25% from 19%, effective 1 April 2023.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 17 -
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
818,944
734,135
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
204,736
172,673
Tax effect of expenses that are not deductible in determining taxable profit
(169)
8,774
Permanent capital allowances in excess of depreciation
7,376
Under/(over) provided in prior years
57
Effect of capital allowances
(2,905)
Deferred tax
(1,156)
Taxation charge for the year
210,787
178,599
10
Tangible fixed assets
Leasehold property improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
294,355
33,040
32,897
360,292
Additions
9,218
9,218
At 31 December 2024
294,355
33,040
42,115
369,510
Depreciation and impairment
At 1 January 2024
111,097
25,331
23,801
160,229
Depreciation charged in the year
29,142
6,608
5,693
41,443
At 31 December 2024
140,239
31,939
29,494
201,672
Carrying amount
At 31 December 2024
154,116
1,101
12,621
167,838
At 31 December 2023
183,258
7,709
9,096
200,063
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,402,843
1,612,498
Other debtors
176,565
200,222
Prepayments
34,505
66,609
2,613,913
1,879,329
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,516
7,556
Corporation tax
117,057
9,708
Other taxation and social security
2,197
4,189
Other creditors
1,800
2,994
Accruals
56,154
53,885
207,724
78,332
13
Fixed charge
At the year end a fixed charge existed between the company and HSBC Innovation Banking (HSBC). The charge created a security interest in favour of HSBC to secure current and future obligations to HSBC. The charge is held over other balances held within HSBC.
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
3,430
4,586
2024
Movements in the year:
£
Liability at 1 January 2024
4,586
Credit to profit or loss
(1,156)
Liability at 31 December 2024
3,430
The deferred tax liability set out relates to accelerated capital allowances.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,989
7,562
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.
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
Each ordinary share carries one vote, an equal right to dividends and capital (on a winding up) and is not redeemable.
17
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
190,400
167,295
Between two and five years
16,042
13,941
206,442
181,236
18
Ultimate controlling party
The immediate and ultimate controlling party is Battery Management Company LLC.
Battery Management Company LLC, domiciled in the United States of America, is also the immediate and ultimate parent undertaking.
These financial statements are consolidated into the group financial statements of Battery Management Company LLC. These consolidated financial statements are not publicly available.
BMC UK SUBADVISOR SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
19
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
608,157
555,536
Adjustments for:
Taxation charged
210,787
178,599
Interest payable
2,538
Investment income
(103)
Depreciation of tangible fixed assets
41,443
36,778
Movements in working capital:
Increase in debtors
(734,584)
(191,128)
Increase in creditors
22,043
2,684
Cash generated from operations
147,743
585,007
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
327,657
34,034
361,691
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Ms. L M Pérez-DeisboeckMr. C SchiavoSpeafi Secretarial Limited100218322024-01-012024-12-3110021832bus:Director12024-01-012024-12-3110021832bus:Director22024-01-012024-12-3110021832bus:CompanySecretary12024-01-012024-12-3110021832bus:RegisteredOffice2024-01-012024-12-31100218322024-12-31100218322023-01-012023-12-3110021832core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110021832core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31100218322023-12-3110021832core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3110021832core:FurnitureFittings2024-12-3110021832core:ComputerEquipment2024-12-3110021832core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3110021832core:FurnitureFittings2023-12-3110021832core:ComputerEquipment2023-12-3110021832core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3110021832core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110021832core:CurrentFinancialInstruments2024-12-3110021832core:CurrentFinancialInstruments2023-12-3110021832core:ShareCapital2024-12-3110021832core:ShareCapital2023-12-3110021832core:RetainedEarningsAccumulatedLosses2024-12-3110021832core:RetainedEarningsAccumulatedLosses2023-12-3110021832core:ShareCapital2022-12-3110021832core:RetainedEarningsAccumulatedLosses2022-12-3110021832core:ShareCapitalOrdinaryShareClass12024-12-3110021832core:ShareCapitalOrdinaryShareClass12023-12-31100218322023-12-31100218322022-12-3110021832core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3110021832core:FurnitureFittings2024-01-012024-12-3110021832core:ComputerEquipment2024-01-012024-12-311002183212024-01-012024-12-311002183212023-01-012023-12-3110021832core:UKTax2024-01-012024-12-3110021832core:UKTax2023-01-012023-12-311002183222024-01-012024-12-311002183222023-01-012023-12-311002183232024-01-012024-12-311002183232023-01-012023-12-3110021832core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3110021832core:FurnitureFittings2023-12-3110021832core:ComputerEquipment2023-12-3110021832bus:OrdinaryShareClass12024-01-012024-12-3110021832bus:OrdinaryShareClass12024-12-3110021832bus:OrdinaryShareClass12023-12-3110021832core:WithinOneYear2024-12-3110021832core:WithinOneYear2023-12-3110021832core:BetweenTwoFiveYears2024-12-3110021832core:BetweenTwoFiveYears2023-12-3110021832bus:PrivateLimitedCompanyLtd2024-01-012024-12-3110021832bus:FRS1022024-01-012024-12-3110021832bus:Audited2024-01-012024-12-3110021832bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP