Company registration number 00981321 (England and Wales)
BIM UNITED KINGDOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BIM UNITED KINGDOM LIMITED
COMPANY INFORMATION
Directors
M J Wood
H A Rietz
Company number
00981321
Registered office
Prince Street
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
BIM UNITED KINGDOM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 21
BIM UNITED KINGDOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company is the design, manufacture and sale of speciality water-based polymer and chemical performance blends for paper and related industries. The company provides products and supporting services to its UK customers through its in-house sales organisation and to mainland EU customers via associated companies within BIM.

Company objectives and strategy

The strategy is to:

Focus on our target market.

Develop the organisation towards an optimised offer relevant to the target market.

Continual improvement of product quality and efficiency.

Increase the number of beneficial long-term customer relations.

Operate to the highest standards of business integrity

Review of the business

The business plan has generated added value for our customers during the year, and has brought increased success supplying specialist solutions designed for, and optimised to, customer application requirements. Sales have been maintained and the efficiency improved.

 

The continual review of our offering and ongoing work to improve economy has strengthened the business during 2024. The improvements have partially fed into inventory levels by year-end. Raw material lead-time uncertainty reappeared to a lesser extent during the year, demanding a return of precautionary safety stock from mid-year for a period.

 

The EBIT development continued, enabling the refurbishment of the site and buildings to be set into the annual plan. The replacement factory roof surface has been a great success improving the working environment by increased natural light, and the planned addition of a large solar array is matched to our peak electricity use.

 

The commitment to the UN Compact on Sustainable Development continues to measure the performance towards sustainability goals on Responsible Everyday Life via employee surveys, development talks, safety index, supplier assessment, supplier code of conduct and transport standards.

Future developments

The increased capital expenditure allocated to equipment and buildings will continue in the year ahead. Adding solar to the new factory roof is already underway and is in line with our commitment to sustainable development.

Key performance indicators

The directors monitor the progress of the company by reference to a range of indicators including profit and loss and balance sheet items. The two principal key performance indicators of Turnover and Gross Profit are closely monitored and these items are set out in the Profit and Loss Account.

Principal risks and uncertainties

The directors consider that the company is subject to general risks and uncertainties experienced in the general course of business. In addition, the directors consider there are certain specific risks and uncertainties including:

Liquidity risk

The company is integrated into the BIM group and is financed centrally via that structure. Accordingly, the cash flow risks are managed centrally by the group treasury, details of which are set out in the ultimate holding company financial statements.

Exchange risk
Exchange rates affect the value of the balances owed to the parent company.
BIM UNITED KINGDOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Credit risk
Credit checks are made on customers and potential customers and before any increases in customer credit accounts are set, and overdue customer accounts are monitored.

On behalf of the board

M J Wood
Director
20 February 2025
BIM UNITED KINGDOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their report with the financial statements of the company for the year ended 31 December 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 J Wood
H A Rietz
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.

Auditors

A resolution proposing that Barlow Andrews LLP be re-appointed as auditors will be put at a General Meeting.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M J Wood
Director
20 February 2025
BIM UNITED KINGDOM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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.

BIM UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIM UNITED KINGDOM LIMITED
- 5 -
Opinion

We have audited the financial statements of BIM United Kingdom Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet 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:

BIM UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIM UNITED KINGDOM LIMITED (CONTINUED)
- 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BIM UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIM UNITED KINGDOM LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Christopher Harland (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
20 February 2025
BIM UNITED KINGDOM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,471,295
15,632,050
Cost of sales
(9,199,813)
(10,020,830)
Gross profit
6,271,482
5,611,220
Distribution costs
(2,622,657)
(2,572,214)
Administrative expenses
(2,399,711)
(2,297,087)
Operating profit
4
1,249,114
741,919
Interest receivable and similar income
8
50,967
2,363
Interest payable and similar expenses
9
(30,463)
(40,599)
Profit before taxation
1,269,618
703,683
Tax on profit
10
(317,614)
(248,642)
Profit for the financial year
952,004
455,041
Retained earnings brought forward
1,399,959
944,918
Retained earnings carried forward
2,351,963
1,399,959

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BIM UNITED KINGDOM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,305,955
844,613
Current assets
Stocks
12
1,840,690
1,726,958
Debtors
13
2,883,035
2,899,244
Cash at bank and in hand
909,143
1,731,461
5,632,868
6,357,663
Creditors: amounts falling due within one year
14
(3,695,703)
(5,139,789)
Net current assets
1,937,165
1,217,874
Total assets less current liabilities
3,243,120
2,062,487
Creditors: amounts falling due after more than one year
15
(365,358)
(180,563)
Provisions for liabilities
Deferred tax liability
17
(115,041)
(71,207)
(115,041)
(71,207)
Net assets
2,762,721
1,810,717
Capital and reserves
Called up share capital
19
410,758
410,758
Profit and loss reserves
2,351,963
1,399,959
Total equity
2,762,721
1,810,717

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
M J Wood
Director
Company registration number 00981321 (England and Wales)
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

BIM United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prince Street, Bolton.

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 as modified by the revaluation of certain assets. 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 financial statements of the company are consolidated in the financial statements of BIM Kemi AB, incorporated in Sweden. These consolidated financial statements are available from its registered office, Prince Street, Bolton.

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 is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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:

Land and buildings
2.5% - 5% on cost
Plant and machinery
5% - 33% on cost
Office fixtures and equipment
5% - 10% on cost
Motor vehicles
20% - 33% on cost

Freehold land is not depreciated.

Motor vehicles held on finance leases are depreciated over the length of the agreement.

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.

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.

Cost is calculated using the average cost method.

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.

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 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.

BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets 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.

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 and loans from fellow group companies 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.

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.

BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

Deferred tax

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

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

1.14

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

 

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
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.

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 directors have reviewed the items included in stock at year end and have made a provision against the total stock balance for items where estimated sales price less costs to sell is lower than the cost incurred to bring the items into stock. At year end, the provision had a carrying value of £143,188 (2023: £144,154).

Overhead absorption

The directors adopt the overhead absorption method of valuing finished goods stock. The overhead absorption rates are monitored on a quarterly basis by reviewing the prior quarters over or under absorption.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,910,023
13,860,202
Europe and other
1,561,272
1,771,848
15,471,295
15,632,050
2024
2023
£
£
Other revenue
Interest income
50,967
2,363
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(81,451)
(22,130)
Depreciation of owned tangible fixed assets
187,969
164,371
Depreciation of tangible fixed assets held under leases
133,837
53,042
Profit on disposal of tangible fixed assets
(15,655)
(11,381)
Operating lease charges
141,109
190,005
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
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
21,750
16,500
For other services
All other non-audit services
8,250
4,000
6
Employees

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

2024
2023
Number
Number
Manufacturing
27
25
Sales and distribution
12
15
Office and management
6
5
Technical
6
6
Total
51
51

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,285,410
2,187,140
Social security costs
250,008
225,696
Pension costs
134,368
147,631
2,669,786
2,560,467
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
151,134
148,480
Company pension contributions to defined contribution schemes
24,289
21,807
175,423
170,287

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
50,967
-
0
Other interest income
-
0
2,363
Total income
50,967
2,363
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts
-
30,262
Interest on finance leases and hire purchase contracts
30,463
10,337
30,463
40,599
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
293,664
150,268
Adjustments in respect of prior periods
(19,884)
-
0
Total current tax
273,780
150,268
Deferred tax
Origination and reversal of timing differences
43,834
30,600
Adjustment in respect of prior periods
-
0
67,774
Total deferred tax
43,834
98,374
Total tax charge
317,614
248,642
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
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
1,269,618
703,683
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
317,405
165,513
Tax effect of expenses that are not deductible in determining taxable profit
6,386
6,198
Tax effect of utilisation of tax losses not previously recognised
-
0
(44,598)
Permanent capital allowances in excess of depreciation
31,584
53,755
Under/(over) provided in prior years
(19,884)
67,774
Tax effect of enhanced expenditure regarding land remediation
(17,877)
-
0
Taxation charge for the year
317,614
248,642
11
Tangible fixed assets
Land and buildings
Plant and machinery
Office fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
893,140
3,190,212
453,462
518,917
5,055,731
Additions
293,737
76,228
5,937
413,591
789,493
Disposals
-
0
-
0
-
0
(88,282)
(88,282)
At 31 December 2024
1,186,877
3,266,440
459,399
844,226
5,756,942
Depreciation and impairment
At 1 January 2024
664,184
2,946,127
364,516
236,291
4,211,118
Depreciation charged in the year
12,524
78,454
11,946
218,882
321,806
Eliminated in respect of disposals
-
0
-
0
-
0
(81,937)
(81,937)
At 31 December 2024
676,708
3,024,581
376,462
373,236
4,450,987
Carrying amount
At 31 December 2024
510,169
241,859
82,937
470,990
1,305,955
At 31 December 2023
228,956
244,085
88,946
282,626
844,613
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 18 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Office fixtures and equipment
7,125
8,835
Motor vehicles
468,180
253,776
475,305
262,611

Land and buildings with a carrying amount of £nil at 31 December 2024 were revalued at November 1999 by Knight Frank, Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Cost
1,331,854
1,038,117
Accumulated depreciation
(866,606)
(836,818)
Carrying value
465,248
201,299
12
Stocks
2024
2023
£
£
Raw materials
1,330,036
1,267,880
Finished goods
510,654
459,078
1,840,690
1,726,958
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,736,634
2,771,869
Other debtors
4,612
3,611
Prepayments and accrued income
141,789
123,764
2,883,035
2,899,244
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
127,838
57,519
Trade creditors
2,753,187
2,777,752
Amounts owed to group undertakings
-
0
1,701,641
Corporation tax
201,664
150,268
Other taxation and social security
392,614
250,082
Accruals and deferred income
220,400
202,527
3,695,703
5,139,789
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
365,358
180,563
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
127,838
57,519
In two to five years
365,358
180,563
493,196
238,082

Finance lease payments represent rentals payable by the company for certain motor vehicles and items of office fixtures and equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

The following is the deferred tax liability which is recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
115,041
71,207
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 January 2024
71,207
Charge to profit or loss
43,834
Liability at 31 December 2024
115,041
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,368
147,631

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
410,758
410,758
410,758
410,758
20
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
78,909
140,092
Between two and five years
99,811
213,494
178,720
353,586
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
78,517
-
BIM UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
22
Ultimate controlling party

The company is a subsidiary undertaking of BIM Kemi AB which is the ultimate parent company incorporated in Sweden with registered office Box 3102, 443 03 Lerum.

 

The largest group in which the results of the company are consolidated is that headed by BIM Kemi AB. The consolidated financial statements of the group are available to the public and may be obtained from Prince Street, Bolton, BL1 2NP. No other group accounts include the results of the company.

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