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COMPANY REGISTRATION NUMBER: NI015190
Building Protection Systems (NI) Ltd
Filleted Unaudited Financial Statements
30 September 2024
Building Protection Systems (NI) Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
14,528
14,997
Current assets
Stocks
413,855
531,865
Debtors
6
2,972,149
2,688,785
Cash at bank and in hand
17,391
5,192
------------
------------
3,403,395
3,225,842
Creditors: amounts falling due within one year
7
1,889,764
1,880,887
------------
------------
Net current assets
1,513,631
1,344,955
------------
------------
Total assets less current liabilities
1,528,159
1,359,952
------------
------------
Net assets
1,528,159
1,359,952
------------
------------
Capital and reserves
Called up share capital
16,000
16,000
Profit and loss account
1,512,159
1,343,952
------------
------------
Shareholders funds
1,528,159
1,359,952
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Building Protection Systems (NI) Ltd
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Mr. C Adams
Director
Company registration number: NI015190
Building Protection Systems (NI) Ltd
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Pilots View, Heron Road, Sydenham Business Park, Belfast, BT3 9LE, Nothern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Building Alterations
-
10% reducing balance
Fixtures and fittings
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 33 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
134,651
28,159
150,566
313,376
Additions
3,531
3,531
---------
--------
---------
---------
At 30 September 2024
134,651
28,159
154,097
316,907
---------
--------
---------
---------
Depreciation
At 1 October 2023
133,891
28,159
136,329
298,379
Charge for the year
76
3,924
4,000
---------
--------
---------
---------
At 30 September 2024
133,967
28,159
140,253
302,379
---------
--------
---------
---------
Carrying amount
At 30 September 2024
684
13,844
14,528
---------
--------
---------
---------
At 30 September 2023
760
14,237
14,997
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,475,597
1,251,824
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,281,504
1,251,024
Other debtors
215,048
185,937
------------
------------
2,972,149
2,688,785
------------
------------
Included within trade debtors at the year end is £704,916 (2023: £713,270) in relation to invoice discounted debts.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
628,183
462,756
Corporation tax
56,208
97,396
Social security and other taxes
149,497
537,725
Other creditors
1,055,876
783,010
------------
------------
1,889,764
1,880,887
------------
------------
Invoice discounting is secured by way of an all assets debenture incorporating a fixed and floating charge over all assets of the company, a guarantee and indemnity together with a supporting all assets debenture from Building Protection Systems Limited and a personal guarantee limited to £250,000 and unlimited indemnity.
Included within Other Creditors at the year end is £404,039 (2023: £352,494) in relation to invoice discounting.
8. Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
295,520
203,428
9. Called up share capital
2024
2024
2023
2023
£
£
£
£
Ordinary Share Capital
Issued and not fully Paid
Ordinary 'A' Shares of £1 Each
8,000
8,000
8,000
8,000
Ordinary 'B' Shares of £1 Each
8,000
8,000
8,000
8,000
--------
--------
--------
--------
16,000
16,000
16,000
16,000
--------
--------
--------
--------
10. Related party transactions
Director The director owns 50% of the property occupied by the company. During the year, rent of £24,000 (2023: £24,000) was charged to the company for use of the property. The director has provided a personal guarantee limited to £250,000 and unlimited indemnity, in respect of the company's invoice discounting facility. Building Protection Systems Limited Building Protection Systems Limited charged the company management fees of £100,000 (2023: £125,000). Included in debtors at the balance sheet date is £1,273,116 (2023: £1,251,024), which is due from Building Protection Systems Limited; in addition £8,388 (2023: £NIL) which is due from B.P.S. Holdings Limited. Included in creditors at the balance sheet date is £NIL (2023: £25,000) due to Building Protection Systems Limited. There are no terms of interest or other conditions associated with the balances and they are considered to be repayable on demand. Building Protection Systems Limited has provided a guarantee and indemnity together with a supporting all assets debenture, in respect of the company's invoice discounting facility. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.