Company registration number 05227575 (England and Wales)
BPE RETAIL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BPE RETAIL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
BPE RETAIL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,578
31,954
Tangible assets
4
6,179
7,273
30,757
39,227
Current assets
Stocks
63,673
2,484
Debtors
5
278,872
80,285
Cash at bank and in hand
148,983
215,063
491,528
297,832
Creditors: amounts falling due within one year
6
(1,628,368)
(693,685)
Net current liabilities
(1,136,840)
(395,853)
Net liabilities
(1,106,083)
(356,626)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(1,106,085)
(356,628)
Total equity
(1,106,083)
(356,626)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
M J Cullen
Director
Company registration number 05227575 (England and Wales)
BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

BPE Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17-18, Bradley Hall Trading Estate, Bradley Lane, Standish, Wigan, WN6 0XQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the start of the year the group’s working capital requirements were provided through HSBC short term trade loans secured against the stock to which they related and the company’s working capital requirements were provided through loans from group companies. true

In the first quarter of the year there was a reduction in group sales resulting in a cash shortfall.

In June 2023 and November 2023 the above trade loans could not be settled as the amounts were falling due.

In June 2023 the bank extended the repayment dates by 150 days and in November 2023 further extensions were applied to the trade loans repayment periods, which were specific to each loan.

In January 2024 the business was not in a position to settle the trade loans, despite the extensions granted by HSBC.

On 23 September 2024 the group agreed a new medium term repayment loan facility with HSBC of £5,600,000 to 30 April 2027 at an interest rate of 3.9% per annum above the Bank of England base rate.

In order to prepare the company’s financial statements on a going concern basis, the directors have considered detailed financial projections covering a period of at least 12 months from the date of approval of the company’s financial statements (the “Assessment Period”). These projections are based on the group’s business plan for the year ended 30 April 2026 as well as the group’s anticipated activity for the period to May 2026. The basis for the financial projections includes assumptions relating to exiting the European market directly and instead supplying the market via a distributor. The directors have considered these financial projections in conjunction with the group’s available loan facilities described above.

The directors have also considered the financial impact of the other business risks identified, being tariffs on imports from China into the U.S; sales demand reductions; shipping delays on products from suppliers in China; the weakening of GBP against USED; increased container shipping costs, and built these into their sensitivity analysis performed on these forecasts. The overall impact that has been modelled is a plausible reduction in sales of 10%.

The sensitised forecasts indicate that the group can continue to operate within its new loan facilities and remain compliant with associated loan covenants during the Assessment Period.

The directors have also received confirmation that the group’s continuing subsidiaries intend to provide mutual financial support to the company during the Assessment Period to enable it to meet its liabilities as they fall due. The directors have also received confirmation that the continuing subsidiaries will not call upon the company to repay, during the Assessment Period, the loans they have advanced to the company if this would conflict with the above undertaking.

BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

After considering the forecast information, new facilities and confirmation of mutual support, the directors have concluded that there is 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 these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sales of power products, winch equipment and vehicle lighting 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 the 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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% per annum straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% per annum on reducing balance basis
Computers
25% per annum on reducing balance basis

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.8
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. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

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.

BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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.

BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2024
2023
Number
Number
Total
5
8
BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023
39,276
Additions
600
At 30 April 2024
39,876
Amortisation and impairment
At 1 May 2023
7,322
Amortisation charged for the year
7,976
At 30 April 2024
15,298
Carrying amount
At 30 April 2024
24,578
At 30 April 2023
31,954
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
9,536
Additions
966
At 30 April 2024
10,502
Depreciation and impairment
At 1 May 2023
2,263
Depreciation charged in the year
2,060
At 30 April 2024
4,323
Carrying amount
At 30 April 2024
6,179
At 30 April 2023
7,273
BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,056
882
Amounts owed by group undertakings
49,976
-
0
Other debtors
8,763
12,874
79,795
13,756
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
199,077
66,529
Total debtors
278,872
80,285
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,258
40,163
Amounts owed to group undertakings
794,079
498,297
Taxation and social security
4,258
20,953
Other creditors
812,773
134,272
1,628,368
693,685
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
4
4
2
2

The share capital comprises 3 A Ordinary shares of £0.50 each and 1 B Ordinary share of £0.50.

 

The respective rights for each share class are documented within the Articles of Association.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

BPE RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Christopher Moss BSc F.C.A.
Statutory Auditor:
JS. Audit Limited
Date of audit report:
26 June 2025
9
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee between Winch Solutions Limited, BPE Retail Limited and BPE Holdings Limited in favour of the group's bankers. The maximum potential liability as at 30 April 2024 was £5,626,035 (2023: £6,753,758).

10
Parent company

The ultimate parent company is BPE Holdings Limited, a company registered in England and Wales. The parent company is preparing consolidated group accounts, which include those of BPE Retail Limited. Copies of the consolidated financial statements of BPE Holdings Limited can be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 

2024-04-302023-05-01falsefalsefalse26 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityJ P BimsonJ BimsonM J CullenD NormanL A Marriott052275752023-05-012024-04-30052275752024-04-30052275752023-04-3005227575core:IntangibleAssetsOtherThanGoodwill2024-04-3005227575core:IntangibleAssetsOtherThanGoodwill2023-04-3005227575core:OtherPropertyPlantEquipment2024-04-3005227575core:OtherPropertyPlantEquipment2023-04-3005227575core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3005227575core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3005227575core:CurrentFinancialInstruments2024-04-3005227575core:CurrentFinancialInstruments2023-04-3005227575core:ShareCapital2024-04-3005227575core:ShareCapital2023-04-3005227575core:RetainedEarningsAccumulatedLosses2024-04-3005227575core:RetainedEarningsAccumulatedLosses2023-04-3005227575core:ShareCapitalOrdinaryShareClass12024-04-3005227575core:ShareCapitalOrdinaryShareClass12023-04-3005227575bus:Director32023-05-012024-04-3005227575core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3005227575core:ComputerSoftware2023-05-012024-04-3005227575core:FurnitureFittings2023-05-012024-04-3005227575core:ComputerEquipment2023-05-012024-04-30052275752022-05-012023-04-3005227575core:IntangibleAssetsOtherThanGoodwill2023-04-3005227575core:OtherPropertyPlantEquipment2023-04-3005227575core:OtherPropertyPlantEquipment2023-05-012024-04-3005227575core:WithinOneYear2024-04-3005227575core:WithinOneYear2023-04-3005227575core:AfterOneYear2024-04-3005227575core:AfterOneYear2023-04-3005227575bus:OrdinaryShareClass12023-05-012024-04-3005227575bus:OrdinaryShareClass12024-04-3005227575bus:OrdinaryShareClass12023-04-3005227575bus:PrivateLimitedCompanyLtd2023-05-012024-04-3005227575bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3005227575bus:FRS1022023-05-012024-04-3005227575bus:Audited2023-05-012024-04-3005227575bus:Director12023-05-012024-04-3005227575bus:Director22023-05-012024-04-3005227575bus:Director42023-05-012024-04-3005227575bus:Director52023-05-012024-04-3005227575bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP