REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
B M H SCAFFOLDING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
B M H SCAFFOLDING LIMITED |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
B M H SCAFFOLDING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Fleming Court |
Leigh Road |
Eastleigh |
Southampton |
Hampshire |
SO50 9PD |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share based payments |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
B M H Scaffolding Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and profit recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts due on contracts completed in the year adjusted for turnover attributable to long term work in progress, excluding value added tax and trade discounts. |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value based on the percentage deemed complete by the assessment of the quantity surveyor for both B M H Scaffolding Limited and the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account, an amount recoverable on contract is recognised and separately disclosed within debtors. |
If payments on account are greater than turnover to date, the excess is classified within creditors. |
Turnover from a contract to provide services is recognised when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change in the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised within costs of sales or administrative expenses, dependant upon it's nature. |
Financial instruments |
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the income statement in other administrant expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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 transaction. Exchange differences are taken into account in arriving at the operating result. |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
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 the 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. |
Assets that are held by the company under leases which transfer substantially all the risk and rewards of ownership are classified as being held under hire purchase or finance leases. Leases which do not transfer substantially all the risk and rewards of ownership are classified as operating leases. |
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Assets obtained under hire purchase contracts and finance leases are capitalized as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in creditors net of the finance charge allocated to future periods. |
The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme for its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Share based payments |
The company has entered into a share based payment arrangement in respect of equities issued. Share based payments are accounted for in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
Share based payments are recognised in the Financial Statements on the basis of the fair value of the shares at the balance sheet date in consideration with the hurdle value and the fair value of the shares at the grant date. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st October 2023 |
and 30th September 2024 |
AMORTISATION |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
6. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st October 2023 |
Additions |
Disposals |
At 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
Eliminated on disposal |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st October 2023 |
Additions |
At 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 12,064 | - |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans |
Hire purchase contracts | 89,169 | 5,080 |
Bank loans are secured by way of a debenture, borrowed under the Coronavirus Business Interruption Loan Scheme from the UK Government and a guarantee and debenture given by the company and other related companies. |
The other loans and hire purchase contracts are secured over the assets to which they relate. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: |
2024 | 2023 |
200 | Ordinary | 50p | 100 | 100 |
2 | A1 Ordinary | 50p | 1 | 1 |
2 | A2 Ordinary | 50p | 1 | 1 |
102 | 102 |
During the previous year, all ordinary £1 shares were subdivided into Ordinary 50p shares. |
During the previous year, 2 A1 Ordinary shares of 50p each were allotted and fully paid at par value. |
During the previous year, 2 A2 Ordinary shares of 50p each were allotted and fully paid at par value. |
The rights of the shares are as follows: |
Each holder of Ordinary Shares, A1 Shares and A2 Shares shall be entitled to receive notice of, attend and vote at general meetings of the company. Each share is entitled to one vote in any circumstances. |
Dividends may be declared on one or several classes of shares to the exclusion of any class or classes and dividends at different rates may be declared on the respective classes of shares. |
Upon an Exit Event, the Exit Proceeds shall be applied on the following basis and in the following order of priority: |
Firstly, in paying to the holders of the Ordinary Shares, an aggregate amount up to but not exceeding £1,600,000, which shall be distributed to the holders of the Ordinary Shares pro rata to the amount paid up on the Ordinary Shares held by each such holder. |
Secondly, in distributing the balance to the holders of the Ordinary Shares, A1 Shares and A2 Shares pro rata to the amount paid up on those shares held by each such holder. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | PENSION COMMITMENTS |
The company contributes to a defined contribution pension scheme for their directors and employees. There were unpaid contributions due at the end of the period in relation to the schemes amounting to £5,353 (2023: £5,463). The amount recognised as an expense in the year was £43,770 (2023: £60,957). |
14. | OTHER FINANCIAL COMMITMENTS |
Total future financial commitments and contingencies which are not included in the balance sheet amount to £52,000 (2023: £104,000). This amount is in relation to operating lease commitments which are payable over the next year (2023: two) years. |
The company has given cross guarantees to banks and other financial institutions for other group and related companies' debts. The debt guaranteed at 30 September 2024 amounted to £342,575 (2023: £529,789). |
15. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2024 | 2023 |
£ | £ |
Motor costs | 30,106 | 8,728 |
Consultancy costs | 60,980 | - |
Dividends paid | 482,572 | - |
Amount due to related party | 633,299 | 2,571 |
The amounts due to entities with control, joint control or significant influence over the entity are unsecured, interest free and there are no fixed dates of repayment. |
As a result of the share purchase agreement during the year between the company's parent company, BMH Group Holdings Limited, and the company which has significant influence over the company, the directors must use their respective endeavours to ensure that any distributable profits of the company (represented by cash in excess of the company's provision for working capital, capital expenditure and other exceptional requirements) shall be distributed from time to time with the intention of the deferred consideration being settled as soon as practicable. |
Key management personnel of the entity or its parent (in the aggregate) |
2024 | 2023 |
£ | £ |
Key management personnel compensation | 94,864 | 153,387 |
Share based payments | 1,187 | - |
Amount due to related party | - | 17,908 |
Dividends paid | 10,244 | 2,910 |
The amounts due to key management personnel are unsecured, interest free and there are no fixed dates of repayment. |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 622,437 | 119,740 |
Management charges receivable | - | 8,000 |
Rental income | 49,494 | 58,992 |
Management charges payable | 253,655 | 226,670 |
Subcontractor costs | 32,670 | 16,640 |
Motor costs | 9,304 | - |
Provision of services from related party | 160,757 | 163,871 |
Amounts due to related party | 787,387 | 318,236 |
Amounts due from related party | 25,981 | 11,322 |
The amounts due to and from other related parties are unsecured, interest free and there are no fixed dates of repayment. |
B M H SCAFFOLDING LIMITED (REGISTERED NUMBER: 04802485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
16. | SHARE-BASED PAYMENT TRANSACTIONS |
During the previous year, Ordinary A shares were allotted at par value. The expected future sale price (Good Leaver Price) of the shares is linked to the shareholder being a Good Leaver and therefore the continued provision of services, as well as being subject to a Hurdle Value. The equity settled scheme's grant date is therefore based on the expected exit event date, estimated as being the retirement of the shareholders. |
The value of the equity instruments granted at the balance sheet date is based on the Good Leaver Price at the balance sheet date as defined by the company's Memorandum and Articles of Association, divided by the vesting period, being the expected number of years until the grant date. |
17. | ULTIMATE PARENT COMPANY |
The immediate and ultimate parent company is BMH Group Holdings Limited (registered number 10287962). |
The largest and smallest group which includes the company and for which group financial statements are prepared is BMH Group Holdings Limited. Group accounts will be available from Companies House. The registered office address for BMH Group Holdings Limited is Unit 2 Plymouth Avenue, Brookhill Industrial Estate, Pinxton, Derbyshire, England, NG16 6RA. |