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REGISTERED NUMBER: 00863458 (England and Wales)






























STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

BPX ELECTRO-MECHANICAL
COMPANY LIMITED

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


BPX ELECTRO-MECHANICAL
COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mr AG Collins
Mr RW Collins



SECRETARY: Mr RW Collins



REGISTERED OFFICE: Unit 3
Rothley Lodge Commercial Park
Loughborough Road
Rothley
Leicestershire
LE7 7NL



REGISTERED NUMBER: 00863458 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024


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

The principal activity of the company in the year under review was that of the wholesale distribution of electrical goods.

The BPX Group of Companies stock, sell, supply and support a portfolio of over 80,000 electrical, electronic and pneumatic products that are used within control systems or upon machinery to make equipment or processes operate automatically and efficiently.

For nearly 60 years we have been proudly stocking, selling, supporting and servicing automation and control components, devices and solutions, operating as distributors for many of the world's leading electrical, electronic and pneumatic manufacturers. Our guiding principle is to Help to Choose and Help to Use and we come to work each day determined to ensure that BPX customers have the most technically and commercially efficient solutions for their applications.

We now number over one hundred and sixty people throughout our 15 locations but remain an independent, responsive and dynamic business.

We represent only the best of equipment manufacturers, each world-wide, market leading companies in their fields. We are proud of our close partnerships with manufacturers such as Schneider Electric and Mitsubishi for whom we are the largest UK distributor.

We support our team members to grow in their current roles and to think about what is next. BPX employees are encouraged to attend courses and events, to share what they do and to learn new skills.

Our employees participate in programmes of technical and vocational training that teach product knowledge and professional skills.

In 2024 we took steps to simplify the structure of the Group by demerging the properties owned by the Group and bringing our associated companies, Controls & Drives Ltd and Automation Technology Ltd, within the Group. We now enter our 60th year with a structure that better represents the Group's breadth and capabilities across a wide range of brands and offerings.


BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

Performance of the Business and Outlook

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being revenue, gross margin and net assets.

As noted below, these figures are affected by both direct competition to the company and by competition to its customers, changes in foreign exchange rates and also by changes in the customer purchasing strategy. In 2024 global supply chain pressures continued to be an ongoing factor.

The profit for the year before taxation was £1,277,470 (2023: £1,422,412).

The company's balance sheet position as at the year end is considered to be strong. The net assets at the year end were £9,342,643 (2023: £10,438,944).

Revenue has increased by £2,430,869 being a 5.6% increase on last year. Targets going forward into next financial year are increased margin and improved profit position.

KPI's £'000 2024 2023

Revenue £45,603 £43,172
Gross Profit £10,763 £10,066
Gross Profit % of Sales 23.6% 23.3%
EBT £1,277 £1,422
EBT % of sales 2.8% 3.3%
Net assets £9,343 £10,439



Our experienced management team and strong financial position enable us to be well positioned to continue the successful development of the company throughout the years to come.

The directors consider that the results for the year are satisfactory and that the company will continue to trade profitably for the foreseeable future.

The directors are responsible for the maintenance of the company's website www.bpx.co.uk.


BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment in which the group operates continues to be challenging. The group itself faces increasing competition from domestic as well as larger firms with global presence.

In addition, the group and its customers faced the overall effects of the global recession and global supply chain uncertainties. The group's customers were also subject to continual competition from their respective markets. The majority of the group's purchases and sales are in domestic currencies; movements in the relevant exchange rates did not have a considerable impact on either its turnover or gross margin.

ON BEHALF OF THE BOARD:





Mr AG Collins - Director


25 June 2025

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024


The directors present their report with the financial statements of the company for the year ended 31 October 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £ 2,011,958 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

Mr AG Collins
Mr RW Collins

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr AG Collins - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BPX ELECTRO-MECHANICAL
COMPANY LIMITED


Opinion
We have audited the financial statements of BPX Electro-Mechanical Company Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BPX ELECTRO-MECHANICAL
COMPANY LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BPX ELECTRO-MECHANICAL
COMPANY LIMITED


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations;

- the detection and response to the risks of fraud;

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition. We remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of stock lines to ensure the valuation of stock is at the lower of cost and net realisable value along with attendance at stocktake to sample the stock count of stock lines.

- A review of a sample of orders received in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BPX ELECTRO-MECHANICAL
COMPANY LIMITED

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

26 June 2025

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 4 45,603,316 43,172,447

Cost of sales 34,840,464 33,105,807
GROSS PROFIT 10,762,852 10,066,640

Administrative expenses 9,830,885 8,697,499
931,967 1,369,141

Other operating income 248,894 33,772
OPERATING PROFIT 6 1,180,861 1,402,913

Interest receivable and similar income 96,609 19,499
PROFIT BEFORE TAXATION 1,277,470 1,422,412

Tax on profit 7 361,813 371,099
PROFIT FOR THE FINANCIAL YEAR 915,657 1,051,313

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,133,332 998,349
Investments 11 1,237,035 1,167,847
2,370,367 2,166,196

CURRENT ASSETS
Stocks 12 4,968,654 5,875,289
Debtors 13 9,716,107 10,887,776
Cash at bank and in hand 4,972,744 3,648,776
19,657,505 20,411,841
CREDITORS
Amounts falling due within one year 14 12,528,733 11,819,643
NET CURRENT ASSETS 7,128,772 8,592,198
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,499,139

10,758,394

CREDITORS
Amounts falling due after more than one
year

15

(31,962

)

(184,134

)

PROVISIONS FOR LIABILITIES 17 (124,534 ) (135,316 )
NET ASSETS 9,342,643 10,438,944

CAPITAL AND RESERVES
Called up share capital 18 4,001 4,001
Retained earnings 19 9,338,642 10,434,943
SHAREHOLDERS' FUNDS 9,342,643 10,438,944

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




Mr AG Collins - Director



Mr RW Collins - Director


BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 4,001 9,383,630 9,387,631

Changes in equity
Total comprehensive income - 1,051,313 1,051,313
Balance at 31 October 2023 4,001 10,434,943 10,438,944

Changes in equity
Dividends - (2,011,958 ) (2,011,958 )
Total comprehensive income - 915,657 915,657
Balance at 31 October 2024 4,001 9,338,642 9,342,643

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

BPX Electro-Mechanical Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are presented in Sterling (£).

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about BPX Electro-Mechanical Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, BPX Group Holdings Limited.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
There were no areas in which the preparation of the financial statements required management to make significant judgements or estimates aside from those dealt with separately below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts. The company supplies products to customers from its manufacturing sites and warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007 and 2014, has been fully amortised evenly over its estimated useful life of three years.

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost excluding land
Plant and machinery - 33% on cost and 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 10% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued

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.

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

Basic financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price, including transaction costs.

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset, including sales proceeds if sold, at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
After reviewing the company's management information and order books, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

4. TURNOVER

The turnover was derived from the company's principal activity which was carried out wholly in the UK.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,199,315 4,506,201
Social security costs 508,031 435,846
Other pension costs 156,848 105,914
5,864,194 5,047,961

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 9 9
Administration 29 26
Production 39 40
Sales 88 72
165 147

2024 2023
£    £   
Directors' remuneration 88,386 86,563

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 408,776 344,724
Profit on disposal of fixed assets (40,767 ) (94,491 )
Auditors remuneration 18,250 17,600
Foreign exchange differences - (8,767 )

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 372,595 280,888
Prior year
UK corporation tax - 715
Total current tax 372,595 281,603

Deferred taxation (10,782 ) 89,496
Tax on profit 361,813 371,099

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,277,470 1,422,412
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

319,368

355,603

Effects of:
Expenses not deductible for tax purposes 53,962 16,063
Income not taxable for tax purposes (10,192 ) (5,277 )
Capital allowances in excess of depreciation - (53,030 )
Depreciation in excess of capital allowances 9,457 -
Change in tax rate - (31,757 )
Deferred tax movement (10,782 ) 89,497
Total tax charge 361,813 371,099

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 2,011,958 -

On 22 October 2024 a distribution in specie of £11,958 was issued to the parent company at that date which was BPX Properties Limited. The distribution was for the properties that the company owned.

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 123,003
AMORTISATION
At 1 November 2023
and 31 October 2024 123,003
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

10. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 November 2023 71,290 - 308,959
Additions - 47,260 4,001
Disposals (60,130 ) - -
At 31 October 2024 11,160 47,260 312,960
DEPRECIATION
At 1 November 2023 57,615 - 292,704
Charge for year 1,717 - 6,394
Eliminated on disposal (48,172 ) - -
At 31 October 2024 11,160 - 299,098
NET BOOK VALUE
At 31 October 2024 - 47,260 13,862
At 31 October 2023 13,675 - 16,255

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2023 628,608 1,155,969 632,520 2,797,346
Additions 12,811 403,101 103,632 570,805
Disposals - (270,192 ) - (330,322 )
At 31 October 2024 641,419 1,288,878 736,152 3,037,829
DEPRECIATION
At 1 November 2023 464,675 659,412 324,591 1,798,997
Charge for year 73,962 255,366 71,337 408,776
Eliminated on disposal - (255,104 ) - (303,276 )
At 31 October 2024 538,637 659,674 395,928 1,904,497
NET BOOK VALUE
At 31 October 2024 102,782 629,204 340,224 1,133,332
At 31 October 2023 163,933 496,557 307,929 998,349

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2023 1,167,847
Additions 69,188
At 31 October 2024 1,237,035
NET BOOK VALUE
At 31 October 2024 1,237,035
At 31 October 2023 1,167,847

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Leicester Switch & Control Co. Limited
Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL
Nature of business: Manufacture and sale of electrical equipment.
%
Class of shares: holding
Ordinary share of £1 each 100.00

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


11. FIXED ASSET INVESTMENTS - continued

Ranger Industries Ltd
Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL
Nature of business: Non trading
%
Class of shares: holding
Ordinary shares of £1 each 100.00

Truelec Control Systems Limited
Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL
Nature of business: Manufacture of other electrical equipment
%
Class of shares: holding
Ordinary share of £1 each 100.00

12. STOCKS
2024 2023
£    £   
Goods for resale 4,968,654 5,875,289

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,395,422 9,431,585
Amounts owed by group undertakings 306,705 233,829
Other debtors 710,841 924,658
Prepayments 303,139 297,704
9,716,107 10,887,776

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 16) 11,619 36,116
Trade creditors 7,659,733 8,262,937
Amounts owed to group undertakings 3,968,720 1,912,512
Taxation 206,880 281,603
Paye/Ni payable 122,285 109,957
Vat liability 99,996 206,388
Other creditors 260,418 754,512
Accruals and deferred income 199,082 255,618
12,528,733 11,819,643

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases (see note 16) 31,962 16,119
Other creditors - 168,015
31,962 184,134

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 11,619 36,116
Between one and five years 31,962 16,119
43,581 52,235

The debt is secured on the assets to which it relates.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 439,293 509,127
Between one and five years 836,355 864,999
In more than five years 128,725 169,375
1,404,373 1,543,501

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 132,114 133,626
Other timing differences (7,580 ) 1,690
124,534 135,316

BPX ELECTRO-MECHANICAL
COMPANY LIMITED (REGISTERED NUMBER: 00863458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 135,316
Provided during year (10,782 )
Balance at 31 October 2024 124,534

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,001 Ordinary £1 4,001 4,001

19. RESERVES
Retained
earnings
£   

At 1 November 2023 10,434,943
Profit for the year 915,657
Dividends (2,011,958 )
At 31 October 2024 9,338,642

20. PENSION COMMITMENTS

The company operates pension schemes. The assets of the schemes are held separately from those of the company within independently administered funds. The charge for the year was £156,848 (2023: £105,914). Contributions of £30,320 (2023: £14,439) were unpaid at the year end.

21. ULTIMATE PARENT COMPANY

The parent company of BPX Electro-Mechanical Company Limited is BPX Group Limited.

In the directors' opinion, the company's ultimate parent company is BPX Group Holdings Limited. BPX Group Holdings Limited owns 100% of the issued share capital of BPX Group Limited.

The group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

22. RELATED PARTY DISCLOSURES

On 22 October 2024 a distribution in specie of £11,958 was issued to the parent company at that date which was BPX Properties Limited. The distribution was for the properties that the company owned.

During the year, a total of key management personnel compensation of £662,996 (2023: £548,983) was paid.