| REGISTERED NUMBER: |
| STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| BPX ELECTRO-MECHANICAL |
| COMPANY LIMITED |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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: |
| 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 £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| 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: |
| 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. |
| for and on behalf of |
| and Statutory Auditors |
| Granville Hall |
| Granville Road |
| Leicester |
| LE1 7RU |
| BPX ELECTRO-MECHANICAL |
| COMPANY LIMITED (REGISTERED NUMBER: 00863458) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 931,967 | 1,369,141 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| BPX ELECTRO-MECHANICAL |
| COMPANY LIMITED (REGISTERED NUMBER: 00863458) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| 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 |
| 2. | STATEMENT OF COMPLIANCE |
| 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 |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors remuneration |
| Foreign exchange differences | ( |
) |
| 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 |
| Prior year |
| UK corporation tax | - | 715 |
| Total current tax |
| Deferred taxation | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| 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 |
| 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 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| 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 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Unit 3 Rothley Lodge Commercial Park, Loughborough Road, Rothley, Leicestershire, United Kingdom, LE7 7NL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Finance leases (see note 16) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation |
| Paye/Ni payable | 122,285 | 109,957 |
| Vat liability | 99,996 | 206,388 |
| Other creditors |
| Accruals and deferred income |
| 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) |
| Other creditors |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Finance leases |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| The debt is secured on the assets to which it relates. |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| 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 |
| Provided during year | ( |
) |
| Balance at 31 October 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 4,001 | 4,001 |
| 19. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 November 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 October 2024 |
| 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. |