Registered number: 03584156
FOR THE YEAR ENDED 31 DECEMBER 2024
BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
COMPANY INFORMATION
BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
CONTENTS
BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the company is that of installation, service and maintenance of building management systems equipment and related energy management solutions
Business review
The key financial performance indicators of the business are as follows:
Business review
The key financial performance indicators of the business are as follows:
Business trading saw year-on-year growth in revenue and forward order books powered by the investment in
sales and management resource committed to in the early part of the year. Overall, first half year delays on a
number of key public sector projects were more than off-set by project wins in our key private market sectors
albeit these came later in the year having an impact on overall in-year profitability. We continue to see increased
demand for remote energy monitoring and building performance smart services with the outlook for overall
market demand continuing to look very strong.
Through regular review, we continued to react quickly and positively to the changing challenges and demand
drivers in the wider business market whilst strong management, robust process and a quality service delivery
ensured we met our cash management targets.
A key non-financial performance measure continues to be that of the health, safety and well-being of our staff.
Our employee Risk and Wellbeing committee is embedded within the business and continues to influence our
people agenda for the coming year. There were no reportable incidents in the year ended 31 December 2024.
Principal risks and uncertainties
Principal risks and uncertainties
The board of directors is responsible for assessing and monitoring business risk. These risks are being mitigated
by regular review of the company’s performance, potential risks and areas of uncertainty and discussions with
management.
On-going economic and political uncertainty
The board and senior management team continues to monitor and manage impacts on a timely basis. We
remain focused on offering more services to our existing customers to assist them to drive efficiency in their own
use of energy within buildings whilst also working with new customers in key target areas.
Other potential risks include:
Operational risk management
The key operational business risks and uncertainties affecting the company are considered to be changing
market conditions, changes in legislation affecting energy management, loss or poor performance of key
contracts and problems or delays in the supply of major components.
The business has a proactive approach to managing exposure to price and risk; wherever possible, fixed prices
are negotiated with the Supply Chain for the length of long term contracts and, where relevant, projects are
costed to include for an allowance for future predicted price increases.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial and cashflow risk management
The Group has no external debt; therefore external finance risk is limited. The key financial risk facing the
business is bad debt risk. This risk is mitigated by having a diverse customer base, robust debt management
processes and maintenance of credit insurance.
Future developments
The Group continued to invest in strengthening our management team at various levels during the year to
ensure we are best positioned to benefit from the growth we are targeting.
This report was approved by the board and signed on its behalf.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £1,662,101 (2023: £1,528,096).
The total distribution of dividends for the year ended 31 December 2024 was £2,443,685 (2023: £5,376,092).
During the year charitable donations of £2,908 (2023: £3,274) were made by the company. No political donations were made during the year.
The directors who served during the year were:
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (accounts and reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of discussions relating to financial and other risk management objectives and policies.
There have been no significant events affecting the company since the year end.
The auditors, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
We have audited the financial statements of Building Management Solutions Integrators Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, 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).
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 auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED (CONTINUED)
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 an auditors' report 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 auditors' 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 an auditors' report 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.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
Davidson House
1st Floor
The Forbury
RG1 3EU
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
REGISTERED NUMBER: 03584156
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Building Management Solutions Integrators 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.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Building Energy Services Group Limited as at 31st December 2024 and these financial statements may be obtained from Unit 6a Waltham Park, Waltham Road, White Waltham, Maidenhead, Berkshire, SL6 3TN.
The financial statements contain information about Building Management Solutions Integrators 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 undertaking are included by full consolidation in the consolidated financial statements of its parent, Building Energy Services Group Limited, Unit 6a Waltham Park, Waltham Road, White Waltham, Maidenhead, Berkshire, SL6 3TN.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments.
There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable.
There is estimation uncertainty in recognising revenue and costs on long term projects. Judgement and estimates are used to conclude on final margins which are expected to be achieved based on management forecasts. Whilst every attempt is made to ensure that the expected margin is accurate, there remains a risk that unforeseen events may impact the final result.
Accrued revenue and contracts provisions also require management judgement and estimates. Specifically this is applied to certain contracts where the applied amount is in dispute, or not considered to be recoverable. Amounts will also be applied to variations to contracted work where considered necessary.
There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable.
There is estimation uncertainty in recognising revenue and costs on long term projects. Judgement and estimates are used to conclude on final margins which are expected to be achieved based on management forecasts. Whilst every attempt is made to ensure that the expected margin is accurate, there remains a risk that unforeseen events may impact the final result.
Accrued revenue and contracts provisions also require management judgement and estimates. Specifically this is applied to certain contracts where the applied amount is in dispute, or not considered to be recoverable. Amounts will also be applied to variations to contracted work where considered necessary.
Turnover is stated net of VAT and discounts. Turnover from supply of services represents the value of service provided under contracts due to the extent that there is right to consideration and is recorded at the value of consideration due.
Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty by including the profit and loss account, turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.
Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty by including the profit and loss account, turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
On a job by job basis, costs invoiced but works not billed or complete will be recognised as an asset such that the gross margin recognised in the profit and loss account to date is equal to the estimated final gross margin percentage on that job.
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Deferred taxation (continued)
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £604,982 (2023: £532,126). Contributions totaling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included within creditors.
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BUILDING MANAGEMENT SOLUTIONS INTEGRATORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party of the company is BMSI EOT Limited. The Employee Ownership Trust is governed by its trustees for the benefit of the employees of the company.
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