BVM Systems Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06973270

BVM SYSTEMS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

BVM SYSTEMS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

BVM SYSTEMS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr P J Merron
	Mr A Ghassemi

Company secretary	Mrs S Ghassemi

Registered office	40 Great Bushey Drive
	London
	England
	N20 8QL

Accountants	FEB Chartered Accountants
	Chartered Accountants
	Linenhall Exchange
	1st Floor,
	26 Linenhall Street
	Belfast
	Northern Ireland
	BT2 8BG

BVM SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Tangible assets	6		88,594	74,832

CURRENT ASSETS

Debtors	7	209,584	355,729
Cash at bank and in hand		814,705	1,325,176
		------------	------------
		1,024,289	1,680,905

CREDITORS: amounts falling due within one year	8	416,906		598,624
		------------		------------
NET CURRENT ASSETS			607,383	1,082,281
			---------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			695,977	1,157,113

PROVISIONS

Taxation including deferred tax	18,371		18,371
Other provisions	308,128		308,128
	---------		---------
		326,499	326,499
		---------	------------
NET ASSETS		369,478	830,614
		---------	------------

CAPITAL AND RESERVES

Called up share capital	9	100	100
Profit and loss account		369,378	830,514
		---------	---------
SHAREHOLDERS FUNDS		369,478	830,614
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BVM SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr P J Merron

Director

Company registration number: 06973270

BVM SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Great Bushey Drive, London, N20 8QL, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

(a) No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are described below. (i) Amounts due under contracts The company makes an estimate of the value of partially completed work. The company uses estimates based on historical experience in calculating the portion of each fee which relates to work completed but not invoiced at year end date.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Patents	-	25% straight line
Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	15% straight line
Motor Vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).

5. Intangible assets

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	70,913	6,200	77,113
	--------	-------	--------
Amortisation
At 1 January 2024 and 31 December 2024	70,913	6,200	77,113
	--------	-------	--------
Carrying amount
At 31 December 2024	–	–	–
	--------	-------	--------
At 31 December 2023	–	–	–
	--------	-------	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024	34,144	140,154	174,298
Additions	5,438	28,950	34,388
	--------	---------	---------
At 31 December 2024	39,582	169,104	208,686
	--------	---------	---------
Depreciation
At 1 January 2024	18,624	80,842	99,466
Charge for the year	3,939	16,687	20,626
	--------	---------	---------
At 31 December 2024	22,563	97,529	120,092
	--------	---------	---------
Carrying amount
At 31 December 2024	17,019	71,575	88,594
	--------	---------	---------
At 31 December 2023	15,520	59,312	74,832
	--------	---------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	187,661	350,349
Amounts owed by group undertakings	1,200	1,200
Other debtors	20,723	4,180
	---------	---------
	209,584	355,729
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	–	111
Trade creditors	78,120	64,553
Amounts owed to group undertakings	20,368	20,368
Corporation tax	186,580	162,047
Social security and other taxes	35,091	27,459
Other creditors	96,747	324,086
	---------	---------
	416,906	598,624
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Related party transactions

The company was under the control of the majority shareholders, Zagros Holding Company Limited (formerly SAG Holding Limited) and Springvale Holding Company Limited during the current and prior year. Mr A Ghassemi is a 33% shareholder of Zagros Holding Limited and Mr P J Merron is a 50% shareholder of Springvale Holding Company Limited. During the year, the company advanced net dividends of £600,000 to Zagros Holding Limited and received net loans of £nil (2023: net dividends of £350,032). At the balance sheet date, £20,368 remained owed to Zagros Holding Limited. During the year, the company advanced net dividends of £400,000 to Springvale Holding Company Limited (2023: £240,000).