Registration number:
BMG Research Ltd
for the Period from 1 April 2024 to 6 April 2025
BMG Research Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
BMG Research Ltd
Company Information
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Directors |
F Herlihy T J W Rowe A A Ryder S Wood G D Young |
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Company secretary |
S Evans |
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Registered office |
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Auditors |
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BMG Research Ltd
Strategic Report for the Period from 1 April 2024 to 6 April 2025
The directors present their strategic report for the period from 1 April 2024 to 6 April 2025.
Principal activity
The principal activity of the company is the provision of fully integrated end to end high-quality market and social research services, from design to delivery, to clients predominantly operating in the public sector.
Fair review of the business
BMG Research Limited is a specialist provider of market research services to both the UK public and private sectors. Founded in 1988, the company has built a strong reputation for delivering high-quality research and actionable insights, becoming a leading name in public sector research.
Key clients include the Office for National Statistics, the Department for Business and Trade, Ofcom, and Ofgem. BMG’s work spans the development of Official Statistics and supports evidence-based decision-making across government and public bodies.
The company employs around 50 permanent staff and maintains a large field force. It operates from offices in London and Birmingham.
In January 2023, BMG Research became part of the RSK Group, a move that has expanded its capabilities. The acquisition provides access to internal RSK clients and enables BMG to offer a broader range of services, combining insight development with implementation through RSK’s wider expertise.
BMG continues to secure major research programmes. During the current financial year, the company successfully retendered nearly all of its multi-year contracts, ensuring substantial revenue streams through to 2028. This has strengthened its operational foundation and deepened client relationships.
The market and social research industry is highly competitive and undergoing rapid transformation. Technological advancements, particularly in AI, are reshaping methodologies, business models, and cost structures. BMG is well-positioned to adapt and thrive, leveraging RSK’s support while maintaining its core strengths in research delivery.
The directors remain focused on delivering exceptional client service and impactful insights. They view the strategic use of technology as essential to the company’s continued success.
Results for the period
Turnover for the period was £7.1m (2024: £7.5m). Operating loss for the period was £0.7m (2024: Operating profit of £0.7m). The reduction in sales was caused by a reduction in government department spending due to the election, the business incurred some restricting costs in the period to address the downturn in client sales. Management is confident that the business is set up to capture the market opportunities in front of it and on course to return to an operating profit.
BMG Research Ltd
Strategic Report for the Period from 1 April 2024 to 6 April 2025
Key performance indicators
The directors monitor several Key Performance Indicators (KPIs) and debate the company performance relative to those KPI at board meetings and divisional meetings. KPIs include:
- Carbon Emissions;
- Training;
- Net Fee income;
- Accidents and Near Misses;
- Positive Interventions to improve safety performance;
- Customer Feedback - both praise and complaints;
- Staff Turnover;
- Utilisation of Staff;
- Gender Pay Gap;
- Carbon emissions;
- Cash at Bank; and
- Debtor and Creditor days.
The directors are pleased to report that performance of the company in respect of all KPIs monitored is satisfactory.
Corporate responsibility
RSK is a diverse group of environmental, engineering and technical services businesses, connected by a shared commitment to finding environmental and socially sustainable ways to fix challenging problems. In doing so, we have found commercial success while making a positive contribution to the world around us. The Company supports the wider group’s ambitions through its service delivery to clients and corporate responsibility and sustainability activities.
Sustainability in all that we do
RSK has recognised and championed the importance of environmental and social impact since its inception over 30 years ago, with “promoting the concept of sustainability in all that we do” being one of the group’s nine business principles.
As a fast-growing global business, RSK can play a part in tackling the environmental, economic, and social challenges faced around the world. Our work is aligned with the United Nations’ 17 Sustainable Development Goals (SDGs), a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. It is not just about climate action, but it is also about providing affordable and clean energy, sustainable infrastructure, protecting life on land and below water, ending poverty and famine, and ensuring water supply and sanitation are available to all people.
Governments, businesses, organisations and individuals are embracing these goals, seeking the support from businesses, like those within RSK, to help them play their part. These fundamental drivers will have great impact on the RSK Group and the Company in the future, both on how we operate ourselves, but also how we support our clients.
Our holistic strategy
Our Sustainability Route Map integrates business and sustainability performance into a holistic strategy structured around five key pillars: safety, health and quality; our people and ethics; environment and communities; our clients and suppliers; financial and governance.
These five pillars provide the framework to align our business strategy to the SDGs and are key to our business’s success. To measure our progress, the Route Map sets out clear milestones each year which keep us moving towards our overarching goals.
BMG Research Ltd
Strategic Report for the Period from 1 April 2024 to 6 April 2025
Employees
The directors recognise that our people are the key to our success as an organisation, and we strive to engage with all our employees, making sure everyone is involved in the development of our business and is proud to be part of it.
Equal opportunities
The Company is committed to equality, diversity and inclusion which is core to our company culture. This is integral to the success of our business and supports our corporate responsibility and sustainability efforts. To help the Company fully embrace equality, diversity and inclusion, The Company has pledged the following:
• Champion equality, diversity and inclusion from the top of the organisation.
• Acknowledge and tackle unconscious bias.
• Communicate and educate about the importance of equality, diversity and inclusion at all levels of our business, making this part of our everyday conversations.
• Empower our workforce through the introduction of employee networks.
We believe in equal opportunities for all employees and applicants and oppose all forms of unlawful or unfair discrimination in relation to a protected characteristic. All employees and applicants, whether part time, full time or temporary, will be treated fairly and with respect.
The Company is committed to ensuring that every employee has a working environment that promotes dignity and respect, and where individual differences and contributions of employees are recognised and valued.
As directors it is also important to us that we look after the wellbeing of our employees, so we subscribe to the group’s wellbeing policy which is built on five interconnected wellbeing pillars: physical, mental, social, financial and environmental. This policy is delivered through a diverse calendar of activities aimed at engaging, educating and connecting employees.
Principle risks and uncertainties
The directors are required to identify risks that might adversely affect the Company's business in the medium and long-term. The directors have considered the risks to the business and means to manage those risks. The primary risks, and means of risk management, are:
- Failure to maintain a sufficient employee resource at appropriate levels of seniority and experience. The directors recognise that having a sufficient resource to undertake projects is critical to the continued success of the company. To that end, we are committed to all the components of Investors In People and seek to be an employer of choice. We aim to hire the most talented of people; we communicate widely and openly to create a sense of community across the group; we provide learning and development opportunities; and we strive to empower every employee to meet their full potential. In this way we plan to look after our clients' needs in an exemplary fashion. The directors monitor people metrics, including retention statistics to identify any trends or issues.
BMG Research Ltd
Strategic Report for the Period from 1 April 2024 to 6 April 2025
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Termination of projects or failure to win work in our core markets. We strive to delight our clients and keep abreast of their requirements and expectations through regular communication, project reviews, client satisfaction surveys and wider market assessments. We want to work to the highest technical and health and safety standards and to these ends, we operate in accordance with ISO 9001, ISO 27001and ISO 20252 and, where applicable, comply with the various specific industry codes of practice and standards.
- Financial risk management. The company's operations expose it to a variety of financial risks and these risks need to be considered throughout the lifetime of a project. The directors operate an internal review process so that tenders are reviewed before submission to a client. Risk of late payment by clients and bad debts could result in the company having insufficient cash to pay suppliers in a timely fashion. The directors have considered this and have adequate working capital facilities, allowing for late payments by clients and pressure from creditors for more prompt settlement of accounts. A primary strategy employed by the directors to minimise financial risk is one of diversity of operations as set out above with a mix of services, clients, projects and geographical spread of operations.
- Global economy. Rising inflation and the risk of recession present risk to all businesses. To mitigate this risk, we remain as diverse as possible, strengthening our offer in sectors which we consider most resilient. The Company is also very nimble, able to make decisions very quickly and pivot to different market sectors when required. We closely manage costs to remain competitive in the marketplace.
- Climate change. The directors have followed the Task Force on Climate-Related Financial Disclosures methodology to assess the potential risks to the business that climate change poses and identify mitigation measures. Climate change is likely to generate huge demand for our services, so although there may be some disruption to our supply chain, the more likely consequence of climate change is an increase in work for RSK as our clients assess the likely impact of climate change and then implement works to adapt to flood risk, sea level rise and more extreme weather events.
Approved by the
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BMG Research Ltd
Directors' Report for the Period from 1 April 2024 to 6 April 2025
The directors present their report and the financial statements for the period from 1 April 2024 to 6 April 2025.
Directors of the company
The directors who held office during the period were as follows:
Dividends
The company paid a dividend of £nil in the period (2024: £700,000).
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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BMG Research Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
BMG Research Ltd
Independent Auditor's Report to the Members of BMG Research Ltd
Opinion
We have audited the financial statements of BMG Research Ltd (the 'company') for the period from 1 April 2024 to 6 April 2025, which comprise the Profit and Loss Account, 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 6 April 2025 and of its loss for the period 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is 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.
BMG Research Ltd
Independent Auditor's Report to the Members of BMG Research Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 7], 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 is 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.
BMG Research Ltd
Independent Auditor's Report to the Members of BMG Research Ltd
Auditor 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 an auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company and the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Taxation Legislation, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions.
BMG Research Ltd
Independent Auditor's Report to the Members of BMG Research Ltd
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
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.
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 an auditor’s 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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For and on behalf of
Chartered Accountants and Registered Auditors
Suite I Windrush Court
Abingdon Business Park
Oxfordshire
OX14 1SY
BMG Research Ltd
Profit and Loss Account for the Period from 1 April 2024 to 6 April 2025
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Note |
2025 |
As restated |
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Turnover |
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Cost of sales |
( |
( |
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Net fee income |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
(749,786) |
713,250 |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
( |
( |
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(Loss)/profit for the financial period |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
BMG Research Ltd
(Registration number: 02841970)
Balance Sheet as at 6 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
216,756 |
216,756 |
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Share premium reserve |
51,800 |
51,800 |
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Capital redemption reserve |
249,173 |
249,173 |
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Retained earnings |
1,658,033 |
2,449,689 |
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Shareholders' funds |
2,175,762 |
2,967,418 |
Approved and authorised by the
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BMG Research Ltd
Statement of Changes in Equity for the Period from 1 April 2024 to 6 April 2025
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the period |
- |
- |
- |
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Dividends paid |
- |
- |
- |
( |
( |
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At 31 March 2024 |
216,756 |
51,800 |
249,173 |
2,449,689 |
2,967,418 |
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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Loss for the period |
- |
- |
- |
( |
( |
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At 6 April 2025 |
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BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling, which is the functional currency of the company.
As permitted by the FRS 102 framework, the company has taken advantage of the disclosure exemptions available under that standard in relation to presentation of a cashflow statement.
These accounts are consolidated into the accounts of RSK Group Ltd.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Going concern
The Directors have acknowledged the latest guidance on going concern from the Financial Reporting Council and considered various relevant matters noted here.
The company participates in the Group's centralised treasury arrangements and so shares banking arrangements with its subsidiaries. As at 6 April 2025, the funds comprised a £1bn committed acquisition facility and a £150m revolving credit facility (which was increased from the prior £50m during March 2025). These facilities were extended from 2028 to 2030 in September 2024. In September 2024, the Group received £520m preferred equity investment from a consortium of investors.
The facilities will finance growth, both organic and acquisitive, and associated working capital requirements.
After a thorough review, the Group's consolidated business plan, forecasts and projections show that it is expected to operate within its facilities.
The Group has established contracts and master service agreements with several customers across a wide range of sectors and markets and has a significant pipeline of committed work, tenders in progress and opportunities. The Directors believe that the Group will continue to manage its business risks successfully despite uncertain economic conditions in some business sectors and countries.
BMG Research has been through a restructuring program which concluded in June 2025, the restructure will deliver savings against the prior year cost base and increase operational efficiency and resource utilisation. BMG Research has retained several long-term contracts and secured new contracts with existing and new clients. Backlog revenue has increased in the current trading year and with the synergies available from being part of the RSK Group management believe the business is on budget to return to an operating profit.
BMG Research specialises in delivering insights for, Government Departments, Regulators, Local Authorities, Utility companies, Housing Associations, Charities and Public service providers. Demand remains strong for evidence-based policymaking and decision making. The Directors believe BMG Research is positioned well to capture the growing number of opportunities and continues to invest in technology and AI to meet its clients’ evolving requirements.
The Company has access to facilities held by RSK Group Limited, and directors of this company have sought, obtained, or been given written confirmation from directors of RSK Group Limited that any such support as may be required to enable the Company to fulfil obligations as they fall due would be provided. Thus, they continue to adopt the going concern basis in preparing financial statements.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Prior period errors
Following a review, it has been determined that an adjustment to the prior year apportioning of staff costs between cost of sales and administrative expenses provides a more accurate reflection of the company's performance.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | ||
Cost of sales | 3,111,574 | 2,132,792 | |
Administrative expenses | (3,111,574) | (2,132,792) | |
Judgements
In preparing the financial statements, no judgements have been made in the process of applying the Company's accounting policies that have had a significant effect on the amounts recognised in the financial statements, other than WIP valuations and those involving estimations as detailed below. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Amounts recoverable on contracts - £319,325 (2024: £732,374)
The company’s revenue policies (set out in revenue recognition policy below) are fundamental to how the Group values the work it has carried out in each reporting period. Contracts are assessed
on a contract by contract basis, and estimations are made regarding amounts not invoiced based on the stage of completion of the service.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Long-term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover represents the value of work done in the period, including estimates of amounts not invoiced, and is recognised by reference to the stage of completion. Operating profit includes attributable profit on long-term completed contracts and amounts recoverable on uncompleted contracts, the latter being included within debtors due within one year.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generate income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax balances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the different between the fair value of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Short-term debtors are measured at transaction price, less any impairment.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Creditors
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
Financial instruments
Financial assets and liabilities are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets
Basic financial assets, including trade and other receivables, loans receivable from other Group companies, investments in subsidiary companies and cash and cash equivalents, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
At each reporting date the company assesses whether there is objective evidence that a financial asset is impaired. If such evidence exists, the company recognises an impairment loss which is measured as the difference between the carrying amount and the present value of the future cashflows, discounted at the original effective interest rate. Impairment losses are recognised in profit or loss.
Impairment losses are reversed if the reversal can be objectively related to an event occurring after the impairment was recognised. The reversal of the impairment will be recognised in profit or loss.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, hire purchase contracts and loans payable to other Group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at the market rate of interest.
Debt instruments are subsequently carried at amortised cost using the effective interest method.
Derecognition of financial instruments
A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or the company transfers the financial asset and substantially all the risks and rewards of ownership have been transferred.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled, or expires.
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Other gains and losses |
The analysis of the company's other gains and losses for the period is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of tangible assets |
|
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Other interest |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
|
2025 |
2024 |
|
|
Operations and research |
|
|
|
Management and Administration |
|
|
|
|
|
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
308,495 |
298,664 |
The remuneration in the table above relates to 3 directors (2024: 3) who are remunerated by the company. The other directors’ remuneration is borne by the company’s ultimate parent, RSK Group Limited. No direct recharge is made to the company for services provided, but an estimate of the cost of these directors’ time is incorporated into the management charge charged to the company from RSK Group Limited.
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Total tax charge |
|
|
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Tangible assets |
|
Office equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
|
At 6 April 2025 |
|
|
|
Depreciation |
||
|
At 1 April 2024 |
|
|
|
Charge for the period |
|
|
|
Eliminated on disposal |
( |
( |
|
At 6 April 2025 |
|
|
|
Carrying amount |
||
|
At 6 April 2025 |
|
|
|
At 31 March 2024 |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Corporation tax receivable |
|
|
|
|
|
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to related undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Group relief payable |
|
|
|
Deferred income |
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2024 - £Nil) were payable to the scheme at the end of the period.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
216,756 |
|
216,756 |
BMG Research Ltd
Notes to the Financial Statements for the Period from 1 April 2024 to 6 April 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
- |
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Dividends |
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of £Nil (2024 - £ |
- |
|
||
|
Contingent liabilities |
The company is party to cross guarantee arrangements relating to a borrowing facility provided by Ares Management to RSK Group Limited. The amount borrowed under this agreement at 6 April 2025 is £831,936,000 (2024: £1,060,136,000).
The company is also a guarantor of any trading and other obligations of any RSK Group member that may be a Junior Creditor in the related Subordination Deed.
|
Parent and ultimate parent undertaking |
On 15 November 2024 the entire share capital of the company was transferred from BMG Research Holdings Limited to its parent company RSK Environment Limited.
The ultimate parent is
These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.