B & M Office Machines Limited Company Accounts

B. & M. OFFICE MACHINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01623057

B & M Office Machines Limited

Filleted Unaudited Financial Statements

31 March 2017

B & M Office Machines Limited

Financial Statements

Year ended 31 March 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 8

B & M Office Machines Limited

Officers and Professional Advisers

The board of directors	Mr J J Baccino
	Mrs M Baccino

Company secretary	Mr W Ellison

Registered office	Units 1 & 2, Bens Court
	Randles Road
	Knowsley Business Park
	Knowsley
	Merseyside
	L34 9HH

Accountants	Abrams Ashton
	Chartered Accountants
	77 Corporation Street
	St Helens
	Merseyside
	WA10 1SX

B & M Office Machines Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of B & M Office Machines Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B & M Office Machines Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of B & M Office Machines Limited, as a body, in accordance with the terms of our engagement letter dated 18 September 2013. Our work has been undertaken solely to prepare for your approval the financial statements of B & M Office Machines Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & M Office Machines Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that B & M Office Machines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B & M Office Machines Limited. You consider that B & M Office Machines Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of B & M Office Machines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Abrams Ashton Chartered Accountants

77 Corporation Street St Helens Merseyside WA10 1SX

1 August 2017

B & M Office Machines Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	6		42,806		42,249

Current assets

Stocks		343,175	522,167
Debtors	7	1,084,105	1,314,908
Cash at bank and in hand		562,761	268,513
		------------	------------
		1,990,041	2,105,588

Creditors: amounts falling due within one year	8	( 1,108,995)		( 1,409,069)
		------------		------------
Net current assets			881,046		696,519
			---------		---------
Total assets less current liabilities			923,852		738,768

Provisions	( 4,862)	( 2,184)
	---------	---------
Net assets	918,990	736,584
	---------	---------

B & M Office Machines Limited

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£	£

Capital and reserves

Called up share capital		1,391	1,391
Capital redemption reserve	10	1,417	1,417
Profit and loss account	10	916,182	733,776
		---------	---------
Members funds		918,990	736,584
		---------	---------

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 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 March 2017 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 .

These financial statements were approved by the board of directors and authorised for issue on 1 August 2017 , and are signed on behalf of the board by:

Mr J J Baccino

Director

Company registration number: 01623057

B & M Office Machines Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1 & 2, Bens Court, Randles Road, Knowsley Business Park, Knowsley, Merseyside, L34 9HH.

2. Statement of compliance

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

3. Accounting policies

3.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

3.3 Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods and services are recognised when the company has delivered the goods and services to the customer.

3.4 Taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .

3.5 Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

3.6 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:

Leasehold property	-	10% straight line
Fixtures fittings and equipment	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Computer equipment	-	25% reducing balance

3.7 Stocks

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

3.8 Defined contribution plans

The company operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 42 (2016: 41 ).

5. Factors affecting taxation charge

Factors affecting tax charge are that in 2016 there were trading losses of £17,340 surrendered by fellow subsidiary, BM IT Solutions Limited.

6. Tangible assets

	Short leasehold property	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	103,664	76,007	30,859	77,742	288,272
Additions	–	–	21,729	–	21,729
Disposals	–	–	( 7,075)	–	( 7,075)
	---------	--------	--------	--------	---------
At 31 March 2017	103,664	76,007	45,513	77,742	302,926
	---------	--------	--------	--------	---------
Depreciation
At 1 April 2016	94,548	62,875	22,655	65,945	246,023
Charge for the year	8,062	1,970	7,247	2,949	20,228
Disposals	–	–	( 6,131)	–	( 6,131)
	---------	--------	--------	--------	---------
At 31 March 2017	102,610	64,845	23,771	68,894	260,120
	---------	--------	--------	--------	---------
Carrying amount
At 31 March 2017	1,054	11,162	21,742	8,848	42,806
	---------	--------	--------	--------	---------
At 31 March 2016	9,116	13,132	8,204	11,797	42,249
	---------	--------	--------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	435,089	651,603
Amounts owed by group undertakings and undertakings in which the company has a participating interest	557,528	555,128
Other debtors	91,488	108,177
	------------	------------
	1,084,105	1,314,908
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	511,321	872,977
Accruals and deferred income	58,818	61,624
Corporation tax	83,416	143,726
Social security and other taxes	149,132	159,243
Director loan accounts	304,799	170,912
Other creditors	1,509	587
	------------	------------
	1,108,995	1,409,069
	------------	------------

9. Commitments under operating leases

At 31 March 2017 the company had commitments under non-cancellable operating leases as follows:-

		2017	2016
		£	£
		201,779	202,609

10. Reserves

The following reserves form part of the company's equity: Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Controlling party

The company is a wholly owned subsidiary of B & M Holdings Limited, a company registered in England and Wales which is exempt from the requirement to produce group accounts.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.