B. & M. Office Machines Limited - Period Ending 2018-03-31

Company registration number: 01623057

B. & M. Office Machines Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2018

Abrams Ashton
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

B. & M. Office Machines Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

B. & M. Office Machines Limited

Company Information

Directors

Mr J J Baccino Mrs M C Baccino

Registered office

Units 1 & 2 Bens Court Randles Road Knowsley Bus Park Knowsley Merseyside L34 9HH

Accountants

Abrams Ashton Chartered Accountants 7 Waterside Court St. Helens Merseyside WA9 1UA

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
B. & M. Office Machines Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of B. & M. Office Machines Limited for the year ended 31 March 2018 as set out on pages 3 to 8 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
http://www.icaew.com/en/members/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 accounts of B. & M. Office Machines Limited and state those matters that we have agreed to state to the Board of Directors of B. & M. Office Machines Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. 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 accounts 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 accounts 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 accounts.

......................................

Abrams Ashton
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

16 October 2018

Page 2

B. & M. Office Machines Limited

(Registration number: 01623057)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	35,521	42,806
Current assets
Stocks		332,215	343,175
Debtors	5	1,272,954	1,084,105
Cash at bank and in hand		616,800	562,761
		2,221,969	1,990,041
Creditors: Amounts falling due within one year	6	(1,046,661)	(1,108,995)
Net current assets		1,175,308	881,046
Total assets less current liabilities		1,210,829	923,852
Provisions for liabilities		(3,872)	(4,862)
Net assets		1,206,957	918,990
Capital and reserves
Called up share capital		1,391	1,391
Capital redemption reserve		1,417	1,417
Profit and loss account		1,204,149	916,182
Total equity		1,206,957	918,990

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

B. & M. Office Machines Limited

(Registration number: 01623057)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 8 October 2018 and signed on its behalf by:
 

.........................................

Mr J J Baccino

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

B. & M. Office Machines Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 1 & 2 Bens Court
Randles Road Knowsley Bus Park
Knowsley
Merseyside
L34 9HH

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK 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 prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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

Deferred tax

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

Asset class	Depreciation method and rate
Leasehold property	10% straight line

Page 5

B. & M. Office Machines Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Fixtures fittings and equipment	15% reducing balance
Motor Vehicles	25% reducing balance
Computer equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2017 - 42).

4	Tangible assets

	Short leasehold land and buildings £	Fixtures and fittings £	Computer equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2017	103,664	76,007	77,742	45,513	302,926
Additions	-	-	3,001	-	3,001
At 31 March 2018	103,664	76,007	80,743	45,513	305,927
Depreciation
At 1 April 2017	102,610	64,845	68,894	23,771	260,120
Charge for the year	214	1,674	2,963	5,435	10,286
At 31 March 2018	102,824	66,519	71,857	29,206	270,406
Carrying amount
At 31 March 2018	840	9,488	8,886	16,307	35,521
At 31 March 2017	1,054	11,162	8,848	21,742	42,806

Page 6

B. & M. Office Machines Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Debtors

	Note	2018 £	2017 £
Trade debtors		603,084	435,089
Amounts owed by group undertakings and undertakings in which the company has a participating interest		567,529	557,528
Other debtors		102,341	91,488
		1,272,954	1,084,105

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	550,796	511,321
Corporation tax	76,446	83,416
Other creditors	419,419	514,258
	1,046,661	1,108,995

7

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.

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £482,425 (2017 - £201,779). These commitments are in respect of non cancellable operating leases.

9	Parent and ultimate parent undertaking

The company's immediate parent is B & M Holdings Limited, incorporated in England and Wales.

 

Page 7

B. & M. Office Machines Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

10	Contingencies

The company has undertaken tax planning arrangements over a number of years to reward its key personnel. HMRC have now issued Regulation 80 Assessments and Advanced Payment Notices for these arrangements. Although these notices and assessments are under appeal and Judicial Review, the directors feel that it is appropriate to disclose the potential company liabilities of £79,304; a provision has been made for this amount in these financial statements.

Page 8