Bruno Lifts Limited 06614332 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the import and distribution of stair lifts. Digita Accounts Production Advanced 6.30.9574.0 true true true 06614332 2023-01-01 2023-12-31 06614332 2023-12-31 06614332 bus:OrdinaryShareClass1 2023-12-31 06614332 core:CurrentFinancialInstruments 2023-12-31 06614332 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06614332 core:FurnitureFittingsToolsEquipment 2023-12-31 06614332 core:MotorVehicles 2023-12-31 06614332 core:OtherPropertyPlantEquipment 2023-12-31 06614332 core:ParentEntities 2023-12-31 06614332 bus:SmallEntities 2023-01-01 2023-12-31 06614332 bus:Audited 2023-01-01 2023-12-31 06614332 bus:FullAccounts 2023-01-01 2023-12-31 06614332 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06614332 bus:RegisteredOffice 2023-01-01 2023-12-31 06614332 bus:Director1 2023-01-01 2023-12-31 06614332 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06614332 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06614332 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06614332 core:MotorCars 2023-01-01 2023-12-31 06614332 core:MotorVehicles 2023-01-01 2023-12-31 06614332 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06614332 core:PlantMachinery 2023-01-01 2023-12-31 06614332 core:AllAssociates core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 06614332 core:ParentEntities 2023-01-01 2023-12-31 06614332 core:ParentEntities core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 06614332 1 2023-01-01 2023-12-31 06614332 countries:England 2023-01-01 2023-12-31 06614332 2022-12-31 06614332 core:FurnitureFittingsToolsEquipment 2022-12-31 06614332 core:MotorVehicles 2022-12-31 06614332 core:OtherPropertyPlantEquipment 2022-12-31 06614332 2022-01-01 2022-12-31 06614332 2022-12-31 06614332 bus:OrdinaryShareClass1 2022-12-31 06614332 core:CurrentFinancialInstruments 2022-12-31 06614332 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06614332 core:FurnitureFittingsToolsEquipment 2022-12-31 06614332 core:MotorVehicles 2022-12-31 06614332 core:OtherPropertyPlantEquipment 2022-12-31 06614332 core:ParentEntities 2022-12-31 06614332 core:ParentEntities core:SaleOrPurchaseGoods 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06614332

Bruno Lifts Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bruno Lifts Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Bruno Lifts Limited

Company Information

Director

W Page

Registered office

Unit 5 Millennium Court
Water Tower Road
Neston
Wirral
CH64 3UZ

Auditors

Bissell & Brown Midlands Ltd
Statutory Auditors
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Bruno Lifts Limited

(Registration number: 06614332)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

33,841

37,328

Current assets

 

Stocks

6

468,468

515,477

Debtors

7

288,814

284,651

Cash at bank and in hand

 

869,916

661,437

 

1,627,198

1,461,565

Creditors: Amounts falling due within one year

8

(1,792,459)

(1,703,661)

Net current liabilities

 

(165,261)

(242,096)

Total assets less current liabilities

 

(131,420)

(204,768)

Provisions for liabilities

(4,132)

(5,477)

Net liabilities

 

(135,552)

(210,245)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(135,553)

(210,246)

Shareholders' deficit

 

(135,552)

(210,245)

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 June 2024
 

.........................................
W Page
Director

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 5 Millennium Court
Water Tower Road
Neston
Wirral
CH64 3UZ

These financial statements were authorised for issue by the director on 24 June 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 functional currency of the company is that of UK sterling. The accounts are rounded to whole pounds £.

Going concern

The directors are satisfied that Bruno Living Aids Inc, has sufficient resources to provide support to Bruno Lifts Limited. On this basis the directors are of the opinion that the company has adequate reserves to trade in an orderly manner for the foreseeable future and accordingly adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 17 July 2024 was John James Taheny, who signed for and on behalf of Bissell & Brown Midlands Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight line

Fixtures and fittings

20% Straight Line

Motor Vehicles

25% Reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

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 expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

 Recognition and measurement
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

 

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

Impairment

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

11,465

8,506

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2023

21,640

29,750

8,968

60,358

Additions

2,476

17,498

-

19,974

Disposals

-

(17,450)

-

(17,450)

At 31 December 2023

24,116

29,798

8,968

62,882

Depreciation

At 1 January 2023

15,260

6,627

1,143

23,030

Charge for the year

2,286

7,448

1,730

11,464

Eliminated on disposal

-

(5,453)

-

(5,453)

At 31 December 2023

17,546

8,622

2,873

29,041

Carrying amount

At 31 December 2023

6,570

21,176

6,095

33,841

At 31 December 2022

6,380

23,123

7,825

37,328

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

468,468

515,477

7

Debtors

Current

2023
£

2022
£

Trade debtors

268,588

270,737

Prepayments

18,678

13,571

Other debtors

1,548

343

 

288,814

284,651

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

29,454

14,685

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,698,884

1,636,472

Taxation and social security

 

54,116

41,160

Accruals and deferred income

 

9,115

10,675

Other creditors

 

890

669

 

1,792,459

1,703,661

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

10

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 £Nil (2022 - £77,580).

 

Bruno Lifts Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions

Summary of transactions with parent

Bruno Independent Living Aids Inc and fellow group companies
 

Income and receivables from related parties

2023

Parent
£

Associates
£

Sale of goods

920

34,068

Expenditure with and payables to related parties

2023

Parent
£

Purchase of goods

1,197,471

Amounts payable to related party

1,698,884

2022

Parent
£

Purchase of goods

1,397,599

Amounts payable to related party

1,636,472

12

Parent and ultimate parent undertaking

The company's immediate parent is Bruno Independent Living Aids Inc, incorporated in USA.