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REGISTERED NUMBER: 04586514 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BONOMI (UK) LIMITED

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BONOMI (UK) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr C J Clear
Mr A Bonomi
Mrs G M Clear
Mr A C Farnham
Mr J L Hill
Mr M Moore



SECRETARY: Mrs H E Farnham



REGISTERED OFFICE: The Fluid Power Centre
Watling Street
Nuneaton
Warwickshire
CV11 6BQ



REGISTERED NUMBER: 04586514 (England and Wales)



ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ



BANKERS: National Westminster Bank plc
13 The Borough
Hinckley
Leicestershire
LE10 1NW

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 25,001 25,001
Tangible assets 5 120,577 34,886
Investments 6 432,151 432,151
577,729 492,038

CURRENT ASSETS
Stocks 1,206,137 1,502,847
Debtors 7 1,239,552 1,119,481
Cash at bank and in hand 483,510 330,531
2,929,199 2,952,859
CREDITORS
Amounts falling due within one year 8 (1,419,147 ) (1,474,333 )
NET CURRENT ASSETS 1,510,052 1,478,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,087,781

1,970,564

CREDITORS
Amounts falling due after more than one
year

9

-

(6,860

)
NET ASSETS 2,087,781 1,963,704

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 1,987,781 1,863,704
2,087,781 1,963,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2024 and were signed on its behalf by:




Mr A C Farnham - Director



Mr M Moore - Director


BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Bonomi (UK) Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is The Fluid Power Centre, Watling Street, Nuneaton, Warwickshire, CV11 6BQ and the registered number is 04586514.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets
Acquired goodwill is written off in annual instalments over its estimated useful economic life.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements20% straight line basis
Plant and machinery15% straight line basis
Fixtures and fittings15% straight line basis
Motor vehicles33.3% straight line basis
Computer equipment25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Leases are classified as hire purchase whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 125,000
AMORTISATION
At 1 January 2023
and 31 December 2023 99,999
NET BOOK VALUE
At 31 December 2023 25,001
At 31 December 2022 25,001

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 29,296 28,913 58,107
Additions 75,714 16,544 29,149
Disposals - - -
At 31 December 2023 105,010 45,457 87,256
DEPRECIATION
At 1 January 2023 29,296 24,001 49,397
Charge for year 9,934 4,248 6,994
Eliminated on disposal - - -
At 31 December 2023 39,230 28,249 56,391
NET BOOK VALUE
At 31 December 2023 65,780 17,208 30,865
At 31 December 2022 - 4,912 8,710

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 148,769 26,999 292,084
Additions - 5,291 126,698
Disposals (28,869 ) - (28,869 )
At 31 December 2023 119,900 32,290 389,913
DEPRECIATION
At 1 January 2023 131,175 23,329 257,198
Charge for year 17,594 2,237 41,007
Eliminated on disposal (28,869 ) - (28,869 )
At 31 December 2023 119,900 25,566 269,336
NET BOOK VALUE
At 31 December 2023 - 6,724 120,577
At 31 December 2022 17,594 3,670 34,886

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS
Shares in
associated
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 895,222
PROVISIONS
At 1 January 2023
and 31 December 2023 463,071
NET BOOK VALUE
At 31 December 2023 432,151
At 31 December 2022 432,151

The shares in associated undertakings represents a 100% shareholding in Ultravalve Ltd. At 31 December 2023 the sales for period were £1,856,311 (2022: £1,942,313) and the reported net assets of Ultravalve Ltd were £564,348 (2022: £488,208).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,204,015 1,094,675
Other debtors 1,375 4,815
Amounts due from related parties 347 1,505
Prepayments 33,815 18,486
1,239,552 1,119,481

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 6,860 31,882
Trade creditors 1,015,964 883,335
Corporation tax 50,580 103,199
Social security and other taxes 254,996 236,176
Amounts due to related parties 2,961 117,883
Accruals and deferred income 87,786 101,858
1,419,147 1,474,333

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) - 6,860

BONOMI (UK) LIMITED (REGISTERED NUMBER: 04586514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


10. LEASING AGREEMENTS

Operating lease payments represent rentals payable by the company for the occupation of its business premises and for the contract hire of a company vehicle. At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

Non-cancellable
operating leases

2023 2022
£ £
Within one year 65,936 23,500
Between one and five years 182,759 94,000
248,695 117,500

Obligations under hire purchase contracts totalling £6,680 (2022 - £38,742) are secured on assets of the company.

11. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has entered into forward foreign exchange contracts in the normal course of business amounting to £2,312,117 at 31 December 2023 (2022 - £1,231,739).

12. POST BALANCE SHEET EVENTS

On 29 February 2024, the company undertook a bonus issue of ordinary and preference shares to the value of £300,000 and £600,000 respectively. The issuing of these shares has been funded from a reduction in the company's retained earnings.