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REGISTERED NUMBER: 05116688 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BFT AUTOMATION UK LIMITED

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BFT AUTOMATION UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F Marin
M Batson
K Spinks
N Sanco
F Billo





REGISTERED OFFICE: Unit C2-C3
The Embankment Business Park
Vale Road, Heaton Mersey
Stockport
Cheshire
SK4 3GL





REGISTERED NUMBER: 05116688 (England and Wales)





AUDITORS: Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 72,044 47,511
Investments 6 7,901 6,610
79,945 54,121

CURRENT ASSETS
Stocks 3,053,257 1,614,389
Debtors 7 3,194,147 1,656,527
Cash at bank and in hand 182 4,313
6,247,586 3,275,229
CREDITORS
Amounts falling due within one year 8 2,780,293 1,397,857
NET CURRENT ASSETS 3,467,293 1,877,372
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,547,238

1,931,493

PROVISIONS FOR LIABILITIES 7,344 8,928
NET ASSETS 3,539,894 1,922,565

CAPITAL AND RESERVES
Called up share capital 100,100 100,100
Retained earnings 3,439,794 1,822,465
SHAREHOLDERS' FUNDS 3,539,894 1,922,565

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





K Spinks - Director


BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

BFT Automation UK Limited is a company limited by shares and registered in England and Wales. The company's registered number is 05116688 and its registered office is at Unit C2-C3 The Embankment Business Park, Vale Road, Heaton Mersey, Stockport, Cheshire, SK4 3GL.

The financial statements are presented in Sterling, which is also the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

On 1 January 2023 the company acquired the trade and assets of subsidiary BFT Automation (South) Limited under a hive up agreement.

Preparation of consolidated financial statements
The financial statements contain information about BFT Automation UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.

In preparing these financial statements the directors have made judgments and estimates:

- in determining whether there are any indicators of impairment of the company's tangible fixed assets. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the assets;

- in determining the residual values and useful economic lives of tangible fixed assets. The company depreciates tangible fixed assets over their expected useful lives. The estimation of the useful lives of assets is based upon historic performance as well as expectations about future use. Assumptions are necessary regarding possible technological changes and maintenance programmes which can affect the actual lives of the assets; and

- in determining the recoverability of debtors and stocks. The company establishes a provision for debtors that are estimated to be irrecoverable and for stocks which are not expected to realise at least cost. When assessing recoverability the directors consider factors such as the ageing of items, past experience of recovery and current information regarding the asset.

Turnover
Turnover represents the amount derived from the provision of goods and services, and is stated after trade discounts, other sales taxes and net of VAT. Sales are recognised when the company considers that it has fulfilled its obligations to the customer which in respect of the sale of goods is on despatch. Income in respect of the recharge of expenses is recognised simultaneously with the underlying cost.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill, being the amount paid in connection with the acquisition of a business in 2007 with an estimated useful life of one year, has been fully amortised in prior periods.

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 33% on cost and 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at historical invoice cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is determined as an average of purchase invoice costs, with sales of goods being deducted at the prevailing average cost, and includes transport and handling costs where applicable.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.

Provision is made where necessary for obsolete, slow-moving and defective stocks.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are stated at cost less any permanent diminution in value.

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are considered to comprise bank balances and trade debtors and creditors, plus group balances, which are all included on a non-discounted basis, at transaction price less any necessary impairment.

Income and expenditure generated in respect of these financial instruments, including interest receivable and payable and foreign exchange gains or losses, are recognised in the income statement as they accrue.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 70,000
AMORTISATION
At 1 January 2023
and 31 December 2023 70,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 26,616 18,745 47,819 51,639 144,819
Additions 1,881 25,233 16,691 26,452 70,257
Disposals (11,250 ) - - (7,548 ) (18,798 )
At 31 December 2023 17,247 43,978 64,510 70,543 196,278
DEPRECIATION
At 1 January 2023 26,616 14,756 19,616 36,320 97,308
Charge for year 282 13,085 6,588 25,769 45,724
Eliminated on disposal (11,250 ) - - (7,548 ) (18,798 )
At 31 December 2023 15,648 27,841 26,204 54,541 124,234
NET BOOK VALUE
At 31 December 2023 1,599 16,137 38,306 16,002 72,044
At 31 December 2022 - 3,989 28,203 15,319 47,511

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 100 6,510 6,610
Additions - 1,391 1,391
At 31 December 2023 100 7,901 8,001
PROVISIONS
Provision for year 100 - 100
At 31 December 2023 100 - 100
NET BOOK VALUE
At 31 December 2023 - 7,901 7,901
At 31 December 2022 100 6,510 6,610

Subsidiary BFT Automation (South) Limited was dissolved on 13 February 2024.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,069,132 1,588,370
Amounts owed by group undertakings 1,874 30,100
Other debtors 800 -
Prepayments 122,341 38,057
3,194,147 1,656,527

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 760,684 125,874
Amounts owed to group undertakings 1,069,741 756,382
Tax 86,465 63,088
Social security and other taxes 53,026 27,988
VAT 662,507 351,316
Accrued expenses 147,870 73,209
2,780,293 1,397,857

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 302,554 312,715
Between one and five years 473,301 682,630
775,855 995,345

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)
for and on behalf of Christian Douglass Accountants Limited

BFT AUTOMATION UK LIMITED (REGISTERED NUMBER: 05116688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available in Financial Reporting Standard 102 "The Financial Reporting Standard in the UK and Republic of Ireland" from disclosing transactions with wholly owned group members.

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is BFT SpA, a company registered in Italy and the ultimate parent company is Somfy SA, a company incorporated in France.

Somfy SA prepares consolidated financial statements including the results of the company and the financial statements of Somfy SA are available from 50 Avenue du Nouveau Monde, 74307 Cluses Cedex, France.

The directors consider that there is no ultimate controlling party.