REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BFT AUTOMATION UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 | 6,610 |
Additions | 1,391 |
At 31 December 2023 | 8,001 |
PROVISIONS |
Provision for year | 100 | - | 100 |
At 31 December 2023 | 100 | - | 100 |
NET BOOK VALUE |
At 31 December 2023 | 7,901 |
At 31 December 2022 | 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 |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 662,507 | 351,316 |
Accrued expenses |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |