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Company registration number: 08545014







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


BROETJE-AUTOMATION UK LTD.






































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BROETJE-AUTOMATION UK LTD.
 


 
COMPANY INFORMATION


Director
R Hansen 




Company secretary
A Lebona



Registered number
08545014



Registered office
Unit 6 Kings Court
Prince William Avenue

Sandycroft

Flintshire

CH5 2FG




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


BROETJE-AUTOMATION UK LTD.
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7

 


BROETJE-AUTOMATION UK LTD.
REGISTERED NUMBER:08545014



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1,592

Tangible assets
 5 
6,124
7,446

  
6,124
9,038

Current assets
  

Debtors due within one year
 6 
506,135
1,824,613

Cash at bank and in hand
  
235,021
550,826

  
741,156
2,375,439

Creditors: amounts falling due within one year
 7 
(1,849,087)
(3,044,019)

Net current liabilities
  
 
 
(1,107,931)
 
 
(668,580)

Total assets less current liabilities
  
(1,101,807)
(659,542)

  

Net liabilities
  
(1,101,807)
(659,542)


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
(1,201,807)
(759,542)

  
(1,101,807)
(659,542)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



R Hansen
Director

Date: 20 November 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


BROETJE-AUTOMATION UK LTD.
 


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

1.


General information

The principal activity of Broetje-Automation UK Ltd ('the company') is the supply of production equipment for the aviation industry.
Broetje-Automation UK Ltd is a private company limited by shares, incorporated and domiciled in England and Wales. Details of its registered office can be found on the company information page of the financial statements.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will continue to trade in operational existence for the foreseeable future. In making the assessment the director has considered the following information; 
The parent company and major creditor, Broetje-Automation GmbH, has confirmed that it will continue to provide financial resources as may be required for the company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. 
The wider Broetje Group has sufficient financing commitments in the form of €40m of bank guarantees of which €10.8m was utilised at the year end. In addition, a further €37.5.0million is available in the form of working capital lines, of which €10.5m was used. 
Furthermore, the ultimate parent company Shanghai Electric Group Company Limited, granted Broetje-Automation GmbH a loan in the amount of €50m under a loan arrangement dated 8 December 2020 for the term of a maximum of five years in order to ensure the solvency of the Group. As at 31 December 2023, €25m was utilised by Broetje-Automation GmbH. 
Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 


BROETJE-AUTOMATION UK LTD.
 


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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue shown in the income statement is in respect of on-going contracts has been recognised on a percentage of completion basis for the supply of production equipment for the aviation industry. The percentages applied have been based on the percentage of total project costs incurred during the period.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

Research and development expenditure is written off in the year which it is incurred.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 3

 


BROETJE-AUTOMATION UK LTD.
 


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

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Machinery
-
Straight line over 3 years
Equipment
-
Straight line over 5 and 10 years
Computer and technical equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 12).

Page 4

 


BROETJE-AUTOMATION UK LTD.
 


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

4.


Intangible assets




Trademarks
Computer software
Total

£
£
£



Cost


At 1 January 2023
21,218
76,709
97,927



At 31 December 2023

21,218
76,709
97,927



Amortisation


At 1 January 2023
19,626
76,709
96,335


Charge for the year on owned assets
1,592
-
1,592



At 31 December 2023

21,218
76,709
97,927



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
1,592
-
1,592



Page 5

 


BROETJE-AUTOMATION UK LTD.
 


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

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
8,554
12,535
75,798
96,887


Additions
-
-
925
925



At 31 December 2023

8,554
12,535
76,723
97,812



Depreciation


At 1 January 2023
2,139
11,504
75,798
89,441


Charge for the year on owned assets
1,711
366
170
2,247



At 31 December 2023

3,850
11,870
75,968
91,688



Net book value



At 31 December 2023
4,704
665
755
6,124



At 31 December 2022
6,415
1,031
-
7,446


6.


Debtors

2023
2022
£
£


Trade debtors
70,100
91,748

Amounts owed by group undertakings
83,918
1,358,417

Other debtors
42,812
39,633

VAT repayable
28,178
68,027

Prepayments and accrued income
261,517
225,879

Tax recoverable
19,610
40,909

506,135
1,824,613


Page 6

 


BROETJE-AUTOMATION UK LTD.
 


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
71,580
23,988

Amounts owed to group undertakings
1,670,178
2,900,216

Other taxation and social security
15,633
13,126

Other creditors
-
705

Accruals and deferred income
91,696
105,984

1,849,087
3,044,019



8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
55,338
28,230

Later than 1 year and not later than 5 years
193,123
-

248,461
28,230


9.


Parent Company

The immediate parent undertaking is Broetje-Automation GmbH, is the parent company of the group for which consolidated accounts are drawn up. Their registered office is Am Autobahnkreuz 14, 26180 Rastede, Germany.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 November 2024 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7