Company registration number: 08545014
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FOR THE YEAR ENDED
31 DECEMBER 2023
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BROETJE-AUTOMATION UK LTD.
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BROETJE-AUTOMATION UK LTD.
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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BROETJE-AUTOMATION UK LTD.
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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BROETJE-AUTOMATION UK LTD.
REGISTERED NUMBER:08545014
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 2 to 7 form part of these financial statements.
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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.
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Foreign currency translation
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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.
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Research and development expenditure is written off in the year which it is incurred.
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.
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.
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.
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.
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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:
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Straight line over 3 years
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Straight line over 5 and 10 years
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Computer and technical equipment
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Straight line over 3 years
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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.
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.
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The average monthly number of employees, including directors, during the year was 13 (2022 - 12).
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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BROETJE-AUTOMATION UK LTD.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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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.
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.
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