IRIS Accounts Production v24.3.2.46 01422329 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 Bonus Electrical Group Limited is engaged in business administration, the ownership of shares in group companies and property rental to group companies. The principal activities of its trading subsidiaries are as follows: ++ The principal activities of Trade In Limited are the operation of a trade points' scheme and asset leasing. ++ The principal activity of Bonus Securities Limited is property investment. ++ The principal activity of the other trading companies continue to be the manufacture, stocking and distribution of electrical accessories. 0 0 true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014223292023-06-30014223292024-06-30014223292023-07-012024-06-30014223292022-06-30014223292022-07-012023-06-30014223292023-06-3001422329ns15:EnglandWales2023-07-012024-06-3001422329ns14:PoundSterling2023-07-012024-06-3001422329ns10:Director12023-07-012024-06-3001422329ns10:Consolidated2024-06-3001422329ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3001422329ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3001422329ns10:Consolidatedns10:FRS1022023-07-012024-06-3001422329ns10:Consolidatedns10:Audited2023-07-012024-06-3001422329ns10:LargeCompaniesRegimeForDirectorsReport2023-07-012024-06-3001422329ns10:LargeCompaniesRegimeForAccounts2023-07-012024-06-3001422329ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2023-07-012024-06-3001422329ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2023-07-012024-06-3001422329ns10:FullAccounts2023-07-012024-06-300142232912023-07-012024-06-3001422329ns10:OrdinaryShareClass12023-07-012024-06-3001422329ns10:Consolidated2023-07-012024-06-3001422329ns10:Director32023-07-012024-06-3001422329ns10:Director42023-07-012024-06-3001422329ns10:CompanySecretary12023-07-012024-06-3001422329ns10:RegisteredOffice2023-07-012024-06-3001422329ns10:Director22023-07-012024-06-3001422329ns10:Consolidated2022-07-012023-06-3001422329ns5:CurrentFinancialInstruments2024-06-3001422329ns5:CurrentFinancialInstruments2023-06-3001422329ns5:Non-currentFinancialInstruments2024-06-3001422329ns5:Non-currentFinancialInstruments2023-06-3001422329ns5:ShareCapital2024-06-3001422329ns5:ShareCapital2023-06-3001422329ns5:RetainedEarningsAccumulatedLosses2024-06-3001422329ns5:RetainedEarningsAccumulatedLosses2023-06-3001422329ns5:ShareCapital2022-06-3001422329ns5:RetainedEarningsAccumulatedLosses2022-06-3001422329ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3001422329ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3001422329ns5:NetGoodwill2023-07-012024-06-3001422329ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3001422329ns5:ComputerSoftware2023-07-012024-06-3001422329ns5:LandBuildings2023-06-3001422329ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3001422329ns5:MotorVehicles2023-06-3001422329ns5:LandBuildings2023-07-012024-06-3001422329ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3001422329ns5:MotorVehicles2023-07-012024-06-3001422329ns5:LandBuildings2024-06-3001422329ns5:LongLeaseholdAssetsns5:LandBuildings2024-06-3001422329ns5:MotorVehicles2024-06-3001422329ns5:LandBuildings2023-06-3001422329ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3001422329ns5:MotorVehicles2023-06-3001422329ns5:CostValuation2023-06-3001422329ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3001422329ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3001422329ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-3001422329ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-3001422329ns10:OrdinaryShareClass12024-06-3001422329ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 01422329 (England and Wales)


















Bonus Electrical Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th June 2024






Bonus Electrical Group Limited (Registered number: 01422329)






Contents of the Consolidated Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Bonus Electrical Group Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: S T E Boanas
T S E Boanas
Mrs P Boanas



SECRETARY: J Henriksen



REGISTERED OFFICE: Unit 1 Kingswood Business Park
Connaught Road
Hull
HU7 3AP



REGISTERED NUMBER: 01422329 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA



BANKERS: National Westminster Bank plc
3rd Floor
2 Whitehall Quay
Leeds
LS1 4HR

Bonus Electrical Group Limited (Registered number: 01422329)

Group Strategic Report
for the year ended 30th June 2024

The directors present their strategic report of the company and the group for the year ended 30th June 2024.

PRINCIPAL ACTIVITY
Bonus Electrical Group Limited is engaged in business administration, the ownership of shares in group companies and property rental to group trading companies. The principal activities of its subsidiaries are as follows:

The principal activity of Bonus Securities Limited is property investment, letting mostly to other group companies.

The principal activity of the other trading companies continues to be the manufacture, stocking and distribution of electrical accessories.

REVIEW OF BUSINESS
The group has seen turnover and gross margins decrease to £21M (2023: £34.6M) and 25% (2023: 28.50%) respectively. The results reflect the challenging trading conditions being experienced within the caravan industry, the groups primary market.

The directors consider management of the group's stock and debtors as key areas for which key performance indicators are appropriate. Stock levels have decreased to £6.9M (2023 £7.8M) reflecting the ongoing activity levels and group's ability to manage sudden price volatility to customers. Trade Debtors have decreased to £3.6M (2023 £5.9M) as a result of the slowdown experienced in the year and a focus on credit control processes.

The group enters the next financial year in a more challenging environment for its core market but with a solid business and strong capital base.

PRINCIPAL RISKS AND UNCERTAINTIES
The group continues to operate in competitive markets. To reduce the risk, it undertakes research to ensure that it develops appropriate products that satisfy the needs of their customers. The group continues to invest on product development to ensure that it has various products at various stages of the product life cycle.

FINANCIAL INSTRUMENTS
The group's financial risk management objectives and policies are operated by the board. Interest rates are not considered to be a significant risk as the group does not envisage any further bank borrowings in the foreseeable future.

The company does not trade in financial instruments.

SIGNED ON BEHALF OF THE BOARD:





S T E Boanas - Director


27th March 2025

Bonus Electrical Group Limited (Registered number: 01422329)

Report of the Directors
for the year ended 30th June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024.

DIVIDENDS
Ordinary dividends were paid in the year amounting to £300,000 (2023: Nil). The directors do not recommend the payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

S T E Boanas
T S E Boanas
Mrs P Boanas

Other changes in directors holding office are as follows:

R Jackson - resigned 23rd January 2024

EMPLOYEE INVOLVEMENT
Information is given to employees to inform them of matters of interest concerning the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Bonus Electrical Group Limited (Registered number: 01422329)

Report of the Directors
for the year ended 30th June 2024


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED ON BEHALF OF THE BOARD:





S T E Boanas - Director


27th March 2025

Report of the Independent Auditors to the Members of
Bonus Electrical Group Limited

Opinion
We have audited the financial statements of Bonus Electrical Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bonus Electrical Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Bonus Electrical Group Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and

-
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive,
and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Bramall BSc FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

28th March 2025

Bonus Electrical Group Limited (Registered number: 01422329)

Consolidated Statement of Comprehensive Income
for the year ended 30th June 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 20,968,653 34,616,679

Cost of sales 15,728,430 24,748,064
GROSS PROFIT 5,240,223 9,868,615

Distribution costs 465,536 653,339
Administrative expenses 4,287,014 4,751,588
4,752,550 5,404,927
487,673 4,463,688

Other operating income 170,536 145,536
OPERATING PROFIT 5 658,209 4,609,224

Interest receivable and similar income 47,664 6,001
705,873 4,615,225

Interest payable and similar expenses 6 4,548 31,204
PROFIT BEFORE TAXATION 701,325 4,584,021

Tax on profit 7 187,876 897,648
PROFIT FOR THE FINANCIAL YEAR 513,449 3,686,373

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

513,449

3,686,373

Profit attributable to:
Owners of the parent 510,615 3,686,373
Non-controlling interests 2,834 -
513,449 3,686,373

Total comprehensive income attributable to:
Owners of the parent 510,615 3,686,373
Non-controlling interests 2,834 -
513,449 3,686,373

Bonus Electrical Group Limited (Registered number: 01422329)

Consolidated Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 4,542 -
Tangible assets 11 6,784,554 6,930,751
Investments 12 - -
6,789,096 6,930,751

CURRENT ASSETS
Stocks 13 6,940,085 7,796,136
Debtors 14 5,495,367 7,827,161
Cash at bank 3,389,579 2,094,645
15,825,031 17,717,942
CREDITORS
Amounts falling due within one year 15 2,315,275 4,479,996
NET CURRENT ASSETS 13,509,756 13,237,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,298,852

20,168,697

CREDITORS
Amounts falling due after more than one
year

16

-

83,334
NET ASSETS 20,298,852 20,085,363

CAPITAL AND RESERVES
Called up share capital 19 100 100
Capital reserve 20 399,463 399,463
Retained earnings 20 19,896,415 19,685,800
SHAREHOLDERS' FUNDS 20,295,978 20,085,363

NON-CONTROLLING INTERESTS 21 2,874 -
TOTAL EQUITY 20,298,852 20,085,363

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





S T E Boanas - Director


Bonus Electrical Group Limited (Registered number: 01422329)

Company Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,316,058 4,288,919
Investments 12 257,270 257,270
4,573,328 4,546,189

CURRENT ASSETS
Debtors 14 872,705 304,872
Cash at bank 677,372 -
1,550,077 304,872
CREDITORS
Amounts falling due within one year 15 39,220 1,891,282
NET CURRENT ASSETS/(LIABILITIES) 1,510,857 (1,586,410 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,084,185

2,959,779

CREDITORS
Amounts falling due after more than one
year

16

-

83,334
NET ASSETS 6,084,185 2,876,445

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 6,084,085 2,876,345
SHAREHOLDERS' FUNDS 6,084,185 2,876,445

Company's profit/(loss) for the financial
year

3,507,740

(224,255

)

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





S T E Boanas - Director


Bonus Electrical Group Limited (Registered number: 01422329)

Consolidated Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Capital
capital earnings reserve
£    £    £   
Balance at 1st July 2022 100 15,999,427 399,463

Changes in equity
Total comprehensive income - 3,686,373 -
Balance at 30th June 2023 100 19,685,800 399,463

Changes in equity
Dividends - (300,000 ) -
Total comprehensive income - 510,615 -
Balance at 30th June 2024 100 19,896,415 399,463
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st July 2022 16,398,990 - 16,398,990

Changes in equity
Total comprehensive income 3,686,373 - 3,686,373
Balance at 30th June 2023 20,085,363 - 20,085,363

Changes in equity
Increase in share capital - 40 40
Dividends (300,000 ) - (300,000 )
Total comprehensive income 510,615 2,834 513,449
Balance at 30th June 2024 20,295,978 2,874 20,298,852

Bonus Electrical Group Limited (Registered number: 01422329)

Company Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2022 100 3,100,600 3,100,700

Changes in equity
Total comprehensive income - (224,255 ) (224,255 )
Balance at 30th June 2023 100 2,876,345 2,876,445

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 3,507,740 3,507,740
Balance at 30th June 2024 100 6,084,085 6,084,185

Bonus Electrical Group Limited (Registered number: 01422329)

Consolidated Cash Flow Statement
for the year ended 30th June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 3,135,544 3,405,179
Interest paid (4,548 ) (31,204 )
Tax paid (706,993 ) (799,886 )
Net cash from operating activities 2,424,003 2,574,089

Cash flows from investing activities
Purchase of intangible fixed assets (4,599 ) -
Purchase of tangible fixed assets (128,745 ) (967,792 )
Sale of tangible fixed assets 6,489 79,999
Payment to acquire minority interest 40 -
Interest received 47,664 6,001
Net cash from investing activities (79,151 ) (881,792 )

Cash flows from financing activities
Loan repayments in year (416,666 ) (333,333 )
Amount introduced by directors 35,141 1,005
Amount withdrawn by directors (368,393 ) (499,974 )
Equity dividends paid (300,000 ) -
Net cash from financing activities (1,049,918 ) (832,302 )

Increase in cash and cash equivalents 1,294,934 859,995
Cash and cash equivalents at
beginning of year

27

2,094,645

1,234,650

Cash and cash equivalents at end of
year

27

3,389,579

2,094,645

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

Bonus Electrical Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

The principle accounting policies are set out below.

Basis of consolidation
The group financial statements consolidate the financial statements of Bonus Electrical Group Limited and all its subsidiaries for the year ended 30 June 2024. The subsidiary undertakings have been accounted for under the acquisition method of accounting. No company Statement of Comprehensive Income is presented for Bonus Electrical Group Limited as permitted by section 408 of the Companies Act 2006.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill arising on the excess of cost of aquisition over the fair value of the group's share of the identifiable net assets of the acquired subsidiary at the date of acquisition, is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over 5 years, which the directors consider to be its useful economic life. Goodwill is tested for impairment at least annually. Any impairment is recognised immediately in the profit and loss account.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Intangible fixed assets

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- 2% on cost
Leasehold property- over lease term
Plant and machinery- between 10% and 33%
Motor vehicles- 25% on cost

Investments
Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are traded publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 tax
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.

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

All exchange differences are accounted for in the statement of comprehensive income.

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

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The group operates a defined contribution plan for the benefit of its employees. Contributions are expensed to the statement of comprehensive income as they become payable.

Going concern
The directors, having considered the trading conditions in the year/post year end, along with the expected cash flows, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales of goods 20,964,763 34,590,012
Rents received - 20,000
Management charges 3,890 6,667
20,968,653 34,616,679

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

4. EMPLOYEES AND DIRECTORS

2024 2023
£ £
Staff costs during this period (including directors)
Wages and salaries 3,467,167 3,681,898
Social security costs 303,164 356,676
Pension costs 67,226 79,031
3,837,556 4,117,605


2024 2023
No No
Average number of persons employed
Sales and distribution 78 90
Administration 29 33
108 123

2024 2023
£    £   
Directors' remuneration 385,750 442,148

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 356,997 418,148

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 357,049 389,266
Depreciation - owned assets 266,161 187,516
Profit on disposal of fixed assets (9,207 ) (50,665 )
Computer software amortisation 57 -
Auditors' remuneration 40,250 38,354
Foreign exchange differences (6,679 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 4,548 31,204

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 187,876 897,648
Tax on profit 187,876 897,648

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 701,325 4,584,021
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20.496 %)

175,331

939,541

Effects of:
Expenses not deductible for tax purposes 106,821 79,594
Income not taxable for tax purposes (2,302 ) (10,386 )
Depreciation in excess of capital allowances 225,564 123,747
Utilisation of tax losses - (33,852 )
Adjustments to tax charge in respect of previous periods (26,280 ) (13,480 )
Unprovided deferred tax movements (266,215 ) (187,516 )

R&D claim (24,907 ) -
Marginal Relief (136 ) -
Total tax charge 187,876 897,648

The group has tax losses arising in the UK of £222,405 (2023 £96,227) that are available indefinitely for offset against future taxable profits of those companies in which the losses arose.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 300,000 -

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1st July 2023 39,365 - 39,365
Additions - 4,599 4,599
At 30th June 2024 39,365 4,599 43,964
AMORTISATION
At 1st July 2023 39,365 - 39,365
Amortisation for year - 57 57
At 30th June 2024 39,365 57 39,422
NET BOOK VALUE
At 30th June 2024 - 4,542 4,542
At 30th June 2023 - - -

11. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1st July 2023 3,817,086 2,925,396 674,263 743,567 8,160,312
Additions - - 28,684 96,025 124,709
Disposals - - - (41,774 ) (41,774 )
Impairments (161 ) - - - (161 )
Reclassification - - 9,749 (9,749 ) -
At 30th June 2024 3,816,925 2,925,396 712,696 788,069 8,243,086
DEPRECIATION
At 1st July 2023 - 461,837 352,020 415,704 1,229,561
Charge for year 32,691 23,843 66,560 143,067 266,161
Eliminated on disposal - - - (37,190 ) (37,190 )
Reclassification/transfer - - 37,912 (37,912 ) -
At 30th June 2024 32,691 485,680 456,492 483,669 1,458,532
NET BOOK VALUE
At 30th June 2024 3,784,234 2,439,716 256,204 304,400 6,784,554
At 30th June 2023 3,817,086 2,463,559 322,243 327,863 6,930,751

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Long Motor
property leasehold vehicles Totals
£    £    £    £   
COST
At 1st July 2023 2,974,219 1,776,537 - 4,750,756
Additions - - 79,025 79,025
Impairments (161 ) - - (161 )
At 30th June 2024 2,974,058 1,776,537 79,025 4,829,620
DEPRECIATION
At 1st July 2023 - 461,837 - 461,837
Charge for year 26,691 10,195 14,839 51,725
At 30th June 2024 26,691 472,032 14,839 513,562
NET BOOK VALUE
At 30th June 2024 2,947,367 1,304,505 64,186 4,316,058
At 30th June 2023 2,974,219 1,314,700 - 4,288,919

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 1,409,405
PROVISIONS
At 1st July 2023
and 30th June 2024 1,152,135
NET BOOK VALUE
At 30th June 2024 257,270
At 30th June 2023 257,270


Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

12. FIXED ASSET INVESTMENTS - continued


Investments are held at cost less impairment as fair value cannot be reliably determined.

The company has the following subsidiary companies in which the group and parent company hold 20% or more of the nominal value of any class of share capital at 30 June 2024, all of which are registered in England and Wales and involved in the wholesale manufacture and distribution of electrical goods and the manufacture and distribution of electrical accessories, unless otherwise stated:

Class Percentage Nature of trade

Bonus Electrical Limited Ordinary 100% Retail of electrical products

Bonus Accessories Limited Ordinary 100% Retail of electrical products

Motorcycle Electrical Services Limited Ordinary 100% Retail of electrical products

Electricalstock.com Limited Ordinary 100% Retail of electrical products

Bonus Control Systems Limited Ordinary 100% Retail of electrical products

Bonus Securities Limited Ordinary 100% Property investment

Trade In Limited Ordinary 100% Dormant

Plug In Systems Limited Ordinary 100% Dormant

Continental Electrical Components (UK)
Limited

Ordinary

20%

Dormant

The remaining 80% of Continental Electrical Components (UK) Limited is held by Plug In Systems Limited.

Project Furnishings Limited is 60% owned by Bonus Accessories Limited. The remaining 40% is externally owned.

13. STOCKS

Group
2024 2023
£    £   
Raw materials 507,947 412,447
Work-in-progress 56,892 51,972
Finished goods 6,375,246 7,331,717
6,940,085 7,796,136

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,564,352 5,940,736 - -
Amounts owed by group undertakings 66,636 - 149,658 -
Other debtors 623,969 1,488,399 200,000 200,000
Directors' loan accounts 285,034 - 10,000 -
Recoverable corporation tax 77,740 - - -
VAT - - 6,878 100,669
Prepayments and accrued income 877,636 398,026 506,169 4,203
5,495,367 7,827,161 872,705 304,872

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) - 333,333 - 1,851,025
Trade creditors 1,195,353 2,486,073 3,900 10,500
Amounts owed to group undertakings 66,636 - 18,512 10,780
Tax - 441,377 11,916 1,140
Social security and other taxes 548,314 539,695 444 290
Other creditors - 34,401 - -
Directors' loan accounts 35,141 83,359 - -
Accruals and deferred income 469,831 561,758 4,448 17,547
2,315,275 4,479,996 39,220 1,891,282

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) - 83,334 - 83,334

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - - 1,517,692
Bank loans - 333,333 - 333,333
- 333,333 - 1,851,025
Amounts falling due between one and two years:
Bank loans - 1-2 years - 83,334 - 83,334

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 316,527 226,200
Between one and five years 1,201,900 675,600
In more than five years 851,765 -
2,370,192 901,800

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

20. RESERVES

Group
Retained Capital
earnings reserve Totals
£    £    £   

At 1st July 2023 19,685,800 399,463 20,085,263
Profit for the year 510,615 - 510,615
Dividends (300,000 ) - (300,000 )
At 30th June 2024 19,896,415 399,463 20,295,878

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

20. RESERVES - continued

Company
Retained
earnings
£   

At 1st July 2023 2,876,345
Profit for the year 3,507,740
Dividends (300,000 )
At 30th June 2024 6,084,085

Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

21. NON-CONTROLLING INTERESTS

Non-controlling interest represents a 40% shareholding in Project Furnishings Limited.

22. PENSION COMMITMENTS

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the fund and amounts to £70,663 (2023 £67,469). Amounts accrued at 30th June 2024 were £17,723 (2023 £15,893).

23. CONTINGENT LIABILITIES

The company has given unlimited guarantees in respect of the bank borrowings of fellow group companies. The amount outstanding under this guarantee at 30 June 2024 was £817,729 (2023 £1,348,278).

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the group entered into transactions with related parties in the ordinary course of business.

As at 30 June 2024 the company was owed £249,893 (2023: £320,385) by its directors. This balance is included within other debtors.

As at 30 June 2024 the company was owed £0 (2023: £212,115) by close family members of directors. This balance is included within other debtors.

The above loans are repayable on demand and accrue no interest.

Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

24. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£    £   
Sales 915,935 1,268,247
Purchases 94,075 65,571
Amount due from related party 583,531 781,194
Amount due to related party 29,640 69,451

Key management personnel are considered to be the directors of the company.

25. ULTIMATE CONTROLLING PARTY

The directors consider the controlling party to be Mr T S E Boanas, a director of the company.

26. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 701,325 4,584,021
Depreciation charges 266,215 187,516
Loss/(profit) on disposal of fixed assets 2,294 (50,665 )
Finance costs 4,548 31,204
Finance income (47,664 ) (6,001 )
926,718 4,746,075
Decrease/(increase) in stocks 856,051 (1,459,594 )
Decrease in trade and other debtors 2,761,204 674,450
Decrease in trade and other creditors (1,408,429 ) (555,752 )
Cash generated from operations 3,135,544 3,405,179

27. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,389,579 2,094,645
Year ended 30th June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 2,094,645 1,234,650


Bonus Electrical Group Limited (Registered number: 01422329)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

28. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 2,094,645 1,294,934 3,389,579
2,094,645 1,294,934 3,389,579
Debt
Debts falling due within 1 year (333,333 ) 333,333 -
Debts falling due after 1 year (83,334 ) 83,334 -
(416,667 ) 416,667 -
Total 1,677,978 1,711,601 3,389,579