REGISTERED NUMBER: |
Bonus Electrical Limited |
Financial Statements for the Year Ended 30th June 2024 |
REGISTERED NUMBER: |
Bonus Electrical Limited |
Financial Statements for the Year Ended 30th June 2024 |
Bonus Electrical Limited (Registered number: 01191139) |
Contents of the Financial Statements |
for the year ended 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Bonus Electrical Limited |
Company Information |
for the year ended 30th June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
BANKERS: |
3rd Floor |
2 Whitehall Quay |
Leeds |
LS1 4HR |
SOLICITORS: |
Wilberforce Court |
High Street |
Hull |
HU1 1YJ |
Bonus Electrical Limited (Registered number: 01191139) |
Balance Sheet |
30th June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bonus Electrical Limited (Registered number: 01191139) |
Notes to the Financial Statements |
for the year ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Bonus Electrical Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principle accounting policies have remained unchanged from the previous year and are set out below. |
Turnover |
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. |
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. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The estimated useful lives are as follows: |
Plant and equipment - 7 years |
Motor vehicles - 4 years |
Leasehold property - 100 years |
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. |
Bonus Electrical Limited (Registered number: 01191139) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs |
The company operates a defined contribution pension scheme for certain employees. The pension cost represents the contribution payable to the pension schemes in respect of the accounting period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 30th June 2024 |
AMORTISATION |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
Bonus Electrical Limited (Registered number: 01191139) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by fellow subsidiaries |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to fellow subsidiaries |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Called up, allotted and fully |
paid | £1 | 2,003 | 2,003 |
Bonus Electrical Limited (Registered number: 01191139) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | 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 £2,865,970). |
National Westminster Bank PLC hold a charge created on 27th June 1980. The charge consists of a fixed and floating charge over all assets. The floating charge covers all of the property or undertaking of the company. The charge contains a negative pledge. |
11. | RELATED PARTY DISCLOSURES |
Included in other creditors are loans from the directors.These loans are unsecured, interest free, repayable on demand and amount to £95,121 (2023 £83,359). |
Rent is paid from Bonus Electrical to the Directors Pension Turst scheme amounting to £61,869 (2023: £61,869). |
12. | ULTIMATE CONTROLLING PARTY |
In the opinion of the director, the company's immediate and ultimate parent company is Bonus Electrical Group Limited, a company registered in England. Copies of the group financial statements of Bonus Electrical Group Limited can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ. |