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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
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 |
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 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30th June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
Additions |
Impairments | (161 | ) | - | - | (161 | ) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
PROVISIONS |
At 1st July 2023 |
and 30th June 2024 | 1,152,135 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
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 | - |
Other debtors | 623,969 | 1,488,399 |
Directors' loan accounts | 285,034 | - | 10,000 | - |
Recoverable corporation tax | 77,740 | - |
VAT | - | - |
Prepayments and accrued income | 877,636 | 398,026 |
5,495,367 | 7,827,161 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 333,333 |
Trade creditors | 1,195,353 | 2,486,073 |
Amounts owed to group undertakings | 66,636 | - |
Tax | - | 441,377 |
Social security and other taxes | 548,314 | 539,695 |
Other creditors | - | 34,401 |
Directors' loan accounts | 35,141 | 83,359 | - | - |
Accruals and deferred income | 469,831 | 561,758 |
2,315,275 | 4,479,996 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | - | 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 | - | - |
Bank loans | - | 333,333 |
- | 333,333 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 30th June 2024 |
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 |