Company Registration No. 10863113 (England and Wales)
Bonison (uk) Limited
Unaudited accounts
for the year ended 31 July 2024
Bonison (uk) Limited
Unaudited accounts
Contents
Bonison (uk) Limited
Company Information
for the year ended 31 July 2024
Directors
Joanna Robinson
Louise Rawlinson
Company Number
10863113 (England and Wales)
Registered Office
Bonison (UK) Ltd
Unit 2
River Mole Business Park, Mill Road
Esher
Surrey
KT10 8BJ
England
Accountants
SA Ledgers Ltd
57 Canbury Park Road
Kingston
KT2 6LQ
Bonison (uk) Limited
Statement of financial position
as at 31 July 2024
Tangible assets
4,022
5,910
Inventories
255,000
172,194
Cash at bank and in hand
348,662
201,173
Creditors: amounts falling due within one year
(128,710)
(104,882)
Net current assets
531,333
368,541
Total assets less current liabilities
535,355
374,451
Provisions for liabilities
Deferred tax
(1,005)
(1,478)
Net assets
534,350
372,973
Called up share capital
102
102
Profit and loss account
534,248
372,871
Shareholders' funds
534,350
372,973
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by
Joanna Robinson
Director
Company Registration No. 10863113
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
Bonison (uk) Limited is a private company, limited by shares, registered in England and Wales, registration number 10863113. The registered office is Bonison (UK) Ltd, Unit 2, River Mole Business Park, Mill Road, Esher, Surrey, KT10 8BJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or
cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The tax expense represents the sum of the tax currently payable and deferred tax for the period.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further exdudes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
As part of the Company's commitment to maintaining transparency and accountability, Bonison UK Ltd routinely evaluates its ability to continue as a going concern in accordance with applicable accounting standards. A going concern assumes that the company will continue its operations and meet its obligations in the foreseeable future without the need for liquidation or significant restructuring.
The Directors of Bonison UK Ltd have carefully assessed the financial position and performance of the company, including projected revenues, operational plans, and market conditions. Based on these evaluations, the Directors confirm that Bonison UK Ltd is currently profitable and in a strong financial position, with no significant risks or uncertainties identified that would cast doubt on its ability to operate as a going concern.
The company's robust financial foundation, supported by consistent profitability and effective risk management strategies, ensures that Bonison UK Ltd can continue to meet its financial obligations and pursue its strategic goals. The Directors remain vigilant in monitoring the company’s financial health and are committed to taking necessary measures to preserve its stability and growth.
This policy statement will be reviewed and updated periodically to reflect any changes in the company’s financial circumstances or external market conditions.
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 August 2023
1,226
6,572
7,798
At 31 July 2024
1,226
6,572
7,798
At 1 August 2023
245
1,643
1,888
Charge for the year
245
1,643
1,888
At 31 July 2024
490
3,286
3,776
At 31 July 2024
736
3,286
4,022
At 31 July 2023
981
4,929
5,910
Amounts falling due within one year
Trade debtors
38,818
80,132
Accrued income and prepayments
10,466
10,466
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
17,742
28,333
Taxes and social security
79,550
74,987
Loans from directors
21,477
60
7
Deferred taxation
2024
2023
Accelerated capital allowances
1,005
1,478
Provision at start of year
1,478
-
(Credited)/charged to the profit and loss account
(473)
1,478
Provision at end of year
1,005
1,478
Bonison (uk) Limited
Notes to the Accounts
for the year ended 31 July 2024
Allotted, called up and fully paid:
102 Ordinary shares of £1 each
102
102
9
Operating lease commitments
2024
2023
At 31 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
23,336
23,336
Later than one year and not later than five years
54,452
77,788
10
Transactions with related parties
At the year end, there was an amount due to the Directors of £19,227 (2023: Amounts due to the Directors £60).
Dividends totalling £50,000 (2022 - £75,000) were paid in the year in respect of shares held by the company's directors.
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).