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Registered number: 01325869
















BOTT LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































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BOTT LIMITED

 
COMPANY INFORMATION


DIRECTORS
E J Hartman 
N R Smith 
M Wosnitzka 




REGISTERED NUMBER
01325869



REGISTERED OFFICE
Bude-Stratton Business Park

Bude

Cornwall

EX23 8LY




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






BOTT LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 8
Directors' responsibilities statement
 
9
Independent auditors' report
 
10 - 13
Statement of income and retained earnings
 
14
Statement of financial position
 
15
Statement of cash flows
 
16
Analysis of net debt
 
17
Notes to the financial statements
 
18 - 31



BOTT LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL ACTIVITY
 
The principal activity of the company is that of the manufacture and installation of industrial storage equipment and in-vehicle conversion.

BUSINESS REVIEW
 
The company remains focused on its main objective of being a key contributor to the long-term profitability of the Bott Group and seeks to achieve this by maximising sales revenues, whilst driving down costs of operation.  Active market research provides valuable insights which, when combined with continuous improvement of products, services and processes, enables the company to deliver fit-for-purpose solutions for its clients.
The market leading solutions provided by Bott Ltd are a direct result of the ongoing investment in innovation and technological excellence. Our product management teams are constantly working on maximising the offerings of our storage solutions and ensuring our robust reputation for quality continues to deepen in such a competitive market place. Investment in Group collaborative product expertise and manufacturing competencies, will see both the UK and the full Bott Group, enjoy new heights of efficiencies, whilst being able to offer worldwide Customers an elevated range of products and services. These opportunities are being maximised by Bott Ltd’s valuable intellectual capital; in-house expertise that has been further nurtured in year by extensive training and development programmes. The business dedicates these investments as an acknowledgement of the ongoing change in industry and the need to be tenacious in an ever challenging landscape.  A key lever in our growth and offering to our customers is the development of our regional network, via partners and direct facilities. This theme of regionalisation will continue to be a strong driver in the coming year, particularly cognisant of not only achieving a wider sales channel potential, but supporting wider ESG concepts such as deployment of local labour, proximity of vehicles to customers (reduce mileages incurred).  
Bott Ltd achieved a final revenue figure of £51,649,539, which was a 4% decline versus the previous year. The year presented many national and international political changes that gave our Customers understandable uncertainties. This meant some significant orders were delayed and we anticipate seeing revenues in 2025 that may have been expected in the 2024 financial year. Pre-tax net profits for 2024 saw a similar trajectory at £2,822,476 (2023: £3,034,572). The Board are comfortable that the year’s performance has been subject to timing influences and are delighted that the usual strong balance sheet position is again maintained, ready for an extremely busy coming year of Customer growth, significantly extended throughput and geographical stretch; all whilst continuing our constant attention to internal development, process excellence and business agility.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Board continues to assert that the company is in a financially robust position, proven through resilience during the impact of Covid-19 and Brexit in 2020 and 2021; followed by the regrettable impact of the Eastern European conflict and the cost crisis experienced globally within 2022 and 2023. Consistent, robust controls of overhead costs and working capital have ensured that the business balance sheet remains in a strong position.  
Risks continue to surround the marketplace in general with regards to material supply and price increases (predominantly linked to geopolitical uncertainty and national labour cost increases).  We continue to monitor and manage this situation, adapting our procurement activities accordingly to remain as efficient as possible at all times.  
We continued to invest, despite the global challenges, in our facilities, plant, digital tools, product and talent development. It is recognised that the world is changing and Bott Ltd continue to obtain the right resources to adapt, grow and thrive. 

Page 1


BOTT LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

OTHER KEY PERFORMANCE INDICATORS
 
The company is committed to conducting its business in an ethically responsible manner and this commitment has been recognised in that the operating and management systems have been certified as meeting the standards required by ISO 45001 (Occupational Health and Safety Management), ISO 14001 (Environmental Management) as well as ISO 9001 (Quality Management). The topic of corporate, social and environmental governance continues to be greatly important to the business and Bott Ltd have a formal ESG Steering Committee in place. This dedicated, interdisciplinary group of mindful employees focus on all areas of the company to ensure Bott Ltd is pro-active in absolute sustainability, community protection and environmental kindness.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The Board takes its Companies Act Section 172 duty to promote the success of the company very seriously and considers the company's stakeholders when making decisions.
The Board, both individually and together, consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006) in the decisions taken during the year. The Board intention is to behave responsibly towards all shareholders and treat them fairly and equally, ensuring all benefit from the successful delivery of plan. The Board of Directors has overall responsibility for determining the company’s purpose, values and strategy and for ensuring high standards of governance. The primary aim of the Board is to promote the long-term sustainable success of the company, generating value for shareholders and contributing to wider society. Key stakeholders include employees, shareholders, suppliers, customers, creditors and others of the business. It is essential to maintain open and transparent communications with all parties to ensure relationships are supported and progressed. Bott Ltd employees have received quarterly presentations from the Board, engagement via company social media, video conferences and consistent written updates. Wider business stakeholders have also received dedicated engagement via visual and written media. The Board considers stakeholder relations imperative for the development and success of the business and will continue to prioritise clear and engaging communications moving forward.


This report was approved by the board and signed on its behalf.



E J Hartman
Director

Date: 9 May 2025

Page 2


BOTT LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,194,479 (2023: £2,315,290).

A dividend of £1,125,431 (2023: £1,214,365) was paid during the financial year. 

DIRECTORS

The directors who served during the year were:

E J Hartman 
N R Smith 
M Wosnitzka 

FUTURE DEVELOPMENTS

Looking forward, the business development focus is within the growth of our geographical footprint, both nationally and internationally; collaborating deeply with our Group colleagues to combine expertise with agility and manufacturing prowess. This, combined with our dedication to ESG, will drive many of our 2025 initiatives.

ENGAGEMENT WITH EMPLOYEES

Bott Ltd’s commitment and investment to employee engagement continued through 2024, with additional initiatives launched in-year and plans already scheduled for 2025. The employee assistance programme remains in place, run by professional external counsellors who are able to give advice and support to all employees. The business continues to maintain high levels of employee communication and engagement to ensure the full team feels supported, connected and informed.
The Bott Academy, an umbrella for future training and development, successfully completed its third year with the 2025 programme already underway. The Academy is proving to be an inspirational experience, nurturing new leaders and organically establishing business succession planning. The employee dialogue process continues to run, further heightening the personal and professional growth of our colleagues. The company also continues to invest in an apprenticeship program and have many open days scheduled across all sites to encourage local future workers to come and experience the Bott Ltd way.  
Bott Ltd will continue to invest, innovate and develop strategies for engagement across the company, aspiring to be the employer of choice.

Page 3


BOTT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Bott Ltd are a world-leading manufacturer and supplier of workshop equipment, in-vehicle equipment and workplace systems. The company commitment to a high quality of product and service is borne through investment in people, technology, innovation and supplier infrastructure. Long term relationships are maintained throughout the supply chain in recognition of their integral contribution to the business.
Bott Ltd customers cover a diverse range of sectors and Bott understands that it forms a vital part of their supply chain and services. Long-term partnerships have developed over many years and the mutual commitment is highly valued. Bott always recognises its vertical and horizontal commitments and is active in its working collaboration of all stakeholders. In particular, an active approach is always taken in trade associations / government bodies to provide supporting guidance and resources as necessary.
Internal structures and approval processes provide the business with the agility to make localised decisions, whilst ensuring transparency, accountability and full governance.  As a company that manufactures and supplies solutions, environmental focus is evident in practical solutions such as using rainwater for manufacturing processes, solar panels for generating energy and steering away from non-renewable fuel sources. Constant attention is given to innovative development to support industry growth and customer sustainability, such as lighter vehicle racking components to reduce the overall vehicle weights.
With operations in Bude, Ashby and Cumbernauld, local community support also plays an important part of the Bott Ltd heritage in the UK. Whether supporting charities, local initiatives and schemes or individuals, corporate social responsibility is something Bott is proud to sponsor and represent. The company has an Environmental, Social and Governance (ESG) steering committee to guide the business through further development, learning and investment in our corporate conscience; ensuring ESG values are progressed, monitored and continuously embedded in the organisation.

DISABLED EMPLOYEES

The Company’s policy is to provide, wherever possible, employment and training and development opportunities for disabled people. It is also committed to supporting employees who become disabled and helping disabled employees make the best possible use of their skills and potential.

Page 4


BOTT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Companies (Directors' Report) and Limited Liabilities Partnership (Energy and Carbon) Regulations 2018, implemented the government's policy on Streamlined Energy and Carbon Reporting (SECR). Under these regulations Bott Ltd is required to disclose UK energy use, associated greenhouse gas (GHG) emissions and other related information.

Bott Ltd are highly concerned with the impact of industrial pollution and are working to make positive environmental changes wherever possible.
Many of the environmental projects are ongoing, with additional positive impacts and improvements expected over the coming years.
Bott Ltd achievements and initiatives include:
The use of solar energy via established solar panels.
Rain water collection and use.
Wide recycling within raw materials, office consumables and staff food packaging.
Sponsoring community tree planting.
Environmentally compliant fleet with minimised emissions.
Research and development into offerings for alternative fuel vehicles.
Responsibly sourced raw materials, recycled where possible.
Minimising single use packaging materials.
Restricting staff travel between sites.
Lighting systems throughout the company use LED systems to reduce electricity consumption.
Products are manufactured to provide a long service life (10-year guarantee) which minimises the amount   entering the recycling chain.

Methodologies used in calculations
Energy usage and consumption date was gathered throughout the year and the associated greenhouse gas (C02) emissions were calculated using appropriate conversion rates.
Data was gathered for the consumption of energy as follows:
 
Annual purchase of electricity for our own use in kWh
Annual purchase of gas for our own use in kWh
Annual use of fuel based on fuel purchased in litres
Annual use of transport based on mileage
Haulage: all HGVs calculated using average laden
Cars/vans: calculated using average diesel consumption per car

In relation to energy use, Bott have established measurement methodologies and are always working to maximise efficiencies. Consumption data is declared below:

 
Page 5


BOTT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 6


BOTT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

2023 Comparative Information: 
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DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 7


BOTT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






E J Hartman
Director

Date: 9 May 2025

Bude-Stratton Business Park
Bude
Cornwall
EX23 8LY

Page 8


BOTT LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 9


BOTT LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED
OPINION


We have audited the financial statements of Bott Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of net debt and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 10


BOTT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED (CONTINUED)

OPINION 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 9, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 11


BOTT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED (CONTINUED)

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We have considered the nature of the sector, control environment and financial performance;
We have considered the results of enquiries with management in relation to their own identification and assessment of the risk of irregularities within the entity;
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty, including Health and Safety, ISO accreditations, Employment Law and Data Protection legislation.
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing Board meeting minutes;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year end cut-off; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


 
Page 12


BOTT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.






Kevin Connor FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

9 May 2025
Page 13


BOTT LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
51,649,539
53,749,477

Cost of sales
  
(39,316,994)
(41,969,932)

Gross profit
  
12,332,545
11,779,545

Distribution costs
  
(3,091,507)
(2,958,825)

Administrative expenses
  
(6,460,029)
(5,799,760)

Other operating income
 5 
1,455
32,076

Operating profit
 6 
2,782,464
3,053,036

Interest receivable and similar income
 10 
56,134
-

Interest payable and similar expenses
 11 
(16,122)
(18,464)

Profit before tax
  
2,822,476
3,034,572

Tax on profit
 12 
(627,997)
(719,282)

Profit after tax
  
2,194,479
2,315,290

  

  

Retained earnings at the beginning of the year
  
20,804,865
19,703,940

Profit for the year
  
2,194,479
2,315,290

Dividends
  
(1,125,431)
(1,214,365)

Retained earnings at the end of the year
  
21,873,913
20,804,865

The notes on pages 18 to 31 form part of these financial statements.

Page 14


BOTT LIMITED
REGISTERED NUMBER:01325869

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
12,837,910
12,605,212

Current assets
  

Stocks
 15 
3,866,300
5,209,542

Debtors: amounts falling due within one year
 16 
9,088,546
10,770,064

Cash at bank and in hand
 17 
6,351,753
4,762,629

  
19,306,599
20,742,235

Creditors: amounts falling due within one year
 18 
(7,830,727)
(10,078,164)

Net current assets
  
 
 
11,475,872
 
 
10,664,071

Total assets less current liabilities
  
24,313,782
23,269,283

Creditors: amounts falling due after more than one year
 19 
(116,516)
(195,283)

Provisions for liabilities
  

Deferred tax
 21 
(729,132)
(669,254)

Other provisions
 22 
(94,221)
(99,881)

  
 
 
(823,353)
 
 
(769,135)

Net assets
  
23,373,913
22,304,865


Capital and reserves
  

Called up share capital 
 23 
1,500,000
1,500,000

Profit and loss account
 24 
21,873,913
20,804,865

  
23,373,913
22,304,865


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





E J Hartman
Director

Date: 9 May 2025

The notes on pages 18 to 31 form part of these financial statements.

Page 15


BOTT LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,194,479
2,315,290

Adjustments for:

Depreciation of tangible assets
644,246
687,578

(Profit)/loss on disposal of tangible assets
(17,527)
(28,964)

Interest paid
16,122
18,464

Interest received
(56,134)
-

Taxation charge
627,997
719,282

Decrease in stocks
1,343,242
1,927,647

Decrease/(increase) in debtors
1,952,726
(1,505,451)

(Increase)/decrease in amounts owed by groups
(67,957)
169,575

(Decrease)/increase in creditors
(2,174,606)
777,785

(Decrease) in provisions
(5,660)
(1,086)

Corporation tax (paid)
(788,067)
(617,668)

Net cash generated from operating activities

3,668,861
4,462,452


Cash flows from investing activities

Purchase of tangible fixed assets
(929,208)
(366,443)

Sale of tangible fixed assets
69,791
92,399

Net cash from investing activities

(859,417)
(274,044)

Cash flows from financing activities

Repayment of finance leases
(78,767)
(78,139)

Dividends paid
(1,125,431)
(1,214,365)

Interest paid
(16,122)
(18,464)

Net cash used in financing activities
(1,220,320)
(1,310,968)

Net increase in cash and cash equivalents
1,589,124
2,877,440

Cash and cash equivalents at beginning of year
4,762,629
1,885,189

Cash and cash equivalents at the end of year
6,351,753
4,762,629


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,351,753
4,762,629


The notes on pages 18 to 31 form part of these financial statements.

Page 16


BOTT LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

4,762,629

1,589,124

-

6,351,753

Finance leases due within 1 year

(80,026)

80,026

(80,026)

(80,026)

Finance leases due after 1 year

(195,283)

(1,259)

80,026

(116,516)



4,487,320
1,667,891
-
6,155,211

The notes on pages 18 to 31 form part of these financial statements.

Page 17


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

The company is a private company, limited by shares and registered in England and Wales (registered number: 01325869). The registered office address is Bude-Stratton Business Park, Bude, Cornwall, EX23 8LY.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 18


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss in the year in which it is receivable.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
10 to 50 years
Plant and machinery
-
3 to 20 years
Motor vehicles
-
1 to 10 years
Fixtures and fittings
-
5 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
The company recognises a provision for warranty claims in respect of potential problems with manufactured goods. This is measured at the estimated costs to rectify any problems in relation to historical claims and current year sales.



Page 21


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

  
2.16

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.17

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management/directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Provisions for warranty claims are recognised by management using judgement based on past experience and the record of the remedial works required on sales of fleet vehicles in the previous 12 months. 

Page 22


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
51,649,539
53,749,477


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
46,147,032
48,420,966

Rest of Europe
4,819,699
5,027,518

Rest of the World
682,808
300,993

51,649,539
53,749,477



5.


OTHER OPERATING INCOME

2024
2023
£
£

Miscellaneous other operating income
1,455
7,401

RDEC Credit
-
24,675

1,455
32,076



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation expense
644,246
687,580

Exchange differences
46,581
9,928

Other operating lease rentals
151,367
148,076

Profit on disposal of property, plant and equipment
(17,527)
(28,964)

Page 23


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
33,650
33,650

Fees payable to the Company's auditors and their associates in respect of:

Audit-related assurance services
3,850
3,850

Taxation compliance services
3,675
3,500

All non-audit services not included above
4,000
4,000


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
15,479,488
15,701,049

Social security costs
1,511,631
1,469,485

Cost of defined contribution scheme
548,776
548,747

17,539,895
17,719,281


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and logistics
346
365



Management and administration
93
90

439
455

Page 24


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
706,280
610,015

Company contributions to defined contribution pension schemes
25,951
25,778

732,231
635,793


During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £295,191 (2023: £247,722).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £10,000 (2023: £10,000).


10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
56,134
-


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Finance leases and hire purchase contracts
16,122
18,464

Page 25


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
658,769
770,914

Adjustments in respect of previous periods
(90,650)
4,689


TOTAL CURRENT TAX
568,119
775,603

DEFERRED TAX


Origination and reversal of timing differences
59,878
(56,321)

TOTAL DEFERRED TAX
59,878
(56,321)


TAX ON PROFIT
627,997
719,282

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,822,476
3,034,572


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
705,619
713,748

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,906
550

Capital allowances for year in excess of depreciation
11,122
9,430

Adjustments to tax charge in respect of prior periods
(90,650)
4,689

Non-taxable income
-
(5,802)

Deferred tax expense relating to changes in tax rates
-
(3,333)

TOTAL TAX CHARGE FOR THE YEAR
627,997
719,282


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 26


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


DIVIDENDS

2024
2023
£
£


Interim dividend of £0.75 (2023: £0.81) per each Ordinary share capital
1,125,431
1,214,365

14.


TANGIBLE FIXED ASSETS





Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST


At 1 January 2024
13,240,547
10,305,169
1,753,906
3,394,642
28,694,264


Additions
72,673
226,053
547,466
83,016
929,208


Disposals
-
-
(166,867)
-
(166,867)



At 31 December 2024

13,313,220
10,531,222
2,134,505
3,477,658
29,456,605



DEPRECIATION


At 1 January 2024
4,867,010
8,176,643
1,110,672
1,934,727
16,089,052


Charge for the year on owned assets
71,507
240,986
183,188
98,795
594,476


Charge for the year on financed assets
-
49,770
-
-
49,770


Disposals
-
-
(114,603)
-
(114,603)



At 31 December 2024

4,938,517
8,467,399
1,179,257
2,033,522
16,618,695



NET BOOK VALUE



At 31 December 2024
8,374,703
2,063,823
955,248
1,444,136
12,837,910



At 31 December 2023
8,373,537
2,128,526
643,234
1,459,915
12,605,212

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
424,428
474,198

Page 27


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


STOCKS

2024
2023
£
£

Raw materials and consumables
1,455,527
1,417,515

Work in progress
533,992
791,079

Finished goods and goods for resale
1,876,781
3,000,948

3,866,300
5,209,542



16.


DEBTORS

2024
2023
£
£


Trade debtors
7,746,750
9,221,945

Amounts owed by group undertakings
299,896
304,771

Other debtors
599,744
844,190

Prepayments and accrued income
442,156
399,158

9,088,546
10,770,064



17.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
6,351,753
4,762,629



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
3,559,926
5,667,610

Amounts owed to group undertakings
799,247
872,079

Other taxation and social security
713,528
1,142,685

Obligations under finance lease and hire purchase contracts
80,026
80,026

Other creditors
102,930
99,918

Accruals and deferred income
2,575,070
2,215,846

7,830,727
10,078,164


Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

Page 28


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
116,516
195,283


Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.


20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
80,026
80,026

Between 1-5 years
116,516
195,283

196,542
275,309


21.


DEFERRED TAXATION




2024


£






At beginning of year
669,254


Charged to profit or loss
59,878



AT END OF YEAR
729,132

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
834,482
750,645

Short term timing differences
(105,350)
(81,391)

729,132
669,254

Page 29


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


PROVISIONS




Warranty claims

£





At 1 January 2024
99,881


Released in year
(5,660)



AT 31 DECEMBER 2024
94,221

The warranty claim provision is for remedial works required on sales of fleet vehicles in the previous 12 months. 


23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,500,000 (2023: 1,500,000) Ordinary shares of £1.00 each
1,500,000
1,500,000


Each share is entitled to one vote in any circumstance and each share is also entitled pari passu to dividend payments or any other distribution, including distribution arising from a winding up of the company. 



24.


RESERVES

Profit and loss account

Profit and loss account comprises all current and prior period accumulated profits and losses, after dividends have been declared.


25.


PENSION COMMITMENTS

The company operates a defined contribution pension plan for staff. The pension cost charge represents contributions payable by the Company to the scheme and amounted to £548,776 (2023: £548,747). Contributions totalling £99,097 (2023: £95,678) were payable to the scheme at the reporting date and are included in creditors.

Page 30


BOTT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
117,641
118,480

Later than 1 year and not later than 5 years
507,081
110,938

624,722
229,418


27.


RELATED PARTY TRANSACTIONS

During the year purchases of £880 (2023: £880) were made from Cornwall Manufacturers Group Limited  a company in which Bott Limited are one of two equal members. At the balance sheet date, £Nil (2023: £Nil) was owed to Cornwall Manufacturers Group Limited.
The company has claimed exemption under FRS102 S33.1A in respect of transactions with companies under the common control of Bott GmBH & Co. KG.


28.


PARENT AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent is Bott Internationale Holding GmbH, incorporated in Germany. 
The ultimate parent is Bott GmbH & Co. KG, incorporated in Germany.
 
Page 31