FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
COMPANY INFORMATION
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BOTT LIMITED
CONTENTS
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BOTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the company is that of the manufacture and installation of industrial storage equipment and in-vehicle conversion.
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.
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.
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BOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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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.
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.
The directors who served during the year were:
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.
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.
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BOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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BOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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:
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BOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2023 Comparative Information:
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BOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will 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.
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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 2006. They 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.
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BOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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BOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED (CONTINUED)
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.
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.
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BOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOTT LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
9 May 2025
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BOTT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
REGISTERED NUMBER:01325869
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 31 form part of these financial statements.
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BOTT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
Functional and presentation currency
Transactions and balances
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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:
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.
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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.
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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.
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.
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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.
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BOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's immediate parent is
The ultimate parent is
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