Company registration number 03716909 (England and Wales)
BONA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BONA LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 16
BONA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
147,537
177,784
Right-of-use assets
6
873,891
1,021,241
1,021,428
1,199,025
Current assets
Inventories
7
690,576
840,723
Trade and other receivables
8
1,381,340
1,449,950
Cash and cash equivalents
560,519
474,432
2,632,435
2,765,105
Current liabilities
9
(1,476,216)
(1,855,137)
Net current assets
1,156,219
909,968
Total assets less current liabilities
2,177,647
2,108,993
Non-current liabilities
9
(808,666)
(932,610)
Provisions for liabilities
Deferred tax liabilities
12
(34,626)
(40,198)
Net assets
1,334,355
1,136,185
Equity
Called up share capital
14
50,000
50,000
Retained earnings
15
1,284,355
1,086,185
Total equity
1,334,355
1,136,185

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr EG Tersteeg
Dr K Lindell
Director
Director
Company registration number 03716909 (England and Wales)
BONA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
50,000
1,392,105
1,442,105
Year ended 31 December 2023:
Profit and total comprehensive income
-
194,080
194,080
Transactions with owners:
Dividends
5
-
(500,000)
(500,000)
Balance at 31 December 2023
50,000
1,086,185
1,136,185
Year ended 31 December 2024:
Profit and total comprehensive income
-
198,170
198,170
Balance at 31 December 2024
50,000
1,284,355
1,334,355
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Bona Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Thornton Close, Linford Wood, Milton Keynes, England, MK14 6FD. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS

(i)10(d) (statement of cash flows)

(ii)10(f) (statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements)

(iii)16 (statement of compliance with IFRS)

(iv)38A (requirement for minimum of two primary statements, including cash flow statements)

(v)38B-D (additional comparative information)

(vi)40A-D (requirements for a third statement of financial position)

(vii)111 (cash flow statement information, and

(viii)134-136 (capital management disclosures).

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Revenue

The company earns revenue from the sale of lacquers, treatments and cleaning equipment for wooden floors to customers. The revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.

 

The principles in IFRS 15 are applied to revenue recognition criteria using the following 5 step model:

1. Identify the contracts with the customer

2. Identify the performance obligations in the contract

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations in the contract

5. Recognise revenue when or as the entity satisfies its performance obligations

 

Performance obligations

Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the trade customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the company has objective evidence that all criteria for acceptance have been satisfied.

 

Transaction price

The transaction price is the fair value of the consideration received for the product less discounts / rebates and value added taxes.

Payment of the transaction price is due immediately when the customer purchases the goods and takes delivery.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

 

Contract assets and receivables

Where goods or services are transferred to the customer before the customer pays consideration, or before payment is due, contact assets are recognised. Contract assets are included in the Statement of Financial Position and represent the right to consideration for products delivered.

Contract receivables (loans and advances) are recognised in the Statement of Financial Position when the company's right to consideration becomes unconditional.

Contract assets and receivables (loan and advances) are classified as current or non-current based on the company's normal operating cycle and are assessed for impairment at each reporting date.

 

Contract liabilities

Contract liabilities and other customer deposits are recognised in the Statement of Financial Position when the company has received consideration but still has an obligation to deliver products and meet performance obligations for that consideration.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the period of the lease
Fixtures and fittings
over 5 years straight line basis
Plant and equipment
over 5 years straight line basis
Computer equipment
over 3 years straight line basis
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting 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.

 

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.

1.6
Inventories

Inventories are stated 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 inventories to their present location and condition.

Cost is determined using the first-in, first-out (FIFO) method.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

 

The company has no financial instruments that are classified under this category.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

The company has no financial instruments that are classified under this category.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade and other receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade and other receivables have been grouped based upon shared credit risk characteristics and the days past due.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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 inventories or non-current 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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Critical judgements
Lease term

When the company has the option to terminate a lease early, management uses its judgement to determine whether or not it is reasonably certain that such a termination option will be exercised. Management considers all facts and circumstances including their past practice and any costs that will be incurred in the event that a termination option is exercised, to help them determine the lease term. Total lease payments of £732,685 (subject to discounting) occurring after the termination option date have been included in the calculations for right-of-use assets and liabilities.

Key sources of estimation uncertainty
Right-of-use discount rates

When recognizing right-of-use assets and liabilities, management is required to estimate the appropriate discount rate. Lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. An element of uncertainty arises in estimating the incremental borrowing rate. The total future finance costs calculated in respect of right-of-use assets as at the year end was £230,268 (2023 - £282,177).

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
11
12
Technical
3
3
Logistics
4
4
Finance and administration
4
4
Total
22
23
4
Directors' remuneration

Directors' emoluments have been borne by the parent company, Bona AB. The directors are also directors or officers of a number of companies within the wider Bona AB group. The directors' services to the company do not occupy a significant proportion of their time. As such, the directors do not consider that they have received any remuneration for their incidental services to the company for the current or prior year.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
5
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Interim dividend paid
-
10.00
-
500,000
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
6
Property, plant and equipment
Land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
1,106,887
110,109
130,346
32,697
16,932
213,234
1,610,205
Additions
-
0
-
0
4,329
-
0
6,884
24,513
35,726
Disposals
-
0
-
0
(5,433)
-
0
(7,740)
(18,515)
(31,688)
At 31 December 2024
1,106,887
110,109
129,242
32,697
16,076
219,232
1,614,243
Accumulated depreciation and impairment
At 1 January 2024
239,656
18,059
62,691
17,028
14,522
59,224
411,180
Charge for the year
110,604
12,518
17,297
5,131
2,693
61,259
209,502
Eliminated on disposal
-
0
-
0
(1,612)
-
0
(7,740)
(18,515)
(27,867)
At 31 December 2024
350,260
30,577
78,376
22,159
9,475
101,968
592,815
Carrying amount analysed between owned assets and right-of-use assets
At 31 December 2024
Owned assets
-
79,532
50,866
10,538
6,601
-
147,537
Right-of-use assets
756,627
-
-
-
-
117,264
873,891
756,627
79,532
50,866
10,538
6,601
117,264
1,021,428
At 31 December 2023
Owned assets
-
92,050
67,655
15,669
2,410
-
177,784
Right-of-use assets
867,231
-
-
-
-
154,010
1,021,241
867,231
92,050
67,655
15,669
2,410
154,010
1,199,025
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -

Property, plant and equipment includes right-of-use assets, as follows:

Land and buildings
Motor vehicles
Total
£
£
£
Net carrying value at 1 January 2023
977,835
30,758
1,008,593
Additions
-
170,018
170,018
Depreciation charge
(110,604)
(46,766)
(157,370)
Net carrying value at 31 December 2023
867,231
154,010
1,021,241
Additions
-
24,513
24,513
Disposals
-
(18,515)
(18,515)
Depreciation charge
(110,604)
(42,744)
(153,348)
Net carrying value at 31 December 2024
756,627
117,264
873,891
The carrying value of land and buildings comprises:
2024
2023
£
£
Short leasehold
836,159
959,281
7
Inventories
2024
2023
£
£
Finished goods
690,576
840,723

The difference between the carrying value of stock and its replacement cost is not material.

8
Trade and other receivables
2024
2023
£
£
Trade receivables
1,202,299
1,279,388
Amounts owed by fellow group undertakings
64,052
58,832
Other receivables
6,500
6,500
Prepayments and accrued income
108,489
105,230
1,381,340
1,449,950

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

 

Trade debtors are stated after provisions for impairment of £6,133 (2023 - £6,340).

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
9
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
10
972,920
1,304,108
-
0
-
0
Corporation tax
(6,017)
23,806
-
-
Other taxation and social security
365,987
386,080
-
-
Lease liabilities
11
143,326
141,143
808,666
932,610
1,476,216
1,855,137
808,666
932,610
10
Trade and other payables
2024
2023
£
£
Trade payables
56,838
55,453
Amounts owed to fellow group undertakings
687,269
1,087,206
Accruals and deferred income
219,657
161,449
Other payables
9,156
-
972,920
1,304,108

Amounts payable to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

11
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
190,672
195,396
In two to five years
647,936
670,346
In over five years
343,652
490,188
Total undiscounted liabilities
1,182,260
1,355,930
Future finance charges and other adjustments
(230,268)
(282,177)
Lease liabilities in the financial statements
951,992
1,073,753
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Lease liabilities
(Continued)
- 14 -

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
143,326
141,143
Non-current liabilities
808,666
932,610
951,992
1,073,753
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
55,249
56,818
Other leasing information is included in note 17.
12
Deferred taxation
Liabilities
2024
2023
£
£
Deferred tax balances
34,626
40,198

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2023
47,711
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(5,710)
Effect of change in tax rate - profit or loss
(1,803)
Liability at 1 January 2024
40,198
Deferred tax movements in current year
Charge/(credit) to profit or loss
(5,572)
Liability at 31 December 2024
34,626
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,520
98,417

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £9,156 (2023 - £nil) were payable to the scheme at the year end.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000

The company has one class of ordinary shares which carry fully voting rights and full rights to participate in a distribution of the company, whether by way of dividend or capital distribution, including upon winding-up.

The balance classified as equity share capital includes the total net proceeds on issue of the company's equity share capital.

15
Retained earnings

The retained earnings reserve comprises all cumulative current and prior period retained profits or losses.

16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark Palmer BSc BFP FCA
Statutory Auditor:
Cottons Accountants LLP
Date of audit report:
9 May 2025
17
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Expense relating to short-term leases
4,119
8,399
Expense relating to leases of low-value assets
1,464
-
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Other leasing information
(Continued)
- 16 -
Information relating to lease liabilities is included in note 11.
18
Related party transactions

The company has taken advantage of the exemption under section 8(k) of FRS 101 not to disclose transactions with fellow wholly owned group undertakings.

19
Controlling party

The parent company of Bona Limited is Bona AB and its registered office is Murmansgaten 130, Box 21074, 200 21 Malmö, Sweden.

Bona AB is the smallest and largest group into which Bona Limited is consolidated. Copies of the consolidated group financial statements are available from Bona AB, Murmansgatan 130, Box 21074, 200 21 Malmö, Sweden.

20
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation of liability agreement with the auditors and this was approved by resolution dated 14 November 2024. Liability is limited to £470,000. In accordance with section 537 of CA06, if the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount is fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31 December 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

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