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Registered number: 01385171
















SRA DEVELOPMENTS LIMITED



ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































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SRA DEVELOPMENTS LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mr C Graham 
Mr K Cundy 
Mr J Kroeber (appointed 1 April 2024)
Mr M Heinrich 
Dr T G Krober (resigned 1 April 2024)




REGISTERED NUMBER
01385171



REGISTERED OFFICE
Bremridge House
Bremridge

Ashburton

Devon

TQ13 7JX




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Brook House

Winslade Park

Manor Drive

Clyst St Mary

Exeter

EX5 1GD






SRA DEVELOPMENTS LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 28



SRA DEVELOPMENTS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
In 2024, SRA Developments Ltd., a subsidiary of BOWA-electronic GmbH & Co. KG based in Gomaringen, Germany, continued its involvement in the development, manufacture, and sale of electrical and electronic products. BOWA-electronic GmbH & Co. KG specialises in energy-based medical technology.
The BOWA Group is divided into the business areas of automotive supplier parts and medical technology, whereby BOWA-electronic GmbH & Co. KG, as a legally independent entity, has been operating exclusively in the "Medical Technology" business area since the spin-off and transfer of the "Automotive" sub-operation to BOWA Automotive GmbH, which was founded specifically for this purpose. The core competencies are energy-based surgery with all accessories, hand instruments for open and minimally invasive surgery and systems for laparoscopic ultrasound surgery. These products are manufactured, approved and distributed both as private label and for OEM customers. In addition to the company's own products, medical devices from other manufacturers are also sold through the BOWA sales network.

BUSINESS REVIEW
 
The UK direct sales performance in 2024 showed encouraging growth, particularly noteworthy given the general economic downturn across the UK and Europe. However, international economic challenges impacted intercompany and OEM sales mid-year, though trends improved toward year-end.
Procurement remained difficult throughout 2024 due to rising energy and material costs, long lead times, and limited availability of raw materials and electronic components, resulting in cost increases across several areas.
Research and development efforts continued to expand. BOWA-electronic GmbH & Co. KG actively collaborates with academic and research institutions on innovative medical technology projects. Development teams support both internal product lines and co-develop solutions with OEM partners to bring market-oriented innovations to life.
As a forward-looking employer, BOWA remains committed to employee satisfaction and a positive workplace environment. In 2024, this commitment was supported by a broad training program, fair compensation, clear career progression, modern facilities, and quality catering. Enhancements to the digital HR platform further simplified personnel processes. These efforts are reflected in low staff turnover for the year.
Environmental performance remained strong in 2024. No significant issues arose, and BOWA-electronic GmbH & Co. KG successfully renewed its ISO 14001 certification in Germany. These environmental standards are now being extended to SRA Developments Ltd., forming the foundation for upcoming ESG reporting requirements set to become mandatory in 2025.
BOWA Values
BOWA’s operations are guided by three core values:
Team First: We believe collaboration, positivity, and humility are essential to achieving shared goals.
Be Curious: We value an open-minded approach that supports innovation, learning, and adaptability.
Act with Integrity: We foster trust through respect, reliability, honesty, and accountability.

Page 1


SRA DEVELOPMENTS LIMITED


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

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Directors have assessed ongoing global risks, including the war in Ukraine, conflict in the Middle East, the cost-of-living crisis, and the effect of global interest rates on intercompany transfer pricing in line with OECD arm’s length principles.
The conflict between Ukraine and Russia presents moderate risks to the BOWA Group. While medical products are likely to remain exempt from Western sanctions as humanitarian goods, stricter regulations may slow goods and money transfers. BOWA Eurasia continues to operate, but there is a potential for customer loss in affected regions.
The company continues to supply global healthcare markets, with a focus on expanding its OEM customer base. However, this market segment—particularly in Robotic Assisted Surgery—is heavily reliant on venture capital and therefore vulnerable to funding shortages. Although 2024 brought a binding purchase commitment from a key customer, the volume fell short of expectations. A significant decline in sales could lead to short-term production shutdowns and increased inventory due to prior procurement commitments.
A major emerging risk across the medical technology industry is the pace of digitalisation and AI-driven innovation. Keeping pace is critical. However, BOWA’s ongoing and future investments in R&D, production, and sales, combined with a responsive sales network, position the company well to meet this challenge.
Construction progressed steadily on a new UK facility, due for completion in 2025. This move supports future business expansion, including R&D.
A full UK SWOT analysis identified four key strategic priorities for continued success, and efforts are underway to achieve them. Regulatory changes, particularly in the EU, US, and CIS regions, are closely monitored. While BOWA received MDR certification in 2020, the UK subsidiary is on track to achieve this in 2025.
Considering all of the above, the Directors do not foresee material changes to the current business model. The company’s risk management system includes risk identification, analysis, communication, and response. Key areas monitored include price fluctuations, liquidity, and payment risks. Operational teams work closely with management to coordinate mitigation strategies.
Overall, BOWA's robust risk management framework, financial stability, and innovative product development provide a strong defence against identified risks.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Revenue, operating profit, and cash flow are key performance indicators. Performance is also measured against strategic objectives and BOWA values.
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This report was approved by the board on 4 July 2025 and signed on its behalf.



Mr C Graham
Director

Page 2


SRA DEVELOPMENTS 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 £257,941 (2023: £299,145).

The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who served during the year were:

Mr C Graham 
Mr K Cundy 
Mr J Kroeber (appointed 1 April 2024)
Mr M Heinrich 
Dr T G Krober (resigned 1 April 2024)

PRINCIPAL RISKS AND UNCERTAINTIES

Exposure to Price, Liquidity, and Cash Flow Risks
Price risk arises from suppliers and macroeconomic factors. The company maintains competitive pricing and monitors exchange rate risks at both company and group levels.
Sales are made to a diverse customer base, including public sector organisations. Strong credit control processes help mitigate credit risk.
The company maintains a healthy cash balance and benefits from ongoing group support. Accordingly, liquidity and cash flow risks are considered low.

FUTURE DEVELOPMENTS

R&D efforts continue in both the UK and Germany, focusing on the next generation of products to be designed and manufactured in the UK. The new UK facility, expected to be completed in Q3 2025, will support this expansion and enhance R&D capacity.

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.

POST BALANCE SHEET EVENTS

There have been no significant events afecting 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.

Page 3


SRA DEVELOPMENTS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
 






Mr C Graham
Director

Date: 4 July 2025

Bremridge House
Bremridge
Ashburton
Devon
TQ13 7JX

Page 4


SRA DEVELOPMENTS 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 judgments and accounting estimates that are reasonable and prudent;


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 5


SRA DEVELOPMENTS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRA DEVELOPMENTS LIMITED
OPINION


We have audited the financial statements of SRA Developments Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, Statement of cashflows, Analysis 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 6


SRA DEVELOPMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRA DEVELOPMENTS 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 5, 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 7


SRA DEVELOPMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SRA DEVELOPMENTS 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;
the results of our enquiries of management about their own identification and assessment of the risk of irregularities;
any matters we identified having obtained and reviewed the Company’s documentation of their policiesand procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; 
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We 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 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 to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and quality management systems including ISO13485 safety and quality of medical devices.
Our procedures to respond to 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 a direct effect on the financial statements;
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
audit procedures to gain assurance that these financial statements are materially correct in relation to the Company’s compliance with laws and regulations;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Page 8


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

reading minutes of meetings of those charged with governance; 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 a potential bias.

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






Fleur Lewis FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Brook House
Winslade Park
Manor Drive
Clyst St Mary
Exeter
EX5 1GD

7 July 2025
Page 9


SRA DEVELOPMENTS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,349,942
9,346,807

Cost of sales
  
(4,347,032)
(5,180,874)

GROSS PROFIT
  
4,002,910
4,165,933

Administrative expenses
  
(3,354,999)
(3,538,079)

Other operating income
  
777
2,400

Other operating charges
  
(15,727)
(17,944)

OPERATING PROFIT
  
632,961
612,310

Interest receivable and similar income
 7 
28,094
4,022

Interest payable and similar expenses
 8 
(308,863)
(199,628)

PROFIT BEFORE TAX
  
352,192
416,704

Tax on profit
 9 
(94,251)
(117,559)

PROFIT FOR THE FINANCIAL YEAR
  
257,941
299,145

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
257,941
299,145

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 15 to 28 form part of these financial statements.

Page 10


SRA DEVELOPMENTS LIMITED
REGISTERED NUMBER:01385171

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
6,498,224
3,723,771

  
6,498,224
3,723,771

CURRENT ASSETS
  

Stocks
 12 
1,432,950
1,634,481

Debtors: amounts falling due within one year
 13 
1,173,454
443,775

Cash at bank and in hand
 14 
1,510,197
2,153,659

  
4,116,601
4,231,915

Creditors: amounts falling due within one year
 15 
(1,126,349)
(672,742)

NET CURRENT ASSETS
  
 
 
2,990,252
 
 
3,559,173

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,488,476
7,282,944

Creditors: amounts falling due after more than one year
 16 
(5,773,400)
(3,833,209)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 17 
(186,087)
(182,587)

Other provisions
 18 
(24,400)
(20,500)

  
 
 
(210,487)
 
 
(203,087)

NET ASSETS
  
3,504,589
3,246,648


CAPITAL AND RESERVES
  

Called up share capital 
 19 
53,132
53,132

Share premium account
  
267,760
267,760

Profit and loss account
  
3,183,697
2,925,756

  
3,504,589
3,246,648


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 July 2025.




Mr C Graham
Director

The notes on pages 15 to 28 form part of these financial statements.

Page 11

SRA DEVELOPMENTS LIMITED



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 January 2023
53,132
267,760
2,626,611
2,947,503



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
299,145
299,145





At 1 January 2024
53,132
267,760
2,925,756
3,246,648



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
257,941
257,941



AT 31 DECEMBER 2024
53,132
267,760
3,183,697
3,504,589



The notes on pages 15 to 28 form part of these financial statements.

Page 12

SRA DEVELOPMENTS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
257,941
299,145

ADJUSTMENTS FOR:

Depreciation of tangible assets
206,179
200,353

Loss on disposal of tangible assets
3,286
561

Interest paid
308,863
199,628

Interest received
(28,094)
(4,002)

Taxation charge
111,534
117,559

Decrease in stocks
201,531
299,432

(Increase)/decrease in debtors
(729,679)
193,644

Increase in creditors
2,046,436
1,023,069

Increase/(decrease) in provisions
3,900
(2,400)

Corporation tax (paid)
(125,216)
(109,444)

NET CASH GENERATED FROM OPERATING ACTIVITIES

2,256,681
2,217,545


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(2,594,646)
(1,398,011)

Interest received
28,094
4,002

NET CASH FROM INVESTING ACTIVITIES

(2,566,552)
(1,394,009)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of other loans
(26,618)
(26,618)

Interest paid
(306,973)
(197,492)

NET CASH USED IN FINANCING ACTIVITIES
(333,591)
(224,110)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(643,462)
599,426

Cash and cash equivalents at beginning of year
2,153,659
1,554,233

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,510,197
2,153,659


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,510,197
2,153,659

1,510,197
2,153,659


The notes on pages 15 to 28 form part of these financial statements.

Page 13


SRA DEVELOPMENTS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,153,659

(643,462)

1,510,197



2,153,659
(643,462)
1,510,197

The notes on pages 15 to 28 form part of these financial statements.

Page 14


SRA DEVELOPMENTS LIMITED

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

1.


GENERAL INFORMATION

The Company is a private company, limited by share capital incorporated in England and Wales. The address of its registered office is Bremridge House, Bremridge, Ashburton, Devon, TQ13 7JX.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have considered the continued impact on global healthcare markets and the ongoing operations of the business due to the war in Ukraine, conflict in the Middle East, the current cost of living crisis and the impact of global interest rates on intercompany transfer pricing as per the OECD scheme of arms length principle.
The company has continued to manufacture and supply product to customers and global healthcare markets. The growing and emerging side of the OEM customer base, particularly in Robotic Assisted Surgery is commonly funded by venture capital and therefore is at heightened risk of capital shortfall, however the board are confident that 2025 will see the business continue to grow.
Taking all this into consideration the Directors have reviewed the current position and the Directors do not anticipate any material changes to the current business model.
The company has sufficient working capital going forward. Additional financial support from its parent company BOWA-electronic GmbH & Co. KG will be made available as is necessary to enable the company to continue to operate and meet all of its liabilities as they fall due. In light of this, the Directors consider it appropriate for the financial statements to be prepared on a going concern basis.

 
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.

Page 15


SRA DEVELOPMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
20%
straight line

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods.

The estimated useful lives range as follows:

Freehold land and property
-
Not depreciated
Plant and equipment
-
7.7-33.3% straight line
Assets under construction
-
Not depreciated until brought into use

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.

Freehold land and property consists of land acquired for the construction of new facilities for the company and as such is not depreciated.

 
2.6

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 weighted average 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.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16


SRA DEVELOPMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

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.

 
2.9

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

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.

 
2.11

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

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.

Page 17


SRA DEVELOPMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.13

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.

 
2.14

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.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

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.


Page 18


SRA DEVELOPMENTS LIMITED

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

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Stock valuation
The company's carrying value of stock relates to management's assessment of the saleability of stock. Where uncertainty exists a provision is made against certain stock lines. 
Assets under construction 
The Directors assess when an asset is “complete and ready for use,” and accordingly cease capitalisation and commence depreciation based on its estimated useful life. Management judgment is applied in considering functionality, any remaining tasks, and operational readiness.


4.


TURNOVER

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,012,978
4,782,056

Rest of Europe
3,336,964
4,564,751

8,349,942
9,346,807


Page 19


SRA DEVELOPMENTS LIMITED

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

5.


EMPLOYEES

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


2024
2023
£
£

Wages and salaries
2,277,199
2,127,801

Social security costs
276,218
260,641

Cost of defined contribution scheme
76,899
72,487

2,630,316
2,460,929


The average monthly number of employees, including directors, during the year was 57 (2023: 58).


6.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
252,000
130,333

Company contributions to defined contribution pension schemes
7,880
4,330

259,880
134,663


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £122,000 (2023: £102,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,880 (2023: £4,080).


7.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
28,094
4,022

28,094
4,022

Page 20


SRA DEVELOPMENTS LIMITED

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

8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
2,530
-

Other loan interest payable
306,333
199,628

308,863
199,628


9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
90,751
108,034


90,751
108,034


TOTAL CURRENT TAX
90,751
108,034

DEFERRED TAX


Origination and reversal of timing differences
3,500
9,525

TOTAL DEFERRED TAX
3,500
9,525


94,251
117,559
Page 21


SRA DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher 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
352,192
416,704


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
88,048
98,009

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,578
10,517

Adjustments to tax charge in respect of prior periods
(375)
(27)

Adjustments to tax charge in respect of prior periods - deferred tax
6,068
-

Short-term timing difference leading to an increase (decrease) in taxation
-
3,565

Fixed asset differences
-
4,931

Capital gains/(losses)
-
(5,709)

Remeasurement of deferred tax rates
-
205

Movement in deferred tax not recognised
(6,068)
6,068

TOTAL TAX CHARGE FOR THE YEAR
94,251
117,559


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22


SRA DEVELOPMENTS LIMITED

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

10.


INTANGIBLE ASSETS




Patents

£



COST


At 1 January 2024
914,877



At 31 December 2024

914,877



AMORTISATION


At 1 January 2024
914,877



At 31 December 2024

914,877



NET BOOK VALUE



At 31 December 2024
-



At 31 December 2023
-



Page 23


SRA DEVELOPMENTS LIMITED

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

11.


TANGIBLE FIXED ASSETS





Freehold land and property
Plant and equipment
Assets under construction
Total

£
£
£
£



COST OR VALUATION


At 1 January 2024
1,708,387
3,198,555
1,104,680
6,011,622


Additions
-
95,749
2,888,169
2,983,918


Disposals
-
(217,266)
-
(217,266)



At 31 December 2024

1,708,387
3,077,038
3,992,849
8,778,274



DEPRECIATION


At 1 January 2024
-
2,287,851
-
2,287,851


Charge for the year on owned assets
-
206,179
-
206,179


Disposals
-
(213,980)
-
(213,980)



At 31 December 2024

-
2,280,050
-
2,280,050



NET BOOK VALUE



At 31 December 2024
1,708,387
796,988
3,992,849
6,498,224



At 31 December 2023
1,708,387
910,704
1,104,680
3,723,771


12.


STOCKS

2024
2023
£
£

Stock
1,432,950
1,634,481

1,432,950
1,634,481


Page 24


SRA DEVELOPMENTS LIMITED

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

13.


DEBTORS

2024
2023
£
£


Trade debtors
464,885
277,033

Other debtors
329,426
18,856

Prepayments and accrued income
379,143
147,886

1,173,454
443,775



14.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,510,197
2,153,659

1,510,197
2,153,659



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
293,660
171,815

Amounts owed to group undertakings
24,975
24,946

Corporation tax
90,751
107,933

Other taxation and social security
67,953
62,738

Other creditors
91,496
58,720

Accruals and deferred income
557,514
246,590

1,126,349
672,742


Included in amounts owed to group undertakings is a secured intercompany loan of £183,529 (2023: £198,257) which accrues interest at 1% per annum. The amounts due within one year is £24,975 (2023: £24,946).

Page 25


SRA DEVELOPMENTS LIMITED

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

16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
5,773,400
3,833,209

5,773,400
3,833,209


Included in amounts owed to group undertakings is a secured intercompany loan of £183,529 (2023: £198,257) which accrues interest at 1% per annum. The amounts due after more than one year is £158,554 (2023: £173,530).
The residual intercompany loan of £5,614,846 is due after more than one year. The repayment date is the earlier of 18th July 2029 and the execution of a full formal loan agreement, which has been agreed post year end, where the term of the loan is indefinite. Interest is charged on the loan at Bank of England's base rate + 2.00%.


17.


DEFERRED TAXATION




2024


£






At beginning of year
(182,587)


Charged to profit or loss
(3,500)



AT END OF YEAR
(186,087)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(193,778)
(173,062)

Timing differences
7,691
(9,525)

(186,087)
(182,587)

Page 26


SRA DEVELOPMENTS LIMITED

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

18.


PROVISIONS




Warranty provision

£





At 1 January 2024
20,500


Charged to profit or loss
3,900



AT 31 DECEMBER 2024
24,400

Warranty provisions relate to costs expected to be incurred as a result of product guarantees, in respect of products sold prior to the reporting date.


19.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



53,132 (2023: 53,132) Ordinary shares of £1.00 each
53,132
53,132



20.


CAPITAL COMMITMENTS


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
4,603,851
-

4,603,851
-


21.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £76,899 (2023: £72,487). Contributions totalling £12,517 (2023: £11,396) were payable to the fund at the reporting date.

Page 27


SRA DEVELOPMENTS LIMITED

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

22.


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
196,245
212,892

Later than 1 year and not later than 5 years
52,068
135,236

248,313
348,128

The amount of non-cancellable operating lease payments recognised as an expense during the year was £278,242 (2023: £202,242).


23.


RELATED PARTY TRANSACTIONS

The consolidated financial statements of SRA Developments Limited have taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.
There have been no other related party transactions.


24.


CONTROLLING PARTY

The Company's immediate and ultimate parent undertaking is BOWA - Electronic GmbH & Co. KG, a company incorporated in Germany.  The consolidated financial statements of BOWA - Electronic GmbH & Co. KG can be obtained from the company's registered office, Heinrich-Hertz-Straße 4-10, 72810 Gomaringen, Deutschland. 

 
Page 28