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Registered number: 02750164










BOWMAN INTERNATIONAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BOWMAN INTERNATIONAL LIMITED
 

COMPANY INFORMATION


Directors
Mr P D Hancock 
Mr S P Hancock 
Mr P Mitchell 
Mr S B Hancock 




Company secretary
Mr P D Hancock



Registered number
02750164



Registered office
10 Isis Court
Wyndyke Furlong

Abingdon Business Park

Abingdon

Oxfordshire

OX14 1DZ




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Cumnor

Oxford

Oxfordshire

OX2 9PJ





 
BOWMAN INTERNATIONAL LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 42


 
BOWMAN INTERNATIONAL LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report for the financial year ended 30 September 2024.
The results for the year and financial position of the Group are as shown in the accompanying financial statements.
Principle activity continued to be the development, manufacture and distribution of various bearings, allied components and 3D printed parts to the UK and international markets. There have been no changes in the Group's activities in the year under review. Our wholly owned USA subsidiary incorporated to facilitate the expansion of sales in North America has made strong progress and is now fully operational, and our recently acquired wholly owned precision engineering UK subsidiary provides customers with a complete UK-based turnkey manufacturing solution.

Business review
 
In the face of soft industrial markets, the Directors are pleased to report turnover from both the UK and international markets, 2024: £11,725,470; (2023: £12,875,895). Net profit after tax decreased to £474,086  (2023: £859,001) and net assets increased to £9,582,363 (2023: £9,278,277). The 2024/25 financial year has opened with a large forward order book and turnover should increase further. Research and development of existing and new bearings and technology will continue to facilitate further expansion. The Directors are satisfied with the underlying financial strength and progress of the Group, and the large UK and USA stock levels have been maintained to ensure fast delivery in the UK and in North America, and significant protection against global trade disruptions.

Objectives of the company
 
The Group's aim is to continually improve the total value proposition to our customers, and continue expansion, both in the UK and abroad, by organic growth, acquisition, drive improved margins, as well as increasing industrial diversification of the Group's portfolio and development of new products. The addition of a further 5,500 square feet of space together with the installation of a new fully automated warehouse and despatch facility was completed in the first quarter of the current financial year. Expansion of our US subsidiary will continue as and when necessary to support the North American market.

Principal risks and uncertainties
 
Annual targets and budgets are set and constantly reviewed to ensure that stability, cashflow and profitability continue to improve. Risks which are outside of the Group's control have been identified as global political instability, fluctuating exchange rates, interruptions to supply chains and the power grid, wild fluctuations to raw material costs, and global trade tariff’s. Steps have been taken to mitigate and minimise the effect of these risks, and planning of a solar power supply is still under consideration. Credit facilities for customers are constantly reviewed to minimise the risk of bad debts which continue to run at an extremely low level. Legal, employment, financial and HR advisors are retained to assist the Board.

Key performance indicators
 
The board recognises the value of high-quality management information to assist them in managing the business efficiently and effectively. The directors consider the following KPl's to be the most important, and monitor them on a regular basis:
Invoiced Sales: £11,725,470 (2023:£12,875,895) 
Gross Profit: £5,546,989 (2023: £4,823,816)
Gross Margin: 47.3% (2023: 37.5%)
EBITDA margin: 11.54% (2023: 11.52%)
Cash balances: £727,184 (2023: £756,239)
Free cash flow: £729,877 (2023: £1,600,262) 
Free cash flow is the net cash generated from operating activities less purchase of tangible fixed assets.

Page 1

 
BOWMAN INTERNATIONAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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





Mr P D Hancock
Director

Date: 5 August 2025

Page 2

 
BOWMAN INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors

The directors who served during the year were:

Mr P D Hancock 
Mr S P Hancock 
Mr P Mitchell 
Mr S B Hancock 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £474,086 (2023 - £859,001).

Future developments

Bowman 3D is further expanding their additive manufacturing capacity with the addition of Dyemansion Powershot and colouring units, and vibratory bowl.
A new Haas ST-30Y to be delivered in July 2025 will further expand our precision engineering capacity, and an additional Altera Bridge CMM will deliver the precision our customers have come to expect from Bowman.
Bowman Bearing Technologies Inc have secured another huge distributor and between Motion Industries and Grainger, our range of products are now available throughout North America.

Page 3

 
BOWMAN INTERNATIONAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, James Cowper Kreston Auditwill 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.
 





Mr P D Hancock
Director

Date: 5 August 2025

Page 4

 
BOWMAN INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWMAN INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Bowman International Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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.


Page 5

 
BOWMAN INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWMAN INTERNATIONAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BOWMAN INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWMAN INTERNATIONAL LIMITED (CONTINUED)


Auditor's 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 Auditor's 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 Group financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.



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 Auditor's report.


Page 7

 
BOWMAN INTERNATIONAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWMAN INTERNATIONAL LIMITED (CONTINUED)


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 Auditor's 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.





James Pitt BA(Hons) BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
201 Cumnor Hill
Cumnor
Oxford
Oxfordshire
OX2 9PJ

5 August 2025
Page 8

 
BOWMAN INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,725,470
12,875,895

Cost of sales
  
(6,178,481)
(8,052,079)

Gross profit
  
5,546,989
4,823,816

Amortisation and depreciation
  
(477,076)
(337,960)

Administrative expenses
  
(4,203,978)
(3,367,039)

Exceptional administrative expenses
  
-
(1,105)

Other operating income
 5 
10,233
27,230

Operating profit
 6 
876,168
1,144,942

Interest receivable and similar income
 10 
7
697

Interest payable and similar expenses
 11 
(22,438)
(62,195)

Profit before tax
  
853,737
1,083,444

Tax on profit
 12 
(379,651)
(224,443)

Profit for the financial year
  
474,086
859,001

Other comprehensive income for the year
  

Total comprehensive income for the year
  
474,086
859,001

Profit for the year attributable to:
  

Owners of the parent company
  
474,086
859,001

  
474,086
859,001

The notes on pages 17 to 42 form part of these financial statements.

Page 9

 
BOWMAN INTERNATIONAL LIMITED
REGISTERED NUMBER: 02750164

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
351,724
415,785

Tangible assets
 15 
4,100,049
3,913,441

  
4,451,773
4,329,226

Current assets
  

Stocks
 18 
4,466,221
5,084,784

Debtors: amounts falling due after more than one year
 19 
3,295
-

Debtors: amounts falling due within one year
 19 
2,945,010
2,609,652

Cash at bank and in hand
 20 
727,184
756,239

  
8,141,710
8,450,675

Creditors: amounts falling due within one year
 21 
(2,703,870)
(3,035,078)

Net current assets
  
 
 
5,437,840
 
 
5,415,597

Total assets less current liabilities
  
9,889,613
9,744,823

Creditors: amounts falling due after more than one year
 22 
-
(146,820)

Provisions for liabilities
  

Deferred tax
 24 
(307,250)
(295,844)

Other provisions
 25 
-
(23,882)

  
 
 
(307,250)
 
 
(319,726)

Net assets
  
9,582,363
9,278,277


Capital and reserves
  

Called up share capital 
 26 
1,000,075
1,000,075

Revaluation reserve
  
1,559,224
1,559,224

Profit and loss account
  
7,023,064
6,718,978

  
9,582,363
9,278,277


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



Mr P D Hancock
Director

Date: 5 August 2025

The notes on pages 17 to 42 form part of these financial statements.

Page 10

 
BOWMAN INTERNATIONAL LIMITED
REGISTERED NUMBER: 02750164

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
351,724
415,785

Tangible assets
 15 
3,928,612
3,913,441

Investments
 16 
545,634
1,522

  
4,825,970
4,330,748

Current assets
  

Stocks
 18 
4,066,188
5,084,784

Debtors: amounts falling due within one year
 19 
3,423,838
2,608,130

Cash at bank and in hand
 20 
603,010
756,239

  
8,093,036
8,449,153

Creditors: amounts falling due within one year
 21 
(2,582,470)
(3,035,078)

Net current assets
  
 
 
5,510,566
 
 
5,414,075

Total assets less current liabilities
  
10,336,536
9,744,823

  

Creditors: amounts falling due after more than one year
 22 
-
(146,820)

Provisions for liabilities
  

Deferred taxation
 24 
(278,048)
(295,844)

Other provisions
 25 
-
(23,882)

  
 
 
(278,048)
 
 
(319,726)

Net assets
  
10,058,488
9,278,277

Net assets
  
10,058,488
9,278,277


Capital and reserves
  

Called up share capital 
 26 
1,000,075
1,000,075

Revaluation reserve
  
1,559,224
1,559,224

Profit and loss account carried forward
  
7,499,189
6,718,978

  
10,058,488
9,278,277


Page 11

 
BOWMAN INTERNATIONAL LIMITED
REGISTERED NUMBER: 02750164

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

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


Mr P D Hancock
Director

Date: 5 August 2025

The notes on pages 17 to 42 form part of these financial statements.

Page 12

 
BOWMAN INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023 as restated
1,000,075
1,559,224
6,718,978
9,278,277



Profit for the year
-
-
474,086
474,086

Dividends: Equity capital
-
-
(170,000)
(170,000)


At 30 September 2024
1,000,075
1,559,224
7,023,064
9,582,363


The notes on pages 17 to 42 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2022 as restated
1,000,070
1,559,224
5,989,977
8,549,271
8,549,271



Profit for the year
-
-
859,001
859,001
859,001

Dividends: Equity capital
-
-
(130,000)
(130,000)
(130,000)

Shares issued during the year
5
-
-
5
5


At 30 September 2023 as restated
1,000,075
1,559,224
6,718,978
9,278,277
9,278,277


The notes on pages 17 to 42 form part of these financial statements.

Page 13

 
BOWMAN INTERNATIONAL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023 as restated
1,000,075
1,559,224
6,718,978
9,278,277



Profit for the year
-
-
950,211
950,211

Dividends: Equity capital
-
-
(170,000)
(170,000)


At 30 September 2024
1,000,075
1,559,224
7,499,189
10,058,488


The notes on pages 17 to 42 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022 as restated
1,000,070
1,559,224
5,989,977
8,549,271



Profit for the year
-
-
859,001
859,001

Dividends: Equity capital
-
-
(130,000)
(130,000)

Shares issued during the year
5
-
-
5


At 30 September 2023 as restated
1,000,075
1,559,224
6,718,978
9,278,277


The notes on pages 17 to 42 form part of these financial statements.

Page 14

 
BOWMAN INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
474,086
859,001

Adjustments for:

Amortisation of intangible assets
64,061
63,873

Depreciation of tangible assets
413,015
274,087

Impairments of fixed assets
103,877
-

Loss/(Profit) on disposal of tangible assets
19,441
(19,395)

Interest paid
22,438
62,195

Interest received
(7)
(697)

Taxation charge
379,651
224,443

Decrease/(increase) in stocks
841,864
(137,609)

(Increase)/decrease in debtors
(143,087)
63,414

(Decrease)/increase in creditors
(970,584)
1,039,731

(Decrease)/increase in provisions
(41,678)
88,783

Corporation tax received/(paid)
17,796
(286,358)

Foreign exchange
2,374
2,077

Net cash generated from operating activities

1,183,247
2,233,545


Cash flows from investing activities

Purchase of intangible fixed assets
-
(4,354)

Purchase of tangible fixed assets
(453,370)
(628,929)

Sale of tangible fixed assets
(19,441)
17,967

Purchase of subsidiary (net of cash acquired)
(418,444)
-

Interest received
7
697

Net cash from investing activities

(891,248)
(614,619)
Page 15

 
BOWMAN INTERNATIONAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
5

Repayment of/new finance leases
(128,616)
(146,820)

Dividends paid
(170,000)
(130,000)

Interest paid
(22,438)
(62,195)

Net cash used in financing activities
(321,054)
(339,010)

Net (decrease)/increase in cash and cash equivalents
(29,055)
1,279,916

Cash and cash equivalents at beginning of year
756,239
(523,677)

Cash and cash equivalents at the end of year
727,184
756,239


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
727,184
756,239



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

756,239

(29,055)

727,184

Debt due within 1 year

(46,325)

25,836

(20,489)

Finance leases

(293,640)

146,820

(146,820)


416,274
143,601
559,875

The notes on pages 17 to 42 form part of these financial statements.

Page 16

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Bowman International Limited is a private limited company incorporated and domiciled in England and Wales. The registered address  of the Company is 10 Isis Court, Wyndyke Furlong, Abingdon Business Park, Abingdon, Oxfordshire, OX14 1DZ. 
The principal activity of the Company is the sale of bearings and other high precision components. 
The financial statements have been prepared up to 30 September 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Financial Reporting Standard 102,
the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the
Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgement in applying the
Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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 the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Motor vehicles
-
25%
Fixtures and fittings
-
15% to 25%
Office equipment
-
15% to 25%

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

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

Page 18

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined by management who apply judgement when assessing the fair value of freehold properties at each reporting date, based on market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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 Consolidated 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 Group's cash management.

Page 19

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
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 comprehensive income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset’s carrying amount and the present value of estimated cash flows discounted at the
asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount
rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset’s carrying amount and best estimate of the recoverable amount, which
is an approximation of the amount that the Company would receive for the asset if it were to be sold
at the balance sheet date.

 
2.11

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.

Page 20

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.13

Finance costs

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

 
2.14

Dividends

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

 
2.15

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 21

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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


 
2.19

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 22

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.20

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 7 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.21

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred. 

 
2.22

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.

 The estimated useful lives range as follows:

Patents
-
10
years
Development expenditure
-
7
years
Trademarks
-
10
years

  
2.23

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 23

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.24

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.25

Provisions for liabilities


Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably required settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position. 

Page 24

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as the balance sheet date and the amounts reported for revenues and expenses during the year. however, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 
Tangible fixed assets  
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. 
Stock provision 
As part of the identification and measurement of assets and liabilities, the Company had recognised a provision for slow moving stock. In determining the fair value of the provision, assumption are made in relation to future product sales. 
Intangible fixed assets
Development expenditure is capitalised in accordance with the accounting policy given above. Initial capitalisation of costs is based on management’s judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. The Company establishes a reliable estimate of the useful life of intangible assets. This estimate is based on a variety of factors such as the expected usual life of the cash generating units to which the intangible is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Freehold Property
Management applies judgement when assessing the fair value of freehold properties at each reporting date, based on market data during the year. Uncertainties in these estimates relate to local discrepancies in market trends, and the future realisation of these values may be affected by volatilities in the property market, together with other market-driven changes that may reduce future selling prices. 

Page 25

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

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


2024
2023
£
£

Turnover
11,725,470
12,875,895


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,345,909
7,818,072

Rest of Europe
1,552,960
1,945,886

Rest of the world
2,826,601
3,111,937

11,725,470
12,875,895



5.


Other operating income

2024
2023
£
£

Other operating income
10,233
27,230



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
386
-

Exchange differences
35,692
(92,123)

Other operating lease rentals
154,865
80,851

Depreciation of owned tangible fixed assets
413,015
274,087

Amortisation of owned intangible fixed assets
64,061
63,873


7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
27,250
22,360

Fees payable to the Group's auditor in respect of:

Taxation compliance services
2,250
2,120

Page 26

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,143,356
1,868,768
1,819,278
1,868,768

Social security costs
191,668
178,273
166,640
178,273

Cost of defined contribution scheme
67,199
62,884
58,498
62,884

2,402,223
2,109,925
2,044,416
2,109,925


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Staff
45
41
40
41


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
261,135
259,741

Group contributions to defined contribution pension schemes
11,438
10,842

272,573
270,583


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 £110,629 (2023 - £105,537).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,918 (2023 - £8,322).

Page 27

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
7
697


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,262
47,019

Finance leases and hire purchase contracts
15,176
15,176

22,438
62,195


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
412,569
150,860

Adjustments in respect of previous periods
(15,122)
(36,339)


397,447
114,521


Total current tax
397,447
114,521

Deferred tax


Origination and reversal of timing differences
(34,974)
109,922

Adjustments in respect of prior periods
17,178
-

Total deferred tax
(17,796)
109,922


379,651
224,443
Page 28

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
853,737
1,083,444


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
215,295
238,466

Effects of:


Fixed asset differences
9,273
5,700

Expenses not deductible for tax purposes
34,027
3,482

Adjustments to tax charge in respect of prior periods
(15,122)
(36,339)

Adjustments to tax charge in respect of
previous periods - deferred tax
17,178
13,155

Other timing differences leading to an increase (decrease) in taxation
119,000
(21)

379,651
224,443


13.


Dividends

2024
2023
£
£


Dividends paid
170,000
130,000

Page 29

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Intangible assets

Group





Patents
Development expenditure
Trademarks
Goodwill
Total

£
£
£
£
£



Cost


At 1 October 2023
124,555
555,408
49,569
-
729,532


Additions
-
-
-
103,877
103,877



At 30 September 2024

124,555
555,408
49,569
103,877
833,409



Amortisation


At 1 October 2023
46,950
243,782
23,015
-
313,747


Charge for the year
7,323
51,937
4,801
-
64,061


Impairment charge
-
-
-
103,877
103,877



At 30 September 2024

54,273
295,719
27,816
103,877
481,685



Net book value



At 30 September 2024
70,282
259,689
21,753
-
351,724



At 30 September 2023
77,605
311,626
26,554
-
415,785


The individual intangible assets which are material to the financial statements are development expenditure relating to new products and technologies.


Page 30

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
           14.Intangible assets (continued)

Company




Patents
Development expenditure
Trademarks
Goodwill
Total

£
£
£
£
£



Cost


At 1 October 2023
124,555
555,408
49,569
-
729,532


Additions
-
-
-
103,877
103,877



At 30 September 2024

124,555
555,408
49,569
103,877
833,409



Amortisation


At 1 October 2023
46,950
243,782
23,015
-
313,747


Charge for the year
7,323
51,937
4,801
-
64,061


Impairment charge
-
-
-
103,877
103,877



At 30 September 2024

54,273
295,719
27,816
103,877
481,685



Net book value



At 30 September 2024
70,282
259,689
21,753
-
351,724



At 30 September 2023
77,605
311,626
26,554
-
415,785

Page 31

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
(as restated)
2,815,000
56,955
2,388,287
336,380
-
5,596,622


Additions
153,910
-
394,127
55,401
3,626
607,064


Disposals
-
-
(281,728)
(431,252)
-
(712,980)



At 30 September 2024

2,968,910
56,955
2,500,686
(39,471)
3,626
5,490,706



Depreciation


At 1 October 2023 (as restated)
-
41,997
1,464,851
176,333
-
1,683,181


Charge for the year
58,195
6,903
271,999
75,918
-
413,015


Disposals
-
-
(276,637)
(428,902)
-
(705,539)



At 30 September 2024

58,195
48,900
1,460,213
(176,651)
-
1,390,657



Net book value



At 30 September 2024
2,910,715
8,055
1,040,473
137,180
3,626
4,100,049



At 30 September 2023 (as restated)
2,815,000
14,958
923,436
160,047
-
3,913,441



If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
1,907,183
1,753,273

Accumulated depreciation
(535,641)
(497,497)

Net book value
1,371,542
1,255,776

Page 32

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 October 2023 (as restated)
2,815,000
56,955
2,388,287
336,380
5,596,622


Additions
153,910
-
218,631
55,401
427,942


Disposals
-
-
(281,728)
(431,252)
(712,980)



At 30 September 2024

2,968,910
56,955
2,325,190
(39,471)
5,311,584



Depreciation


At 1 October 2023 (as restated)
-
41,997
1,464,851
176,333
1,683,181


Charge for the year
58,195
6,903
264,314
75,918
405,330


Disposals
-
-
(276,637)
(428,902)
(705,539)



At 30 September 2024

58,195
48,900
1,452,528
(176,651)
1,382,972



Net book value



At 30 September 2024
2,910,715
8,055
872,662
137,180
3,928,612



At 30 September 2023 (as restated)
2,815,000
14,958
923,436
160,047
3,913,441





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
2,910,715
2,815,000

2,910,715
2,815,000






Page 33

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
1,522


Additions
647,989



At 30 September 2024
649,511



Impairment


Charge for the period
103,877



At 30 September 2024

103,877



Net book value



At 30 September 2024
545,634



At 30 September 2023
1,522

The fixed asset investment is representive of the Company's 100% holding in the subsidiaries listed in note 17.




Page 34

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.

Subsidiary undertaking

The following was a subsidiary undertaking of the Company:


Name
Registered office
Class of shares
Holding

Bowman Bearing Technology Inc.
Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801
Ordinary
100%

Criptic-Arvis Limited
10 Isis Court Wyndyke Furlong, Abingdon Business Park, Abingdon, Oxfordshire, England, OX14 1DZ
Ordinary
100%

ISIS Court Management Limited
Unit 10 Isis Court Wyndyke Furlong, Abingdon Business Park, Abingdon, Oxfordshire, OX14 1DZ
Ordinary
60%


18.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
4,466,221
5,084,784
4,066,188
5,084,784

4,466,221
5,084,784
4,066,188
5,084,784



Page 35

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
3,295
-
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
2,520,402
2,257,605
2,196,695
2,257,605

Amounts owed by group undertakings
-
37,470
808,233
37,470

Other debtors
20,615
15,137
18,579
13,615

Prepayments and accrued income
403,993
299,440
400,331
299,440

2,945,010
2,609,652
3,423,838
2,608,130


Amounts owed by group undertakings are non-interest bearing and repayable on demand.


20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
727,184
756,239
603,010
756,239



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,193,216
1,547,974
1,135,363
1,547,974

Amounts owed to group undertakings
-
-
17,804
-

Corporation tax
569,436
150,861
548,308
150,861

Other taxation and social security
82,082
45,539
43,921
45,539

Obligations under finance lease and hire purchase contracts
146,820
146,820
146,820
146,820

Other creditors
315,686
243,585
314,362
243,585

Accruals and deferred income
396,630
900,299
375,892
900,299

2,703,870
3,035,078
2,582,470
3,035,078


Amounts owed to group undertakings are non-interest bearing and repayable on demand.

Page 36

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
-
146,820
-
146,820

-
146,820
-
146,820




23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Cash and cash equivalents
727,184
756,239
603,010
756,239

Financial assets that are debt instruments measured at amortised cost
2,946,783
2,608,130
3,423,838
2,608,130

3,673,967
3,364,369
4,026,848
3,364,369


Financial liabilities

Financial liabilities measured at amortised cost
(1,732,681)
(2,778,146)
(1,670,570)
(2,778,146)


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, amounts owed by groups undertakings (Company only), other debtors, accrued income and prepayments.


Financial liabilities measured at amortised cost comprise of finance leases, trade creditors, amounts owed to group undertakings (Company only), other creditors and accruals

Page 37

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Deferred taxation


Group





2024


£






At beginning of year
(295,844)


Charged to profit or loss
17,796


Arising on business combinations
(29,202)



At end of year
(307,250)

Company




2024


£






At beginning of year
(295,844)


Charged to profit or loss
17,796



At end of year
(278,048)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(307,250)
(295,844)
(278,048)
(295,844)

(307,250)
(295,844)
(278,048)
(295,844)

Page 38

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Provisions


Group





Credit note provision

£





At 1 October 2023
23,882


Charged to profit or loss
(23,882)



At 30 September 2024
-

Company




Credit note provision
Total

£
£





At 1 October 2023
23,882
23,882


Charged to profit or loss
(23,882)
(23,882)



At 30 September 2024
-
-


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000
7,500 (2023 - 7,500) Ordinary D shares of £0.01 each
75
75

1,000,075

1,000,075




Page 39

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.
 

Business combinations

On 1 June 2024, the Group acquired a 100% shareholding in Criptic Arvis Limited for a total consideration of £647,889. 

Acquisition of Criptic Arvis Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
153,694
153,694

153,694
153,694

Current Assets

Stocks
223,301
223,301

Debtors
192,271
192,271

Cash at bank and in hand
117,059
117,059

Total Assets
686,325
686,325

Creditors

Due within one year
(111,350)
(111,350)

Due after more than one year
(1,761)
(1,761)

Deferred taxation
(29,202)
(29,202)

Total Identifiable net assets
544,012
544,012


Goodwill
103,877

Total purchase consideration
647,889

Consideration

£


Cash
535,503

Deferred consideration
112,386

Total purchase consideration
647,889

Page 40

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
535,503

535,503

Less: Cash and cash equivalents acquired
(117,059)

Net cash outflow on acquisition
418,444

The results of Criptic Arvis Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
357,121

(Loss) for the period since acquisition
(33,626)


28.


Change in accounting policy

During the year, the Company has adopted a revaluation policy for freehold property, as detailed in the accounting policies section. The Company has retrospectively applied the policy in accordance with the accounting standards. This has resulted in the cost of freehold property as at 1 October 2023 increasing by £1,061,727 (as at 1 October 2022 increasing by £1,128,557), a decrease to depreciation brought forward as at 1 October 2023 by £497,497 (decrease as at 1 October 2022 by £459,714), and the recognition of a revaluation reserve of £1,559,224 (2023: £1,588,271). This has also resulted in an increase in the depreciation charge and reduction in the profit for the year of £20,051 (2023: decrease in the depreciation charge and increase in the profit of £37,783). 


29.


Pension commitments

The Company operates a defined contribution 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 amount to £58,498 (2023: £62,884). Contributions totalling £10,538 (2023: £9,129) were payable to the fund at the balance sheet date and are included in creditors. 

Page 41

 
BOWMAN INTERNATIONAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
93,974
93,974
93,974
93,974

Later than 1 year and not later than 5 years
281,077
337,629
281,077
337,629

Later than 5 years
124,469
161,994
124,469
161,994

499,520
593,597
499,520
593,597


31.


Related party transactions

At the balance sheet date the directors of the Company were owed £20,489 (2023: £46,325) by the Company in the form of a loan. The loan is non-interest bearing and is repayable on demand. 
The Company has made sales totalling £544 (2023 £4,694) to a company controlled by a close family member of a director. At year end, £nil (2023: £149) was included in trade debtors. 
The Company has an investment totalling £1,522 (2023: £1,522) in a company of which a director of the Company was a director.
During the year ended 30 September 2024 the Company incurred expenses totalling £nil (2023: £8,963) on behalf of the directors.
During the year, dividends of £170,000 (2023: £130,000) were declared to directors and £170,000 (2023: £130,000) to shareholders.
The Company is exempt from disclosing transactions with 100% owned group undertakings.

Page 42