REGISTERED NUMBER: 04586514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BONOMI (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C J Clear

Mr A Bonomi

Mrs G M Clear

Mr A C Farnham

Mr J L Hill

Mr M Moore

Mr R Brailsford

SECRETARY:

Mrs H E Farnham

REGISTERED OFFICE:

The Fluid Power Centre

Watling Street

Nuneaton

Warwickshire

CV11 6BQ

REGISTERED NUMBER:

04586514 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

BANKERS:

National Westminster Bank plc

13 The Borough

Hinckley

Leicestershire

LE10 1NW

FIXED ASSETS

Intangible assets

4

25,001

25,001

Tangible assets

5

138,334

120,577

Investments

6

432,151

432,151

595,486

577,729

CURRENT ASSETS

Stocks

1,213,976

1,206,137

Debtors

7

1,260,879

1,239,552

Cash at bank and in hand

745,943

483,510

3,220,798

2,929,199

CREDITORS

Amounts falling due within one year

8

(1,659,325

)

(1,419,147

)

NET CURRENT ASSETS

1,561,473

1,510,052

TOTAL ASSETS LESS CURRENT LIABILITIES

2,156,959

2,087,781

CREDITORS

Amounts falling due after more than one year

9

(600,000

)

-

NET ASSETS

1,556,959

2,087,781

CAPITAL AND RESERVES

Called up share capital

400,000

100,000

Retained earnings

1,156,959

1,987,781

1,556,959

2,087,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

Mr A C Farnham - Director

Mr M Moore - Director

1.	STATUTORY INFORMATION

Bonomi (UK) Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is The Fluid Power Centre, Watling Street, Nuneaton, Warwickshire, CV11 6BQ and the registered number is 04586514.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1.

Going concern

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets

Acquired goodwill is written off in annual instalments over its estimated useful economic life.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold improvements

20% straight line basis

Plant and machinery

15% straight line basis

Fixtures and fittings

15% straight line basis

Computer equipment

25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Preference shares which result in fixed returns to the holder or are mandatorily redeemable on a specific date are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as an interest expense.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is

recognised in the statement of comprehensive income, except to the extent that it related to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.

Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Leases are classified as hire purchase whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits

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

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

125,000

AMORTISATION

At 1 January 2024

and 31 December 2024

99,999

NET BOOK VALUE

At 31 December 2024

25,001

At 31 December 2023

25,001

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 January 2024

105,010

45,457

87,256

Additions

16,140

25,628

1,499

Disposals

-

-

-

At 31 December 2024

121,150

71,085

88,755

DEPRECIATION

At 1 January 2024

39,230

28,249

56,391

Charge for year

17,274

5,311

6,651

Eliminated on disposal

-

-

-

At 31 December 2024

56,504

33,560

63,042

NET BOOK VALUE

At 31 December 2024

64,646

37,525

25,713

At 31 December 2023

65,780

17,208

30,865

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

119,900

32,290

389,913

Additions

-

7,201

50,468

Disposals

(28,290

)

-

(28,290

)

At 31 December 2024

91,610

39,491

412,091

DEPRECIATION

At 1 January 2024

119,900

25,566

269,336

Charge for year

-

3,475

32,711

Eliminated on disposal

(28,290

)

-

(28,290

)

At 31 December 2024

91,610

29,041

273,757

NET BOOK VALUE

At 31 December 2024

-

10,450

138,334

At 31 December 2023

-

6,724

120,577

6.	FIXED ASSET INVESTMENTS

Shares in

associated

undertakings

£

COST

At 1 January 2024

and 31 December 2024

895,222

PROVISIONS

At 1 January 2024

and 31 December 2024

463,071

NET BOOK VALUE

At 31 December 2024

432,151

At 31 December 2023

432,151

The shares in associated undertakings represents a 100% shareholding in Ultravalve Ltd. At 31 December 2024 the sales for period were £2,367,036 (2023: £1,856,311) and the reported net assets of Ultravalve Ltd were £620,745 (2023: £564,348).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,222,715

1,204,015

Other debtors

4,103

1,375

Amounts due from related parties

-

347

Prepayments

34,061

33,815

1,260,879

1,239,552

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 10)

-

6,860

Trade creditors

1,158,207

1,015,964

Corporation tax

25,219

50,580

Social security and other taxes

308,232

254,996

Amounts due to related parties

59,841

2,961

Accruals and deferred income

107,826

87,786

1,659,325

1,419,147

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Preference shares

600,000

-

The 6% cumulative preference shares carry a fixed cumulative preferential dividend at the rate of 6% per annum. The shares have no redemption entitlement. On a winding up, the holders have priority before all other classes of shares to receive repayment of capital plus any arrears of dividends. The holders have no voting rights.

10.	LEASING AGREEMENTS

Operating lease payments represent rentals payable by the company for the occupation of its business premises and for the contract hire of a company vehicle. At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

Non-cancellable

operating leases

2024

2023

£

£

Within one year

92,251

65,936

Between one and five years

159,428

182,759

251,679

248,695

Obligations under hire purchase contracts totalling £Nil (2023 - £6,860) are secured on assets of the company.

11.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has entered into forward foreign exchange contracts in the normal course of business amounting to £2,998,607 at 31 December 2024 (2023 - £2,312,117).