Bonus Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01191139 (England and Wales)

Bonus Electrical Limited

Financial Statements for the Year Ended 30th June 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S T E Boanas

R Jackson

D Madden

SECRETARY:

R Jackson

REGISTERED OFFICE:

18 Plane Tree Croft

Leeds

LS17 8UQ

REGISTERED NUMBER:

01191139 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

BANKERS:

The Royal Bank of Scotland plc

3rd Floor

2 Whitehall Quay

Leeds

West Yorkshire

LS1 4HR

SOLICITORS:

Rollits

Wilberforce Court

High Street

Hull

HU1 1YJ

FIXED ASSETS

Tangible assets

4

106,339

131,647

CURRENT ASSETS

Stocks

3,501,230

3,664,482

Debtors

5

1,394,080

1,865,128

Cash at bank

1,395,379

840,242

6,290,689

6,369,852

CREDITORS

Amounts falling due within one year

6

3,906,499

4,050,659

NET CURRENT ASSETS

2,384,190

2,319,193

TOTAL ASSETS LESS CURRENT LIABILITIES

2,490,529

2,450,840

CAPITAL AND RESERVES

Called up share capital

7

2,003

2,003

Retained earnings

2,488,526

2,448,837

SHAREHOLDERS' FUNDS

2,490,529

2,450,840

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18th March 2019 and were signed on its behalf by:

R Jackson - Director

1.	STATUTORY INFORMATION

Bonus Electrical Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The principle accounting policies have remained unchanged from the previous year and are set out

below.

Turnover

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the

goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable

that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on

dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and any provision for impairment.

Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the

assets. The estimated useful lives are as follows:

Plant and equipment - 7 years

Motor vehicles - 4 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its

present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Pension costs

The company operates a defined contribution pension scheme for certain employees. The pension

cost represents the contribution payable to the pension schemes in respect of the accounting period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2017 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2017

317,990

Additions

9,598

Disposals

(19,123

)

At 30th June 2018

308,465

DEPRECIATION

At 1st July 2017

186,343

Charge for year

34,905

Eliminated on disposal

(19,122

)

At 30th June 2018

202,126

NET BOOK VALUE

At 30th June 2018

106,339

At 30th June 2017

131,647

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,282,954

1,742,073

Other debtors

111,126

123,055

1,394,080

1,865,128

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

800,921

1,235,750

Amounts owed to fellow subsidiaries

2,577,521

2,573,880

Taxation and social security

142,535

116,522

Other creditors

385,522

124,507

3,906,499

4,050,659

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2,003

Called up, allotted and fully

paid

1

2,003

2,003

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Sharpley FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

9.	CONTINGENT LIABILITIES

i)

The company has given unlimited guarantees in respect of the bank borrowings of fellow group companies. The amount outstanding under this guarantee at 30 June 2018 was £2,844,922 (2017 £1,746,023).

ii)

The company is part of a group VAT registration. At 30 June 2018 the potential liability of the company under this registration was £284,329 (2017 £270,534).

10.	RELATED PARTY DISCLOSURES

Included in other creditors are loans from Mr T S E Boanas (a former director) and Mr S T E Boanas (a

current director.These loans are unsecured, interest free, repayable on demand and amount to

£357,927 (2017 £106,465).

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the director, the company's immediate and ultimate parent company is Bonus

Electrical Group Limited, a company registered in England. Copies of the group financial statements of

Bonus Electrical Group Limited can be obtained from The Registrar of Companies, Companies House,

Crown Way, Cardiff CF14 3UZ.