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 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S T E Boanas

D Madden

T E Gibson

SECRETARY:

T E Gibson

REGISTERED OFFICE:

Unit 1 Kingswood Business Park

Connaught Road

Kingswood

Hull

East Yorkshire

HU7 3AP

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

1,211,103

1,213,300

CURRENT ASSETS

Stocks

1,335,566

1,803,747

Debtors

5

1,128,373

882,282

Cash at bank

251,891

639,140

2,715,830

3,325,169

CREDITORS

Amounts falling due within one year

6

1,220,332

1,966,172

NET CURRENT ASSETS

1,495,498

1,358,997

TOTAL ASSETS LESS CURRENT LIABILITIES

2,706,601

2,572,297

CAPITAL AND RESERVES

Called up share capital

7

2,003

2,003

Retained earnings

2,704,598

2,570,294

SHAREHOLDERS' FUNDS

2,706,601

2,572,297

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th January 2022 and were signed on its behalf by:

T E Gibson - 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 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 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 25 (2020 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st July 2020

1,143,628

318,180

1,461,808

Additions

1,450

27,937

29,387

Disposals

-

(46,349

)

(46,349

)

At 30th June 2021

1,145,078

299,768

1,444,846

DEPRECIATION

At 1st July 2020

-

248,508

248,508

Charge for year

-

31,582

31,582

Eliminated on disposal

-

(46,347

)

(46,347

)

At 30th June 2021

-

233,743

233,743

NET BOOK VALUE

At 30th June 2021

1,145,078

66,025

1,211,103

At 30th June 2020

1,143,628

69,672

1,213,300

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

911,027

743,861

Amounts owed by fellow subsidiaries

117,811

53,480

Other debtors

99,535

84,941

1,128,373

882,282

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

596,314

397,274

Taxation and social security

176,129

136,056

Other creditors

447,889

1,432,842

1,220,332

1,966,172

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

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.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

9.	CONTINGENT LIABILITIES

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 2021 was £Nil (2020 £Nil).

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 £357,280 (2020 £1,377,854).

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.