REGISTERED NUMBER: 08337068 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BRUNO GENERATORS UK LIMITED |
REGISTERED NUMBER: 08337068 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BRUNO GENERATORS UK LIMITED |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
BRUNO GENERATORS UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The principal activity of the group in the year continued to be that of the supply and maintenance of electrical generating equipment. |
The year ended 31 December 2022 has seen a bounceback in operations after the COVID-19 pandemic. Group Revenues have risen by 25.26% to £15.12 million (2021: £12.07 million). The gross profit margin has also risen to 14.04% (2021: 11.17%). The Group continues to trade profitability in competitive market conditions and has maintained its strong trading position by further development of existing customer relationships and contracts. The Group has continued to develop market leading products in line with recent regulatory changes which have ensured the Group maintains a healthy market share. |
PRINCIPAL RISKS AND UNCERTAINTIES |
With the increased level of trading, the cashflow requirements of the Company have eased but they continue to be a risk due to the slow debtor recovery rate, which is standard for the industry. The Company can also rely on the support of other Group members to assist with this cashflow burden. This support is considered adequate to deal with any potential cashflow risk. |
The other main risk the Company faces is the impact of any fluctuations in the Euro exchange rates as the vast majority of the companies purchases are made from Italy. However, this risk is not considered to be significant as the purchases made from Italy are from other Bruno Group members. |
ON BEHALF OF THE BOARD: |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2022 will be £nil (2021: £nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRUNO GENERATORS UK LIMITED |
Opinion |
We have audited the financial statements of Bruno Generators UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 December 2022 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 Auditors' 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 UK, including the FRC'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 and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRUNO GENERATORS UK LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRUNO GENERATORS UK LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to: |
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters; |
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off; |
- identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users; |
These are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRUNO GENERATORS UK LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 15,122,678 | 12,073,441 |
Cost of sales | (12,999,576 | ) | (10,725,239 | ) |
GROSS PROFIT | 2,123,102 | 1,348,202 |
Administrative expenses | (1,208,754 | ) | (1,210,824 | ) |
OPERATING PROFIT | 4 | 914,348 | 137,378 |
Interest payable and similar expenses | 5 | 39 | (150 | ) |
PROFIT BEFORE TAXATION | 914,387 | 137,228 |
Tax on profit | 6 | (213,485 | ) | (61,463 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 555,245 | 22,596 |
Non-controlling interests | 145,657 | 53,169 |
700,902 | 75,765 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 700,902 | 75,765 |
OTHER COMPREHENSIVE INCOME |
Acquisition of non-controlling interest | 30,646 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
30,646 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
731,548 |
75,765 |
Total comprehensive income attributable to: |
Owners of the parent | 585,892 | 22,595 |
Non-controlling interests | 145,656 | 53,170 |
731,548 | 75,765 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 545,039 | 726,719 |
Tangible assets | 9 | 133,087 | 148,441 |
Investments | 10 | - | - |
678,126 | 875,160 |
CURRENT ASSETS |
Stocks | 11 | 1,831,862 | 1,919,707 |
Debtors | 12 | 4,731,682 | 3,622,605 |
Cash at bank and in hand | 1,789,725 | 1,500,535 |
8,353,269 | 7,042,847 |
CREDITORS |
Amounts falling due within one year | 13 | (3,464,604 | ) | (2,252,117 | ) |
NET CURRENT ASSETS | 4,888,665 | 4,790,730 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,566,791 |
5,665,890 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(2,800,000 |
) |
(2,800,000 |
) |
PROVISIONS FOR LIABILITIES | 15 | (16,171 | ) | (16,171 | ) |
NET ASSETS | 2,750,620 | 2,849,719 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 1,000 | 1,000 |
Other reserves | 17 | 30,646 | - |
Retained earnings | 17 | 2,718,974 | 2,163,729 |
SHAREHOLDERS' FUNDS | 2,750,620 | 2,164,729 |
NON-CONTROLLING INTERESTS | 18 | - | 684,990 |
TOTAL EQUITY | 2,750,620 | 2,849,719 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by: |
H Wagner - Director |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year |
793,539 |
(8,400 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Other |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 January 2021 | 1,000 | 2,141,133 | - |
Changes in equity |
Total comprehensive income | - | 22,596 | - |
Balance at 31 December 2021 | 1,000 | 2,163,729 | - |
Changes in equity |
Total comprehensive income | - | 555,245 | 30,646 |
1,000 | 2,718,974 | 30,646 |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 31 December 2022 | 1,000 | 2,718,974 | 30,646 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 January 2021 | 2,142,133 | 631,820 | 2,773,953 |
Changes in equity |
Total comprehensive income | 22,596 | 53,170 | 75,766 |
Balance at 31 December 2021 | 2,164,729 | 684,990 | 2,849,719 |
Changes in equity |
Total comprehensive income | 585,891 | 145,656 | 731,547 |
2,750,620 | 830,646 | 3,581,266 |
Acquisition of non-controlling interest |
- |
(830,646 |
) |
(830,646 |
) |
Balance at 31 December 2022 | 2,750,620 | - | 2,750,620 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,146,346 | 150,497 |
Interest paid | 39 | (150 | ) |
Tax paid | (29,962 | ) | (58,855 | ) |
Net cash from operating activities | 1,116,423 | 91,492 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (28,899 | ) | (44,808 | ) |
Sale of tangible fixed assets | 1,666 | 25,050 |
Acquisition of non-controlling interest | (800,000 | ) | - |
Net cash from investing activities | (827,233 | ) | (19,758 | ) |
Increase in cash and cash equivalents | 289,190 | 71,734 |
Cash and cash equivalents at beginning of year |
2 |
1,500,535 |
1,428,801 |
Cash and cash equivalents at end of year |
2 |
1,789,725 |
1,500,535 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 914,387 | 137,228 |
Depreciation charges | 225,934 | 220,805 |
Profit on disposal of fixed assets | (1,667 | ) | (11,118 | ) |
Finance costs | (39 | ) | 150 |
1,138,615 | 347,065 |
Decrease in stocks | 87,845 | 4,989,344 |
Increase in trade and other debtors | (1,099,424 | ) | (1,280,369 | ) |
Increase/(decrease) in trade and other creditors | 1,019,310 | (3,905,543 | ) |
Cash generated from operations | 1,146,346 | 150,497 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,789,725 | 1,500,535 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 1,500,535 | 1,428,801 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,500,535 | 289,190 | 1,789,725 |
1,500,535 | 289,190 | 1,789,725 |
Total | 1,500,535 | 289,190 | 1,789,725 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Bruno Generators UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements have had to be made by management in preparing these financial statements. |
The Company had made assumptions concerning the future. The resulting assumptions will, by definition, seldom equal the related actual results. The assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The directors believe the impact of COVID-19 will not affect the value of stock. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 660,252 | 575,170 |
Social security costs | 68,030 | 57,603 |
Other pension costs | 31,916 | 28,475 |
760,198 | 661,248 |
The average number of employees during the year was as follows: |
2022 | 2021 |
The average number of employees by undertakings that were proportionately consolidated during the year was 18 (2021 - 16 ) . |
2022 | 2021 |
£ | £ |
Directors' remuneration | 61,035 | 46,472 |
Directors' pension contributions to money purchase schemes | 1,249 | 1,150 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery | 9,533 | 44,397 |
Depreciation - owned assets | 44,253 | 39,125 |
Profit on disposal of fixed assets | (1,667 | ) | (11,118 | ) |
Goodwill amortisation | 181,680 | 181,679 |
Auditors' remuneration | 19,070 | 24,210 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Exchange differences | (288 | ) | 150 |
Interest on late tax | 249 | - |
(39 | ) | 150 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 213,485 | 61,463 |
Tax on profit | 213,485 | 61,463 |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Acquisition of non-controlling interest | 30,646 | - | 30,646 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 | 1,870,247 |
AMORTISATION |
At 1 January 2022 | 1,143,528 |
Amortisation for year | 181,680 |
At 31 December 2022 | 1,325,208 |
NET BOOK VALUE |
At 31 December 2022 | 545,039 |
At 31 December 2021 | 726,719 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 | 185,982 | 14,126 | 201,790 | 11,839 | 413,737 |
Additions | 1,500 | - | 26,199 | 1,200 | 28,899 |
Disposals | - | - | (24,158 | ) | - | (24,158 | ) |
At 31 December 2022 | 187,482 | 14,126 | 203,831 | 13,039 | 418,478 |
DEPRECIATION |
At 1 January 2022 | 160,505 | 14,126 | 81,920 | 8,745 | 265,296 |
Charge for year | 6,160 | - | 36,762 | 1,331 | 44,253 |
Eliminated on disposal | - | - | (24,158 | ) | - | (24,158 | ) |
At 31 December 2022 | 166,665 | 14,126 | 94,524 | 10,076 | 285,391 |
NET BOOK VALUE |
At 31 December 2022 | 20,817 | - | 109,307 | 2,963 | 133,087 |
At 31 December 2021 | 25,477 | - | 119,870 | 3,094 | 148,441 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
11. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Stocks | 1,543,570 | 1,668,988 |
Work-in-progress | 288,292 | 250,719 |
1,831,862 | 1,919,707 |
12. | DEBTORS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 4,546,920 | 3,461,861 |
Amounts owed by group undertakings | 22,520 | 12,867 |
Other debtors | 72,057 | 60,896 |
Prepayments | 90,185 | 86,981 |
4,731,682 | 3,622,605 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 4,731,682 | 3,622,605 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade creditors | 1,761,343 | 1,132,070 |
Amounts owed to group undertakings | 22,520 | 12,867 |
Tax | 206,022 | 22,499 |
Social security and other taxes | - | 388 |
VAT | 740,438 | 454,385 | - | - |
Other creditors | 709,931 | 599,788 |
Accrued expenses | 24,350 | 30,120 |
3,464,604 | 2,252,117 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts owed to group undertakings | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 |
15. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
£ | £ |
Deferred tax | 16,171 | 16,171 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 16,171 |
Balance at 31 December 2022 | 16,171 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary 'A' | £1.00 | 1,000 | 1,000 |
BRUNO GENERATORS UK LIMITED (REGISTERED NUMBER: 08337068) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
17. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2022 | 2,163,729 | - | 2,163,729 |
Profit for the year | 555,245 | 555,245 |
Acquisition of non-controlling |
interest | - | 30,646 | 30,646 |
At 31 December 2022 | 2,718,974 | 30,646 | 2,749,620 |
Company |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
18. | NON-CONTROLLING INTERESTS |
Chris Archer sold 20% of the issued share capital of Bruno Power Limited and its subsidiaries on 26th October 2022. |
19. | RELATED PARTY DISCLOSURES |
At the balance sheet date £3,516,700 (2021: £3,516,700) was owed by Bruno Power Limited a subsidiary of the company. |
At the balance sheet date £17,420 (2021: £11,620) was owed to BGG UK Limited a company under common control. |
At the balance sheet date £2,800,000 (2020: £2,800,000) was owed to Bruno SRL a company under common control. |
20. | ULTIMATE CONTROLLING PARTY |
The directors consider the ultimate parent company and ultimate controlling party of Bruno Generators UK Limited to be Bruno Generators Group S.P.A, a company based in Italy. |