REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2021 |
FOR |
BRIDGEWATER SUPPORT SOLUTIONS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2021 |
FOR |
BRIDGEWATER SUPPORT SOLUTIONS LTD |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th November 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BRIDGEWATER SUPPORT SOLUTIONS LTD |
COMPANY INFORMATION |
for the Year Ended 30th November 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 City Road East |
Manchester |
M15 4PN |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
BALANCE SHEET |
30th November 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
BALANCE SHEET - continued |
30th November 2021 |
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 |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th November 2021 |
1. | STATUTORY INFORMATION |
Bridgewater Support Solutions Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07556890. The address of the registered office and principal place of business is Bridgewater House, Whitworth Street, Manchester M1 6LT. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover principally consists of income relating to the provision of debt management services. |
Debt management |
Turnover is recognised on a cash received basis reflecting the proportion of work performed. Initial fees are recognised when a customer makes their first contribution to the plan. Subsequent fees are recognised upon receipt of funds into the plan, which reflects when the service is provided. |
Fees and commission |
Referral fees and commissions are recognised on the basis of amounts invoiced. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the back book of a fellow subsidiary, DFH Limited, will be amortised over a 10 year period. |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2021 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Fixtures and Fittings | - | 20% on cost |
Computer Equipment | - | 33% on cost |
Motor Vehicles | - | 33% on cost |
At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Government grants |
Government grants are recognised on the accrual model and are measured at fair value of the asset receivable. Grants are classified as relating either to other income or to assets. Grants related to other income are recognised in profit or loss over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 the Statement of Comprehensive Income on a straight line basis over the period of the lease. |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2021 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st December 2020 |
and 30th November 2021 |
AMORTISATION |
At 1st December 2020 |
Charge for year |
At 30th November 2021 |
NET BOOK VALUE |
At 30th November 2021 |
At 30th November 2020 |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st December 2020 |
Additions |
At 30th November 2021 |
DEPRECIATION |
At 1st December 2020 |
Charge for year |
At 30th November 2021 |
NET BOOK VALUE |
At 30th November 2021 |
At 30th November 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 655,150 | 146,931 |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1.00 | 1,000 | 1,000 |
BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2021 |
9. | OTHER FINANCIAL COMMITMENTS |
PENSION COMMITMENTS |
The company contributed to a stakeholder pension scheme available to all staff during the period. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £198,513 (2020 - £146,380). Contributions amounting to £51,823 (2020 - £39,826), were payable to the fund and are included in creditors. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mr C G Elliott and Mrs S J Elliott, directors of the ultimate parent company |
by virtue of their controlling interest in the ultimate parent, Bridgewater Finance Group Limited |