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REGISTERED NUMBER: 07556890 (England and Wales)















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: Mr C G Elliott
Mrs S J Elliott





REGISTERED OFFICE: 1st Floor
Bridgewater House
58-60 Whitworth Street
Manchester
M1 6LT





REGISTERED NUMBER: 07556890 (England and Wales)





ACCOUNTANTS: KJG
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 4 283,589 472,648
Tangible assets 5 89,186 133,525
372,775 606,173

CURRENT ASSETS
Debtors 6 4,136,029 2,145,341
Cash at bank and in hand 217,604 163,763
4,353,633 2,309,104
CREDITORS
Amounts falling due within one year 7 (4,507,251 ) (2,781,438 )
NET CURRENT LIABILITIES (153,618 ) (472,334 )
TOTAL ASSETS LESS CURRENT LIABILITIES 219,157 133,839

PROVISIONS FOR LIABILITIES (19,425 ) (25,702 )
NET ASSETS 199,732 108,137

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 198,732 107,137
SHAREHOLDERS' FUNDS 199,732 108,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2021 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.

BRIDGEWATER SUPPORT SOLUTIONS LTD (REGISTERED NUMBER: 07556890)

BALANCE SHEET - continued
30th November 2021


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 26th August 2022 and were signed on its behalf by:





Mrs S J Elliott - Director


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
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.

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 347 (2020 - 258 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st December 2020
and 30th November 2021 1,890,590
AMORTISATION
At 1st December 2020 1,417,942
Charge for year 189,059
At 30th November 2021 1,607,001
NET BOOK VALUE
At 30th November 2021 283,589
At 30th November 2020 472,648

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 184,108 13,000 67,713 264,821
Additions 11,940 - - 11,940
At 30th November 2021 196,048 13,000 67,713 276,761
DEPRECIATION
At 1st December 2020 84,018 3,393 43,885 131,296
Charge for year 38,380 4,290 13,609 56,279
At 30th November 2021 122,398 7,683 57,494 187,575
NET BOOK VALUE
At 30th November 2021 73,650 5,317 10,219 89,186
At 30th November 2020 100,090 9,607 23,828 133,525

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed by group undertakings 1,835,668 -
Amounts owed by associates 1,922,370 1,739,825
Other debtors 377,991 405,516
4,136,029 2,145,341

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 149,719 123,274
Amounts owed to group undertakings 2,580,744 1,366,046
Amounts owed to associates 655,150 146,931
Taxation and social security 276,059 299,358
Other creditors 845,579 845,829
4,507,251 2,781,438

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 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