Silverfin false 31/03/2022 31/03/2022 01/04/2021 D Houri 18/09/2018 L Houri 18/09/2018 S Houri 01/09/1998 T Houri 18/09/2018 06 September 2022 The principal activity of the company continued to be that of the provision of loan finance. 03624788 2022-03-31 03624788 bus:Director1 2022-03-31 03624788 bus:Director2 2022-03-31 03624788 bus:Director3 2022-03-31 03624788 bus:Director4 2022-03-31 03624788 core:CurrentFinancialInstruments 2022-03-31 03624788 core:CurrentFinancialInstruments 2021-03-31 03624788 2021-03-31 03624788 core:ShareCapital 2022-03-31 03624788 core:ShareCapital 2021-03-31 03624788 core:RetainedEarningsAccumulatedLosses 2022-03-31 03624788 core:RetainedEarningsAccumulatedLosses 2021-03-31 03624788 core:CurrentFinancialInstruments 10 2022-03-31 03624788 core:CurrentFinancialInstruments 10 2021-03-31 03624788 bus:OrdinaryShareClass1 2022-03-31 03624788 2021-04-01 2022-03-31 03624788 bus:FullAccounts 2021-04-01 2022-03-31 03624788 bus:SmallEntities 2021-04-01 2022-03-31 03624788 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 03624788 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 03624788 bus:Director1 2021-04-01 2022-03-31 03624788 bus:Director2 2021-04-01 2022-03-31 03624788 bus:Director3 2021-04-01 2022-03-31 03624788 bus:Director4 2021-04-01 2022-03-31 03624788 2020-04-01 2021-03-31 03624788 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 03624788 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 03624788 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03624788 (England and Wales)

EGT BRIDGING FINANCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

EGT BRIDGING FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

EGT BRIDGING FINANCE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2022
EGT BRIDGING FINANCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2022
DIRECTORS D Houri
L Houri
S Houri
T Houri
REGISTERED OFFICE 120 High Road
Bushey Heath
Bushey
WD23 1GE
England
United Kingdom
COMPANY NUMBER 03624788 (England and Wales)
CHARTERED ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
EGT BRIDGING FINANCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
EGT BRIDGING FINANCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Current assets
Debtors 3 8,448,912 12,351,090
Cash at bank and in hand 52,490 0
8,501,402 12,351,090
Creditors
Amounts falling due within one year 4 ( 8,481,758) ( 12,323,161)
Net current assets 19,644 27,929
Total assets less current liabilities 19,644 27,929
Net assets 19,644 27,929
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 19,642 27,927
Total shareholder's funds 19,644 27,929

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of EGT Bridging Finance Limited (registered number: 03624788) were approved and authorised for issue by the Board of Directors on 06 September 2022. They were signed on its behalf by:

D Houri
Director
EGT BRIDGING FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
EGT BRIDGING FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The principal activity of E.G.T Bridging Finance Limited ("the Company") is the provision of loan finance.

The Company is a private company limited by shares and is incorporated in England and Wales.

The Registered Office address is 35 Glanleam Road, Stanmore, HA7 4NW.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises interest and facility fees chargeable for the period.

Interest receivable is recognised for the period the interest is charged.

Facility fees are recognised in the period they are charged.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

(i) Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Debtors

2022 2021
£ £
Trade debtors 8,311,485 12,217,819
Other taxation and social security 137,427 132,832
Other debtors 0 439
8,448,912 12,351,090

4. Creditors: amounts falling due within one year

2022 2021
£ £
Bank overdrafts 7,034,750 9,940,459
Amounts owed to Group undertakings 1,176,409 2,353,404
Other creditors 252,299 29,298
Corporation tax 18,300 0
8,481,758 12,323,161

The company's bank facilities are secured by fixed and floating charges over the assets of the company and the company has pledged any assets that may be held by the bank as security for advances. The total amount of creditors for which security has been given at the statement of financial position date amounted to £7,034,750 (2021 - £9,940,459).

5. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2