Bridgeform Trade Limited |
Notes to the Accounts |
for the year ended 31 December 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Exemption from preparing consolidated financial statements |
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The financial statements contain information about Bridgeform Trade Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% straight line |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Going concern |
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The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities amounting to £595,237 (2020: £221,411) and incurred a net loss of £373,826 (2020: £1,305) for the period. The directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts. |
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
- |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 January 2021 |
111,830 |
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At 31 December 2021 |
111,830 |
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Depreciation |
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At 1 January 2021 |
5,961 |
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At 31 December 2021 |
5,961 |
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Net book value |
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At 31 December 2021 |
105,869 |
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At 31 December 2020 |
105,869 |
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4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 January 2021 |
784 |
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At 31 December 2021 |
784 |
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The company's investments at the balance sheet date in the share capital of companies include the following: |
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Subsidiary |
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White Whale Investment Limited |
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Country of incorporation: Republic of Cyprus |
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Nature of business: Provision of financing |
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% |
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Class of shares: |
holding |
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Ordinary |
100.00 |
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31.12.21 |
31.12.20 |
£ |
£ |
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Aggregate capital and reserves |
- |
- |
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Profit for the year |
- |
- |
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The accounts of White Whale Investment Limited for the years ended 31 December 2020 and 31 December 2021 are not available. |
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5 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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477,451 |
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477,451 |
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Other debtors |
359,579 |
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769,908 |
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837,030 |
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1,247,359 |
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6 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Bank loans and overdrafts |
920 |
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468 |
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Trade creditors |
200,054 |
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200,054 |
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Other taxes and social security costs |
(545) |
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(545) |
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Other creditors |
1,360,646 |
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1,483,020 |
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1,561,075 |
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1,682,997 |
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7 |
Secured Debts |
2021 |
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2020 |
£ |
£ |
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The following secured debts are included within creditors: |
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Other loans |
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1,360,646 |
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1,482,750 |
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The loan of £360,646 is interest free and is repayable on demand. The loan of £1,000,000 is interest free and is repayable on demand. These loans are secured by fixed & floating charge over company’s asset. |
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8 |
Related party transactions |
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At the period end the Company owed £360,646 (2020: £482,750) to Sergiy Purik, the Company's director, in relation to a loan advanced to the company in the previous period. The loan is interest free repayable on demand. At the period end, this amount remains unpaid and is included within creditors due within one year. |
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At the period end the Company owed £1,000,000 (2020: £1,000,000) to Iana Purik, the Company's director's daughter, in relation to a loan of £1,000,000 advanced to the company in previous periods. The loan is interest free repayable on demand. At the period end, this amount remains unpaid and is included within creditors due within one year. |
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Included in debtors due within one year are the following balances due from related parties: |
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2021 |
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2020 |
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£ |
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£ |
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White Whale Investments Limited |
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477,451 |
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477,451 |
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These companies are related due to common control/ownership. |
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9 |
Controlling party |
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The ultimate controlling party is Mr S Purik by virtue of 100% shareholdings in issued share capital of the company. |
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10 |
Other information |
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Bridgeform Trade Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 5, 3rd Floor |
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Sovereign House, 1 Albert Place |
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London |
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N3 1QB |