Company registration number 03987548 (England and Wales)
LONDON BRIDGE ASSOCIATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
LONDON BRIDGE ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LONDON BRIDGE ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,228
32,034
Current assets
Debtors
4
2,069,640
1,936,419
Cash at bank and in hand
2,661,223
2,596,074
4,730,863
4,532,493
Creditors: amounts falling due within one year
5
(1,744,608)
(1,735,794)
Net current assets
2,986,255
2,796,699
Total assets less current liabilities
3,002,483
2,828,733
Provisions for liabilities
(3,233)
(5,919)
Net assets
2,999,250
2,822,814
Capital and reserves
Called up share capital
667
667
Share premium account
254,422
254,422
Capital redemption reserve
1,443
1,443
Profit and loss reserves
2,742,718
2,566,282
Total equity
2,999,250
2,822,814

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
D M Sharrocks
S R Morgan
Director
Director
Company registration number 03987548 (England and Wales)
LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

London Bridge Associates Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's place of business is Suites 49-52, The Hop Exchange, 24 Southwark Street, London SE1 1TY.

 

The accounts are presented in £sterling and rounded to the nearest pound

1.1
Accounting convention

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.

1.2
Turnover

Turnover represents amounts receivable for services provided during the year in the normal course of business, net of VAT.

 

In respect of contracts for on-going services, turnover represents the value of work done in the year, including

estimates of amounts not invoiced at the year end.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Computers
25% on cost
1.4
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.8

Research and development

All expenditure on research and development is expensed as incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
56
57
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2022
31,434
379,831
411,265
Additions
248
3,616
3,864
At 31 July 2023
31,682
383,447
415,129
Depreciation and impairment
At 1 August 2022
29,897
349,334
379,231
Depreciation charged in the year
1,526
18,144
19,670
At 31 July 2023
31,423
367,478
398,901
Carrying amount
At 31 July 2023
259
15,969
16,228
At 31 July 2022
1,537
30,497
32,034
LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
972,346
878,363
Other debtors
332,026
170,630
Prepayments and accrued income
642,551
832,295
1,946,923
1,881,288
Deferred tax asset (note 6)
42,104
55,131
1,989,027
1,936,419
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
80,613
-
0
Total debtors
2,069,640
1,936,419
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
47,666
149,509
Corporation tax
-
0
159,369
Other taxation and social security
319,911
331,139
Dividends payable
114,782
64,720
Accruals and deferred income
1,262,249
1,031,057
1,744,608
1,735,794

Included in accruals and deferred income is £39,928 (2022: £39,948) in relation to July pension contributions which were then paid in August.

LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
3,233
5,919
-
-
Tax losses
-
-
32,121
47,541
Other timing differences
-
-
9,983
7,590
3,233
5,919
42,104
55,131
2023
Movements in the year:
£
Net asset at 1 August 2022
(49,212)
Charge to profit or loss
10,341
Net asset at 31 July 2023
(38,871)
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Daniel Palmer FCA and the auditor was Nunn Hayward LLP.
8
Financial commitments, guarantees and contingent liabilities

A rent deposit deed dated 14 April 2015 has been created by London Bridge Associates Limited for securing £5,831 due or to become due from the company to Peer Property Limited.

9
Operating lease commitments

At 31 July 2023, the company had total commitments under non-cancellable operating leases of £30,072 (2022: £86,690).

10
Ultimate controlling party

There is no individual shareholder that has overall control of the company.

LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
11
Share incentive plan

The HM Revenue and Customs approved Share Incentive Plan is open to all eligible employees and is intended to encourage employees to invest in the Company's shares. Participants can invest up to £1,800 per year from pre-tax salary in shares ("partnership shares"). The amount of partnership shares money deducted in a tax year must not exceed 10% of the employee's salary for that tax year. For the first 200 partnership shares awarded to an employee the Company grants one free share ("matching shares") for every two partnership shares granted and for the next 225 partnership shares awarded, the Company grants one free share ("matching shares") for every three partnership shares granted. The matching shares are normally forfeited if employment ceases (subject to certain exclusions such as injury or redundancy), or if partnership shares in respect of which the matching shares were awarded are withdrawn from or by a participant, within three years of award. "Free" shares are awarded to employees linked to length of employment service with the company.

 

Employees awarded matching and free shares in the company agree to leave them in the hands of the trustees of the plan, and not to assign, charge or otherwise dispose of their beneficial interest in the shares for the whole of the holding period of five years.

 

The company may direct that any cash dividend in respect of free shares, matching shares or partnership shares may be applied in acquiring further shares on their behalf ("dividend shares").

 

Further information regarding the share incentive plan can be obtained in the Rules of the London Bridge Associates Limited Share Incentive Plan.

 

During the year ended 31 July 2023 employees invested £48,916 (2022: £65,751) to the plan. 11,550 (2022: 15,525) Partnership Shares were awarded along with 4,950 (2022: 6,475) Matching Shares and 12,200 (2022: 17,100) Free Shares. A total of 7 (2022: 9) directors and 43 (2022: 43) employees participated in the scheme during the year.

 

As at 31 July 2023 the SIP held 27,990 (2022: 3,100) unallocated shares that may be used towards new Partnership, Matching and Free awards.

12
Employee Benefit Trust

The company operates an Employee Benefit Trust (EBT), which was established to facilitate share transactions between the SIP and other shareholders and to hold shares not yet allocated to employees. The EBT was funded by both a loan and a gift from the company in 2021 and a further loan in 2023. The loan amount outstanding as at 31 July 2023 is £181,722 (2022: £126,722).

13
Contingent asset

At the previous year end a contingent asset was identified in respect of outstanding Research and Development tax relief claims submitted but not yet settled by HMRC at the date the accounts were approved. The claims, net of corporation tax and associated costs, totalled approximately £227,000. These claims were deemed to be settled in the current year on the receipt of the Research and Development tax credits which are disclosed as income in the current year. There are no further outstanding claims, and therefore no contingent assets, requiring disclosure as at 31 July 2023.

LONDON BRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
14
Directors' advances, credits and guarantees

As at 31 July 2023 there were amounts owing from directors totalling £21,150 (2022 : £12,000)

S J Thompson    £5,000

S R Morgan    £7,000

A Kevan     £9,150

 

No amounts were repaid, written off or waived to any director in the year to 31 July 2023. The amounts advanced are repayable on demand and are interest free.

2023-07-312022-08-01false07 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedA KevanD TerryR G AllenR L IbellD M SharrocksK SpibyS J ThompsonS R MorganD W SmithS RajaK SharrocksK Sharrocksfalse039875482022-08-012023-07-31039875482023-07-31039875482022-07-3103987548core:FurnitureFittings2023-07-3103987548core:ComputerEquipment2023-07-3103987548core:FurnitureFittings2022-07-3103987548core:ComputerEquipment2022-07-3103987548core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3103987548core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3103987548core:CurrentFinancialInstruments2023-07-3103987548core:CurrentFinancialInstruments2022-07-3103987548core:ShareCapital2023-07-3103987548core:ShareCapital2022-07-3103987548core:SharePremium2023-07-3103987548core:SharePremium2022-07-3103987548core:CapitalRedemptionReserve2023-07-3103987548core:CapitalRedemptionReserve2022-07-3103987548core:RetainedEarningsAccumulatedLosses2023-07-3103987548core:RetainedEarningsAccumulatedLosses2022-07-3103987548bus:Director52022-08-012023-07-3103987548bus:Director82022-08-012023-07-3103987548core:FurnitureFittings2022-08-012023-07-3103987548core:ComputerEquipment2022-08-012023-07-31039875482021-08-012022-07-3103987548core:FurnitureFittings2022-07-3103987548core:ComputerEquipment2022-07-31039875482022-07-3103987548core:Non-currentFinancialInstruments2023-07-3103987548core:Non-currentFinancialInstruments2022-07-3103987548bus:PrivateLimitedCompanyLtd2022-08-012023-07-3103987548bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3103987548bus:FRS1022022-08-012023-07-3103987548bus:Audited2022-08-012023-07-3103987548bus:Director12022-08-012023-07-3103987548bus:Director22022-08-012023-07-3103987548bus:Director32022-08-012023-07-3103987548bus:Director42022-08-012023-07-3103987548bus:Director62022-08-012023-07-3103987548bus:Director72022-08-012023-07-3103987548bus:Director92022-08-012023-07-3103987548bus:Director102022-08-012023-07-3103987548bus:Director112022-08-012023-07-3103987548bus:CompanySecretary12022-08-012023-07-3103987548bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP