Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09764952 2022-03-01 2023-02-28 09764952 2021-03-01 2022-02-28 09764952 2023-02-28 09764952 2022-02-28 09764952 2021-03-01 09764952 c:Director1 2022-03-01 2023-02-28 09764952 d:MotorVehicles 2022-03-01 2023-02-28 09764952 d:MotorVehicles 2023-02-28 09764952 d:MotorVehicles 2022-02-28 09764952 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09764952 d:CurrentFinancialInstruments 2023-02-28 09764952 d:CurrentFinancialInstruments 2022-02-28 09764952 d:Non-currentFinancialInstruments 2023-02-28 09764952 d:Non-currentFinancialInstruments 2022-02-28 09764952 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09764952 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09764952 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09764952 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09764952 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 09764952 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 09764952 d:ShareCapital 2022-03-01 2023-02-28 09764952 d:ShareCapital 2023-02-28 09764952 d:ShareCapital 2022-02-28 09764952 d:ShareCapital 2021-03-01 09764952 d:SharePremium 2022-03-01 2023-02-28 09764952 d:SharePremium 2023-02-28 09764952 d:SharePremium 2022-02-28 09764952 d:SharePremium 2021-03-01 09764952 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2023-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2022-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2021-03-01 09764952 c:FRS102 2022-03-01 2023-02-28 09764952 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09764952 c:FullAccounts 2022-03-01 2023-02-28 09764952 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09764952 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09764952









SEVERN BRIDGING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SEVERN BRIDGING LTD
REGISTERED NUMBER: 09764952

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,900
-

Current assets
  

Debtors: amounts falling due within one year
 5 
2,925,908
442,607

Cash at bank and in hand
 6 
87,514
871,268

  
3,013,422
1,313,875

Creditors: amounts falling due within one year
 7 
(308,358)
(11,312)

Total assets less current liabilities
  
2,734,964
1,302,563

Creditors: amounts falling due after more than one year
 8 
(29,167)
(49,167)

Net assets
  
2,705,797
1,253,396


Capital and reserves
  

Called up share capital 
  
2,750
1,100

Share premium account
  
2,482,250
998,900

Profit and loss account
  
220,797
253,396

  
2,705,797
1,253,396


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.




................................................
Daryl Thorpe
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
SEVERN BRIDGING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 March 2021
1,100
998,900
232,097
1,232,097


Comprehensive income for the year

Profit for the year
-
-
21,299
21,299



At 1 March 2022
1,100
998,900
253,396
1,253,396


Comprehensive income for the year

Loss for the year

-
-
(32,599)
(32,599)

Shares issued during the year
1,650
1,483,350
-
1,485,000


At 28 February 2023
2,750
2,482,250
220,797
2,705,797


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Severn Bridging Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 09764952. The address of the registered office is 55 Chislehurst Road, Chislehurst, Kent, England, BR7 5NP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 3

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 March 2022
-


Additions
37,768



At 28 February 2023

37,768



Depreciation


At 1 March 2022
-


Charge for the year on owned assets
7,868



At 28 February 2023

7,868



Net book value



At 28 February 2023
29,900



At 28 February 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
1,173,019
442,335

Amounts owed by group undertakings
2,739
174

Other debtors
1,750,066
50

Prepayments and accrued income
84
48

2,925,908
442,607


Amounts owed by group undertakings are unsecured, interest-free have no fixed date of repayment and are repayable on demand.

Page 6

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
87,514
871,268

87,514
871,268



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
-

Trade creditors
122
897

Corporation tax
-
4,410

Other taxation and social security
1,662
2,122

Other creditors
269,091
1,483

Accruals and deferred income
27,483
2,400

308,358
11,312



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
29,167
49,167

29,167
49,167


Page 7

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Bank loans
10,000
-


10,000
-

Amounts falling due after more than 5 years

Bank loans
29,167
49,167



10.


Related party transactions

Included in other creditors at the balance sheet date are amounts owed to the directors Daryl Thorpe and Kathleen Thorpe of £420 (2022: £1,344) and £268,575 (2022: £nil), respectively. The directors have confirmed that they will not seek repayment of these amounts if it would prevent the company meeting its liabilities as they fall due for a period of at least 12 months from the date of signing the accounts.

 
Page 8