3 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 816,553 816,553 816,553 xbrli:pure xbrli:shares iso4217:GBP 12521782 2022-06-01 2023-05-31 12521782 2023-05-31 12521782 2022-05-31 12521782 2021-06-01 2022-05-31 12521782 2022-05-31 12521782 core:FurnitureFittings 2022-06-01 2023-05-31 12521782 bus:Director1 2022-06-01 2023-05-31 12521782 core:FurnitureFittings 2022-05-31 12521782 core:FurnitureFittings 2023-05-31 12521782 core:WithinOneYear 2023-05-31 12521782 core:WithinOneYear 2022-05-31 12521782 core:AfterOneYear 2023-05-31 12521782 core:AfterOneYear 2022-05-31 12521782 core:ShareCapital 2023-05-31 12521782 core:ShareCapital 2022-05-31 12521782 core:RetainedEarningsAccumulatedLosses 2023-05-31 12521782 core:RetainedEarningsAccumulatedLosses 2022-05-31 12521782 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 12521782 core:Non-currentFinancialInstruments 2023-05-31 12521782 core:Non-currentFinancialInstruments 2022-05-31 12521782 core:FurnitureFittings 2022-05-31 12521782 bus:SmallEntities 2022-06-01 2023-05-31 12521782 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 12521782 bus:FullAccounts 2022-06-01 2023-05-31 12521782 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 12521782 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 12521782
Bridgewater+ Limited
Filleted Unaudited Financial Statements
31 May 2023
Bridgewater+ Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
79,369
51,347
Investments
6
816,553
816,553
---------
---------
895,922
867,900
Current assets
Debtors
7
18,727
13,245
Cash at bank and in hand
33,571
29,334
--------
--------
52,298
42,579
Creditors: amounts falling due within one year
8
630,747
588,119
---------
---------
Net current liabilities
578,449
545,540
---------
---------
Total assets less current liabilities
317,473
322,360
Creditors: amounts falling due after more than one year
9
260,259
281,106
---------
---------
Net assets
57,214
41,254
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
56,214
40,254
--------
--------
Shareholders funds
57,214
41,254
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bridgewater+ Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
M Ishfaq
Director
Company registration number: 12521782
Bridgewater+ Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridgewater House, 8 Surrey Road, Nelson, England, BB9 7TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Rental income is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2022
64,114
3,780
67,894
Additions
37,270
5,357
42,627
---------
-------
---------
At 31 May 2023
101,384
9,137
110,521
---------
-------
---------
Depreciation
At 1 June 2022
15,300
1,247
16,547
Charge for the year
12,621
1,984
14,605
---------
-------
---------
At 31 May 2023
27,921
3,231
31,152
---------
-------
---------
Carrying amount
At 31 May 2023
73,463
5,906
79,369
---------
-------
---------
At 31 May 2022
48,814
2,533
51,347
---------
-------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2022 and 31 May 2023
816,553
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
816,553
---------
At 31 May 2022
816,553
---------
7. Debtors
2023
2022
£
£
Trade debtors
18,727
12,703
Other debtors
542
--------
--------
18,727
13,245
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
36,547
29,801
Trade creditors
42,928
8,159
Amounts owed to group undertakings and undertakings in which the company has a participating interest
523,936
523,936
Corporation tax
627
627
Social security and other taxes
1,577
4,610
Other creditors
25,132
20,986
---------
---------
630,747
588,119
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
260,259
281,106
---------
---------