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REGISTERED NUMBER: SC058511 (Scotland)














FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023

FOR

BRIDGING LOANS LIMITED

BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

BRIDGING LOANS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023







DIRECTORS: Mrs Miriam Cummings
Miss Laura Cummings
Mrs Susan Adele Levitus
Mr David Clive Levitus
Mrs Dorothy Fleming



SECRETARY: Mr David Clive Levitus



REGISTERED OFFICE: C/O D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
G1 2LW



REGISTERED NUMBER: SC058511 (Scotland)



ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW



BANKERS: Clydesdale Bank
30 St Vincent Place
Glasgow
G1 2HL



SOLICITORS: Mellicks Solicitors
160 Hope Street
Glasgow
G2 2TL

BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,787 51,119
Investments 5 - 100
Investment property 6 445,000 555,000
494,787 606,219

CURRENT ASSETS
Debtors 7 3,950,146 7,684,633
Cash at bank and in hand 19,580,796 15,504,078
23,530,942 23,188,711
CREDITORS
Amounts falling due within one year 8 943,649 1,062,188
NET CURRENT ASSETS 22,587,293 22,126,523
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,082,080

22,732,742

PROVISIONS FOR LIABILITIES 54,061 55,462
NET ASSETS 23,028,019 22,677,280

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 23,027,019 22,676,280
SHAREHOLDERS' FUNDS 23,028,019 22,677,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:





Mr David Clive Levitus - Director


BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

Bridging Loans Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover represents interest and charges receivable on loans redeemed during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022
and 31 March 2023 70,000 25,130 95,130
DEPRECIATION
At 1 July 2022 21,000 23,011 44,011
Charge for period 1,050 282 1,332
At 31 March 2023 22,050 23,293 45,343
NET BOOK VALUE
At 31 March 2023 47,950 1,837 49,787
At 30 June 2022 49,000 2,119 51,119

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022 100
Disposals (100 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 30 June 2022 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 555,000
Revaluations (110,000 )
At 31 March 2023 445,000
NET BOOK VALUE
At 31 March 2023 445,000
At 30 June 2022 555,000

BRIDGING LOANS LIMITED (REGISTERED NUMBER: SC058511)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 216,245
Cost 228,755
445,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 228,755 228,755

Investment properties were valued on an open market basis on 31 March 2023 by a director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,536,246 7,373,770
Other debtors 413,900 310,863
3,950,146 7,684,633

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 94,251 206,031
Other creditors 849,398 856,157
943,649 1,062,188

9. RELATED PARTY DISCLOSURES

Included within creditors is a loan from Titchwood Finance Ltd of £200,000 (2022 - £200,000). This is a company under the control of Miss Laura Cummings, who is a director of this company. Also, interest of £NIL is charged to the Profit and Loss Account during this period (2022 - £12,000).

Included within debtors is a loan to Residential Loans Ltd of £359,845 (2022 - £269,407). Mrs Susan Levitus, Mr David Levitus and Mrs Dorothy Fleming are all directors of this company. Also, interest of £13,885 (2022 - £6,331) and management charges of £346,043 (2022 - £257,293) are included in turnover and other operating income respectively.

Included within creditors is a loan from Deaconsbank Ltd of £25,371 (2022 - £35,197). This is a company under the control of Mr David Levitus.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BRIDGING LOANS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bridging Loans Limited for the period ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Bridging Loans Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bridging Loans Limited and state those matters that we have agreed to state to the Board of Directors of Bridging Loans Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bridging Loans Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bridging Loans Limited. You consider that Bridging Loans Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Bridging Loans Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


4 March 2024