Company registration number 02042977 (England and Wales)
THE BRIDGE CENTRE LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
THE BRIDGE CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
THE BRIDGE CENTRE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
12,750,000
10,200,713
Current assets
Debtors
5
60,560
106,757
Cash at bank and in hand
36,249
87,542
96,809
194,299
Creditors: amounts falling due within one year
6
(368,881)
(325,490)
Net current liabilities
(272,072)
(131,191)
Total assets less current liabilities
12,477,928
10,069,522
Creditors: amounts falling due after more than one year
7
(5,155,638)
(5,525,043)
Provisions for liabilities
(1,206,822)
(569,500)
Net assets
6,115,468
3,974,979
Capital and reserves
Called up share capital
1,022
1,022
Share premium account
88,595
88,595
Capital redemption reserve
54
54
Profit and loss reserves
6,025,797
3,885,308
Total equity
6,115,468
3,974,979
THE BRIDGE CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 28 March 2024
K Ahuja
Sole Director
Company Registration No. 02042977
THE BRIDGE CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2021
1,022
88,595
54
3,703,985
3,793,656
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
181,323
181,323
Balance at 31 October 2022
1,022
88,595
54
3,885,308
3,974,979
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
2,140,489
2,140,489
Balance at 31 October 2023
1,022
88,595
54
6,025,797
6,115,468
THE BRIDGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
The Bridge Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 113-115 Harley Street, London, W1G 6AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership have passed to the customer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Investment properties
Investment properties are properties held either to earn rental income, for capital appreciation or for both. Investment properties are initially recognised at cost.
Subsequent to initial recognition:
i.Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and
ii.No depreciation is provided in respect of investment properties applying the fair value model.
An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and class of property being valued, bases investment property fair value on a valuation.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
THE BRIDGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
THE BRIDGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2023
2022
Number
Number
Total
4
Investment property
2023
£
Fair value
At 1 November 2022
10,200,713
Revaluations
2,549,287
At 31 October 2023
12,750,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 October 2023 by the Sole Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
424
Other debtors
60,136
106,757
60,560
106,757
THE BRIDGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
214,959
240,914
Trade creditors
978
Corporation tax
66,450
74,600
Other creditors
86,494
9,976
368,881
325,490
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
4,655,638
4,827,043
Other creditors
500,000
698,000
5,155,638
5,525,043
The long-term loans are secured by fixed charges over the freehold property known as One, St Thomas Street, London Bridge, London, SE1 9RY.
8
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
1,947,000
2,400,000
9
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge between the company and the companies of the J D Healthcare Limited Group of companies, under the terms of which amounts due to HSBC Bank Plc are secured on the assets of this company and all companies within the J D Healthcare Limited group of companies. There have been no instances in the year or to date whereby the obligations under this debenture have been breached and therefore this debenture is not currently enforceable.
There is a fixed and floating charge of which amounts due to HSBC Bank Plc are secured on the freehold One St Thomas Street, London Bridge, London, SE1 9RY.
THE BRIDGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
10
Related party transactions
Transactions with related parties
Amounts due from Related Parties
2023
2022
£
£
Other related parties
120,609
42,470
During the year, the company charged rent of £621,000 (2022: £600,000) to J D Healthcare Limited, a related party.
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