REGISTERED NUMBER: 11612554 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
J BRIDGWOOD HOLDINGS LIMITED |
REGISTERED NUMBER: 11612554 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
J BRIDGWOOD HOLDINGS LIMITED |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Income Statement | 10 |
Consolidated Balance Sheet | 11 | to | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 | to | 18 |
Notes to the Consolidated Financial Statements | 19 | to | 31 |
J BRIDGWOOD HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The directors are satisfied with the trading performance of the group during the year. |
The group mainly deals in the processing of catalytic converters. |
Turnover decreased slightly on the previous year due to a decrease in the price of catalytic converters however sales volumes have increased from the previous year. |
As a result of the global Covid 19 pandemic the price of rhodium, a major component in the value of catalytic converters increased significantly, this has now returned to previous levels and is at risk of decreasing further with the increase in production of electric vehicles. |
The directors expect to maintain the same volume of business going forward. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Metal Price Risk |
The group can be exposed by the fluctuation in prices of metal which are traded on the London Metal Exchange (LME). These risks are mitigated by hedging sale contracts at the point of purchase. |
Credit Risk |
This risk is mitigated by extensive due diligence and credit checks into new customers before any orders are accepted. |
Liquidity Risk |
Failure to manage the working capital of the business could result in the company not being able to fulfill its obligations. This is managed by forward planning any future financial commitments to ensure the adequate resource are in place when needed. |
The group maintain a strong balance sheet due to its current and past profitability. |
Market Demand |
The market for catalytic converters is a risk due to the upcoming government legislation on a ban on the sale of new petrol and diesel cars from 2035. The metals extracted from the recycling process are mainly used for the production of new catalytic converters. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The company believes that the key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross profit and profit before tax. |
Our key financial indicators were as follows: : |
Year ended 31st March 2023 | Year ended 31st March 2022 |
Turnover | £14,844,519 | £18,159,253 |
Gross profit % | 10.5% | 15.4% |
Profit before tax | £1,717,753 | £ 3,097,771 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE SUCCESS OF THE GROUP |
The Directors are fully aware of their responsibility to promote the success of the Group in accordance with section 172 of the Companies Act 2006. The board regularly reviews the company's principal stakeholders and considers the needs and priorities of each stakeholder group during its discussions and as part of its decision-making. |
ON BEHALF OF THE BOARD: |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | £580,000 | - 1 May 2022 |
Ordinary B £1 shares | £17,000 | - 1 May 2022 |
The directors recommend that no final dividends be paid. |
The total distribution of dividends for the year ended 31 March 2023 will be £ 784,900 . |
FUTURE DEVELOPMENTS |
The company has made several capital investments subsequent to the year end to enable the continuation of recycling of catalytic converters as well as the purchase and sale of ferrous and non-ferrous metals. |
DIRECTORS |
The directors during the year under review were: |
The beneficial interests of the directors holding office on 31 March 2023 in the issued share capital of the company were as follows: |
31.3.23 | 1.4.22 |
Ordinary £1 shares |
40 | 40 |
40 | 40 |
Ordinary B £1 shares |
- | - |
- | - |
The remaining shares belong to a family member. |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Poole Waterfield Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J BRIDGWOOD HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of J Bridgwood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J BRIDGWOOD HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J BRIDGWOOD HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas; the override of controls by management; inappropriate treatment of non-routine transactions and areas of estimation uncertainty. |
Our audit procedures to respond to these risks included enquiries of management, review and discussion of non-routine transactions, sample testing of posting on the income and expenditure transactions and review of accounting estimates and journals. |
Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters |
The corresponding financial statements (being for the year ended 31st March 2022) were unaudited. We have, as part of our audit procedures, tested opening balances and have not found misstatements that materially affect the current period's financial statements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J BRIDGWOOD HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 14,844,519 | 18,159,253 |
Cost of sales | 13,292,335 | 15,360,486 |
GROSS PROFIT | 1,552,184 | 2,798,767 |
Administrative expenses (Gain)/Loss on revaluation | 572,302 252,538 | 701,381 (589,171) |
727,344 | 2,686,557 |
Other operating income | 12,000 | 13,000 |
OPERATING PROFIT | 4 | 739,344 | 2,699,557 |
Income from fixed asset investments | 1,913 | 3,003 |
Interest receivable and similar income | 124 | - |
2,037 | 3,003 |
741,381 | 2,702,560 |
Interest payable and similar expenses | 5 | 23,086 | 15,351 |
PROFIT BEFORE TAXATION | 718,295 | 2,687,209 |
Tax on profit | 6 | 202,305 | 409,409 |
PROFIT FOR THE FINANCIAL YEAR |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 76,150 | 113,511 |
Tangible assets | 10 | 428,800 | 457,859 |
Investments | 11 | 4,731,378 | 4,400,338 |
5,236,328 | 4,971,708 |
CURRENT ASSETS |
Stocks | 12 | 183,893 | 455,063 |
Debtors | 13 | 499,211 | 525,454 |
Cash at bank and in hand | 415,883 | 1,034,327 |
1,098,987 | 2,014,844 |
CREDITORS |
Amounts falling due within one year | 14 | 560,110 | 827,409 |
NET CURRENT ASSETS | 538,877 | 1,187,435 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,775,205 | 6,159,143 |
CREDITORS |
Amounts falling due after more than one year | 15 | (258,333 | ) | (386,333 | ) |
PROVISIONS FOR LIABILITIES | 20 | (275,536 | ) | (262,564 | ) |
NET ASSETS | 5,241,336 | 5,510,246 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONSOLIDATED BALANCE SHEET - continued |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Retained earnings | 22 | 5,241,226 | 5,510,136 |
SHAREHOLDERS' FUNDS | 5,241,326 | 5,510,236 |
NON-CONTROLLING INTERESTS | 23 | 10 | 10 |
TOTAL EQUITY | 5,241,336 | 5,510,246 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by: |
J Bridgwood - Director |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (125,614 | ) | 4,637,147 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 100 | 3,781,167 | 3,781,267 | 10 | 3,781,277 |
Changes in equity |
Dividends | - | (548,831 | ) | (548,831 | ) | - | (548,831 | ) |
Total comprehensive income | - | 2,277,800 | 2,277,800 | - | 2,277,800 |
Balance at 31 March 2022 | 100 | 5,510,136 | 5,510,236 | 10 | 5,510,246 |
Changes in equity |
Dividends | - | (784,900 | ) | (784,900 | ) | - | (784,900 | ) |
Total comprehensive income | - | 515,990 | 515,990 | - | 515,990 |
Balance at 31 March 2023 | 100 | 5,241,226 | 5,241,326 | 10 | 5,241,336 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - | ( | ) | ( | ) |
Balance at 31 March 2023 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,144,107 | 2,604,229 |
Interest paid | (12,126 | ) | (4,391 | ) |
Interest element of hire purchase payments paid | (10,960 | ) | (10,960 | ) |
Tax paid | (316,699 | ) | (645,762 | ) |
Net cash from operating activities | 804,322 | 1,943,116 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (39,806 | ) |
Purchase of tangible fixed assets | (80,405 | ) | (282,860 | ) |
Purchase of fixed asset investments | (1,184,944 | ) | (1,510,781 | ) |
Sale of tangible fixed assets | 8,216 | - |
Sale of fixed asset investments | 757,657 | 1,308 |
Interest received | 124 | - |
Dividends received | 1,913 | 3,003 |
Net cash from investing activities | (497,439 | ) | (1,829,136 | ) |
Cash flows from financing activities |
Loan repayments in year | (100,000 | ) | (41,667 | ) |
Capital repayments in year | (56,000 | ) | (56,000 | ) |
Amount introduced by directors | 706,362 | 340,000 |
Amount withdrawn by directors | (690,789 | ) | (271,919 | ) |
Equity dividends paid | (784,900 | ) | (548,831 | ) |
Net cash from financing activities | (925,327 | ) | (578,417 | ) |
Decrease in cash and cash equivalents | (618,444 | ) | (464,437 | ) |
Cash and cash equivalents at beginning of year | 2 | 1,034,327 | 1,498,764 |
Cash and cash equivalents at end of year | 2 | 415,883 | 1,034,327 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 718,295 | 2,687,209 |
Depreciation charges | 140,210 | 263,244 |
(Profit)/loss on disposal of fixed assets | (157,892 | ) | 6,347 |
Loss/(gain) on revaluation of fixed assets | 252,538 | (589,171 | ) |
Finance costs | 23,086 | 15,351 |
Finance income | (2,037 | ) | (3,003 | ) |
974,200 | 2,379,977 |
Decrease in stocks | 271,170 | 840,037 |
Decrease/(increase) in trade and other debtors | 15,616 | (281,310 | ) |
Decrease in trade and other creditors | (116,879 | ) | (334,475 | ) |
Cash generated from operations | 1,144,107 | 2,604,229 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 415,883 | 1,034,327 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,034,327 | 1,498,764 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,034,327 | (618,444 | ) | 415,883 |
1,034,327 | (618,444 | ) | 415,883 |
Debt |
Finance leases | (84,000 | ) | 56,000 | (28,000 | ) |
Debts falling due within 1 year | (100,000 | ) | - | (100,000 | ) |
Debts falling due after 1 year | (358,333 | ) | 100,000 | (258,333 | ) |
(542,333 | ) | 156,000 | (386,333 | ) |
Total | 491,994 | (462,444 | ) | 29,550 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
J Bridgwood Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's indentifiable assets, liabilities and contingent liabilities are initially recognised as their fair values at the acquisition date. The results of the acquired operation are included in the Consolidated statement of comprehensive income from the date on which control is obtained. The financial statements consolidate the financial statements of J Bridgwood Holdings Limited and its sole subsidiary Metcat Ltd. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Foreign currency translation |
The groups functional currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Investments |
The groups listed investments are shown on the balance sheet at market value with the deficit/surplus on revaluation reflected in the income statement. |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group 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. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at transaction price. |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Any of the above that are denominated in foreign currency are subject to translation using the closing rate method - see separate "Foreign currency translation" accounting policy above. |
There are no complex financial instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees for the group during the year was as follows: |
31.3.23 | 31.3.22 |
Production | 7 | 6 |
Administration | 5 | 4 |
12 | 10 |
The company has Nil employees (2022 - Nil). |
Year ended | Year Ended |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 453,837 | 437,664 |
Social security costs | 36,292 | 38,070 |
Other pension costs | 5,165 | 6,846 |
495,294 | 482,580 |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration | 128,444 | 117,096 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Depreciation - owned assets | 86,782 | 145,550 |
Depreciation - assets on hire purchase contracts | 16,067 | 80,334 |
(Profit)/loss on disposal of fixed assets | (157,892 | ) | 6,347 |
Goodwill amortisation | 8,000 | 8,000 |
Development costs amortisation | 29,361 | 29,361 |
Foreign exchange differences | 806 | 15,220 |
Auditors fees | 15,000 | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan interest | 12,126 | 4,391 |
Hire purchase | 10,960 | 10,960 |
23,086 | 15,351 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 188,640 | 366,735 |
Under/over provision in prior |
year | 693 | 244 |
Total current tax | 189,333 | 366,979 |
Deferred tax | 12,972 | 42,430 |
Tax on profit | 202,305 | 409,409 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax | 718,295 | 2,687,209 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) | 136,476 | 510,570 |
Effects of: |
Income not taxable for tax purposes | (363 | ) | (571 | ) |
Capital allowances in excess of depreciation | - | (32,291 | ) |
Depreciation in excess of capital allowances | 4,545 | - |
Utilisation of tax losses | - | (52 | ) |
Adjustments to tax charge in respect of previous periods | (693 | ) | (244 | ) |
Deferred taxation | 62,340 | (68,003 | ) |
Total tax charge | 202,305 | 409,409 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
During the year total group dividends were paid of £784,900 (2022 - £548,831). |
Included in the total are dividends £187,900 (2022 - £123,831) paid to non-controlling interests. |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 120,000 | 117,444 | 237,444 |
AMORTISATION |
At 1 April 2022 | 64,000 | 59,933 | 123,933 |
Amortisation for year | 8,000 | 29,361 | 37,361 |
At 31 March 2023 | 72,000 | 89,294 | 161,294 |
NET BOOK VALUE |
At 31 March 2023 | 48,000 | 28,150 | 76,150 |
At 31 March 2022 | 56,000 | 57,511 | 113,511 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 56,326 | 1,041,073 | 42,391 | 101,275 | 1,241,065 |
Additions | - | 21,815 | 2,094 | 56,496 | 80,405 |
Disposals | - | - | - | (18,215 | ) | (18,215 | ) |
At 31 March 2023 | 56,326 | 1,062,888 | 44,485 | 139,556 | 1,303,255 |
DEPRECIATION |
At 1 April 2022 | 33,796 | 663,646 | 30,989 | 54,775 | 783,206 |
Charge for year | 11,265 | 63,090 | 5,838 | 22,656 | 102,849 |
Eliminated on disposal | - | - | - | (11,600 | ) | (11,600 | ) |
At 31 March 2023 | 45,061 | 726,736 | 36,827 | 65,831 | 874,455 |
NET BOOK VALUE |
At 31 March 2023 | 11,265 | 336,152 | 7,658 | 73,725 | 428,800 |
At 31 March 2022 | 22,530 | 377,427 | 11,402 | 46,500 | 457,859 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 401,669 |
DEPRECIATION |
At 1 April 2022 | 321,334 |
Charge for year | 16,067 |
At 31 March 2023 | 337,401 |
NET BOOK VALUE |
At 31 March 2023 | 64,268 |
At 31 March 2022 | 80,335 |
11. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2022 | 4,400,338 |
Additions | 1,184,944 |
Disposals | (601,366 | ) |
Revaluations | (252,538 | ) |
At 31 March 2023 | 4,731,378 |
NET BOOK VALUE |
At 31 March 2023 | 4,731,378 |
At 31 March 2022 | 4,400,338 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Group |
Cost or valuation at 31 March 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 678,253 |
Cost | 4,053,125 |
4,731,378 |
Company |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 4,400,438 |
Additions | 1,184,944 |
Disposals | ( | ) | (601,366 | ) |
Revaluations | ( | ) | (252,538 | ) |
At 31 March 2023 | 4,731,478 |
NET BOOK VALUE |
At 31 March 2023 | 4,731,478 |
At 31 March 2022 | 4,400,438 |
Cost or valuation at 31 March 2023 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2023 | 678,253 | 100 | 678,353 |
Cost | 4,053,125 | - | 4,053,125 |
4,731,378 | 100 | 4,731,478 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Metcat Ltd |
Registered office: Ground Floor, Custom House, Waterfront East, Brierley Hill, West Midlands, England, DY5 1XH |
Nature of business: Metal recycling merchants |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The unlisted investment of £100 represents the 100% shareholding in the subsidiary company Metcat Ltd. |
12. | STOCKS |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Finished goods | 183,893 | 455,063 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 300,711 | 475,106 |
Amounts owed by group undertakings | - | - |
Other debtors | 158,503 | 9,750 |
Investment account | 6,595 | 3,746 | 4,017 | 1,175 |
Directors' current accounts | - | 10,627 | - | 10,627 |
Prepayments | 33,402 | 26,225 |
499,211 | 525,454 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 100,000 | 100,000 |
Hire purchase contracts (see note 17) | 28,000 | 56,000 |
Trade creditors | 70,531 | 81,871 |
Amounts owed to group undertakings | - | - |
Tax | 39,333 | 166,699 |
Social security and other taxes | 14,291 | 10,659 |
Pension | 1,458 | 1,329 | - | - |
VAT | 270,820 | 328,742 | - | - |
Other creditors | - | 64,560 |
Directors' current accounts | 4,946 | - | 4,946 | - |
Accrued expenses | 30,731 | 17,549 |
560,110 | 827,409 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 16) | 258,333 | 358,333 |
Hire purchase contracts (see note 17) | - | 28,000 |
258,333 | 386,333 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 100,000 | 100,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 100,000 | 100,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 158,333 | 258,333 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year | 28,000 | 56,000 |
Between one and five years | - | 28,000 |
28,000 | 84,000 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans | 358,333 | 458,333 |
Hire purchase contracts | 28,000 | 84,000 |
386,333 | 542,333 |
As at 31st March 2023 a fixed and floating charge was held by Lloyds Bank Plc |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | FINANCIAL INSTRUMENTS |
Group: | 31.3.23 | 31.3.22 |
£ | £ |
Carrying amount of financial assets |
Debt instruments measured at amortised cost | 465,809 | 499,229 |
Carrying amount of financial liabilities |
Measured at amortised cost | 787,712 | 1,196,193 |
Company: | 31.3.23 | 31.3.22 |
£ | £ |
Carrying amount of financial assets |
Debt instruments measured at amortised cost | 8,573 | 41,361 |
Carrying amount of financial liabilities |
Measured at amortised cost | 1,046,629 | 24,360 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Deferred tax | 275,536 | 262,564 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 262,564 |
Provided during year | 12,972 |
Balance at 31 March 2023 | 275,536 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year | ( | ) |
Balance at 31 March 2023 |
J BRIDGWOOD HOLDINGS LIMITED (REGISTERED NUMBER: 11612554) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 80 | 100 |
Ordinary B | £1 | 20 | - |
100 | 100 |
During the year 20 Ordinary shares were reclassified as as 20 Ordinary B shares. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2022 | 5,510,136 |
Profit for the year | 515,990 |
Dividends | (784,900 | ) |
At 31 March 2023 | 5,241,226 |
23. | NON-CONTROLLING INTERESTS |
Included within equity are 10 B shares held by a minority interest in Metcat Limited. The shares do not carry any voting rights. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At 31st March 2023 there is a balance owing to the directors of £4,946 (2022 - £10,627 owing by the directors) The balance is unsecured and interest free. The movement in the loan balance during the year consists of advances of £690,789 and credits of £706,362. |
25. | RELATED PARTY DISCLOSURES |
The group incurred property rental charges of £72,000 (2022 - £18,000) in respect of the directors and immediate family. |