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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:

J A Bridgwood


J Bridgwood







REGISTERED OFFICE:

Ground Floor


Custom House


Waterfront East


Brierley Hill


West Midlands


DY5 1XH







REGISTERED NUMBER:

11612554 (England and Wales)







AUDITORS:

Poole Waterfield Limited (Statutory Auditor)


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 - Director



18 January 2024


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:


J A Bridgwood

J Bridgwood


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



J A Bridgwood

40


40



J Bridgwood

40


40




Ordinary B £1 shares



J A Bridgwood

-


-



J Bridgwood

-


-




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:






J Bridgwood - Director



18 January 2024


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.





Mrs Helen Clare Gibbens FCCA (Senior Statutory Auditor)

for and on behalf of Poole Waterfield Limited (Statutory Auditor)

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH


18 January 2024


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

515,990


2,277,800




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

4,731,478


4,400,438



4,731,478


4,400,438




CURRENT ASSETS

Debtors

13

8,573


41,361




CREDITORS

Amounts falling due within one year

14

1,049,126


25,110



NET CURRENT (LIABILITIES)/ASSETS

(1,040,553

)

16,251



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,690,925


4,416,689




PROVISIONS FOR LIABILITIES

20

186,799


189,949



NET ASSETS

3,504,126


4,226,740




CAPITAL AND RESERVES

Called up share capital

21

100


100



Retained earnings

3,504,026


4,226,640



SHAREHOLDERS' FUNDS

3,504,126


4,226,740




Company's (loss)/profit for the financial

year

(125,614

)

4,637,147




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


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)


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

100


14,493


14,593




Changes in equity

Dividends

-


(425,000

)

(425,000

)


Total comprehensive income

-


4,637,147


4,637,147



Balance at 31 March 2022

100


4,226,640


4,226,740




Changes in equity

Dividends

-


(597,000

)

(597,000

)


Total comprehensive income

-


(125,614

)

(125,614

)


Balance at 31 March 2023

100


3,504,026


3,504,126




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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



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


Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of fifteen years.  



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.


Development costs are being amortised evenly over their estimated useful life of four years.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Improvements to property

-

20% on cost


Plant and machinery

-  

20% on cost and 10% on cost


Fixtures and fittings

-

20% on cost


Motor vehicles

-

20% on cost



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

4,400,338


100


4,400,438




Additions

1,184,944


-


1,184,944




Disposals

(601,366

)

-


(601,366

)



Revaluations

(252,538

)

-


(252,538

)



At 31 March 2023

4,731,378


100


4,731,478




NET BOOK VALUE


At 31 March 2023

4,731,378


100


4,731,478




At 31 March 2022

4,400,338


100


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

-


-


-


29,559




Other debtors

158,503


9,750


4,556


-




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


8,573


41,361




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

-


-


1,012,096


-




Tax

39,333


166,699


28,584


-




Social security and other taxes

14,291


10,659


-


-




Pension

1,458


1,329


-


-




VAT

270,820


328,742


-


-




Other creditors

-


64,560


-


24,360




Directors' current accounts

4,946


-


4,946


-




Accrued expenses

30,731


17,549


3,500


750



560,110


827,409


1,049,126


25,110




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


186,799


189,949





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

189,949




Provided during year

(3,150

)



Balance at 31 March 2023

186,799




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:

£   

£   



80

Ordinary

£1

80


100




20

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.