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REGISTERED NUMBER: 04237198 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Bridgegate Developments Limited

Bridgegate Developments Limited (Registered number: 04237198)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Bridgegate Developments Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mrs S E McGeorge
D D McGeorge





SECRETARY: D D McGeorge





REGISTERED OFFICE: Eccleston Hill House
Hill Road
Eccleston
Chester
Cheshire
CH4 9HG





REGISTERED NUMBER: 04237198 (England and Wales)





ACCOUNTANTS: Attwoods
Perrott House
17 Bridge Street
Pershore
Worcestershire
WR10 1AJ

Bridgegate Developments Limited (Registered number: 04237198)

Abridged Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12 16
Investment property 5 2,700,000 2,700,000
2,700,012 2,700,016

CURRENT ASSETS
Debtors 204,614 121,730
Cash at bank 4,741 14,620
209,355 136,350
CREDITORS
Amounts falling due within one year 1,222,680 1,085,779
NET CURRENT LIABILITIES (1,013,325 ) (949,429 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,686,687

1,750,587

CREDITORS
Amounts falling due after more than one
year

6

(243,827

)

(281,940

)

PROVISIONS FOR LIABILITIES (2 ) (3 )
NET ASSETS 1,442,858 1,468,644

CAPITAL AND RESERVES
Called up share capital 150 150
Other reserve - non distributable 8 1,802,135 1,802,135
Retained earnings (359,427 ) (333,641 )
SHAREHOLDERS' FUNDS 1,442,858 1,468,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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

Bridgegate Developments Limited (Registered number: 04237198)

Abridged Balance Sheet - continued
30 November 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

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





D D McGeorge - Director


Bridgegate Developments Limited (Registered number: 04237198)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Bridgegate Developments 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is included at fair value based on the most recent valuation as undertaken by the directors. This valuation is based on current market conditions and trends. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Bridgegate Developments Limited (Registered number: 04237198)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022
and 30 November 2023 471
DEPRECIATION
At 1 December 2022 455
Charge for year 4
At 30 November 2023 459
NET BOOK VALUE
At 30 November 2023 12
At 30 November 2022 16

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 2,700,000
NET BOOK VALUE
At 30 November 2023 2,700,000
At 30 November 2022 2,700,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2013 102,668
Valuation in 2014 825,492
Valuation in 2015 974,128
Valuation in 2016 19,854
Valuation in 2017 10,932
Valuation in 2021 569,322
Valuation in 2022 197,604
2,700,000

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
30.11.23 30.11.22
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 128,702 162,881

Bridgegate Developments Limited (Registered number: 04237198)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 275,001 313,061

The company has 2 bank loans, 1 of which are secured by way of a first legal charge over the investment property held by the company and personal guarantees from Mr & Mrs D D McGeorge. The 2nd loan is not secured against company assets.
Loan 1 held with Lloyds Bank plc is for £264,902 (2022: £299,081) and is repayable over the period until Sept 2030 and bears interest at a rate of Base Rate+3.00%. The 2nd loan is a bounceback loan held with Royal Bank Business for £10,099 (2022 £13,980) and was drawndown in May 2020. It is repayable over the period until May 2026 and bears interest at a rate of 2.5%.

8. RESERVES
Other
reserve -
non
distributable
£   
At 1 December 2022
and 30 November 2023 1,802,135

9. ULTIMATE CONTROLLING PARTY

The directors consider the ultimate parent undertaking to be Jakaan Ltd, a company registered in England & Wales. The ultimate controlling parties are considered to be Mr & Mrs D D McGeorge, directors of the company, by virtue of their 84% ownership in the ultimate parent undertaking.