REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Bridgegate Developments Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserve - non distributable | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Fixtures and fittings | - |
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 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
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 |
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. |