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REGISTERED NUMBER: 09974082 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

BRIDGEWATER FINISHES LIMITED

BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


BRIDGEWATER FINISHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: C Straw
Mrs S Straw





REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA





REGISTERED NUMBER: 09974082 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)

STATEMENT OF FINANCIAL POSITION
31ST JANUARY 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 62,261 67,993

Current assets
Stocks 201,952 123,845
Debtors 5 277,200 246,521
Prepayments and accrued income - 209
Cash at bank 105,460 27,123
584,612 397,698
Creditors
Amounts falling due within one year 6 (422,002 ) (242,979 )
Net current assets 162,610 154,719
Total assets less current liabilities 224,871 222,712

Creditors
Amounts falling due after more than one
year

7

(68,247

)

(68,505

)

Provisions for liabilities (14,320 ) (12,919 )

Accruals and deferred income (1,400 ) (1,245 )
Net assets 140,904 140,043

Capital and reserves
Called up share capital 100 100
Retained earnings 140,804 139,943
Shareholders' funds 140,904 140,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 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.

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

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 10th April 2024 and were signed on its behalf by:



C Straw - Director


BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Bridgewater Finishes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09974082 and the registered office address is Newport House, Newport Road, Stafford, ST16 1DA.

The principal activity of the company is that of plastering and finishing works.

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.

Turnover
Turnover represents supply of services net of VAT and trade discounts. Turnover is recognised when the service is physically provided to the customer.

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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Amounts recoverable on contract
Long-term contracts are assessed on a contract-by-contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract and the business. Where it is considered that the outcome of a long-term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract.

The amount by which recorded turnover is in excess of payments on account is classified as 'amounts recoverable on contracts' and separately disclosed within debtors.

The balance of payments on account (in excess of amounts (i) matched with turnover; and (ii) offset against long-term contract balances) is classified as payments on account and separately disclosed within creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st February 2023 73,390 3,214 76,604
Additions - 1,784 1,784
At 31st January 2024 73,390 4,998 78,388
DEPRECIATION
At 1st February 2023 7,929 682 8,611
Charge for year 6,685 831 7,516
At 31st January 2024 14,614 1,513 16,127
NET BOOK VALUE
At 31st January 2024 58,776 3,485 62,261
At 31st January 2023 65,461 2,532 67,993

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2023
and 31st January 2024 73,390
DEPRECIATION
At 1st February 2023 7,929
Charge for year 6,685
At 31st January 2024 14,614
NET BOOK VALUE
At 31st January 2024 58,776
At 31st January 2023 65,461

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 97,496 6,048
Other debtors 179,704 240,473
277,200 246,521

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,000 6,000
Hire purchase contracts 11,947 29,185
Trade creditors 319,212 127,419
Taxation and social security 54,843 30,378
Other creditors 30,000 49,997
422,002 242,979

BRIDGEWATER FINISHES LIMITED (REGISTERED NUMBER: 09974082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 31,000 37,000
Hire purchase contracts 37,247 31,505
68,247 68,505

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,000 13,000

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
C Straw
Balance outstanding at start of year 152,979 129,759
Amounts advanced 120,228 234,518
Amounts repaid (96,719 ) (211,298 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 176,488 152,979

The overdrawn directors loan account was cleared by way of a dividend following the year end.