Company No:
Contents
DIRECTORS | Saurav Adhikari |
Akshaya Bhargava | |
Bruce Alan Keith |
REGISTERED OFFICE | 34 Grove End Road |
London | |
NW8 9LJ | |
United Kingdom |
COMPANY NUMBER | 10951682 (England and Wales) |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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Investments | 6 |
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21,772 | 23,956 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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1,383,891 | 1,767,158 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 1,146,352 | 1,142,356 | ||
Total assets less current liabilities | 1,168,124 | 1,166,312 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Share premium account |
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Other reserves |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Bridgeweave Limited (registered number:
Akshaya Bhargava
Director |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
34 Grove End Road
London
NW8 9LJ
England
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section1A - '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 except that as disclosed in the accounting policies certain items are shown at fair value. The company's functional and presentational currency is GBP.
shown net of value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and trade and other creditors and loans from banks and third parties.
Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Other financial instruments
Debt instruments are measured initially and subsequently, at their fair value and any change in fair value being recognised through the profit and loss account. Where the fair value cannot be reliably measured, the liability is carried at cost less impairment until a reliable measure of fair value becomes available.
Investments
Investments in subsidiaries are held at cost less impairment.
The company is exempt from the requirement to prepare group accounts under section 399 of the Companies Act 2006 as the group is subject to the small companies regime.
Expenditure on research and development is written off in the period in which it is incurred.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The following comparative balances have been restated to reflect that in the filed version of the 2022 accounts income and debtors were incorrectly stated by £156,795, which differed from the signed and approved accounts.
These adjustments affect the 2022 comparatives only.
As previously reported | Adjustment | As restated | ||||
Year ended 31 December 2022 | £ | £ | £ | |||
Debtors | 1,340,398 | 156,795 | 1,497,193 | |||
0 | 0 | 0 | ||||
0 | 0 | 0 | ||||
0 | 0 | 0 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Details of the share options outstanding during the financial year are as follows:
2023 | 2022 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2023 |
Ownership 31.12.2022 |
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101, 1st Floor, Embassy Classic, 11 Vittal Mallaya Road, Bangalore - 560001 India | Technology design and development services |
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363, 8th Main,3rd Block, Koramangala, Bangalore South, Bangalore, Karnataka, India - 560034 | Activities auxiliary to financial service activities |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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Deferred tax asset |
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VAT recoverable |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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229,813 | 198,143 |
In 2023 Ordinary A shares were allotted with an aggregate nominal value of £30,033 (2022 - £1,631) and consideration of £1,260,000 (2022 - £129,982 ) was received.