Bridgeway Properties Limited 10898086 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 10898086 2023-01-01 2023-12-31 10898086 2023-12-31 10898086 core:RetainedEarningsAccumulatedLosses 2023-12-31 10898086 core:ShareCapital 2023-12-31 10898086 core:CurrentFinancialInstruments 2023-12-31 10898086 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10898086 core:Non-currentFinancialInstruments 2023-12-31 10898086 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 10898086 bus:SmallEntities 2023-01-01 2023-12-31 10898086 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10898086 bus:FullAccounts 2023-01-01 2023-12-31 10898086 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10898086 bus:RegisteredOffice 2023-01-01 2023-12-31 10898086 bus:Director1 2023-01-01 2023-12-31 10898086 bus:Director2 2023-01-01 2023-12-31 10898086 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10898086 countries:EnglandWales 2023-01-01 2023-12-31 10898086 2022-12-31 10898086 2022-01-01 2022-12-31 10898086 2022-12-31 10898086 core:RetainedEarningsAccumulatedLosses 2022-12-31 10898086 core:ShareCapital 2022-12-31 10898086 core:CurrentFinancialInstruments 2022-12-31 10898086 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10898086 core:Non-currentFinancialInstruments 2022-12-31 10898086 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 10898086

Bridgeway Properties Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bridgeway Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Bridgeway Properties Limited

(Registration number: 10898086)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,048,889

1,048,889

Current assets

 

Debtors

648

-

Cash at bank and in hand

 

6,784

3,089

 

7,432

3,089

Creditors: Amounts falling due within one year

5

(519,686)

(479,172)

Net current liabilities

 

(512,254)

(476,083)

Total assets less current liabilities

 

536,635

572,806

Creditors: Amounts falling due after more than one year

5

(499,972)

(547,619)

Net assets

 

36,663

25,187

Capital and reserves

 

Called up share capital

100

100

Retained earnings

36,563

25,087

Shareholders' funds

 

36,663

25,187

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 18 June 2024 and signed on its behalf by:
 

.........................................
Mrs C L Gray-Nicholson
Director

.........................................
Mr P W Gray-Nicholson
Director

 
     
 

Bridgeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fusion House
Bridgeway
Bradford
Yorkshire
BD4 9SN

These financial statements were authorised for issue by the Board on 18 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales and 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bridgeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investment properties

There has been no valuation of investment property by an independent valuer. The directors consider the value of the property to be appropriate.

2023
£

At 1 January

1,048,889

At 31 December

1,048,889

 

Bridgeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

79,466

66,617

Taxation and social security

 

2,705

388

Other creditors

 

437,515

412,167

 

519,686

479,172

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

499,972

547,619

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

499,972

547,619

2023
£

2022
£

Current loans and borrowings

Bank borrowings

79,466

66,617

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the statement of financial position

Included in the balance sheet are financial commitments of £579,438 (2022 - £614,236). The bank loan is secured by a fixed and floating charge over the property.