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REGISTERED NUMBER: 02949108 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Bridgford Interiors Limited

Bridgford Interiors Limited (Registered number: 02949108)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Bridgford Interiors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Cockle
S J Moore
A D Palmer
J D N Harrison
M Fahey
C Baggott
B J P Gray


SECRETARY: B J P Gray


REGISTERED OFFICE: Bridgford Buildings
Wellington Crescent
Fradley Park
Lichfield
Staffordshire
WS13 8RZ


REGISTERED NUMBER: 02949108 (England and Wales)


AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ


BANKERS: Barclays Bank Plc
Leicester
LE87 2BB

Bridgford Interiors Limited (Registered number: 02949108)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
During the course of the period, the company's principal activity continued to be that of project management across the UK, specialising in fit out and refurbishment projects in the retail, leisure and commercial sectors.

The results for the year show a profit before taxation of £1.43m (2022 - £1.04m). The total shareholders' funds have decreased to £1.60m (2022 - £1.91m).

The performance of the Company is encouraging, considering the fact that it operates within an extremely competitive environment and the resulting commercial pressures that this brings.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade creditors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through retained profits, supplemented by any bank borrowings where necessary to fund expansion.

The impact continues to be in terms of resources and price pressures which is a nationwide issue affecting all companies. The directors have carefully managed new regulations and guidelines as a result of both issues to minimise disruption to trading.

Following the balance sheet date, the company continues to be mindful of the risks which has restricted business throughout the wider UK economy.The directors maintain a watching brief on all developments arising from the aforementioned risks.

The management objectives are to retain sufficient liquid funds to meet day to day requirements, minimise exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities.

FINANCIAL KEY PERFORMANCE INDICATORS
The Company has established and recognised key performance indicators to measure progress in achieving its key business objectives and strategies; these are reviewed on a regular basis.

Sales Turnover and Sales Margins
The company aims to increase turnover year-on-year whilst maintaining and improving its gross profit margin.

Working capital
The company closely monitors its working capital cycle and maintains a healthy cash balance, reducing the need to use short term borrowing facilities.


Bridgford Interiors Limited (Registered number: 02949108)

Strategic Report
for the Year Ended 31 December 2023

FUTURE DEVELOPMENTS
The directors pride themselves on the strong relationships that have developed with its clients and supply chain. As a result, the Company has strong commitments for future projects, and the directors feel that it is well placed to take advantage of those opportunities during 2024 and beyond.

ON BEHALF OF THE BOARD:



B J P Gray - Director


20 August 2024

Bridgford Interiors Limited (Registered number: 02949108)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 was £1,335,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P J Cockle
S J Moore
A D Palmer
J D N Harrison
M Fahey
C Baggott

Other changes in directors holding office are as follows:

N S Harrison - resigned 27 June 2023
B J P Gray - appointed 1 January 2023

DISCLOSURE IN THE STRATEGIC REPORT
Matters required to be disclosed under SI (2008) 410 Sch 7 pertaining to the use of Financial Instruments are contained within the Strategic Report in accordance with s414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Bridgford Interiors Limited (Registered number: 02949108)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B J P Gray - Director


20 August 2024

Report of the Independent Auditors to the Members of
Bridgford Interiors Limited

Opinion
We have audited the financial statements of Bridgford Interiors Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bridgford Interiors Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and sector in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Bridgford Interiors Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wayne Thomas FCA - Senior Statutory Auditor
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

22 August 2024

Bridgford Interiors Limited (Registered number: 02949108)

Profit and Loss Account
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 29,067,545 30,075,423

Cost of sales 24,041,724 25,406,368
GROSS PROFIT 5,025,821 4,669,055

Administrative expenses 3,502,661 3,514,010
1,523,160 1,155,045

Other operating income 3,470 6,008
OPERATING PROFIT 5 1,526,630 1,161,053

Interest receivable and similar income 97,902 21,769
1,624,532 1,182,822

Interest payable and similar expenses 6 196,882 143,573
PROFIT BEFORE TAXATION 1,427,650 1,039,249

Tax on profit 7 402,239 (130,822 )
PROFIT FOR THE FINANCIAL YEAR 1,025,411 1,170,071

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,025,411

1,170,071

Bridgford Interiors Limited (Registered number: 02949108)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 203,181 300,011

CURRENT ASSETS
Debtors 10 4,788,871 5,104,733
Cash at bank and in hand 4,000,903 6,535,960
8,789,774 11,640,693
CREDITORS
Amounts falling due within one year 11 7,008,948 9,198,108
NET CURRENT ASSETS 1,780,826 2,442,585
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,984,007

2,742,596

CREDITORS
Amounts falling due after more than one
year

12

(333,333

)

(833,333

)

PROVISIONS FOR LIABILITIES 16 (51,000 ) -
NET ASSETS 1,599,674 1,909,263

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 1,599,574 1,909,163
SHAREHOLDERS' FUNDS 1,599,674 1,909,263

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





B J P Gray - Director


Bridgford Interiors Limited (Registered number: 02949108)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 3,921,592 3,921,692

Changes in equity
Dividends - (3,182,500 ) (3,182,500 )
Total comprehensive income - 1,170,071 1,170,071
Balance at 31 December 2022 100 1,909,163 1,909,263

Changes in equity
Dividends - (1,335,000 ) (1,335,000 )
Total comprehensive income - 1,025,411 1,025,411
Balance at 31 December 2023 100 1,599,574 1,599,674

Bridgford Interiors Limited (Registered number: 02949108)

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

1. STATUTORY INFORMATION

Bridgford Interiors 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and necessary condition for it to be capable of operating in the manner intended by management.

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:

Leasehold improvements- 33% on cost
Motor vehicles- 25% on cost
Computer equipment- 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Long term contract balances
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,491,486 2,312,321
Social security costs 270,285 247,169
Other pension costs 62,586 88,700
2,824,357 2,648,190

The average number of employees during the year was as follows:
2023 2022

Production staff 4 5
Administrative staff 39 39
43 44

4. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 641,308 700,906
Directors' pension contributions to money purchase schemes 19,491 54,891

Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. DIRECTORS' EMOLUMENTS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 105,920 129,871

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 101,963 88,992
Profit on disposal of fixed assets (30,996 ) (8,663 )
Auditors' remuneration 11,825 11,650
Auditors' remuneration for non audit work 6,070 4,000
Foreign exchange differences 4,445 (37,863 )
Operating lease costs 224,476 201,737

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable 196,882 143,573

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 220,417 -

Deferred tax 181,822 (130,822 )
Tax on profit 402,239 (130,822 )

Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,427,650 1,039,249
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

356,913

197,457

Effects of:
Expenses not deductible for tax purposes 4,324 28,328
Capital allowances in excess of depreciation - (10,296 )
Depreciation in excess of capital allowances 13,262 -
Other timing differences 41,604 (32,920 )
EMI deduction - (313,391 )
Change in tax rate (13,864 ) -
Total tax charge/(credit) 402,239 (130,822 )

8. DIVIDENDS
2023 2022
£    £   
Interim 1,335,000 3,182,500

9. TANGIBLE FIXED ASSETS
Leasehold Motor Computer
improvements vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 75,760 452,680 - 528,440
Additions - 117,899 25,355 143,254
Disposals - (246,996 ) - (246,996 )
At 31 December 2023 75,760 323,583 25,355 424,698
DEPRECIATION
At 1 January 2023 75,760 152,669 - 228,429
Charge for year - 93,511 8,452 101,963
Eliminated on disposal - (108,875 ) - (108,875 )
At 31 December 2023 75,760 137,305 8,452 221,517
NET BOOK VALUE
At 31 December 2023 - 186,278 16,903 203,181
At 31 December 2022 - 300,011 - 300,011

Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,511,778 3,174,932
Amounts owed by group undertakings 669,711 670,030
Amounts recoverable on contracts 1,229,232 626,738
Other debtors 119,178 196,920
Directors' current accounts 2,306 292
Prepayments and accrued income 256,666 304,999
4,788,871 4,973,911

Amounts falling due after more than one year:
Deferred tax asset - 130,822

Aggregate amounts 4,788,871 5,104,733

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 13) 500,000 500,000
Trade creditors 3,178,885 4,357,876
Tax 220,417 -
Social security and other taxes 1,044,007 1,251,619
Other creditors 15,690 21,409
Directors' current accounts 14,283 13,794
Accruals and deferred income 2,035,666 3,053,410
7,008,948 9,198,108

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 13) 333,333 833,333

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 500,000 500,000

Amounts falling due between one and two years:
Other loans - 1-2 years 333,333 500,000

Amounts falling due between two and five years:
Other loans - 2-5 years - 333,333

Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 214,574 224,476
Between one and five years 445,260 486,581
In more than five years 233,750 318,750
893,584 1,029,807

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 833,333 1,333,333

Other loans were provided by IGF Invoice Finance Limited which holds a debenture including fixed charges and a floating charge over all assets and undertakings of the company.

16. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 51,000

Deferred
tax
£   
Balance at 1 January 2023 (130,822 )
Provided during year 181,822
Balance at 31 December 2023 51,000

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 January 2023 1,909,163
Profit for the year 1,025,411
Dividends (1,335,000 )
At 31 December 2023 1,599,574

Bridgford Interiors Limited (Registered number: 02949108)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

19. ULTIMATE PARENT COMPANY

The ultimate parent company is The Bridgford Group Limited, a company incorporated in England and Wales, which shares the registered office as detailed on page 1. The financial statements of The Bridgford Group Limited can be obtained from Companies House.

20. RELATED PARTY DISCLOSURES

During the year rent of £85,268 (2022 - £77,647) was paid to a pension scheme in which the directors of the company are beneficiaries. This rent was for the building in which the company operates.

During the year ended 31 December 2019 the company loaned £211,656 to 3 companies in which the directors are the shareholders. At the year end £122,371 (2022 - £181,656) was owed by the companies and is included in other debtors. The loans outstanding are broken down below:

2023 2022
£    £   
NSH Investments Limited - 60,552
PJCB Investments Limited 61,158 60,552
SJMB Investments Limited 61,158 60,552
122,371 181,656

The loans are subject to interest charged at 3% above the Bank of England base rate. Interest received on this loan totalled £10,623 (2022 - £6,814).

At the balance sheet date, two directors held current accounts with the company. Included within debtors is £2,306 (2022 - £292) due from the directors and included within creditors is £14,283 (2022 - £13,794) owed to the directors. These balances are interest free and repayable on demand.

In accordance with the accounting policy, the company has taken advantage of the exemption not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors are the key management personnel.

21. EMPLOYEE BENEFITS

Included in the notes to the financial statements are payments to a defined contribution pension scheme.