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REGISTERED NUMBER: 04372380 (England and Wales)



















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

The Bridgford Group Limited

The Bridgford Group Limited (Registered number: 04372380)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


The Bridgford Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S J Moore
P J Cockle



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



REGISTERED NUMBER: 04372380 (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

The Bridgford Group Limited (Registered number: 04372380)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
During the course of the period, the group'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 £0.93m (2022 - £1.24m).

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

Continuing on from 2022 when the Company completed the sale of 100% of the share capital to an EOT (The Bridgford Group Trustees Limited) which holds the shares for the benefit of the employees. This has been a positive move for the business and is continuing to achieve the benefits of aligning the goals of all stakeholders and employees, improving retention and morale and encouraging innovation at all levels.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal financial instruments comprise bank balances, trade creditors, loans to the group and finance lease agreements. The main purpose of these instruments is to raise funds for the group's operations and to finance the group'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 group is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The group 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 group's trading activities.

FINANCIAL KEY PERFORMANCE INDICATORS
The group 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 group aims to increase turnover year-on-year whilst maintaining and improving its gross profit margin.

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


The Bridgford Group Limited (Registered number: 04372380)

Group 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 Group 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:





P J Cockle - Director


31 July 2024

The Bridgford Group Limited (Registered number: 04372380)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

S J Moore
P J Cockle

Other changes in directors holding office are as follows:

N S Harrison - resigned 27 June 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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P J Cockle - Director


31 July 2024

Report of the Independent Auditors to the Members of
The Bridgford Group Limited

Opinion
We have audited the financial statements of The Bridgford Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
The Bridgford Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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
The Bridgford Group 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

The Bridgford Group Limited (Registered number: 04372380)

Consolidated
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 3,502,726 3,514,225
1,523,095 1,154,830

Other operating income 3,470 6,008
OPERATING PROFIT 5 1,526,565 1,160,838

Interest receivable and similar income 97,902 21,769
1,624,467 1,182,607

Interest payable and similar expenses 6 196,882 143,573
PROFIT BEFORE TAXATION 1,427,585 1,039,034

Tax on profit 7 402,239 (130,822 )
PROFIT FOR THE FINANCIAL YEAR 1,025,346 1,169,856

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,025,346

1,169,856

Profit attributable to:
Owners of the parent 1,025,346 1,169,856

Total comprehensive income attributable to:
Owners of the parent 1,025,346 1,169,856

The Bridgford Group Limited (Registered number: 04372380)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 203,181 300,011
Investments 12 - -
203,181 300,011

CURRENT ASSETS
Debtors 13 4,164,180 4,479,723
Cash at bank and in hand 4,001,506 6,536,948
8,165,686 11,016,671
CREDITORS
Amounts falling due within one year 14 7,049,557 9,238,718
NET CURRENT ASSETS 1,116,129 1,777,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,319,310

2,077,964

CREDITORS
Amounts falling due after more than one
year

15

(333,333

)

(833,333

)

PROVISIONS FOR LIABILITIES 19 (51,000 ) -
NET ASSETS 934,977 1,244,631

CAPITAL AND RESERVES
Called up share capital 20 248 248
Share premium 21 73,104 73,104
Retained earnings 21 861,625 1,171,279
SHAREHOLDERS' FUNDS 934,977 1,244,631

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





P J Cockle - Director


The Bridgford Group Limited (Registered number: 04372380)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,313,175 1,313,175
1,313,175 1,313,175

CURRENT ASSETS
Debtors 13 44,920 44,920
Cash at bank 603 633
45,523 45,553
CREDITORS
Amounts falling due within one year 14 710,176 710,176
NET CURRENT LIABILITIES (664,653 ) (664,623 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

648,522

648,552

CAPITAL AND RESERVES
Called up share capital 20 248 248
Share premium 21 73,104 73,104
Retained earnings 21 575,170 575,200
SHAREHOLDERS' FUNDS 648,522 648,552

Company's profit for the financial year 1,334,970 3,182,320

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





P J Cockle - Director


The Bridgford Group Limited (Registered number: 04372380)

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

Called up Share
share Retained Share option Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 200 3,065,771 - 73,152 3,139,123

Changes in equity
Issue of share capital 48 - 73,104 - 73,152
Dividends - (387,500 ) - - (387,500 )
Total comprehensive income - 1,169,856 - - 1,169,856
Transfer - 73,152 - (73,152 ) -
EOT contribution - (2,750,000 ) - - (2,750,000 )
Balance at 31 December 2022 248 1,171,279 73,104 - 1,244,631

Changes in equity
Total comprehensive income - 1,025,346 - - 1,025,346
EOT contribution - (1,335,000 ) - - (1,335,000 )
Balance at 31 December 2023 248 861,625 73,104 - 934,977

The Bridgford Group Limited (Registered number: 04372380)

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

Called up Share
share Retained Share option Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 200 457,228 - 73,152 530,580

Changes in equity
Issue of share capital 48 - 73,104 - 73,152
Dividends - (387,500 ) - - (387,500 )
Total comprehensive income - 3,182,320 - - 3,182,320
Transfer - 73,152 - (73,152 ) -
EOT contribution - (2,750,000 ) - - (2,750,000 )
Balance at 31 December 2022 248 575,200 73,104 - 648,552

Changes in equity
Total comprehensive income - 1,334,970 - - 1,334,970
EOT contribution - (1,335,000 ) - - (1,335,000 )
Balance at 31 December 2023 248 575,170 73,104 - 648,522

The Bridgford Group Limited (Registered number: 04372380)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 (625,800 ) 5,362,524
Interest paid (196,882 ) (143,573 )
Tax paid - (128,297 )
Net cash from operating activities (822,682 ) 5,090,654

Cash flows from investing activities
Purchase of tangible fixed assets (143,254 ) (221,715 )
Sale of tangible fixed assets 169,117 93,100
Interest received 97,902 21,769
Net cash from investing activities 123,765 (106,846 )

Cash flows from financing activities
Loan repayments in year (500,000 ) -
Amount introduced by directors 489 -
Amount withdrawn by directors (2,014 ) 12,429
Share issue - 73,200
EOT contribution (1,335,000 ) (2,750,000 )
Equity dividends paid - (387,500 )
Net cash from financing activities (1,836,525 ) (3,051,871 )

(Decrease)/increase in cash and cash equivalents (2,535,442 ) 1,931,937
Cash and cash equivalents at
beginning of year

25

6,536,948

4,605,011

Cash and cash equivalents at end of
year

25

4,001,506

6,536,948

The Bridgford Group Limited (Registered number: 04372380)

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

1. STATUTORY INFORMATION

The Bridgford Group 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 General 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.

Basis of consolidation
The consolidated accounts incorporate the accounts of The Bridgford Group Limited and all of its subsidiary undertakings for the year. The acquisition method of accounting has been adopted. No profit or loss account is presented for The Bridgford Group Limited as permitted by section 408 of the Companies Act 2006.

Goodwill arising on consolidation is capitalised and has been fully amortised over a period of five years from the date of acquisition.

In the company's financial statements, investments in subsidiary undertakings are stated at cost less amounts written off.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.


The Bridgford Group Limited (Registered number: 04372380)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group'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 Bridgford Group Limited (Registered number: 04372380)

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

3. EMPLOYEES AND DIRECTORS - continued

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

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 )

The Bridgford Group Limited (Registered number: 04372380)

Notes to the Consolidated 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 1,427,585 1,039,034
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

356,896

197,416

Effects of:
Expenses not deductible for tax purposes 4,341 29,769
Capital allowances in excess of depreciation - (10,296 )
Depreciation in excess of capital allowances 13,262 -
EMI deduction - (313,391 )
Other timing differences 41,604 (34,320 )
Change in tax rate (13,864 ) -
Total tax charge/(credit) 402,239 (130,822 )

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 387,500

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 9,459
AMORTISATION
At 1 January 2023
and 31 December 2023 9,459
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

The Bridgford Group Limited (Registered number: 04372380)

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

11. TANGIBLE FIXED ASSETS

Group
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

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,313,175
NET BOOK VALUE
At 31 December 2023 1,313,175
At 31 December 2022 1,313,175

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Bridgford Interiors Limited
Registered office: Group registered office (page 1)
Nature of business: Project management of retail interiors
%
Class of shares: holding
Ordinary shares 100.00

The Bridgford Group Limited (Registered number: 04372380)

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

12. FIXED ASSET INVESTMENTS - continued

Citybill Limited
Registered office: Group registered office (page 1)
Nature of business: Non-trading entity
%
Class of shares: holding
Ordinary shares 100.00


13. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,511,778 3,174,932 - -
Amounts recoverable on contracts 1,229,232 626,738 - -
Other debtors 164,198 241,940 44,920 44,920
Directors' current accounts 2,306 292 - -
Prepayments and accrued income 256,666 304,999 - -
4,164,180 4,348,901 44,920 44,920

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

Aggregate amounts 4,164,180 4,479,723 44,920 44,920

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 130,822 - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans (see note 16) 500,000 500,000 - -
Trade creditors 3,178,883 4,357,875 - -
Amounts owed to group undertakings - - 692,548 692,548
Tax 220,417 - - -
Social security and other taxes 1,044,007 1,251,619 - -
Dividends payable 200 200 100 100
Other creditors 15,690 21,409 - -
Directors' current accounts 14,283 13,794 - -
Accruals and deferred income 2,076,077 3,093,821 17,528 17,528
7,049,557 9,238,718 710,176 710,176

The Bridgford Group Limited (Registered number: 04372380)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Other loans (see note 16) 333,333 833,333

16. LOANS

An analysis of the maturity of loans is given below:

Group
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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
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 group.

The Bridgford Group Limited (Registered number: 04372380)

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

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 51,000 -

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

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
£    £   

Number:

Class:
Nominal
value:


2023


2022
66 A Ordinary £1 - 66
66 B Ordinary £1 - 66
66 C Ordinary £1 - 66
2 D Ordinary £1 - 2
48 Ordinary £1 - 48
- 248

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,171,279 73,104 1,244,383
Profit for the year 1,025,346 1,025,346
EOT contribution (1,335,000 ) - (1,335,000 )
At 31 December 2023 861,625 73,104 934,729

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 575,200 73,104 648,304
Profit for the year 1,334,970 1,334,970
EOT contribution (1,335,000 ) - (1,335,000 )
At 31 December 2023 575,170 73,104 648,274


The Bridgford Group Limited (Registered number: 04372380)

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

22. RELATED PARTY DISCLOSURES

The group is controlled by The Bridgford Group Trustees Limited (an Employee Ownership Trust) following the purchase of 100% of the parent's share capital on 31 May 2022.

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

During the year ended 31 December 2019 the Group 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.

At the balance sheet date, two directors held current accounts with the Group. 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.

23. EMPLOYEE BENEFITS

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

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,427,585 1,039,034
Depreciation charges 101,963 88,992
Profit on disposal of fixed assets (30,996 ) (8,663 )
Employee share option expense - (48 )
Finance costs 196,882 143,573
Finance income (97,902 ) (21,769 )
1,597,532 1,241,119
Decrease in trade and other debtors 186,735 2,686,789
(Decrease)/increase in trade and other creditors (2,410,067 ) 1,434,616
Cash generated from operations (625,800 ) 5,362,524

The Bridgford Group Limited (Registered number: 04372380)

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

25. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,001,506 6,536,948
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 6,536,948 4,605,011


26. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 6,536,948 (2,535,442 ) 4,001,506
6,536,948 (2,535,442 ) 4,001,506
Debt
Debts falling due within 1 year (500,000 ) - (500,000 )
Debts falling due after 1 year (833,333 ) 500,000 (333,333 )
(1,333,333 ) 500,000 (833,333 )
Total 5,203,615 (2,035,442 ) 3,168,173