REGISTERED NUMBER: 14356840 (England and Wales) |
BRIDGEBANK GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
REGISTERED NUMBER: 14356840 (England and Wales) |
BRIDGEBANK GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
BRIDGEBANK GROUP LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
The directors present their strategic report of the company and the group for the period 14 September 2022 to 31 January 2024. |
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by it. |
REVIEW OF BUSINESS |
During the period ended 31st January 2024 the directors consider the results of the group of companies to be positive. |
FINANCIAL KEY PERFORMANCE INDICATORS |
2024 |
Turnover | £60,650,123 |
Gross Profit | £7,942,812 |
Gross Profit Percentage | 13.10% |
Net (Loss)/Profit Before Tax | £590,271 |
Net Current Assets | £4,961,923 |
Net Assets | £9,291,210 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board regularly considers the main risks that the company faces and how to mitigate them. The most significant business risks are as follows: |
- that the company strategy and business model does not deliver positive results; |
- the loss of key management or senior staff could threaten operational viability; |
- that unforeseen or unexpected events beyond the control of the company result in a significant worsening of market conditions; |
- that supply chain shortages restrict the company's ability to deliver its products and services. |
EMPLOYEE MATTERS |
The company continues to supplement staff competencies on key technical areas through internal skills development and external training courses. The company remains an equal opportunities employer and implements rigorous health and safety policies. |
ENVIRONMENTAL MATTERS |
The company is committed to minimising the impact of its activities on the environment and to continually improve its environmental performance. |
BUSINESS RISKS |
The board of directors regularly considers the main risks that the company faces and how to mitigate them. As for many businesses of our size and type, the business environment in which we operate continues to be challenging, with high levels of competition and tight margins. The most significant risk remains the depressed economic conditions in the United Kingdom and its impact on the new build housing market. |
FUTURE DEVELOPMENTS |
The directors continue to implement a long term strategy that will enable the company to continue to grow. |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
SECTION 172(1) STATEMENT |
The Board of Bridgebank Limited ("The Company") consider that the requirement of Section 172 of the Companies Act 2006 ("The Act") has been complied with and the directors of the company have acted in good faith in performing their duty in promoting the success of the company. During the year the Directors have had regard for (amongst others): |
- Any potential long term consequences as a result of decisions taken during the year |
- The interests of the company's employees, including any training requirements |
- The need to meet customer's needs as well as their expectations |
- The impact on the environment as a result of the company carrying on its trade |
One example of how the Company has had regard to the matters set out in Section 172 when discharging the duties of the Act and the effect of that on decisions taken, is by the payment of the dividend. The Board regularly reviews the performance of the company throughout the year including the strength of its Balance Sheet, as well as the expected future performance taking into consideration uncertainties in the wider economy. During the financial year ended 31 January 2024, a final dividend of £1m was paid. In making this decision the Board considered the impact on the company's cash flow position and ability to meet future liabilities as they fall due. |
ON BEHALF OF THE BOARD: |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the period 14 September 2022 to 31 January 2024. |
COMMENCEMENT OF TRADING |
The group was incorporated on 14 September 2022 and acquired 100% of the ordinary share capital Bridgebank Holdings Limited on 30 November 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of groundworks and civil engineering. |
DIVIDENDS |
An interim dividend of £5,18.13 per share was paid on 6 April 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the period ended 31 January 2024 will be £ 1,110,000 . |
DIRECTORS |
The directors who have held office during the period from 14 September 2022 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
POLITICAL DONATIONS AND EXPENDITURE |
During the period the company made donations of £3,964, none of which were political in nature. |
STREAMLINED ENERGY AND CARBON REPORTING |
During the year the Group produced 6,258 tonnes of CO2 equivalent, from its transport vehicles and site machinery. This equates to approximately 103 tonnes of CO2 equivalent per £1m of Turnover. |
The volume of fuel purchased was multiplied by the Governments published conversion factors in order to calculate CO2 equivalent. |
The Group continually updates its machinery, which enables it to take advantage of the latest low emission engine technology. |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEBANK GROUP LIMITED |
Opinion |
We have audited the financial statements of Bridgebank Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, 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 Consolidated Cash Flow Statement, 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 January 2024 and of the group's profit for the period 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEBANK GROUP LIMITED |
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. |
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 five, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEBANK GROUP LIMITED |
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, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. |
As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation on the financial statements, such as the Companies Act 2006 and FRS 102. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results. |
Audit procedures performed by the engagement team include: |
- | Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud; |
- | Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- | Evaluation of management's controls designed to prevent and detect irregularities; |
- | Review of board meeting minutes and meetings of those charged with governance; |
- | Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations; |
- | Assessing and evaluating the business rationale of significant transactions outside the normal course of business; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Review of correspondence with regulators in so far as they are related to the financial statements; |
- | Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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 |
BRIDGEBANK 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. |
for and on behalf of |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Notes | £ |
TURNOVER | 60,650,123 |
Cost of sales | 52,707,311 |
GROSS PROFIT | 7,942,812 |
Administrative expenses | 6,173,209 |
OPERATING PROFIT | 4 | 1,769,603 |
Exceptional item | 5 | 815,255 |
954,348 |
Interest receivable and similar income | 20,904 |
975,252 |
Interest payable and similar expenses | 6 | 384,981 |
PROFIT BEFORE TAXATION | 590,271 |
Tax on profit | 7 | 242,111 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 348,160 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Notes | £ |
PROFIT FOR THE PERIOD | 348,160 |
OTHER COMPREHENSIVE INCOME |
Other reserves at acquisition | 10,051,120 |
Income tax relating to other comprehensive income |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
10,051,120 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
10,399,280 |
Total comprehensive income attributable to: |
Owners of the parent | 10,399,280 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 9,007,643 |
Investments | 12 | - |
9,007,643 |
CURRENT ASSETS |
Debtors | 13 | 10,814,677 |
Cash at bank | 3,257,006 |
14,071,683 |
CREDITORS |
Amounts falling due within one year | 14 | 9,109,760 |
NET CURRENT ASSETS | 4,961,923 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,969,566 |
CREDITORS |
Amounts falling due after more than one year | 15 | (3,766,507 | ) |
PROVISIONS FOR LIABILITIES | 18 | (911,849 | ) |
NET ASSETS | 9,291,210 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 1,930 |
Other reserves | 20 | 10,051,120 |
Retained earnings | 20 | (761,840 | ) |
SHAREHOLDERS' FUNDS | 9,291,210 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by: |
K J Mason - Director |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
COMPANY BALANCE SHEET |
31 JANUARY 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's profit for the financial year | 1,042,500 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | 1,930 | - | - | 1,930 |
Dividends | - | (1,110,000 | ) | - | (1,110,000 | ) |
Total comprehensive income | - | 348,160 | 10,051,120 | 10,399,280 |
Balance at 31 January 2024 | 1,930 | (761,840 | ) | 10,051,120 | 9,291,210 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 | ( |
) | ( |
) |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (1,171,033 | ) |
Interest paid | (110,163 | ) |
Interest element of hire purchase payments paid |
(274,818 |
) |
Tax paid | (371,423 | ) |
Net cash from operating activities | (1,927,437 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,442,344 | ) |
Sale of tangible fixed assets | 2,140,723 |
Debtors / creditors on acq Bridgbank Hld | 2,686,330 |
Cash on acquisition of Bridgebank Hlding | 5,460,623 |
Interest received | 20,904 |
Net cash from investing activities | 5,866,236 |
Cash flows from financing activities |
Capital repayments in year | 426,277 |
Share issue | 1,930 |
Equity dividends paid | (1,110,000 | ) |
Net cash from financing activities | (681,793 | ) |
Increase in cash and cash equivalents | 3,257,006 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period | 2 | 3,257,006 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 590,271 |
Depreciation charges | 2,502,122 |
Profit on disposal of fixed assets | (599,963 | ) |
Finance costs | 384,981 |
Finance income | (20,904 | ) |
2,856,507 |
Increase in trade and other debtors | (10,528,979 | ) |
Increase in trade and other creditors | 6,501,439 |
Cash generated from operations | (1,171,033 | ) |
2. | 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: |
Period ended 31 January 2024 |
31.1.24 | 14.9.22 |
£ | £ |
Cash and cash equivalents | 3,257,006 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 14.9.22 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | - | 3,257,006 | 3,257,006 |
- | 3,257,006 | 3,257,006 |
Debt |
Finance leases | - | (6,374,828 | ) | (6,374,828 | ) |
- | (6,374,828 | ) | (6,374,828 | ) |
Total | - | (3,117,822 | ) | (3,117,822 | ) |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Bridgebank Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Bridgebank Group Lifted together with all entities controlled by the parent company (it's subsidiaries). |
All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of impairment od the assets transferred. |
Subsidiaries are consolidate in the groups financial statements from the date that control commences until that after the date that control ceases. |
Business combinations |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributed to the business combination. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values, recognised for business combinations in previous period are adjusted retrospectively for final values determined in the 14 months following acquisition date. Investments in subsidiaries are accounted for at cost less Impairment. |
Turnover |
Turnover consists of groundworks and civil engineering contracting activities predominantly on new build residential housing developments, working as subcontractor to the main developer. |
Turnover and profit on contracts are recognised according to the value of work carried out in the period based on monthly surveyor valuations and related applications for payment, with reference to tendered prices. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The 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. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 4,259,276 |
Social security costs | 491,247 |
Other pension costs | 223,196 |
4,973,719 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Office staff | 55 |
Site operatives | 17 |
The average number of employees by undertakings that were proportionately consolidated during the period was 72 . |
£ |
Directors' remuneration | 374,846 |
Directors' pension contributions to money purchase schemes | 3,253 |
Information regarding the highest paid director is as follows: |
£ |
Emoluments etc | 280,833 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Other operating leases | 122,676 |
Depreciation - owned assets | 1,965,833 |
Depreciation - assets on hire purchase contracts | 536,290 |
Profit on disposal of fixed assets | (599,963 | ) |
Auditors' remuneration | 21,311 |
5. | EXCEPTIONAL ITEMS |
£ |
Exceptional item | (815,255 | ) |
Exceptional items relate to debtor impairment provisions where the debtor companies have entered administration. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest | 50,163 |
Other interest | 60,000 |
Hire purchase | 274,818 |
384,981 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 85,725 |
Deferred tax | 156,386 |
Tax on profit | 242,111 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax | 590,271 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 147,568 |
Effects of: |
Expenses not deductible for tax purposes | 53,000 |
Income not taxable for tax purposes | (12,268 | ) |
Repair costs capitalised | (15,417 | ) |
Deferred tax movement | 69,228 |
Total tax charge | 242,111 |
Tax effects relating to effects of other comprehensive income |
Gross | Tax | Net |
£ | £ | £ |
Other reserves at acquisition | 10,051,120 | - | 10,051,120 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
£ |
Ordinary shares of 1 each |
Interim | 1,110,000 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
10. | STAFF COST |
2024 |
£ |
Wages and salaries | 4,259,276 |
Social security cost | 491,247 |
Other pension costs | 223,196 |
4,973,719 |
The average number of employees during the period was as follows: |
2024 |
Office Staff | 55 |
Site operatives | 17 |
72 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
Additions | 9,687,566 | 229,602 | 3,119,240 | 13,036,408 |
Disposals | (1,265,520 | ) | - | (458,239 | ) | (1,723,759 | ) |
At 31 January 2024 | 8,422,046 | 229,602 | 2,661,001 | 11,312,649 |
DEPRECIATION |
Charge for period | 1,605,261 | 69,048 | 827,814 | 2,502,123 |
Eliminated on disposal | (184,051 | ) | - | (13,066 | ) | (197,117 | ) |
At 31 January 2024 | 1,421,210 | 69,048 | 814,748 | 2,305,006 |
NET BOOK VALUE |
At 31 January 2024 | 7,000,836 | 160,554 | 1,846,253 | 9,007,643 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets with a net book value of £7,392,530 are held under hire purchase agreements .Depreciation charged in respect of those assets was £1,633,785. |
In addition to the above an asset loan agreement, the loans are secured against the assets of the whole of the of the group companies total assets. |
The asset loan liability is disclosed within hire purchase contracts |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB |
Nature of business: |
% |
Class of shares: | holding |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB |
Nature of business: |
% |
Class of shares: | holding |
*Indirect holdings |
On 30 November 2022, Bridgebank Group Limited acquired 100% of the share capital of Bridgebank Holdings Limited. |
13. | DEBTORS |
Group | Company |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 7,090,404 |
Other debtors | 2,558,355 |
Tax | 285,698 |
Prepayments | 230,220 |
10,164,677 |
Amounts falling due after more than one year: |
Trade debtors | 650,000 |
Aggregate amounts | 10,814,677 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Hire purchase contracts (see note 16) | 2,608,321 |
Trade creditors | 4,009,662 |
Amounts owed to group undertakings | - |
Social security and other taxes | 157,033 |
Other creditors | 2,334,744 |
9,109,760 |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
£ |
Hire purchase contracts (see note 16) | 3,766,507 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire |
purchase |
contracts |
£ |
Net obligations repayable: |
Within one year | 2,608,321 |
Between one and five years | 3,766,507 |
6,374,828 |
Group |
Non- cancellable | operating leases |
£ |
Within one year | 103,186 |
Between one and five years | 64,331 |
167,517 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
£ |
Hire purchase contracts | 6,374,828 |
The hire purchase loan is secured by a fixed charge and floating charge over all assets and property or undertaking of the company. |
The hire purchase creditor is secured by of fixed and floating charges over the assets of the Company. |
The amount of hire purchase debt is subject to loan discounting arrangements at 31 January 2024 was £7,047,490. |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
18. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 911,849 |
Group |
Deferred |
tax |
£ |
Provided during period | 911,849 |
Balance at 31 January 2024 | 911,849 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1,930 |
1,930 Ordinary shares of 1 each were allotted and fully paid for |
20. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
Profit for the period | 348,160 | 348,160 |
Dividends | (1,110,000 | ) | (1,110,000 | ) |
Other | - | 10,051,120 | 10,051,120 |
At 31 January 2024 | (761,840 | ) | 10,051,120 | 9,289,280 |
Company |
Retained |
earnings |
£ |
Profit for the period |
Dividends | ( |
) |
At 31 January 2024 | ( |
) |
BRIDGEBANK GROUP LIMITED (REGISTERED NUMBER: 14356840) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 SEPTEMBER 2022 TO 31 JANUARY 2024 |
20. | RESERVES - continued |
21. | RELATED PARTY DISCLOSURES |
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. |
During the period, total dividends of £1,110,000 were paid to the directors . |
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £504,425. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is T P Ryan. |
The ultimate controlling party is T P Ryan. |