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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: T P Ryan
K Adams
K J Mason





REGISTERED OFFICE: Unit 3 Sherwood Oaks Close
Sherwood Oaks Business Park
Mansfield
Nottinghamshire
NG18 4TB





REGISTERED NUMBER: 14356840 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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:





K J Mason - Director


11 September 2024

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:

T P Ryan - appointed 14 September 2022
K Adams - appointed 25 January 2023
K J Mason - appointed 28 November 2023

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:





K J Mason - Director


11 September 2024

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.




Kelvin Fitton FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

13 September 2024

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 348,160
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 2,551,830
2,551,830

CURRENT ASSETS
Debtors 13 1,521,766

CREDITORS
Amounts falling due within one year 14 4,139,166
NET CURRENT LIABILITIES (2,617,400 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(65,570

)

CAPITAL AND RESERVES
Called up share capital 19 1,930
Retained earnings 20 (67,500 )
SHAREHOLDERS' FUNDS (65,570 )

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 11 September 2024 and were signed on its behalf by:





K J Mason - Director


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 1,930 - 1,930
Dividends - (1,110,000 ) (1,110,000 )
Total comprehensive income - 1,042,500 1,042,500
Balance at 31 January 2024 1,930 (67,500 ) (65,570 )

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 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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 50% on cost, 25% on cost and 20% on reducing balance
Fixtures and fittings - Straight line over 3 years
Motor vehicles - 25% on cost, 20% on reducing balance, 20% on cost and Straight line over 3 years


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
72

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 2,551,830
At 31 January 2024 2,551,830
NET BOOK VALUE
At 31 January 2024 2,551,830

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

Subsidiaries

Bridgebank Holdings Limited
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB
Nature of business: Intermediate investment holding company
%
Class of shares: holding
Ordinary 100.00

Bridgebank Limited*
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB
Nature of business: Groundworks & Civil Engineering
%
Class of shares: holding
Ordinary 100.00

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

Bridgebank Plant Limited*
Registered office: Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB
Nature of business: Plant Hire
%
Class of shares: holding
Ordinary 100.00

*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 1,521,766
Tax 285,698 -
Prepayments 230,220 -
10,164,677 1,521,766

Amounts falling due after more than one year:
Trade debtors 650,000 -

Aggregate amounts 10,814,677 1,521,766

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 - 2,631,416
Social security and other taxes 157,033 -
Other creditors 2,334,744 1,507,750
9,109,760 4,139,166

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: £   
1,930 Ordinary 1 1,930

1,930 Ordinary shares of 1 each were allotted and fully paid for cash at par during the period.

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 1,042,500
Dividends (1,110,000 )
At 31 January 2024 (67,500 )

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.