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REGISTERED NUMBER: 02062057 (England and Wales)















BRIDGEBANK LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2024






BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


BRIDGEBANK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 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: 02062057 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their strategic report for the year ended 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 year ended 31st January 2024 the directors consider the results of the company to be positive.

FINANCIAL KEY PERFORMANCE INDICATORS

2024 2023
Turnover £51,352,645 £68,072,057
Gross Profit £6,173,621 £10,065,965
Gross Profit Percentage 12.0% 14.8%

Net (Loss)/Profit Before Tax £403,625 £3,993,133

Net Current Assets £9,872,440 £10,678,752
Net Assets £10,323,776 £11,179,116

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 LIMITED (REGISTERED NUMBER: 02062057)

STRATEGIC REPORT
FOR THE YEAR ENDED 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 £1,000,000 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 LIMITED (REGISTERED NUMBER: 02062057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of groundworks and civil engineering.

DIVIDENDS
An interim dividend of £22.22 per share was paid on 31 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 1,110,000 .

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

T P Ryan
K Adams

Other changes in directors holding office are as follows:

K J Mason - appointed 28 November 2023

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donations of £2,889 (2023: £3,609), none of which were political in nature.

STREAMLINED ENERGY AND CARBON REPORTING
During the year the Company produced 5,148 tonnes of CO2 equivalent, from its transport vehicles and site machinery. This equates to approximately 100 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 Company continually updates its machinery, which enables it to take advantage of the latest low emission engine technology.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company'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 LIMITED


Opinion
We have audited the financial statements of Bridgebank Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGEBANK LIMITED


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGEBANK 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 the preparation of statutory accounts and 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;
- Evaluation of management's controls designed to prevent and detect irregularities;
- 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;
- 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 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 BA 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 LIMITED (REGISTERED NUMBER: 02062057)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 51,352,645 68,072,057

Cost of sales 45,179,024 58,006,092
GROSS PROFIT 6,173,621 10,065,965

Administrative expenses 5,035,921 6,022,337
1,137,700 4,043,628

Other operating income 155,400 7,200
OPERATING PROFIT 4 1,293,100 4,050,828

Exceptional item 5 815,255 -
477,845 4,050,828

Interest receivable and similar income 17,977 -
495,822 4,050,828

Interest payable and similar expenses 6 92,197 57,695
PROFIT BEFORE TAXATION 403,625 3,993,133

Tax on profit 7 148,965 798,666
PROFIT FOR THE FINANCIAL YEAR 254,660 3,194,467

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 254,660 3,194,467


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

254,660

3,194,467

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,001,215 1,390,510

CURRENT ASSETS
Debtors 10 12,741,932 12,912,842
Cash at bank 2,731,184 5,276,724
15,473,116 18,189,566
CREDITORS
Amounts falling due within one year 11 5,600,676 7,510,814
NET CURRENT ASSETS 9,872,440 10,678,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,873,655

12,069,262

CREDITORS
Amounts falling due after more than one
year

12

(375,530

)

(621,069

)

PROVISIONS FOR LIABILITIES 15 (174,349 ) (269,077 )
NET ASSETS 10,323,776 11,179,116

CAPITAL AND RESERVES
Called up share capital 16 45,000 45,000
Capital redemption reserve 17 5,000 5,000
Retained earnings 17 10,273,776 11,129,116
SHAREHOLDERS' FUNDS 10,323,776 11,179,116

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 LIMITED (REGISTERED NUMBER: 02062057)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 45,000 7,934,649 5,000 7,984,649

Changes in equity
Total comprehensive income - 3,194,467 - 3,194,467
Balance at 31 January 2023 45,000 11,129,116 5,000 11,179,116

Changes in equity
Dividends - (1,110,000 ) - (1,110,000 )
Total comprehensive income - 254,660 - 254,660
Balance at 31 January 2024 45,000 10,273,776 5,000 10,323,776

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,225,278 3,965,883
Interest paid (35,163 ) (12,614 )
Interest element of hire purchase payments
paid

(57,034

)

(45,081

)
Tax paid (781,671 ) (603,891 )
Net cash from operating activities 351,410 3,304,297

Cash flows from investing activities
Purchase of tangible fixed assets (258,779 ) (1,205,196 )
Sale of tangible fixed assets 319,570 349,834
Interest received 17,977 -
Net cash from investing activities 78,768 (855,362 )

Cash flows from financing activities
Loan movement Bridgebank Group Ltd (1,521,416 ) (1,050,000 )
Loan movement Bridgebank Plant Ltd (106,539 ) 1,340,002
Capital repayments in year (237,763 ) 566,817
Equity dividends paid (1,110,000 ) -
Net cash from financing activities (2,975,718 ) 856,819

(Decrease)/increase in cash and cash equivalents (2,545,540 ) 3,305,754
Cash and cash equivalents at beginning of
year

2

5,276,724

1,970,970

Cash and cash equivalents at end of year 2 2,731,184 5,276,724

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 403,625 3,993,133
Depreciation charges 619,451 547,186
Profit on disposal of fixed assets (290,946 ) (252,175 )
Finance costs 92,197 57,695
Finance income (17,977 ) -
806,350 4,345,839
Decrease/(increase) in trade and other debtors 2,084,562 (373,134 )
Decrease in trade and other creditors (1,665,634 ) (6,822 )
Cash generated from operations 1,225,278 3,965,883

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:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,731,184 5,276,724
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 5,276,724 1,970,970


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 5,276,724 (2,545,540 ) 2,731,184
5,276,724 (2,545,540 ) 2,731,184
Debt
Finance leases (1,153,447 ) 237,763 (915,684 )
(1,153,447 ) 237,763 (915,684 )
Total 4,123,277 (2,307,777 ) 1,815,500

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Bridgebank Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revisions and future periods where the revision affects both current and future periods.

Key estimates have been made as follows:

Tangible fixed assets
The annual depreciation charge is sensitive to changes in estimated useful economic lives and residual values of the assets. These are reviewed regularly to ensure that appropriate charges are made for depreciation.

Bad Debt Provision
When evaluating debtors for recoverability risk, the Directors use their knowledge and experience to determine the provision required. The Company provides against debtor when the directors are aware of specific issues but also base on the ageing of the debts. All post year end information, including credit notes, are considered in the directors calculation and any amounts considered irrecoverable are provided against in full.

The following principal accounting policies have been applied consistently throughout the period:

Turnover
The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits associated with the transaction will flow to the entity and when specific criteria are met.

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.

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequent stated at cost less any accumulated depreciation and impairment losses.

Depreciation
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 and 20% on reducing balance
Fixtures and fittings- Straight line over 3 years
Motor vehicles- 25% on cost, 20% on reducing balance and straight line over 3 years

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that is relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting 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.

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.

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,930,487 4,013,662
Social security costs 453,782 494,587
Other pension costs 173,546 171,453
3,557,815 4,679,702

The average number of employees during the year was as follows:
2024 2023

Office staff 47 53
Site operatives 8 7
55 60

2024 2023
£    £   
Directors' remuneration 374,846 450,600
Directors' pension contributions to money purchase schemes 3,253 -

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 280,833 300,600

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 66,000 64,625
Depreciation - owned assets 28,673 78,081
Depreciation - assets on hire purchase contracts 590,777 469,101
Profit on disposal of fixed assets (290,946 ) (252,175 )
Auditors' remuneration 16,585 10,500

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional item (815,255 ) -

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


Exceptional items relate to debtor impairment provisions where the debtor companies have entered administration.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 35,163 12,614
Hire purchase interest 57,034 45,081
92,197 57,695

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 243,693 632,280

Deferred tax (94,728 ) 166,386
Tax on profit 148,965 798,666

Reconciliation of total tax charge 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:

2024 2023
£    £   
Profit before tax 403,625 3,993,133
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

100,906

758,695

Effects of:
Expenses not deductible for tax purposes 46,829 33,156
Deferred tax rate change 1,230 16,145

Group relief received - (9,330 )
Total tax charge 148,965 798,666

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,110,000 -

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 237,495 41,383 3,101,724 3,380,602
Additions - - 258,779 258,779
Disposals (175,161 ) - (552,901 ) (728,062 )
At 31 January 2024 62,334 41,383 2,807,602 2,911,319
DEPRECIATION
At 1 February 2023 235,371 39,808 1,714,913 1,990,092
Charge for year 2,124 1,575 615,751 619,450
Eliminated on disposal (175,161 ) - (524,277 ) (699,438 )
At 31 January 2024 62,334 41,383 1,806,387 1,910,104
NET BOOK VALUE
At 31 January 2024 - - 1,001,215 1,001,215
At 31 January 2023 2,124 1,575 1,386,811 1,390,510

In addition to the above an asset loan agreement is secured on further fixed assets with a net book value of £967,376, depreciation charged in respect of those assets was £488,397.

The asset loan liability is disclosed within hire purchase contracts.

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 7,105,399 9,580,972
Amounts owed by group undertakings 3,537,954 1,910,000
Other debtors 958,921 699,528
Tax 285,698 -
Prepayments 203,960 72,342
12,091,932 12,262,842

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

Aggregate amounts 12,741,932 12,912,842

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 540,154 532,378
Trade creditors 4,076,929 5,031,167
Tax - 252,280
Social security and other taxes 139,805 216,837
Other creditors 843,788 1,478,152
5,600,676 7,510,814

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 375,530 621,069

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 540,154 532,378
Between one and five years 375,530 621,069
915,684 1,153,447

Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,299 89,101
Between one and five years 17,758 36,644
65,057 125,745

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 915,684 1,153,447

The hire purchase liabilities are secured on the assets to which they relate.

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 174,349 269,077

Deferred
tax
£   
Balance at 1 February 2023 269,077
Provided during year (94,728 )
Balance at 31 January 2024 174,349

Deferred tax has been provided at 25% (2023: 25%) in respect of accelerated capital allowances.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
45,000 Ordinary £1 45,000 45,000

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 11,129,116 5,000 11,134,116
Profit for the year 254,660 254,660
Dividends (1,110,000 ) (1,110,000 )
At 31 January 2024 10,273,776 5,000 10,278,776

18. 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.

T P Ryan

Mr T P Ryan is a director and is the ultimate controlling party of the Company as of 1 November 2022.

During the year the company entered into a number of related party transactions with group and connected companies.

There is an outstanding loan balance receivable from T P Ryan of £nil (2023: £110,000) at the balance sheet date.

Bridgebank Group Limited is regarded by the directors as being the company's ultimate parent company.

BRIDGEBANK LIMITED (REGISTERED NUMBER: 02062057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


19. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Bridgebank Group Limited, a company incorporated in England and Wales, whose ultimate controlling parties is Mr T P Ryan by virtue of 100% share ownership. The registered office is Unit 3 Sherwood Oaks Close, Sherwood Oaks Business Park, Mansfield, Nottinghamshire, NG18 4TB.

Bridgebank Group Limited acquired 100% of the share capital of Bridgebank Holdings Limited on 1st November 2022, the company's previous ultimate controlling party.

The 2024 consolidated accounts of Bridgebank Group Limited, in which the Company is included, are available to the public and may be obtained from Companies House.