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G. E. Bridge & Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 00064376

 

G. E. Bridge & Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

G. E. Bridge & Company Limited

Company Information

Directors

A K Waeschle

M A Waeschle

K Harding

Company secretary

Mr C Mundy

Registered office

125 Old Christchurch Road
Bournemouth
Dorset
BH1 1HF

Accountants

PKF Francis Clark
Chartered Accountants
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

G. E. Bridge & Company Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,719

4,558

Tangible assets

5

275,318

284,251

 

278,037

288,809

Current assets

 

Stocks

6

66,920

66,608

Debtors

7

24,214

614,114

Cash at bank and in hand

 

585,490

57,930

 

676,624

738,652

Creditors: Amounts falling due within one year

8

(81,470)

(115,620)

Net current assets

 

595,154

623,032

Total assets less current liabilities

 

873,191

911,841

Provisions for liabilities

-

(21,382)

Net assets

 

873,191

890,459

Capital and reserves

 

Called up share capital

9

445,200

445,200

Profit and loss account

427,991

445,259

Shareholders' funds

 

873,191

890,459

 

G. E. Bridge & Company Limited

Balance Sheet

31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
M A Waeschle
Director

Company Registration Number: 00064376

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
125 Old Christchurch Road
Bournemouth
Dorset
BH1 1HF

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in British pound sterling and rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Governement grants are recongised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised, Grants relating to assets are recognised over the expected useful life of the asset.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% per annum straight line

Fixtures and fittings

15% per annum reducing balance

Motor vehicles

25% per annum reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% per annum straight line

Goodwill

10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 10).

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 January 2023

8,793

33,605

42,398

At 31 December 2023

8,793

33,605

42,398

Amortisation

At 1 January 2023

6,155

31,685

37,840

Amortisation charge

879

960

1,839

At 31 December 2023

7,034

32,645

39,679

Carrying amount

At 31 December 2023

1,759

960

2,719

At 31 December 2022

2,638

1,920

4,558

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

329,028

79,552

55,179

463,759

At 31 December 2023

329,028

79,552

55,179

463,759

Depreciation

At 1 January 2023

57,751

70,651

51,106

179,508

Charge for the year

6,580

1,335

1,018

8,933

At 31 December 2023

64,331

71,986

52,124

188,441

Carrying amount

At 31 December 2023

264,697

7,566

3,055

275,318

At 31 December 2022

271,276

8,902

4,073

284,251

6

Stocks

2023
£

2022
£

Other inventories

66,920

66,608

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

5,911

333

Prepayments

14,798

8,482

Other debtors

3,505

605,299

24,214

614,114

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

29,268

36,622

Taxation and social security

1,375

1,255

Other creditors

30,951

54,043

Accruals and deferred income

19,876

23,700

81,470

115,620

 

G. E. Bridge & Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £10 each

520

5,200

520

5,200

Preference shares of £10 each

44,000

440,000

44,000

440,000

 

44,520

445,200

44,520

445,200

10

Related party transactions

Directors

Summary of transactions with other related parties

A K Waeschle Partnership/Albert Waeschle Limited
(A K Waeschle is a director/partner of both G.E.Bridge & Company Limited, Albert Waeschle Limited and A K Waeschle Partnership)

 At the balance sheet date the amount due from A K Waeschle Partnership/Albert Waeschle Ltd was £7,221 (due to 2022: £6,026). During the year purchases of £27,477 (2022: £38,614) were received from the related partnership/company.
 

At the balance sheet date the company owed the directors £54,043 (2021: £40,843).