Company registration number SC281373 (Scotland)
BRIDGEPORT ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRIDGEPORT ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BRIDGEPORT ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
34
Investment property
4
7,697,607
7,697,607
7,697,607
7,697,641
Current assets
Debtors
5
743,363
67,750
Cash at bank and in hand
80,410
605,171
823,773
672,921
Creditors: amounts falling due within one year
6
(311,197)
(318,517)
Net current assets
512,576
354,404
Total assets less current liabilities
8,210,183
8,052,045
Creditors: amounts falling due after more than one year
7
(995,284)
(1,161,070)
Provisions for liabilities
(42,037)
(42,037)
Net assets
7,172,862
6,848,938
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
(887,283)
(887,283)
Profit and loss reserves
9
8,060,045
7,736,121
Total equity
7,172,862
6,848,938

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BRIDGEPORT ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Mr S Jackson
Director
Company registration number SC281373 (Scotland)
BRIDGEPORT ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100
(887,283)
7,444,812
6,557,629
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
291,309
291,309
Balance at 31 March 2023
100
(887,283)
7,736,121
6,848,938
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
323,924
323,924
Balance at 31 March 2024
100
(887,283)
8,060,045
7,172,862
BRIDGEPORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Bridgeport Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is 29 PARK CIRCUS, GLASGOW, G3 6AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRIDGEPORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
BRIDGEPORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
595
3,495
4,090
Depreciation and impairment
At 1 April 2023
595
3,461
4,056
Depreciation charged in the year
-
0
34
34
At 31 March 2024
595
3,495
4,090
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 31 March 2023
-
0
34
34
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
7,697,607

The directors have considered the values included above and believe that these are a true reflection of current market values. No independent valuation has been carried out.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
35,347
33,315
Other debtors
701,180
29,259
Prepayments and accrued income
6,836
5,176
743,363
67,750
BRIDGEPORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
101,204
148,840
Trade creditors
393
393
Corporation tax
91,620
54,109
Other taxation and social security
4,166
-
0
Other creditors
58,520
58,520
Accruals and deferred income
55,294
56,655
311,197
318,517
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
640,075
767,051
Other creditors
355,209
394,019
995,284
1,161,070
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
(887,283)
(887,283)
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
7,736,121
7,444,812
Profit for the year
323,924
291,309
At the end of the year
8,060,045
7,736,121
10
Operating lease commitments
Lessee

At the reporting end date the company has commitments for future minimum lease payments under non-cancellable operating leases of £2,484 which relates to the leasing of a motor vehicle.

BRIDGEPORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Related party transactions
Transactions with related parties

At the year end the company was owed the following amounts from connected companies:

Bridgeport Investments Ltd £24,680 (2023 £24,680)

 

At the year end the company owed the following amounts to connected companies:

N&S Property Company Ltd £6,903 (2023 £6,903)

Widneypark Ltd £5,000 (2023 £5,000)

 

 

Included within creditors due after more than one year is an amounts of £355,209 (2023 - £394,019) due to one of the directors of the company. The loan is interest free and the director has confirmed he will not seek repayment of the loan within one year of the balance sheet date.

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