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Registration number: 3942065

Bridge Catering Fabrications Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Bridge Catering Fabrications Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Bridge Catering Fabrications Ltd

(Registration number: 3942065)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

994,850

1,037,930

Current assets

 

Stocks

5

136,808

119,148

Debtors

6

895,662

937,875

Cash at bank and in hand

 

127,518

41,480

 

1,159,988

1,098,503

Creditors: Amounts falling due within one year

7

(664,669)

(734,479)

Net current assets

 

495,319

364,024

Total assets less current liabilities

 

1,490,169

1,401,954

Creditors: Amounts falling due after more than one year

7

(72,093)

(70,485)

Provisions for liabilities

(57,928)

(62,126)

Net assets

 

1,360,148

1,269,343

Capital and reserves

 

Called up share capital

48

48

Revaluation reserve

410,898

419,284

Retained earnings

949,202

850,011

Shareholders' funds

 

1,360,148

1,269,343

 

Bridge Catering Fabrications Ltd

(Registration number: 3942065)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
Mr B P Fenton
Director

.........................................
Mr M Reeder
Director

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

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:
Bridge House
Vale Street
Haslingden
Lancashire
BB4 5JB

These financial statements were authorised for issue by the Board on 8 October 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Tax

The tax expense for the period comprises current and deferred 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.

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Buildings

2% straight line

Motor vehicles

25% reducing balance

Other property, plant and equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 32).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

922,348

678,198

92,263

1,692,809

Additions

-

11,677

54,772

66,449

Disposals

-

(6,325)

(37,908)

(44,233)

At 30 June 2024

922,348

683,550

109,127

1,715,025

Depreciation

At 1 July 2023

206,242

435,763

12,874

654,879

Charge for the year

16,947

37,718

31,171

85,836

Eliminated on disposal

-

(6,325)

(14,215)

(20,540)

At 30 June 2024

223,189

467,156

29,830

720,175

Carrying amount

At 30 June 2024

699,159

216,394

79,297

994,850

At 30 June 2023

716,106

242,435

79,389

1,037,930

Included within the net book value of land and buildings above is £699,159 (2023 - £716,106) in respect of freehold land and buildings.
 

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Revaluation

The fair value of the company's Land and buildings was revalued on 30 June 2021.
The investment property was valued at £750,000 by the directors, this valuation was confirmed by an independent valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £499,515).

5

Stocks

2024
£

2023
£

Other inventories

136,808

119,148

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

679,423

710,290

Amounts owed by related parties

11

75,843

75,843

Prepayments

 

24,431

45,548

Other debtors

 

115,965

106,194

   

895,662

937,875

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

87,263

170,979

Trade creditors

 

259,239

261,217

Taxation and social security

 

250,008

197,901

Accruals and deferred income

 

53,273

90,492

Other creditors

 

14,886

13,890

 

664,669

734,479

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

72,093

70,485

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

8,386

8,386

Surplus/deficit on revaluation of other assets

(8,386)

-

(8,386)

(8,386)

8,386

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

17,046

17,046

Surplus/deficit on revaluation of other assets

(17,046)

-

(17,046)

(17,046)

17,046

-

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

30,000

Hire purchase contracts

52,093

40,485

72,093

70,485

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

23,906

Hire purchase contracts

38,516

28,886

Other borrowings

48,747

118,187

87,263

170,979

 

Bridge Catering Fabrications Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £90,609 (2023 - £69,371). The above hire purchase contracts are secured against the assets in which they relate to.

11

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr B P Fenton

The loan advance is interest free and repayable on demand

84,912

82,088

(84,912)

82,088

Mr M Reeder

The loan advance is interest free and repayable on demand

9,865

-

(9,865)

-

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr B P Fenton

The loan advance is interest free and repayable on demand

-

84,912

84,912

Mr M Reeder

The loan advance is interest free and repayable on demand

-

9,865

9,865