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G. W. & G. Bridges Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 01850551

 

G. W. & G. Bridges Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 5

 

G. W. & G. Bridges Limited

(Registration number: 01850551)
Statement of financial position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,850,848

1,711,315

Current assets

 

Stocks

5

164,150

39,726

Debtors

6

99,790

96,091

Cash at bank and in hand

 

641,044

521,179

 

904,984

656,996

Creditors: Amounts falling due within one year

7

(431,771)

(257,210)

Net current assets

 

473,213

399,786

Total assets less current liabilities

 

2,324,061

2,111,101

Provisions for liabilities

(93,658)

(76,830)

Net assets

 

2,230,403

2,034,271

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,230,303

2,034,171

Shareholders' funds

 

2,230,403

2,034,271

For the financial year ending 31 March 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 Income statement.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr G W Bridges
Director

 

G. W. & G. Bridges Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The Orchard
Brighton Road
Crawley
West Sussex
RH11 9AB

These financial statements were authorised for issue by the Board on 30 August 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.

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.

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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.

 

G. W. & G. Bridges Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

4% straight line

Long leasehold property

4% straight line

Fork-lifts & cranes

25% on reducing balance

Plant and Machinery

at variable rates on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 23).

 

G. W. & G. Bridges Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Property Improvements
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

2,164,549

418,110

1,975,995

47,007

Additions

-

-

233,335

-

Disposals

-

-

(42,000)

-

At 31 March 2024

2,164,549

418,110

2,167,330

47,007

Depreciation

At 1 April 2023

1,095,629

360,564

1,399,959

47,007

Charge for the year

-

-

78,553

-

Eliminated on disposal

-

-

(28,955)

-

At 31 March 2024

1,095,629

360,564

1,449,557

47,007

Carrying amount

At 31 March 2024

1,068,920

57,546

717,773

-

At 31 March 2023

1,068,920

57,546

576,036

-

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

244,515

4,850,176

Additions

-

233,335

Disposals

-

(42,000)

At 31 March 2024

244,515

5,041,511

Depreciation

At 1 April 2023

235,702

3,138,861

Charge for the year

2,204

80,757

Eliminated on disposal

-

(28,955)

At 31 March 2024

237,906

3,190,663

Carrying amount

At 31 March 2024

6,609

1,850,848

At 31 March 2023

8,813

1,711,315

5

Stocks

2024
£

2023
£

Other inventories

164,150

39,726

 

G. W. & G. Bridges Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

61,058

55,895

Prepayments

26,230

26,088

Other debtors

12,502

14,108

 

99,790

96,091

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

264,097

6,011

Taxation and social security

13,298

59,496

Accruals and deferred income

88,500

89,262

Other creditors

65,876

102,441

431,771

257,210

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100