Company registration number 06532248 (England and Wales)
THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
550
821
Current assets
Debtors
4
4,190
20,678
Cash at bank and in hand
203,835
175,778
208,025
196,456
Creditors: amounts falling due within one year
5
(27,360)
(24,999)
Net current assets
180,665
171,457
Net assets
181,215
172,278
Reserves
Income and expenditure account
8
181,215
172,278
Members' funds
181,215
172,278

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland'.

The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr G J Seaholme
Director
Company registration number 06532248 (England and Wales)
THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

The Bridging & Development Lenders Association Limited (formerly The Association of Short Term Lenders Limited) is a private company limited by guarantee incorporated in England and Wales. The registered office is 325-327 Oldfield Lane North, Greenford, Middlesex, UB6 0FX.

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
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

 

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 machinery
- 33% reducing balance
1.4
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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit.

THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Fair value measurement of financial instruments

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.7
Employee benefits

 

There are no significant costs of unused holiday entitlement required to be included in the financial statements.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
5
7

Only one employee is remunerated. None of the directors have drawn a salary in the current or previous year

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
2,633
Depreciation and impairment
At 1 April 2023
1,812
Depreciation charged in the year
271
At 31 March 2024
2,083
Carrying amount
At 31 March 2024
550
At 31 March 2023
821
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,190
20,678
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,381
1,243
Other creditors
25,979
23,756
27,360
24,999
THE BRIDGING & DEVELOPMENT LENDERS ASSOCIATION LIMITED (FORMERLY THE ASSOCIATION OF SHORT TERM LENDERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sabrina Dunn FCA
Statutory Auditor:
Landau Morley LLP
Date of audit report:
22 October 2024
8
Income and expenditure account
2024
2023
£
£
At the beginning of the year
172,278
192,898
Surplus/(deficit) for the year
8,937
(20,620)
At the end of the year
181,215
172,278

This reserve records the accumulated surplus to date. The directors have agreed to maintain a balance equivalent to approximately one year's expenditure in order to cover the possibility of a funding shortfall.

9
Related party transactions

The company is under control of the directors.

 

Included in Administrative expenses are consultancy fees of £71,499 (2023: £57,913) from Jannels Consultancy Limited, who are part of the key management personnel of the company.

2024-03-312023-04-01false22 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr S A BarberMr A S MargolisMr D J MarshallMr R M CohenMr M StokesMr J PritchardMs S Robinson-SandhuMr G J SeaholmeMs R S CawoodMr S J MarshallMr S M Patelfalsefalse065322482023-04-012024-03-31065322482024-03-31065322482023-03-3106532248core:OtherPropertyPlantEquipment2024-03-3106532248core:OtherPropertyPlantEquipment2023-03-3106532248core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3106532248core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106532248core:CurrentFinancialInstruments2024-03-3106532248core:CurrentFinancialInstruments2023-03-3106532248core:RetainedEarningsAccumulatedLosses2024-03-3106532248core:RetainedEarningsAccumulatedLosses2023-03-3106532248core:RetainedEarningsAccumulatedLosses2023-03-3106532248core:RetainedEarningsAccumulatedLosses2022-03-3106532248bus:Director82023-04-012024-03-3106532248core:ComputerEquipment2023-04-012024-03-31065322482022-04-012023-03-3106532248core:OtherPropertyPlantEquipment2023-03-3106532248core:OtherPropertyPlantEquipment2023-04-012024-03-3106532248core:WithinOneYear2024-03-3106532248core:WithinOneYear2023-03-3106532248bus:CompanyLimitedByGuarantee2023-04-012024-03-3106532248bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106532248bus:FRS1022023-04-012024-03-3106532248bus:Audited2023-04-012024-03-3106532248bus:Director12023-04-012024-03-3106532248bus:Director22023-04-012024-03-3106532248bus:Director32023-04-012024-03-3106532248bus:Director42023-04-012024-03-3106532248bus:Director52023-04-012024-03-3106532248bus:Director62023-04-012024-03-3106532248bus:Director72023-04-012024-03-3106532248bus:Director92023-04-012024-03-3106532248bus:Director102023-04-012024-03-3106532248bus:Director112023-04-012024-03-3106532248bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP