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Registered number: 07181646










WHITEBRIDGE SOLUTIONS GROUP LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024



 
WHITEBRIDGE SOLUTIONS GROUP LTD
REGISTERED NUMBER: 07181646

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 4 
3,442
-

Investments
 5 
1
1

  
3,443
1

Current assets
  

Debtors: amounts falling due within one year
 6 
217,111
449,479

Cash at bank and in hand
  
44,624
13,373

Current Liabilities
  
261,735
462,852

Creditors: amounts falling due within one year
 7 
(27,772)
(78,446)

Net current assets
  
 
 
233,963
 
 
384,406

Total assets less current liabilities
  
237,406
384,407

Net assets
  
237,406
384,407


Capital and reserves
  

Called up share capital 
 8 
100,050
100,050

Profit and loss account
  
137,356
284,357

  
237,406
384,407


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
R M Collier
Director
Date: 29 October 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
WHITEBRIDGE SOLUTIONS GROUP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Whitebridge Solutions Group Limited is a limited liability company incorporated in England and Wales. The address of its registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable for services provided during the year, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
WHITEBRIDGE SOLUTIONS GROUP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 3

 
WHITEBRIDGE SOLUTIONS GROUP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
6,428


Additions
4,967



At 31 March 2024

11,395



Depreciation


At 1 April 2023
6,428


Charge for the year on owned assets
1,525



At 31 March 2024

7,953



Net book value



At 31 March 2024
3,442



At 31 March 2023
-

Page 4

 
WHITEBRIDGE SOLUTIONS GROUP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1










6.


Debtors

2024
2023
£
£


Trade debtors
49,774
172,537

Amounts owed by group undertakings
146,704
276,214

Other debtors
14,962
638

Prepayments and accrued income
5,581
-

Tax recoverable
90
90

217,111
449,479


Included within debtors as at the 31 March 2024 is £49,774 (2023: £172,537) of debt which has been factored. The Directors have given personal joint and severable guarantees totalling £40,000 (2023: £40,000) in support of the factoring arrangements.
HSBC Bank Plc holds fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and plant and machinery.


7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
14,319
33,656

Corporation tax
-
26,198

Other taxation and social security
3,253
9,597

Other creditors
10,200
8,995

27,772
78,446


Page 5

 
WHITEBRIDGE SOLUTIONS GROUP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,020 (2023 - 40,020) Ordinary A shares of £1.00 each
40,020
40,020
40,020 (2023 - 40,020) Ordinary B shares of £1.00 each
40,020
40,020
10,005 (2023 - 10,005) Ordinary C shares of £1.00 each
10,005
10,005
10,005 (2023 - 10,005) Ordinary D shares of £1.00 each
10,005
10,005

100,050

100,050


All shares rank pari passu with each other, however the directors have the authority to pay differing rates of dividends on each class of share.


9.


Related party transactions

During the year the company paid dividends of £472,637 (2023: £444,210) to the directors and their families.
At the balance sheet date the directors owed the company a total of £14,924 (2023: £548).
During the year the company received a dividend of £400,000 from its subsidiary (2023: £nil).
At the balance sheet date the company was owed £146,703 (2023: £276,214) by its subsidiary.


Page 6