Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true2023-03-013falseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09764952 2023-03-01 2024-02-29 09764952 2022-03-01 2023-02-28 09764952 2024-02-29 09764952 2023-02-28 09764952 2022-03-01 09764952 c:Director1 2023-03-01 2024-02-29 09764952 d:MotorVehicles 2023-03-01 2024-02-29 09764952 d:MotorVehicles 2024-02-29 09764952 d:MotorVehicles 2023-02-28 09764952 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09764952 d:CurrentFinancialInstruments 2024-02-29 09764952 d:CurrentFinancialInstruments 2023-02-28 09764952 d:Non-currentFinancialInstruments 2024-02-29 09764952 d:Non-currentFinancialInstruments 2023-02-28 09764952 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09764952 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09764952 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 09764952 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09764952 d:ShareCapital 2024-02-29 09764952 d:ShareCapital 2022-03-01 2023-02-28 09764952 d:ShareCapital 2023-02-28 09764952 d:ShareCapital 2022-03-01 09764952 d:SharePremium 2024-02-29 09764952 d:SharePremium 2022-03-01 2023-02-28 09764952 d:SharePremium 2023-02-28 09764952 d:SharePremium 2022-03-01 09764952 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 09764952 d:RetainedEarningsAccumulatedLosses 2024-02-29 09764952 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2023-02-28 09764952 d:RetainedEarningsAccumulatedLosses 2022-03-01 09764952 c:FRS102 2023-03-01 2024-02-29 09764952 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09764952 c:FullAccounts 2023-03-01 2024-02-29 09764952 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09764952 2 2023-03-01 2024-02-29 09764952 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 09764952









SEVERN BRIDGING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SEVERN BRIDGING LTD
REGISTERED NUMBER: 09764952

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,458
29,900

Current assets
  

Debtors: amounts falling due within one year
 5 
4,389,016
2,925,908

Cash at bank and in hand
 6 
202,719
87,514

  
4,591,735
3,013,422

Creditors: amounts falling due within one year
 7 
(1,598,280)
(308,358)

Total assets less current liabilities
  
3,013,913
2,734,964

Creditors: amounts falling due after more than one year
 8 
(246,889)
(29,167)

Net assets
  
2,767,024
2,705,797


Capital and reserves
  

Called up share capital 
  
2,750
2,750

Share premium account
  
2,482,250
2,482,250

Profit and loss account
  
282,024
220,797

  
2,767,024
2,705,797


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 Company has opted not to file the profit and loss account 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 on 24 October 2024.




................................................
Daryl Thorpe
Director

The notes on pages 4 to 10 form part of these financial statements.
Page 1

 
SEVERN BRIDGING LTD
REGISTERED NUMBER: 09764952
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024


Page 2

 
SEVERN BRIDGING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
1,100
998,900
253,396
1,253,396


Comprehensive income for the year

Loss for the year
-
-
(32,599)
(32,599)


Contributions by and distributions to owners

Shares issued during the year
1,650
1,483,350
-
1,485,000



At 1 March 2023
2,750
2,482,250
220,797
2,705,797


Comprehensive income for the year

Profit for the year
-
-
61,227
61,227


At 29 February 2024
2,750
2,482,250
282,024
2,767,024


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Severn Bridging Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 09764952. The address of the registered office is 55 Chislehurst Road, Chislehurst, Kent, England, BR7 5NP.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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:

Motor vehicles
-
25%
Straight line

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.

Page 5

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 6

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Motor vehicles

£



Cost or valuation


At 1 March 2023
37,768



At 29 February 2024

37,768



Depreciation


At 1 March 2023
7,868


Charge for the year on owned assets
9,442



At 29 February 2024

17,310



Net book value



At 29 February 2024
20,458



At 28 February 2023
29,900


5.


Debtors

2024
2023
£
£


Trade debtors
4,126,604
1,173,019

Amounts owed by group undertakings
5,731
2,739

Other debtors
250,050
1,750,066

Prepayments and accrued income
6,631
84

4,389,016
2,925,908


Amounts owed by group undertakings are unsecured, interest-free have no fixed date of repayment and are repayable on demand.

Page 8

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
202,719
87,514

202,719
87,514



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
127,351
122

Amounts owed to group undertakings
1,237
-

Corporation tax
17,195
-

Other taxation and social security
2,912
1,662

Other creditors
1,160,233
269,091

Accruals and deferred income
279,352
27,483

1,598,280
308,358


Amounts owed to group undertakings are unsecured, interest-free have no fixed date of repayment and are repayable on demand.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
19,167
29,167

Other creditors
227,722
-

246,889
29,167


Page 9

 
SEVERN BRIDGING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Related party transactions

Included in other creditors at the balance sheet date are amounts owed to the directors Daryl Thorpe,  Kathleen Thorpe and Richard Thorpe of £3,146 (2023: £420), £608,575 (2023: £268,575) and £76 (2023 £nil), respectively. The directors have confirmed that they will not seek repayment of these amounts if it would prevent the company meeting its liabilities as they fall due for a period of at least 12 months from the date of signing the accounts.

 
Page 10