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Registered number: 10956042









BRYDG FINANCE NO.1 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
BRYDG FINANCE NO.1 LIMITED
REGISTERED NUMBER: 10956042

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
30,623,586
62,470,351

Cash at bank and in hand
 5 
6,565
2,295,927

  
30,630,151
64,766,278

Creditors: amounts falling due within one year
 6 
(30,867,018)
(65,623,847)

Net current liabilities
  
 
 
(236,867)
 
 
(857,569)

Total assets less current liabilities
  
(236,867)
(857,569)

  

Net liabilities
  
(236,867)
(857,569)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(236,868)
(857,570)

  
(236,867)
(857,569)


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 on 29 November 2024.




D D Bendavid
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
BRYDG FINANCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Brydg Finance No 1 Limited is a company limited by shares and incorporated in England. Its registered office is at Third Floor Rear, 70-72 Jermyn Street, London, United Kingdom, SW1Y 6PF.
The financial statements are presented in Sterling, Which is the functional currency of the company.

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

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the shareholders for financial support. As at 31 May 2023, the shareholders have confirmed that they will provide adequate finance to enable the company to continue in operational existence. Therefore, the directors consider it appropriate to prepare the financial statements on the going concem basis.

Page 2

 
BRYDG FINANCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Borrowing costs

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

 
2.5

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 reporting date in the countries where the Company operates and generates income.

 
2.6

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 3

 
BRYDG FINANCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 0).


4.


Debtors

2023
2022
£
£


Loans
25,042,572
60,301,411

Accrued fees and interest on loans
5,581,014
2,168,940

30,623,586
62,470,351



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,565
2,295,927

6,565
2,295,927


Page 4

 
BRYDG FINANCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Borrowings
26,377,675
58,188,826

Accrued fees and borrowing interest
3,668,351
1,726,664

Amounts owed to group undertakings
819,177
5,706,542

Other creditors
1,815
1,815

30,867,018
65,623,847



7.


Related party transactions

FRS 102 does not require disclosure Of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


8.


Controlling party

The parent company is Brydg Capital Ltd. The registered office and principal place of business is at Third Floor Rear, 70-72 Jermyn Street, London, United Kingdom, SW1Y 6PF.


9.


Restatement of financial statements for the year ended 31 May 2022

In the prior financial year 2022, the Company omitted to recognise a provision for interest expenses amounting to £677,612. During the current financial year, the Company has rectified this error and has subsequently recognised the interest expenses under Cost of Sales in the financial statements. As a result of this correction, the previously reported profit before tax for the year ended 31 May 2022, which was £19,402, has been restated to a loss before tax of £658,210.
Furthermore, as a result of the restatement of the profit for the year ended 31 May 2022, the tax expense of £2,682, which was initially recognised on the reported profit of £19,402, has been reversed. Since the company is now reporting a loss, there is no requirement for income tax in the current year. Consequently, the tax provision for the prior year has been reversed.
The overall impact of the restatement has resulted in a change in the reported loss after tax for the year ended 31 May 2022, from a profit after tax of £16,720 to a restated loss after tax of £658,210. 
These adjustments have been reflected in the current year's comparative financial statements.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 29 November 2024 by Stephen Haffner (Senior statutory auditor) on behalf of Harris & Trotter LLP.

 
Page 5