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Registered number: 10627092









BRYDG SERVICES LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
BRYDG SERVICES LTD
REGISTERED NUMBER: 10627092

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,385
17,900

  
4,385
17,900

Current assets
  

Debtors: amounts falling due after more than one year
 5 
607,559
173,034

Debtors: amounts falling due within one year
 5 
88,848
163,771

Cash at bank and in hand
 6 
65,583
165,570

  
761,990
502,375

Creditors: amounts falling due within one year
 7 
(150,069)
(214,011)

Net current assets
  
 
 
611,921
 
 
288,364

Total assets less current liabilities
  
616,306
306,264

Creditors: amounts falling due after more than one year
 8 
(1,069,512)
(597,334)

  

Net liabilities
  
(453,206)
(291,070)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(453,306)
(291,170)

  
(453,206)
(291,070)


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.




P P Matthews
Page 1

 
BRYDG SERVICES LTD
REGISTERED NUMBER: 10627092
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
BRYDG SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Brydg Services Limited is a private company limited by shares incorporated in England and Wales (registered number: 10627092), The registered office address and principal place of business of the company is 55-56, Russell Square, London, England, WC1B 4HP.
The principal activity cf the company is that of property financing and lending.
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 2022, the shareholders have confrrned 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 concern basis.

Page 3

 
BRYDG SERVICES LTD
 
 
 
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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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 4

 
BRYDG SERVICES LTD
 
 
 
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 1 (2022 - 0).


4.


Intangible assets




Computer software

£



Cost


At 1 June 2022
74,530



At 31 May 2023

74,530



Amortisation


At 1 June 2022
56,630


Charge for the year on owned assets
13,515



At 31 May 2023

70,145



Net book value



At 31 May 2023
4,385



At 31 May 2022
17,900



Page 5

 
BRYDG SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
577,490
159,385

Prepayments and accrued income
30,069
13,649

607,559
173,034


2023
2022
£
£

Due within one year

Trade debtors
16,720
107,910

Amounts owed by group undertakings
35,000
35,000

Other debtors
21,989
20,861

Prepayments and accrued income
15,139
-

88,848
163,771



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
65,583
165,570

65,583
165,570



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,460
47,420

Amounts owed to group undertakings
79,900
79,900

Other taxation and social security
357
75,941

Accruals and deferred income
37,352
10,750

150,069
214,011


Page 6

 
BRYDG SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
519,830
89,985

Amounts owed to group undertakings
515,031
479,897

Accruals and deferred income
34,651
27,452

1,069,512
597,334



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Other loans
519,830
89,985


519,830
89,985


519,830
89,985



10.


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.


11.


Controlling party

The immediate parent company is Brydg Ltd. The registered office and principal place of business is 55 - 56, Russell Square, London, England, WC1B 4HP. The ultimate controlling party is Opera Ventures AG.


12.


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 7