Company Registration No. 12073205 (England and Wales)
BRIDGE ROAD SOUTHALL NEWCO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BRIDGE ROAD SOUTHALL NEWCO LIMITED
COMPANY INFORMATION
Directors
G Caddell
(Appointed 27 March 2024)
P Mather
C Webb
Company number
12073205
Registered office
72 Welbeck Street
W1G 0AY
London
England
BRIDGE ROAD SOUTHALL NEWCO LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Notes to the financial statements
4 - 6
BRIDGE ROAD SOUTHALL NEWCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of property development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Caddell
(Appointed 27 March 2024)
D Harris
(Resigned 17 September 2024)
P Mather
R Pilkington
(Resigned 27 March 2024)
C Webb
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G Caddell
Director
29 November 2024
BRIDGE ROAD SOUTHALL NEWCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
2023
2022
£
£
Administrative expenses
-
0
(12,000)
Other operating income
2
-
0
2,000,000
Profit before taxation
-
0
1,988,000
Tax on profit
-
0
(377,720)
Profit for the financial year
-
0
1,610,280

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 4 to 6 form part of these financial statements.

BRIDGE ROAD SOUTHALL NEWCO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3,198,879
3,198,879
Debtors
4
2
2
3,198,881
3,198,881
Creditors: amounts falling due within one year
5
(1,588,599)
(1,588,599)
Net current assets
1,610,282
1,610,282
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,610,280
1,610,280
Total equity
1,610,282
1,610,282

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
G Caddell
Director
Company Registration No. 12073205
BRIDGE ROAD SOUTHALL NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Bridge Road Southall Newco Limited is a private company limited by shares incorporated in England and Wales. The registered office was changed to 72 Welbeck Street, London, W1G 0AY on 23 April 2024 (previously 116 Upper Street, London, N1 1QP). The Company number is 12073205. The date of incorporation was 27 June 2019.

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
Going concern

As at 31 December 202true3, the company had net assets of £1,610,282 (2022: £1,610,282) and made a profit after tax of £Nil (2022: £1,610,280). The directors have considered the current financial position and results of the company. In the comparative period, a fellow group undertaking of the company obtained a loan of £74.1m from a third party and a portion of these funds were made available to this company. The loan was secured on land which was acquired by this company, for development. Post year end the land over which the loan was secured was sold and the third party loan held in the group structure was repaid. As a result of this transaction, the Directors current intention is to proceed to liquidate the company and as such the financial statements of the company have been prepared on a basis other than going concern. The financial statements do not reflect any adjustments that may be required to the carrying values of assets or liabilities, nor do they consider any additional liabilities that may arise as a result of the liquidation process as there were no commitments at the reporting date.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of acquisition of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development and direct labour costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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.

BRIDGE ROAD SOUTHALL NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors, 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 and loans from fellow group companies, 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

 

 

 

BRIDGE ROAD SOUTHALL NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Other operating income
2023
2022
£
£
Amount received on aborted sale of the company
-
2,000,000
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2022: nil).

 

Remuneration paid to directors during the period was £nil (2022: £nil).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2
2
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,576,599
1,198,879
Corporation tax
-
0
377,720
Other creditors
12,000
12,000
1,588,599
1,588,599
6
Financial commitments, guarantees and contingent liabilities

Solutus Advisors Limited as Security Agent has a fixed and floating charge over the property or undertaking of the company related to a loan provided to a group company.

7
Events after the reporting date

On 28 March 2024, the Company disposed of its stock which comprised land for development. The disposal proceeds were used to repay the third party loan facility as per note 1.2.

8
Ultimate controlling party

The company is a subsidiary of Bridge Road Southall Limited, which is an intermediate parent company. The ultimate parent company as at the balance sheet date was Honey Monster Limited. Honey Monster Limited is a joint venture company and as such there is no ultimate controlling party.

 

The consolidated accounts of this group are available to the public and can be obtained from Honey Monster

72 Welbeck Street, London, United Kingdom, W1G 0AY. No other group accounts include the results of this company.

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