Interbridge Mortgages Holdings Limited
Annual Report and Unaudited Financial Statements
For the period ended 31 December 2023
Company registration number 14759556 (England and Wales)
Interbridge Mortgages Holdings Limited
Company Information
Directors
K A Hayes
(Appointed 15 December 2023)
J P Jones
(Appointed 15 December 2023)
A S Kemp
(Appointed 15 December 2023)
S A Martin
(Appointed 15 December 2023)
S C Mules
(Appointed 15 December 2023)
S I Peter
(Appointed 27 March 2023)
Company number
14759556
Registered office
Coal House
Dumfries Place
Cardiff
Wales
CF10 3RJ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
Coal House
Dumfries Place
Cardiff
United Kingdom
CF10 3RJ
Interbridge Mortgages Holdings Limited
Contents
Page
Directors' report
1 - 2
Accountants' report
3
Income statement
4
Statement of financial position
5
Statement of changes in equity
6
Statement of cash flows
7
Notes to the financial statements
8 - 13
Interbridge Mortgages Holdings Limited
Directors' Report
For the period ended 31 December 2023
Page 1

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

Principal activities

Interbridge Mortgages Holdings Limited is a holding company for the FCA regulated subsidiary company Interbridge Mortgages Limited.

Results and dividends

The results for the period are set out on page 4.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

K A Hayes
(Appointed 15 December 2023)
J P Jones
(Appointed 15 December 2023)
A S Kemp
(Appointed 15 December 2023)
S A Martin
(Appointed 15 December 2023)
S C Mules
(Appointed 15 December 2023)
S I Peter
(Appointed 27 March 2023)
F Skolnik
(Appointed 27 March 2023 and resigned 15 December 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom adopted International Accounting Standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The report has been prepared in accordance with the provisions applicable to the companies entitled to the small companies exemption.
Interbridge Mortgages Holdings Limited
Directors' Report (Continued)
For the period ended 31 December 2023
Page 2
On behalf of the board
J P Jones
Director
5 November 2024
Interbridge Mortgages Holdings Limited
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Interbridge Mortgages Holdings Limited for the period ended 31 December 2023
Page 3

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Interbridge Mortgages Holdings Limited for the period ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

 

This report is made solely to the Board of Directors of Interbridge Mortgages Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 27 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Interbridge Mortgages Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Interbridge Mortgages Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Interbridge Mortgages Holdings Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Interbridge Mortgages Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Interbridge Mortgages Holdings Limited. You consider that Interbridge Mortgages Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Interbridge Mortgages Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Kingston Smith LLP
5 November 2024
Chartered Accountants
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Interbridge Mortgages Holdings Limited
Income Statement
For the period ended 31 December 2023
Page 4
Period
ended
31 December
2023
Notes
£
Administrative expenses
(6,000)
Operating (loss)/profit
(6,000)
Finance costs
4
(32,909)
(Loss)/profit before taxation
(38,909)
Income tax expense
-
(Loss)/profit and total comprehensive income for the period
(38,909)
Interbridge Mortgages Holdings Limited
Statement Of Financial Position
As at 31 December 2023
Page 5
2023
Notes
£
Non-current assets
Investments
5
10,770,360
Current assets
Trade and other receivables
8
1,240
Current liabilities
Trade and other payables
13
6,000
Net current liabilities
(4,760)
Non-current liabilities
Borrowings
10
10,803,269
Net liabilities
(37,669)
Equity
Called up share capital
14
1,240
Retained earnings
(38,909)
Total equity
(37,669)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
For the financial period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
J P Jones
Director
Company Registration No. 14759556
Interbridge Mortgages Holdings Limited
Statement of Changes in Equity
For the period ended 31 December 2023
Page 6
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 27 March 2023
-
0
-
0
-
0
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
(38,909)
(38,909)
Transactions with owners in their capacity as owners:
Issue of share capital
14
1,240
-
1,240
Balance at 31 December 2023
1,240
(38,909)
(37,669)
Interbridge Mortgages Holdings Limited
Statement of Cash Flows
For the period ended 31 December 2023
Page 7
2023
Notes
£
£
Cash flows from operating activities
Net cash outflow from operating activities
-
Net increase in cash and cash equivalents
-
0
Cash and cash equivalents at beginning of year
-
0
Cash and cash equivalents at end of year
-
0
Interbridge Mortgages Holdings Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 8
1
Accounting policies
Company information

Interbridge Mortgages Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coal House, Dumfries Place, Cardiff, Wales, CF10 3RJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

The financial statements are presented for a period shorter than one year due to having incorporated on 23 March 2023.

1.2
Accounting convention

The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards (ISAs) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The company made a loss in the year of £38,909 and at the balance sheet date had net liability of £37,669.true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.4
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Interbridge Mortgages Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 9
1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

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

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
-
0
4
Finance costs
2023
£
Interest on bank overdrafts and loans
32,909
5
Investments
Current
Non-current
2023
2023
£
£
Investments in subsidiaries
-
0
10,770,360
Interbridge Mortgages Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Interbridge Mortgages Limited
Coal House, Dumfries Place, Cardiff, Wales, CF10 3RJ
Ordinary
100.00
7
Credit risk

The Company’s Credit Risk Management Policy manages the credit risk of the Company’s financial operations. Due to the Company’s performance being entirely linked to the underlying performance in Interbridge Mortgages Limited, the policy has a particular focus on managing the risk in that investment.

Except as detailed below, the carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

Maximum credit risk
2023
£
Loans
10,803,269

The company does not hold any collateral or other credit enhancements to cover this credit risk.

8
Trade and other receivables
2023
£
Unpaid share capital
1,240
9
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:

Carrying value
Fair value
2023
2023
£
£
Other debtors
1,240
1,240
1,240
1,240
Interbridge Mortgages Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
9
Trade receivables - credit risk
(Continued)
Page 11

No significant receivable balances are impaired at the reporting end date.

10
Borrowings
Non-current
2023
£
Borrowings held at amortised cost:
Bank loans
10,803,269

Interbridge Mortgages Holdings entered into a bank loan facility agreement with Vanquis Bank Limited on 21 December 2023. The loan facility has a maximum drawdown value of £12 million, with the ability to increase the loan facility by £3 million to £15 million. The interest has been accrued daily at 10%. The loan facility has a repayment date of 21 December 2024.

 

On the 3 May 2024 there was an addendum to the loan facility, with the maximum drawdown value increased to £20 million and the loan repayable in 5 instalments on 21 January 2026, 21 August 2026, 21 January 2027, 21 August 2027 and 31 December 2027.

11
Fair value of financial liabilities

Except as detailed below, the directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

12
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

1 – 5 years
£
At 31 December 2023
Bank loan
10,803,269

The loan is repayable in 5 instalments on 21 January 2026, 21 August 2026, 21 January 2027, 21 August 2027 and 31 December 2027.

Liquidity risk management

Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company's funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Interbridge Mortgages Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 12
13
Trade and other payables
2023
£
Accruals
6,000
14
Share capital
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary Shares of £1 each
1,000
1,000
Class B Shares of 1p each
24,000
240
25,000
1,240

On 27 March 2023, the company incorporated with 1 ordinary share of £1 issued. During the year company issued an additional 999 ordinary shares of £1 each and 24,000 class B shares of £0.01 each at par.

 

Class B shares hold no voting rights, entitled to 40% of any dividend declared and 40% of the sales proceeds if shares are sold. On a return of capital class B shares are entitled to 40% of the total amount of capital returned allocated.

All the shares issued during the year are unpaid at year end.

 

 

15
Capital risk management

The Company manages its capital by forecasting and monitoring capital requirements to enable effective debt management. The Company continually monitors the current and future funding resources available to it.

The company is not subject to any externally imposed capital requirements.

16
Controlling party

The immediate parent company is IBAG Equity Partners Limited, a company incorporated in Malta. The ultimate parent entity is Somax Limited, a company incorporated in Malta.

17
Analysis of changes in gross debt
27 March 2023
Cash flows
31 December 2023
£
£
£
Borrowings excluding overdrafts
-
(10,803,269)
(10,803,269)
Interbridge Mortgages Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 13
18
Cash absorbed by operations
2023
£
Loss for the period before income tax
(38,909)
Adjustments for:
Finance costs
32,909
Movements in working capital:
Increase in trade and other payables
6,000
Cash absorbed by operations
-
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