REGISTERED NUMBER: 08872257 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
New Bridge Partnership Holding |
Company Limited |
REGISTERED NUMBER: 08872257 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
New Bridge Partnership Holding |
Company Limited |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Other Comprehensive Income | 4 |
Consolidated Statement of Financial Position | 5 |
Company Statement of Financial Position | 7 |
Notes to the Consolidated Financial Statements | 9 |
New Bridge Partnership Holding |
Company Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of management training. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
£ | £ |
TURNOVER | 9,960,681 | 7,302,133 |
Cost of sales | 2,811,458 | 1,867,087 |
GROSS PROFIT | 7,149,223 | 5,435,046 |
Administrative expenses | 6,358,659 | 4,444,390 |
790,564 | 990,656 |
Other operating income | 282,992 | (377,728 | ) |
OPERATING PROFIT | 1,073,556 | 612,928 |
Interest receivable and similar income | 50,589 | 15,480 |
PROFIT BEFORE TAXATION | 1,124,145 | 628,408 |
Tax on profit | 251,343 | 229,548 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 872,802 | 398,860 |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 872,802 | 398,860 |
OTHER COMPREHENSIVE LOSS |
Exchange movement on consolidation | (8,184 | ) | (3,644 | ) |
Purchase of own shares | - | (463,860 | ) |
Capital redemption reserve | - | 1,718 |
Income tax relating to components of other comprehensive loss |
- |
- |
OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX |
(8,184 |
) |
(465,786 |
) |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
864,618 |
(66,926 |
) |
Total comprehensive income/(loss) attributable to: |
Owners of the parent | 864,618 | (66,926 | ) |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Consolidated Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 | 18,983 | 14,000 |
Investments | 6 | - | 63,576 |
18,983 | 77,576 |
CURRENT ASSETS |
Debtors | 7 | 3,748,612 | 2,111,804 |
Cash at bank and in hand | 3,508,138 | 2,498,914 |
7,256,750 | 4,610,718 |
CREDITORS |
Amounts falling due within one year | 8 | 4,409,624 | 2,065,469 |
NET CURRENT ASSETS | 2,847,126 | 2,545,249 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,866,109 |
2,622,825 |
PROVISIONS FOR LIABILITIES | 151 | - |
NET ASSETS | 2,865,958 | 2,622,825 |
CAPITAL AND RESERVES |
Called up share capital | 10 | 1,814 | 1,805 |
Share premium | 11 | 557,875 | 523,750 |
Retained earnings - non |
distributable | 11 | - | 35,460 |
Capital redemption reserve | 11 | 2,731 | 2,731 |
Foreign exchange reserve | 11 | (8,184 | ) | (3,644 | ) |
Retained earnings | 11 | 2,311,722 | 2,062,723 |
SHAREHOLDERS' FUNDS | 2,865,958 | 2,622,825 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Consolidated Statement of Financial Position - continued |
30 June 2024 |
The 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 21 January 2025 and were signed on its behalf by: |
L Richardson - Director |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Company Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 457,930 | 183,445 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Company Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
New Bridge Partnership Holding Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
A global overview of projected revenue and costs has been prepared for a period of at least 12 months following the date of approval of the accounts that currently predicts that the group will continue to be profitable. Budgets and forecasts, as well as cost structures, are being continuously monitored to ensure efficiencies are made wherever possible. |
Bridge is responding to the market by investing in new technology to augment our existing offerings as well as exploring new offerings. Bridge continues to maintain focus on the quality of client delivery. |
Bridge continues to call on an experienced pool of associates to meet peak demands without undue growth in fixed costs. |
In the event that sales demand does not materialize, the Group has prepared short term and medium-term contingency plans to reduce operating costs and investment to ensure on-going survival and profitability. |
Basis of consolidation |
Acquisition accounting is used to account for the subsidiaries of the Group. Identifiable assets and liabilities of the entities acquired are measured initially in the consolidated balance sheet at their fair value at the date of acquisition. The results and cash flows of acquired entities are brought into the group accounts only from the date of acquisition. The difference between the fair value of the net identifiable assets acquired and the fair value of the purchase consideration is goodwill. |
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Services are performed by way of an indeterminate number of acts over a specified period of time. Revenue is recognised on a straight-line basis over the specified period unless there is evidence that some other method better represents the stage of completion. When a specific act is much more significant than any other act, the recognition of revenue is postponed until the significant act is executed. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in the circumstances indicate that the carrying value may not be recoverable. |
The residual value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, 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. |
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. |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
The functional currency of each group entity is the currency of the primary economic environment in which each entity operates. The consolidated financial statements are presented in Sterling. |
Transactions in foreign currencies other than an entities functional currency are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the statement of financial position date and the gains or losses on translation are included in the income statement. |
The assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rates. Income statements of such undertakings are consolidated at the average rates of exchange during the year. The adjustment between average rates and the rates ruling at the end of the year are taken to reserves. The exchange difference arising on the restatement of opening assets and liabilities of overseas undertakings at the closing rate are dealt with as an adjustment to reserves. |
Pension costs and other employee benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investments in subsidiaries are accounted for at cost less provision for impairment in the individual financial statements. |
Investments |
Investments comprise investments in listed equity instruments which are measured at fair value. Changes in fair value are recognised in profit or loss. |
Operating leases |
Rentals on operating leases are charged to the profit and loss account in the period in which they fall due. |
Impairment of non-financial assets |
The group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists (or, where applicable, when an annual impairment testing for an asset is required), the group makes an estimate of the asset’s recoverable amount. |
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. |
Impairment losses are recognised in profit or loss. |
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 34 (2023 - 29 ) . |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 47,362 | 10,923 | 58,285 |
Additions | 12,404 | 5,211 | 17,615 |
Disposals | (6,109 | ) | (2,040 | ) | (8,149 | ) |
Exchange differences | (10 | ) | (7 | ) | (17 | ) |
At 30 June 2024 | 53,647 | 14,087 | 67,734 |
DEPRECIATION |
At 1 July 2023 | 34,626 | 9,659 | 44,285 |
Charge for year | 10,639 | 1,979 | 12,618 |
Eliminated on disposal | (6,109 | ) | (2,043 | ) | (8,152 | ) |
At 30 June 2024 | 39,156 | 9,595 | 48,751 |
NET BOOK VALUE |
At 30 June 2024 | 14,491 | 4,492 | 18,983 |
At 30 June 2023 | 12,736 | 1,264 | 14,000 |
6. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST |
At 1 July 2023 | 63,576 |
Disposals | (63,576 | ) |
At 30 June 2024 | - |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | 63,576 |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Lake House, Market Hill, Royston, SG8 9JN. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 18-4 East Dundee Road, Suite 220 Barrington, Il 60010, USA. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 138 Cecil St, 12-01A Cecil Ct, Singapore 069538. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 138 Cecil St, 12-01A Cecil Ct, Singapore 069538. |
Nature of business: |
% |
Class of shares: | holding |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1703, 17th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
Nature of business: |
% |
Class of shares: | holding |
Bridge Partnership Hong Kong Limited ceased trading on 30 June 2023 and the company is in the process of de-registering after the balance sheet date. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 2,767,548 | 1,719,852 |
Corporation tax | 128,795 | 7,522 |
Deferred tax asset | - | 168,599 | - | - |
VAT | - | - |
Prepayments | 852,269 | 215,831 |
3,748,612 | 2,111,804 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade creditors | 401,236 | 184,931 |
Advance deposits held | 602,867 | 452,345 | - | - |
Amounts owed to group undertakings | - | - |
Corporation tax | 45,935 | 53,558 |
Social security and other taxes | 338,355 | 153,640 |
Other creditors | 29,469 | 12,010 |
Accrued expenses | 2,991,762 | 1,208,985 |
4,409,624 | 2,065,469 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
Group |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year | 2,887 | 6,947 |
Between one and five years | - | 2,895 |
2,887 | 9,842 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 1,720 | 1,720 |
"A" Ordinary | £1 | 1 | 1 |
"B" Ordinary | £0.01 | 93 | 84 |
1,814 | 1,805 |
During the year the company issued 970 "B" Ordinary shares with a nominal value of £0.01 at a premium of £35.18 per share. These shares were issued under the Enterprise Management Incentives (EMI) scheme. |
None of these shares were issued to directors of the company. |
The "A" Ordinary shares of £1 and "B" Ordinary shares of £0.01 have full voting rights and rights to dividends attached to them. |
11. | RESERVES |
Group |
Retained |
earnings |
Retained | Share | - non |
earnings | premium | distributable |
£ | £ | £ |
At 1 July 2023 | 2,062,723 | 523,750 | 35,460 |
Profit for the year | 872,802 |
Dividends | (655,619 | ) |
Transfers | 31,816 | - | (35,460 | ) |
Share issue | - | 34,125 | - |
At 30 June 2024 | 2,311,722 | 557,875 | - |
New Bridge Partnership Holding |
Company Limited (Registered number: 08872257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | RESERVES - continued |
Group |
Capital | Foreign |
redemption | exchange |
reserve | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 2,731 | (3,644 | ) | 2,621,020 |
Profit for the year | 872,802 |
Dividends | (655,619 | ) |
Transfers | - | 3,644 | - |
Foreign exchange movement | - | (8,184 | ) | (8,184 | ) |
Share issue | - | - | 34,125 |
At 30 June 2024 | 2,731 | (8,184 | ) | 2,864,144 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 744,651 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Share issue | - | 34,125 | - | 34,125 |
At 30 June 2024 | 581,087 |
The movements on the retained earnings - non distributable reserve represent the movements in valuation of listed investments. Corporation tax is charged on these on disposal of the shares. |
12. | ULTIMATE CONTROLLING PARTY |
In the opinion of the Directors the Company has no single ultimate controlling party. |
13. | SECURED DEBTS |
There is a charge in place related to all monies due to HSBC as recorded on companies house, charge code: 0887 2257 0001. |
This represents a floating charge over the undertakings of New Bridge Partnership Holding Co. Ltd and a fixed charge over the fixed asset property of New Bridge Partnership Holding Co. Ltd. |
There is a unlimited cross guarantee in place between the parent company and Bridge Management Training Ltd. |