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Registration number: 8066379

D Bridgewater Steel Buildings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

D Bridgewater Steel Buildings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

D Bridgewater Steel Buildings Ltd

Company Information

Directors

Mrs Bernadette Bridgewater

Mr David R Bridgewater

Registered office

Crossway House
Howey
Llandrindod Wells
Powys
LD1 5PU

Accountants

D V Bottoms & Co Ltd
Accountants8 Drapers Lane
Leominster
Herefordshire
HR6 8ND

 

D Bridgewater Steel Buildings Ltd

(Registration number: 8066379)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

310,072

330,719

Current assets

 

Stocks

6

10,000

11,000

Debtors

7

65,780

16,616

Cash at bank and in hand

 

614,799

653,888

 

690,579

681,504

Creditors: Amounts falling due within one year

8

(98,576)

(131,865)

Net current assets

 

592,003

549,639

Total assets less current liabilities

 

902,075

880,358

Creditors: Amounts falling due after more than one year

8

(61,390)

(65,597)

Net assets

 

840,685

814,761

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

840,585

814,661

Shareholders' funds

 

840,685

814,761

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
Mr David R Bridgewater
Director

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Crossway House
Howey
Llandrindod Wells
Powys
LD1 5PU

These financial statements were authorised for issue by the Board on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment & Fixtures & Fittings

25% reducing balance basis

Commercial Vehicles

25% reducing balance basis

Plant & machinery

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straightline basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

24,000

24,000

At 31 May 2024

24,000

24,000

Amortisation

At 1 June 2023

24,000

24,000

At 31 May 2024

24,000

24,000

Carrying amount

At 31 May 2024

-

-

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Fixtures & Fittings
 £

Motor vehicles
 £

Plant & machinery
 £

Total
£

Cost or valuation

At 1 June 2023

192,334

3,643

23,348

383,170

602,495

Additions

-

-

-

40,008

40,008

At 31 May 2024

192,334

3,643

23,348

423,178

642,503

Depreciation

At 1 June 2023

-

2,946

17,346

251,484

271,776

Charge for the year

-

429

875

59,351

60,655

At 31 May 2024

-

3,375

18,221

310,835

332,431

Carrying amount

At 31 May 2024

192,334

268

5,127

112,343

310,072

At 31 May 2023

192,334

697

6,002

131,686

330,719

Included within the net book value of land and buildings above is £192,334 (2023 - £192,334) in respect of freehold land and buildings.
 

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

2,000

-

Work in progress

7,000

10,000

Other inventories

1,000

1,000

10,000

11,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

55,679

5,340

Prepayments

5,767

5,224

Other debtors

4,334

6,052

 

65,780

16,616

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

56,218

63,243

Taxation and social security

39,258

38,172

Accruals and deferred income

3,100

2,950

Other creditors

-

27,500

98,576

131,865

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

61,390

65,597

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

61,390

65,597

11

Dividends

2024

2023

£

£

Final dividend of £346.66 (2023 - £346.66) per ordinary share

34,666

34,666

 

 

12

Related party transactions

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Directors loan account

65,598

(4,208)

61,390

 

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Directors loan account

34,348

31,250

65,598

 

 

D Bridgewater Steel Buildings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,154

24,705

Summary of transactions with other related parties