Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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60,751 | 59,476 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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108,408 | 17,768 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (71,572) | (169,971) | ||
Total assets less current liabilities | (10,821) | (110,495) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bridges Financial Management Limited (registered number:
Mr P Bridges
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Bridges Financial Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Watering Farm Long Lane, Stoke Holy Cross, Norwich, NR14 8ND, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the
prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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At 31 May 2024 |
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Accumulated amortisation | |||
At 01 June 2023 |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Land and buildings | Office equipment | Total | |||
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Cost | |||||
At 01 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Accumulated depreciation | |||||
At 01 June 2023 |
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Charge for the financial year |
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Disposals |
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At 31 May 2024 |
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Net book value | |||||
At 31 May 2024 |
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At 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Other investments and loans |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Corporation tax |
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Deferred tax liability |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Transactions with the entity's directors
At the year end the directors owed the company £73,745 (2023 - £NIL). Interest has been charged at 2.25%. The loan is repayable on demand.
Other related party transactions
At the year end, the company owed the following to associated companies, in the form of interest free loan's, repayable on demand:
- £70,895 to PJB 297 Limited (2023 - £82,000)
- £28,566 to MCM Bespoke Investment Services Limited (2023 - £28,566).
However, at the year a trade debtor of £11,500 (2023 - £17,768) was owed to the company by MCM Bespoke Investment Services Limited.
All sales during the year were made to an associated company, being MCM Bespoke Investment Services Limited.