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Company No: 08068417 (England and Wales)

BRIDGES FINANCIAL MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

BRIDGES FINANCIAL MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

BRIDGES FINANCIAL MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
BRIDGES FINANCIAL MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,100 1,975
Investments 5 58,651 57,501
60,751 59,476
Current assets
Debtors 6 85,245 17,768
Cash at bank and in hand 23,163 0
108,408 17,768
Creditors: amounts falling due within one year 7 ( 179,980) ( 187,739)
Net current liabilities (71,572) (169,971)
Total assets less current liabilities (10,821) (110,495)
Net liabilities ( 10,821) ( 110,495)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 10,921 ) ( 110,595 )
Total shareholders' deficit ( 10,821) ( 110,495)

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:

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: 08068417) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr P Bridges
Director

12 February 2025

BRIDGES FINANCIAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
BRIDGES FINANCIAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Office equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Defined contribution plans

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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 985,000 985,000
At 31 May 2024 985,000 985,000
Accumulated amortisation
At 01 June 2023 985,000 985,000
At 31 May 2024 985,000 985,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 01 June 2023 145,814 42,723 188,537
Additions 0 2,611 2,611
Disposals 0 ( 416) ( 416)
At 31 May 2024 145,814 44,918 190,732
Accumulated depreciation
At 01 June 2023 145,814 40,748 186,562
Charge for the financial year 0 2,486 2,486
Disposals 0 ( 416) ( 416)
At 31 May 2024 145,814 42,818 188,632
Net book value
At 31 May 2024 0 2,100 2,100
At 31 May 2023 0 1,975 1,975

5. Fixed asset investments

2024 2023
£ £
Other investments and loans 58,651 57,501

6. Debtors

2024 2023
£ £
Trade debtors 11,500 17,768
Amounts owed by directors 73,745 0
85,245 17,768

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 28,846 45,567
Trade creditors 47 3,878
Amounts owed to Group undertakings 99,461 110,566
Accruals 3,564 0
Corporation tax 34,864 14,175
Deferred tax liability 525 0
Other taxation and social security 11,513 11,686
Obligations under finance leases and hire purchase contracts 1,160 0
Other creditors 0 1,867
179,980 187,739

8. Related party transactions

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.