Registered number
05447509
BRIDGING THE GAP LTD
Filleted Accounts
31 May 2024
BRIDGING THE GAP LTD
Registered number: 05447509
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 103,190 79,850
Current assets
Debtors 4 186,725 652,981
Cash at bank and in hand 6,754,926 4,904,427
6,941,651 5,557,408
Creditors: amounts falling due within one year 5 (925,853) (904,996)
Net current assets 6,015,798 4,652,412
Total assets less current liabilities 6,118,988 4,732,262
Creditors: amounts falling due after more than one year 6 (2,909,981) (1,807,577)
Net assets 3,209,007 2,924,685
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,209,006 2,924,684
Shareholder's funds 3,209,007 2,924,685
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammed Sarumi
Director
Approved by the board on 24 February 2025
BRIDGING THE GAP LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 15% reducing balance
Fixtures and fittings 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 93 87
3 Tangible fixed assets
Computer equipment Fixtures and fittings Total
£ £ £
Cost
At 1 June 2023 206,372 15,655 222,027
Additions 50,348 5,882 56,230
At 31 May 2024 256,720 21,537 278,257
Depreciation
At 1 June 2023 131,945 10,232 142,177
Charge for the year 31,194 1,696 32,890
At 31 May 2024 163,139 11,928 175,067
Net book value
At 31 May 2024 93,581 9,609 103,190
At 31 May 2023 74,427 5,423 79,850
4 Debtors 2024 2023
£ £
Trade debtors 4,536 522,092
Other debtors 182,189 130,889
186,725 652,981
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 176,339 185,063
Other creditors 749,514 719,933
925,853 904,996
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 2,765,120 1,675,727
Director loan 144,861 131,850
2,909,981 1,807,577
7 Other information
BRIDGING THE GAP LTD is a private company limited by shares and incorporated in England. Its registered office is:
Honeywell centre
Hadfield Street
Oldham
OL8 3BP
BRIDGING THE GAP LTD 05447509 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Mohammed Sarumi No description of principal activity 05447509 2022-06-01 2023-05-31 05447509 core:WithinOneYear 2023-05-31 05447509 core:AfterOneYear 2023-05-31 05447509 core:ShareCapital 2023-05-31 05447509 core:RetainedEarningsAccumulatedLosses 2023-05-31 05447509 2023-06-01 2024-05-31 05447509 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05447509 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05447509 bus:Director40 2023-06-01 2024-05-31 05447509 1 2023-06-01 2024-05-31 05447509 2 2023-06-01 2024-05-31 05447509 core:PlantMachinery 2023-06-01 2024-05-31 05447509 core:Vehicles 2023-06-01 2024-05-31 05447509 countries:England 2023-06-01 2024-05-31 05447509 bus:FRS102 2023-06-01 2024-05-31 05447509 bus:FilletedAccounts 2023-06-01 2024-05-31 05447509 2024-05-31 05447509 core:WithinOneYear 2024-05-31 05447509 core:AfterOneYear 2024-05-31 05447509 core:ShareCapital 2024-05-31 05447509 core:RetainedEarningsAccumulatedLosses 2024-05-31 05447509 core:PlantMachinery 2024-05-31 05447509 core:Vehicles 2024-05-31 05447509 2023-05-31 05447509 core:PlantMachinery 2023-05-31 05447509 core:Vehicles 2023-05-31 iso4217:GBP xbrli:pure