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REGISTERED NUMBER: 03255520 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BRIDGES ESTATE AGENTS LIMITED

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


BRIDGES ESTATE AGENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr C Stocchetti
Mr M L Kirby
Mr N D Barnes
Mr J N Baldry
Mr D J Pockett



SECRETARY: Miss R Ward



REGISTERED OFFICE: 77 High Street
Aldershot
Hampshire
GU11 1BY



REGISTERED NUMBER: 03255520 (England and Wales)



SENIOR STATUTORY AUDITOR: Darren Kerins FCCA



AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants & Statutory
Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group is that of estate agents and residential lettings agents. There have been no significant changes in the group's principal activities in the year under review. The directors are not aware of any likely major changes in the company's principal activities in the next year.

RESULTS AND PERFORMANCE
The business generated the operating profit of £1,469,462 (2023 - £1,662,257).

FINANCIAL KEY PERFORMANCE INDICATORS
The company has used and will continue to use the following KPIs to best manage the performance of the business at both a group and departmental (Residential Sales, Lettings, Land & New Homes, Additional Income)

Change in Turnover (%)
One of the company targets is growth in market share. The results of the efforts towards achieving this are reflected in change in turnover (%) on a group and divisional level and will be closely monitored.

Change in GP (%)
In a climate of rising costs (including people), ensuring that our growth is profitable is vital. To monitor and manage this, month on month changes in GP are monitored in % terms.

Change in EBITDA (%)
To ensure that the company is continuing to translation strong top line growth to bottom line profitability, change in EBITDA (%) are monitored closely.


BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continue to be responsible for identifying, managing and mitigating the risks and uncertainties that can affect the company's long-term. Process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the group and the compliance team and finance department take on an important oversight role in this regard.

The following principle risks to the on-going performance of the company:

People
The company's employees are its biggest asset in delivering first in class customer service. As such hiring and retaining a committed and skilled workforce is a key risk of the business. To best mitigate the risk, the company offers a rewarding remuneration structure, working environment and career pathway.

Customers
The company mitigates customer risk by delivering best in class service by:

- Providing a dedicated client manager to qualify buyers, handle all negotiations,
- Provide charging structure to align the company's incentive with the client,
- Ensuring that we are completely up to date with all Professional Standards and
- Delivering high end bespoke marketing for all properties.

ON BEHALF OF THE BOARD:





Mr C Stocchetti - Director


20 March 2025

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of estate agents and residential lettings agents.

DIVIDENDS
The final dividend of £900,000 was paid during the year in respect of Ordinary "A" shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr C Stocchetti
Mr M L Kirby
Mr N D Barnes
Mr J N Baldry
Mr D J Pockett

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C Stocchetti - Director


20 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGES ESTATE AGENTS LIMITED


Opinion
We have audited the financial statements of Bridges Estate Agents Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGES ESTATE AGENTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGES ESTATE AGENTS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce
- Health and safety regulation, reflecting the Company's operating processes
- Data privacy, reflecting the Company's management of personal and corporate data

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRIDGES ESTATE AGENTS LIMITED

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited
Chartered Certified Accountants & Statutory
Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

21 March 2025

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 7,755,342 7,270,303

Cost of sales 3,981,629 3,078,645
GROSS PROFIT 3,773,713 4,191,658

Administrative expenses 2,321,570 2,638,593
1,452,143 1,553,065

Other operating income 8,700 109,192
OPERATING PROFIT 6 1,460,843 1,662,257

Impairment of investment 8 - 496,395
1,460,843 1,165,862

Interest receivable and similar income 158,207 50,426
1,619,050 1,216,288

Interest payable and similar expenses 9 804 2,729
PROFIT BEFORE TAXATION 1,618,246 1,213,559

Tax on profit 10 409,492 314,436
PROFIT FOR THE FINANCIAL YEAR 1,208,754 899,123

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,208,754

899,123

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 137,481 169,548
Investments 13 - -
137,481 169,548

CURRENT ASSETS
Debtors 14 3,882,154 3,587,728
Cash at bank 4,188,725 4,125,181
8,070,879 7,712,909
CREDITORS
Amounts falling due within one year 15 915,931 890,245
NET CURRENT ASSETS 7,154,948 6,822,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,292,429

6,992,212

CREDITORS
Amounts falling due after more than one year 16 (18,214 ) (28,271 )

PROVISIONS FOR LIABILITIES 19 (29,182 ) (27,662 )
NET ASSETS 7,245,033 6,936,279

CAPITAL AND RESERVES
Called up share capital 20 5,164 5,164
Share premium 21 3,485 3,485
Capital redemption reserve 21 1,025 1,025
Retained earnings 21 7,235,359 6,926,605
SHAREHOLDERS' FUNDS 7,245,033 6,936,279

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr C Stocchetti - Director


BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 5,164 6,027,482 3,485 1,025 6,037,156

Changes in equity
Total comprehensive income - 899,123 - - 899,123
Balance at 31 March 2023 5,164 6,926,605 3,485 1,025 6,936,279

Changes in equity
Total comprehensive income - 1,208,754 - - 1,208,754
Dividends - (900,000 ) - - (900,000 )
Balance at 31 March 2024 5,164 7,235,359 3,485 1,025 7,245,033

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Bridges Estate Agents Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

The information is included in consolidated statements of the parent company, details of which can be found in note 23.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TURNOVER
Turnover represents to value of services supplied during the year, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.

Short leaseholdover period of lease
Plant and machinery25% on reducing balance
Fixtures and fittings25% on reducing balance
Motor vehicles25% on reducing balance

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 greater than one year are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The assets of the scheme are held in a separately administered fund.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Property sales commission 5,177,696 5,131,933
Property management 2,577,646 2,138,370
7,755,342 7,270,303

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,692,726 2,627,637
Social security costs 364,031 258,995
Other pension costs 200,410 61,246
4,257,167 2,947,878

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management / Administration 32 32
Sales 76 60
108 92

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 297,794 41,688
Directors' pension contributions to money purchase schemes 143,600 18,500

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
2024
£   
Emoluments etc 128,336

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 305,432 239,292
Depreciation - owned assets 42,932 39,487

During the year retirement benefits were accruing to three directors in respect of defined contribution pension scheme.

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

9,450

8,450

8. EXCEPTIONAL ITEMS
2024 2023
£    £   
Impairment of investment - (496,395 )

Exceptional items relate to impairment of Fixed asset investment for £NIL (2023 - £496,395).

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 804 2,729

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 407,972 306,428

Deferred tax 1,520 8,008
Tax on profit 409,492 314,436

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,618,246 1,213,559
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

404,562

230,576

Effects of:
Expenses not deductible for tax purposes (446 ) 94,698
Capital allowances in excess of depreciation - (11,559 )
Depreciation in excess of capital allowances 7,651 -
Tax adjustment of of share of Profit from Orchard Sales (Camberley)LLP (813 ) (225 )
Deferred Tax 1,520 8,008
Group relief (1,620 ) (1,362 )
Dividend income (1,362 ) (5,700 )
Total tax charge 409,492 314,436

11. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Final 900,000 -

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2023 157,548 371,335 384,380 1,380 914,643
Additions - 9,936 929 - 10,865
At 31 March 2024 157,548 381,271 385,309 1,380 925,508
Depreciation
At 1 April 2023 141,707 256,719 345,289 1,380 745,095
Charge for year 4,048 29,029 9,855 - 42,932
At 31 March 2024 145,755 285,748 355,144 1,380 788,027
Net book value
At 31 March 2024 11,793 95,523 30,165 - 137,481
At 31 March 2023 15,841 114,616 39,091 - 169,548

13. FIXED ASSET INVESTMENTS

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Orchard Regional Lettings Limited
Registered office: 77 High Street, Aldershot, Hampshire, GU11 1BY
Nature of business: Property Management
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 5,326
Profit for the year 124 16,100

The full investment amount at year end of £372,704 has been impaired last year, as seen in Note 8.

Orchard Sales (Camberley) LLP
The company is a designated member of Orchard Sales (Camberley) LLP, an entity incorporated in England and Wales. The company has a variable right to the LLP's profits.The full investment amount at year-end has been impaired last year, as seen in Note 8.

BEA Acquisitions LLP
The company is a designated member of BEA Acquisitions LLP, an entity incorporated in England and Wales. The company has a variable right to the LLP's profits.The full investment amount at year end of £123,691 has been impaired last year, as seen in Note 8.

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 687,449 613,643
Amounts owed by group undertakings 2,197,582 2,595,237
Amounts owed by associates 8,241 8,241
Other debtors 7,443 9,002
Rent Deposit 18,467 -
Directors' current accounts 562,563 181,525
S455 Tax recoverable 2,988 2,988
Prepayments and accrued income 197,421 177,092
3,682,154 3,587,728

Amounts falling due after more than one year:
Amounts owed by associates 200,000 -

Aggregate amounts 3,882,154 3,587,728

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 10,020 9,808
Trade creditors 143,555 132,584
Amounts owed to group undertakings - 413
Amounts owed to associates - 171,899
Tax 162,942 140,469
Social security and other taxes 114,992 61,419
Pension payable 12,601 7,963
VAT 198,996 149,883
Other creditors 10,771 11,510
Net wages control 231,569 169,100
Accruals and deferred income 30,485 35,197
915,931 890,245

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 17) 18,214 28,271

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,020 9,808

Amounts falling due between two and five years:
Bank loans - 2-5 years 18,214 28,271

NatWest bank holds a fixed and floating charge over the assets of the company.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 319,422 289,512
Between one and five years 942,043 880,827
In more than five years 314,398 476,305
1,575,863 1,646,644

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 29,182 27,662

Deferred
tax
£   
Balance at 1 April 2023 27,662
Provided during year 1,520
Movement on provision
Balance at 31 March 2024 29,182

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number Class Nominal 2023 2022
Value £ £
1393 Ordinary A shares £1 1,393 1,393
1,393 2,418
Allotted, issued and partly paid:

Number Class Nominal 2023 2022

Alloted


Value

Amount
paid up £


£
377,000 Class E shares £1 3,770 3,770
3,770 3,770

21. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 6,926,605 3,485 1,025 6,931,115
Profit for the year 1,208,754 1,208,754
Dividends (900,000 ) (900,000 )
At 31 March 2024 7,235,359 3,485 1,025 7,239,869

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 March 2024, the loans and advances to the director amount to £562,563 (2023 - £181,525).

23. RELATED PARTY DISCLOSURES

Key management personnel compensation in the year was £441,394 (2023 : £41,688)

At the balance sheet date, the company had net debtors of £208,241 (2023 £8,241) owed by entities jointly controlled by directors of Bridges Holdings Ltd. Out of this, £8,241 is interest free and payable on demand. The remaining £200,000 is repayable over a period of 300 months along with fixed interest of 3% pa.

BRIDGES ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03255520)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


24. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Bridges Holdings Ltd a company incorporated in England and Wales.

The ultimate controlling party is Bridges EA Group Ltd, a company incorporated in England and Wales. Bridges EA Group Ltd prepares group financial statements and copies are available from its registered office Unit 2.02, High Weald House, Glovers End, Bexhill, East Sussex, TN39 5ES.