REGISTERED NUMBER: 13177049 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BRIDGES EA GROUP LIMITED |
REGISTERED NUMBER: 13177049 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BRIDGES EA GROUP LIMITED |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 18 |
BRIDGES EA GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants & Statutory |
Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
GROUP 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 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group is that of estate agents and residential lettings agents & Land & New Homes. There have been no significant changes in the group's principal activities in the period under review. The directors are not aware of any likely major changes in the group's principal activities in the next year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors continue to be responsible for identifying, managing and mitigating the risks and uncertainties that can affect the companies 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 principal risks to the on-going performance of the company: |
1. People |
The company's employees are its biggest asset in delivering first 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 with training. |
2. 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 |
- Delivering a high performance against end goal for the customer. |
- Delivering a convenient, seamless and process driven journey for customer objectives. |
3. Changes in Regulation |
The company mitigates this risk by continued professional development with our regulatory bodies NAEA & ARLA. The company also has a proactive and diligent compliance team that regularly assess changes and the risks associated and implement new processes and training where required. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
RESULTS AND PERFORMANCE |
Please note that the below comparative figures used to compare financial results are taken from the Bridges EA Group Ltd group accounts for the period ended 31st March 2023. |
Profit before taxation has increased to £1,345,815 in 2024 from £955,364 in 2023. |
During this period the company continued to increase market share across Residential Sales and Lettings. |
The company has continued to priorities its people and its customers, enhancing its reputation in the sector for delivering best in class customer experience. |
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) |
1. 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. |
2. 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. |
3. Change in EBITDA (%) |
To ensure that the company is continuing to translate strong top line growth to bottom line profitability, change in EBITDA (%) are monitored closely. |
ON BEHALF OF THE BOARD: |
20 March 2025 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report and the audited financial statements of the company for the year ended 31st March 2024. Bridges EA Group Limited was incorporated on 3rd February 2021, and the subsidiaries included in these consolidated accounts were acquired on 2nd March 2021. |
DIVIDENDS |
The dividend of £186,300 was paid during the year. |
DIRECTOR |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGES EA GROUP LIMITED |
Opinion |
We have audited the financial statements of Bridges EA Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGES EA GROUP LIMITED |
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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGES EA GROUP 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 Group'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 Group. 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 Group 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 Group 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 Group's workforce |
- Health and safety regulation, reflecting the Group's operating processes |
- Data privacy, reflecting the Group'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 EA GROUP 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. |
for and on behalf of |
Chartered Certified Accountants & Statutory |
Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 7,755,342 | 8,147,052 |
Cost of sales | 3,981,629 | 3,708,699 |
GROSS PROFIT | 3,773,713 | 4,438,353 |
Administrative expenses | 2,585,427 | 3,069,010 |
1,188,286 | 1,369,343 |
Other operating income | - | 30,000 |
OPERATING PROFIT | 5 | 1,188,286 | 1,399,343 |
Impairment of investment | 6 | - | (123,691 | ) |
Impairment of goodwill | 6 | - | (372,704 | ) |
1,188,286 | 902,948 |
Interest receivable and similar income | 158,333 | 55,145 |
1,346,619 | 958,093 |
Interest payable and similar expenses | 7 | 804 | 2,729 |
PROFIT BEFORE TAXATION | 1,345,815 | 955,364 |
Tax on profit | 8 | 410,109 | 316,878 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
935,706 |
638,486 |
Profit attributable to: |
Owners of the parent | 935,706 | 638,486 |
Total comprehensive income attributable to: |
Owners of the parent | 935,706 | 638,486 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 4,430,870 | 4,694,745 |
Tangible assets | 12 | 137,481 | 169,548 |
Investments | 13 | - | - |
4,568,351 | 4,864,293 |
CURRENT ASSETS |
Debtors | 14 | 1,684,571 | 999,580 |
Cash at bank | 4,188,755 | 4,133,305 |
5,873,326 | 5,132,885 |
CREDITORS |
Amounts falling due within one year | 15 | 1,102,411 | 1,262,851 |
NET CURRENT ASSETS | 4,770,915 | 3,870,034 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,339,266 |
8,734,327 |
CREDITORS |
Amounts falling due after more than one year | 16 | (695,849 | ) | (841,836 | ) |
PROVISIONS FOR LIABILITIES | 19 | (29,182 | ) | (27,662 | ) |
NET ASSETS | 8,614,235 | 7,864,829 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 560 | 560 |
Share premium | 6,605,996 | 6,605,996 |
Capital redemption reserve | 1,025 | 1,025 |
Retained earnings | 2,006,654 | 1,257,248 |
SHAREHOLDERS' FUNDS | 8,614,235 | 7,864,829 |
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 EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 795,500 | (4,500 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
CONSOLIDATED 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 | 560 | 648,762 | 6,605,996 | 1,025 | 7,256,343 |
Changes in equity |
Dividends | - | (30,000 | ) | - | - | (30,000 | ) |
Total comprehensive income | - | 638,486 | - | - | 638,486 |
Balance at 31 March 2023 | 560 | 1,257,248 | 6,605,996 | 1,025 | 7,864,829 |
Changes in equity |
Dividends | - | (186,300 | ) | - | - | (186,300 | ) |
Total comprehensive income | - | 935,706 | - | - | 935,706 |
Balance at 31 March 2024 | 560 | 2,006,654 | 6,605,996 | 1,025 | 8,614,235 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 864,682 | 1,186,622 |
Interest paid | (804 | ) | - |
Tax paid | (388,558 | ) | (503,269 | ) |
Net cash from operating activities | 475,320 | 683,353 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (10,865 | ) | (75,804 | ) |
Interest received | 158,333 | 55,145 |
Net cash from investing activities | 147,468 | (20,659 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (74,039 | ) |
Amount withdrawn by directors | (381,038 | ) | (279,066 | ) |
Interest paid | - | (2,729 | ) |
Equity dividends paid | (186,300 | ) | (30,000 | ) |
Net cash from financing activities | (567,338 | ) | (385,834 | ) |
Increase in cash and cash equivalents | 55,450 | 276,860 |
Cash and cash equivalents at beginning of year |
2 |
4,133,305 |
3,856,445 |
Cash and cash equivalents at end of year | 2 | 4,188,755 | 4,133,305 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,345,815 | 955,364 |
Depreciation charges | 306,807 | 303,497 |
Impairment of investment | - | 372,704 |
Finance costs | 804 | 2,729 |
Finance income | (158,333 | ) | (55,145 | ) |
1,495,093 | 1,579,149 |
Increase in trade and other debtors | (303,953 | ) | (52,673 | ) |
Decrease in trade and other creditors | (326,458 | ) | (339,854 | ) |
Cash generated from operations | 864,682 | 1,186,622 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 4,188,755 | 4,133,305 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,133,305 | 3,856,445 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,133,305 | 55,450 | 4,188,755 |
4,133,305 | 55,450 | 4,188,755 |
Debt |
Debts falling due within 1 year | (9,808 | ) | (212 | ) | (10,020 | ) |
Debts falling due after 1 year | (28,271 | ) | 10,057 | (18,214 | ) |
(38,079 | ) | 9,845 | (28,234 | ) |
Total | 4,095,226 | 65,295 | 4,160,521 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Bridges EA Group Limited is a |
2. | ACCOUNTING POLICIES |
GENERAL INFORMATION AND BASIS OF ACCOUNTING |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated |
BASIS OF CONSOLIDATION |
The consolidated financial statements represent the results of the Group and its subsidiaries ('the Group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The results of subsidiaries and associated undertakings sold or acquired during the period are included up to, or from, the dates that control passes. |
In accordance with the transitional exemption available in FRS102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS102. |
No Statement of Comprehensive Income is included for the company as permitted by Section 408 of the Companies Act 2006. |
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 recognized in the period in which the estimate is revised. |
TURNOVER |
Turnover represents the value of services supplied during the period, excluding value added tax. |
GOODWILL ON CONSOLIDATION |
Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of the business acquired. |
The goodwill arising on consolidation has been capitalised as an intangible asset and is being written off over twenty years. Provision is made for any impairment. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
INVESTMENTS |
Investments are recognized 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. |
Investments in BEA Acquisitions LLP, Elite Property Personnel LLP & Academy Property Personnel LLP are measured at cost less impairment. |
LOANS AND BORROWINGS |
Loans and borrowings are initially recognized at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
EXEMPTION FROM AUDIT |
Orchard Regional Lettings Ltd & Orchard Sales (Camberly) LLP are exempt from the requirements of Companies Act 2006 relating to the audit of its individual accounts by virtue of Section 479A. They are not subject to audit under Section 479c, due to the guarantee provided by the ultimate parent company, Bridges EA Group Limited. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Property sales commission | 5,177,696 | 5,758,447 |
Property management | 2,577,646 | 2,388,605 |
7,755,342 | 8,147,052 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,692,726 | 2,644,658 |
Social security costs | 364,031 | 261,461 |
Other pension costs | 200,410 | 61,246 |
4,257,167 | 2,967,365 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 32 | 32 |
Selling | 76 | 60 |
The average number of employees by undertakings that were proportionately consolidated during the year was 108 (2023 - 92 ) . |
2024 | 2023 |
£ | £ |
Director's remuneration | 297,794 | 41,688 |
Director's pension contributions to money purchase schemes | 143,600 | 18,500 |
During the period retirement benefits were accruing to one director (2023: 1) in respect of a money purchase |
pension scheme. |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | 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 |
Goodwill amortisation | 263,875 | 263,875 |
Auditors' remuneration | 9,430 | 22,120 |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Impairment of investment | - | (123,691 | ) |
Impairment of goodwill | - | (372,704 | ) |
- | (496,395 | ) |
Exceptional items for the period ended 31 March 2023 related to impairment of Fixed asset investment of £123,691 and goodwill of £372,704. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 804 | 2,729 |
8. | 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 | 408,589 | 308,870 |
Deferred tax | 1,520 | 8,008 |
Tax on profit | 410,109 | 316,878 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION - continued |
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 | 1,345,815 | 955,364 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
336,454 |
181,519 |
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 | - |
Consolidation adjustments | 65,744 | 50,137 |
Dividend income not taxed | - | (5,700 | ) |
LLP profits not taxed | (814 | ) | (225 | ) |
Deferred taxation | 1,520 | 8,008 |
Total tax charge | 410,109 | 316,878 |
9. | PARENT COMPANY (LOSS)/PROFIT FOR THE PERIOD |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive income in these financial statements. The profit after tax of the parent company for the period was £795,500. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 115,100 | 30,000 |
Ordinary C,D,E,F shares of £1 each |
Interim | 69,200 | - |
184,300 | 30,000 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 | 5,277,506 |
Amortisation |
At 1 April 2023 | 582,761 |
Amortisation for year | 263,875 |
At 31 March 2024 | 846,636 |
Net book value |
At 31 March 2024 | 4,430,870 |
At 31 March 2023 | 4,694,745 |
12. | TANGIBLE FIXED ASSETS |
Group |
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 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The company owns more than 20% of the issued share capital or control of the following unlisted companies & LLP's: |
Company |
% ofordina ryshares held |
Activity |
Bridges Estate Agents Limited | 100% | Estate Agency |
Orchard Regional Lettings Limited |
100% |
Property Management |
Orchard Sales (Camberly) LLP |
100% |
Property Management |
Bridges Holdings Ltd | 100% | Holding company |
All companies are incorporated in the United Kingdom and registered in England and Wales. |
All the above subsidiaries are included in the consolidated accounts. |
14. | DEBTORS |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 687,449 | 613,643 |
Amounts owed by associates | 8,241 | 8,241 |
Other debtors | 7,443 | 16,092 |
Rent deposit | 18,467 | - |
Directors' current accounts | 562,562 | 181,524 |
Tax | 2,988 | 2,988 |
Prepayments and accrued income | 197,421 | 177,092 |
1,484,571 | 999,580 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | DEBTORS - continued |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by associates | 200,000 | - |
Aggregate amounts | 1,684,571 | 999,580 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 10,020 | 9,808 |
Trade creditors | 143,555 | 133,103 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | - | 171,899 | - | 618,520 |
Tax | 162,942 | 142,911 |
Social security and other taxes | 114,992 | 61,419 |
Pensions payable | 12,601 | 7,963 | - | - |
VAT | 198,996 | 149,883 | - | - |
Net wages control | 231,569 | 169,862 | - | - |
Other creditors | 190,771 | 372,326 | 84,000 | 170,784 |
Accruals and deferred income | 36,965 | 43,677 |
1,102,411 | 1,262,851 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 18,214 | 28,271 |
Other creditors | 677,635 | 813,565 |
695,849 | 841,836 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
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 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
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 |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 29,182 | 27,662 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 27,662 |
Charge to Statement of Comprehensive Income during year | 1,520 |
Balance at 31 March 2024 | 29,182 |
BRIDGES EA GROUP LIMITED (REGISTERED NUMBER: 13177049) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 343 | 343 |
Ordinary B | £1 | 134 | 134 |
Ordinary C,D,E,F | £1 | 83 | 83 |
560 | 560 |
Also, during the financial year the company has reclassified 83 Ordinary Shares on 15 February 2024 as follows |
Class of shares | No. of Shares |
Ordinary C Shares | 41 |
Ordinary D Shares | 14 |
Ordinary E Shares | 14 |
Ordinary F Shares | 14 |
Total | 83 |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
As ar 31 March 2024, the loans and advances to the directors amounted to £562,562 (2023 - £181,524). |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under the terms of FRS 102, not to disclose details of any transactions or balances between the group that have been eliminated on consolidation. |
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. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr C Stocchetti. |