IRIS Accounts Production v24.3.2.46 13177049 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 real estate. true true false true true false false false true false Ordinary 0 Ordinary B 0 Ordinary C,D,E,F 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure131770492023-03-31131770492024-03-31131770492023-04-012024-03-31131770492022-03-31131770492022-04-012023-03-31131770492023-03-3113177049ns16:EnglandWales2023-04-012024-03-3113177049ns15:PoundSterling2023-04-012024-03-3113177049ns11:Director12023-04-012024-03-3113177049ns11:Consolidated2024-03-3113177049ns11:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3113177049ns11:PrivateLimitedCompanyLtd2023-04-012024-03-3113177049ns11:FRS102ns11:Consolidated2023-04-012024-03-3113177049ns11:Auditedns11:Consolidated2023-04-012024-03-3113177049ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113177049ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3113177049ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-04-012024-03-3113177049ns11:FullAccounts2023-04-012024-03-311317704912023-04-012024-03-3113177049ns11:OrdinaryShareClass12023-04-012024-03-3113177049ns11:OrdinaryShareClass22023-04-012024-03-3113177049ns11:OrdinaryShareClass32023-04-012024-03-3113177049ns11:Consolidated2023-04-012024-03-3113177049ns11:Director22023-04-012024-03-3113177049ns11:Director32023-04-012024-03-3113177049ns11:RegisteredOffice2023-04-012024-03-3113177049ns11:Consolidated2022-04-012023-03-3113177049ns6:CurrentFinancialInstruments2024-03-3113177049ns6:CurrentFinancialInstruments2023-03-3113177049ns6:Non-currentFinancialInstruments2024-03-3113177049ns6:Non-currentFinancialInstruments2023-03-3113177049ns6:ShareCapital2024-03-3113177049ns6:ShareCapital2023-03-3113177049ns6:SharePremium2024-03-3113177049ns6:SharePremium2023-03-3113177049ns6:RetainedEarningsAccumulatedLosses2024-03-3113177049ns6:RetainedEarningsAccumulatedLosses2023-03-3113177049ns6:ShareCapital2022-03-3113177049ns6:RetainedEarningsAccumulatedLosses2022-03-3113177049ns6:SharePremium2022-03-3113177049ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113177049ns6:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113177049ns6:NetGoodwill2023-04-012024-03-3113177049ns6:ShortLeaseholdAssetsns6:LandBuildings2023-04-012024-03-3113177049ns6:PlantMachinery2023-04-012024-03-3113177049ns6:FurnitureFittings2023-04-012024-03-3113177049ns6:MotorVehicles2023-04-012024-03-3113177049ns6:CostValuationns6:UnlistedNon-exchangeTraded2023-03-3113177049ns6:UnlistedNon-exchangeTraded2024-03-3113177049ns6:UnlistedNon-exchangeTraded2023-03-3113177049ns11:OrdinaryShareClass12024-03-3113177049ns11:OrdinaryShareClass22024-03-3113177049ns11:OrdinaryShareClass32024-03-31
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: Mr C Stocchetti
Mr J N Baldry
Mr D J Pockett





REGISTERED OFFICE: Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





BUSINESS ADDRESS: 77 High Street
Aldershot
Hampshire
GU11 1BY





REGISTERED NUMBER: 13177049 (England and Wales)





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 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:





Mr C Stocchetti - Director


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
Mr C Stocchetti held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr J N Baldry and Mr D J Pockett were appointed as directors after 31 March 2024 but prior to the date of this report.

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:





Mr C Stocchetti - Director


20 March 2025

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.




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 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 935,706 638,486

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 6,577,988 6,577,988
6,577,988 6,577,988

CREDITORS
Amounts falling due within one year 15 243,533 789,304
NET CURRENT LIABILITIES (243,533 ) (789,304 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,334,455

5,788,684

CREDITORS
Amounts falling due after more than one year 16 560,136 623,565
NET ASSETS 5,774,319 5,165,119

CAPITAL AND RESERVES
Called up share capital 20 560 560
Share premium 5,172,509 5,172,509
Retained earnings 601,250 (7,950 )
SHAREHOLDERS' FUNDS 5,774,319 5,165,119

Company's profit/(loss) for the financial year 795,500 (4,500 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 560 (3,450 ) 5,172,509 5,169,619

Changes in equity
Total comprehensive income - (4,500 ) - (4,500 )
Balance at 31 March 2023 560 (7,950 ) 5,172,509 5,165,119

Changes in equity
Dividends - (186,300 ) - (186,300 )
Total comprehensive income - 795,500 - 795,500
Balance at 31 March 2024 560 601,250 5,172,509 5,774,319

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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
108 92

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 6,577,988
Net book value
At 31 March 2024 6,577,988
At 31 March 2023 6,577,988


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 - - 155,033 -
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 4,500 -
1,102,411 1,262,851 243,533 789,304

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 677,635 813,565 560,136 623,565
695,849 841,836 560,136 623,565

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: £    £   
343 Ordinary £1 343 343
134 Ordinary B £1 134 134
83 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 sharesNo. of Shares
Ordinary C Shares41
Ordinary D Shares14
Ordinary E Shares14
Ordinary F Shares14
Total83

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.