Company registration number 13664654 (England and Wales)
LONDON BRIDGING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LONDON BRIDGING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LONDON BRIDGING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
162,318,055
169,201
Cash at bank and in hand
4,366,500
32,942
166,684,555
202,143
Creditors: amounts falling due within one year
4
(8,294,765)
(192,143)
Net current assets
158,389,790
10,000
Creditors: amounts falling due after more than one year
5
(157,228,381)
-
0
Net assets
1,161,409
10,000
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
1,151,409
-
0
Total equity
1,161,409
10,000

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 28 April 2025
Mr P S Raja
Director
Company registration number 13664654 (England and Wales)
LONDON BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

London Bridging Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents interest receivable on loans advanced to customers. The turnover of the company is not subject to VAT.

 

Interest receivable is recognised at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period. The effective interest rate (EIR) is the rate that exactly discounts estimated future cash flows through the expected life, or contractual term if shorter, of the financial asset to the net carrying amount of the financial asset. When calculating the EIR, the company estimates cash flows considering all contractual terms of the financial instruments, but does not include an expectation for future credit losses.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 recognised 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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LONDON BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LONDON BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
136,243,482
-
0
Other debtors
379,949
169,201
136,623,431
169,201
LONDON BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
13,849,366
-
0
Other debtors
11,845,258
-
0
25,694,624
-
0
Total debtors
162,318,055
169,201

Bridge loans receivable are secured to the borrowers properties.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
399,289
160,000
Corporation tax
384,047
-
0
Other creditors
7,511,429
32,143
8,294,765
192,143

 

 

 

5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
145,221,838
-
0
Amounts owed to group undertakings
12,006,543
-
0
157,228,381
-
0

Other creditors are secured by way of a fixed and floating charge on all the assets of the company in favour of a security agent.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
LONDON BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Marc Ian Franks
Statutory Auditor:
Silver Levene (UK) Limited
Date of audit report:
29 April 2025
8
Related party transactions

The company has taken advantage of the exemption provided in FRS 102 1A from disclosing transactions with members of the same group that are wholly owned.

 

The smallest and largest group for which consolidated financial statements are prepared which include the results of this company is that headed by Zircon Group Limited, whose registered office is the same as the company.

 

 

2024-12-312024-01-01false29 April 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr P S Rajafalsefalse136646542024-01-012024-12-31136646542024-12-31136646542023-12-3113664654core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3113664654core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113664654core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3113664654core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113664654core:CurrentFinancialInstruments2024-12-3113664654core:CurrentFinancialInstruments2023-12-3113664654core:Non-currentFinancialInstruments2024-12-3113664654core:Non-currentFinancialInstruments2023-12-3113664654core:ShareCapital2024-12-3113664654core:ShareCapital2023-12-3113664654core:RetainedEarningsAccumulatedLosses2024-12-3113664654core:RetainedEarningsAccumulatedLosses2023-12-3113664654bus:Director12024-01-012024-12-31136646542023-01-012023-12-3113664654core:WithinOneYear2024-12-3113664654core:WithinOneYear2023-12-3113664654core:AfterOneYear2024-12-3113664654core:AfterOneYear2023-12-3113664654bus:PrivateLimitedCompanyLtd2024-01-012024-12-3113664654bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3113664654bus:FRS1022024-01-012024-12-3113664654bus:Audited2024-01-012024-12-3113664654bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP