| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Bridgegate Electrical Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Bridgegate Electrical Limited |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| Bridgegate Electrical Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| TOR |
| Saint-Cloud Way |
| Maidenhead |
| Berkshire |
| SL6 8BN |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The director presents his strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The company continued to operate as a specialist design and build business in the electrical fit out of commercial office space. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Market risk |
| The company's main risks derive from the uncertainty in the UK economy that could affect performance in its business, as as well as leading to supply chain and inflationary pressures. In addition there is a potential impact to staffing resource in the local market. This has not had a significant impact on the company in the period although there is an increased risk of supply chain disruptions and wider economic disruption that may impact margins in the future. |
| Staff risk |
| The company also faces risk in relation to the retention of key staff and labour shortages. The company provides a competitive pay structure which is designed to retain key members of staff. The main staff risk stems from recruitment and some element of retention which is being countered by the company continuing to modify and review terms and conditions of employment relative to the wider market. |
| Information security risk |
| Due to the legislative environment including GDPR, an ongoing attention to information security is key to the business. The company has firewall software in place to restrict the impact of cyber-attack and regular training is provided to staff regarding cyber security and being aware of phishing attacks. |
| Tax risk |
| The company does not engage in any aggressive tax planning and all transactions undertaken by the company have a business purpose and commercial rationale. |
| Financial instruments |
| The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are almost entirely conducted in sterling, with bank accounts held in these currencies with no material exposure to exchange rate volatility. The company does not enter into any formally designated hedging arrangements. |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| KEY PERFORMANCE INDICATORS |
| The company's key financial performance indicators during the period were as follows: |
| 2024 | 2023 |
| £ s | £ s |
| Turnover | 14,005 | 16,208 |
| Operating profit margin | 5.7% | 4.9% |
| Operating profit | 803 | 799 |
| Depreciation | 7 | 15 |
| EBITDA | 810 | 814 |
| Shareholders' funds | 1,777 | 2,313 |
| The company's operating results have performed in line with the expectations of the director. Activity noticeably increased in the first half of 2024 and the group is well positioned to capitalise on increased demand from customers. |
| The groups key profit measure is EBITDA, which is calculated as operating profit excluding depreciation and amortisation. In 2024 the EBITDA was £0.8m. |
| The financial position of the company, as shown in the balance sheet, reflects a well-capitalised business with net assets to £1.7m (2023: £2.3m). |
| ON BEHALF OF THE BOARD: |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Report of the Director |
| for the Year Ended 30 September 2024 |
| The director presents his report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of electrical installation. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 30 September 2024 will be £ |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Bridgegate Electrical Limited |
| Opinion |
| We have audited the financial statements of Bridgegate Electrical Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Bridgegate Electrical Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Bridgegate Electrical 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: |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - the engagement partner ensures that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| - we focused on specific laws and regulations which were considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| - We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and; |
| - understanding the design of the company's remuneration policies. |
| To address the risk of fraud through management bias and override of controls we; |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rational behind significant or unusual transactions. |
| Audit response to risks identified |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to; |
| - agreeing financial disclosures to underlying supporting documentation; |
| - enquiring of management as to actual and potential litigation claims; and |
| - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Bridgegate Electrical Limited |
| 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 |
| Statutory Auditors |
| TOR |
| Saint-Cloud Way |
| Maidenhead |
| Berkshire |
| SL6 8BN |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Bridgegate Electrical Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
| • | the requirement of paragraph 33.7. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The company does not make significant estimates and assumptions concerning the future. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, including discounts and rebates but not including value added tax and other sales taxes. |
| The company derives its turnover from project work which is recognised on a stage completion basis over the life of the contract. |
| Tangible fixed assets |
| Office equipment | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 profit or loss in the period to which they relate. |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| United Kingdom |
| 4. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Director | 1 | 1 |
| Admin | 5 | 3 |
| Designers/Electricians/Estimators | 26 | 29 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Director's remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts or finance leases |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank interest |
| HMRC interest charges |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| 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: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Group relief | (5,157 | ) | - |
| R&D tax credit | - | (56,722 | ) |
| Total tax charge | 193,668 | 216,898 |
| 8. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | and | Motor | Computer |
| equipment | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' loan accounts | - | 8,000 |
| Tax |
| VAT |
| Prepayments and accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 13) |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| The bank loan is secured by a fixed and floating charge over all property or undertaking of the company. |
| 16. | FINANCIAL INSTRUMENTS |
| 2024 | 2023 |
| £ | £ |
| FINANCIAL ASSETS |
| Financial assets measured at fair value through profit and loss | 1,518,285 | 1,012,294 |
| Financial assets that are debt instruments measured at amortised cost | 1,377,875 | 3,077,554 |
| 2,896,160 | 4,089,848 |
| FINANCIAL LIABILITIES |
| Financial liabilities measured at amortised cost | (2,169,849 | ) | (3,350,613 | ) |
| Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income. |
| Financial liabilities measured at amortised cost comprise bank and other loans (including finance leases), overdrafts, trade creditors, amounts owed to group undertakings, other creditors and accruals. |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 17. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 5,728 | 5,426 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| The ordinary shares will have full rights in the company in all respects. A dividend may be paid in respect of this class of share to the exclusion of any other class of share currently in issue. Where a dividend is declared in respect of all classes of share the company may, by ordinary resolution, differentiate between this and any or all other classes as to the amount or percentage of dividend payable but by default the shares in this class shall be deemed to rank pari passu with any other share class currently in issue, unless the rights attached to such other class specify otherwise. |
| 19. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 20. | PENSION COMMITMENTS |
| The pension cost charge represents contributions payable by the company to the fund and amounted to £44,891 (2023: £50,647). |
| 21. | ULTIMATE PARENT COMPANY |
| Bridgegate Holdings Limited is regarded by the director as being the company's ultimate parent company. |
| The results of the company are consolidated in the accounts of its parent company, Bridgegate Holdings Limited, a company which is registered in England & Wales. |
| Bridgegate Electrical Limited (Registered number: 03413028) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Amounts advanced to directors accrue no interest. |
| 23. | RELATED PARTY DISCLOSURES |
| During the year, a total of key management personnel compensation of £ |
| 24. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| The results of the company are included in the consolidated financial statements of its parent company, Bridgegate Holdings Limited, a company registered in England & Wales. |