| REGISTERED NUMBER: 13094344 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Bridgegate Holdings Limited |
| REGISTERED NUMBER: 13094344 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Bridgegate Holdings Limited |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Bridgegate Holdings Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| TOR |
| Saint-Cloud Way |
| Maidenhead |
| Berkshire |
| SL6 8BN |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The director presents his strategic report of the company and the group for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The group continued to operate primarily as a specialist design and build business in the electrical fit out of commercial office space trading under the Bridgegate Electrical brand. The group also has a residential property investment business. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Market risk |
| The group'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 group 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 group also faces risk in relation to the retention of key staff and labour shortages. The group 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 group continuing to 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 group 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 group does not engage in any aggressive tax planning and all transactions undertaken by the group have a business purpose and commercial rationale. |
| Financial instruments |
| The group 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 group does not enter into any formally designated hedging arrangements. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Group 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 | 14,074 | 16,266 |
| Operating profit margin | 5.9% | 7.5% |
| Operating profit | 830 | 1,223 |
| Depreciation | 8 | 16 |
| EBITDA | 838 | 1,239 |
| Shareholders' funds | 2,764 | 2,865 |
| Trading for the group was impacted by an industry wide slowdown in the electrical fit out business during the first quarter of the group's financial year as major fit out works were delayed. As the group's financial year progressed, activity picked up significantly but the adverse conditions in the first quarter led to an overall reduction in revenue for the year compared with 2023. Operating profit margin decreased as higher labour-related costs on delivering projects were incurred. In the property investment business, the market has remained resilient despite higher interest rates and property valuations have remained broadly in line with the prior year (downward revaluation of £15,403 for the year). The group's operating results have performed in line with the expectations of the director given the challenging market in the electrical fit out sector. |
| The group's 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 group, as shown in the consolidated balance sheet, reflects a well-capitalised business with net assets of £2.8m (2023: £2.9m). |
| ON BEHALF OF THE BOARD: |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Report of the Director |
| for the Year Ended 30 September 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| An interim dividend of 11.4093p per share was paid on 30 September 2024. The director recommends that no final dividend be paid. |
| The total distribution of dividends for the year ended 30 September 2024 will be £ 672,574 . |
| DIRECTOR |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year donations were made to various charities totalling £2,455. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 director is 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 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 group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Bridgegate Holdings Limited |
| Opinion |
| We have audited the financial statements of Bridgegate Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30 September 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 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 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 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 Group 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 Group 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 Group 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 Holdings Limited |
| 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 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 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 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 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Bridgegate Holdings 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 group and the parent 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 group and the parent 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 group's and the parent 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 group and the parent 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 group'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 Holdings 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 Holdings Limited (Registered number: 13094344) |
| Consolidated Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 14,073,891 | 16,266,441 |
| Cost of sales | (12,812,735 | ) | (14,538,472 | ) |
| GROSS PROFIT | 1,261,156 | 1,727,969 |
| Administrative expenses | (431,089 | ) | (504,905 | ) |
| OPERATING PROFIT | 4 | 830,067 | 1,223,064 |
| Gain/loss on revaluation of investment property | (15,403 | ) | 176,454 |
| 814,664 | 1,399,518 |
| Interest payable and similar expenses | 5 | (46,603 | ) | (31,050 | ) |
| PROFIT BEFORE TAXATION | 768,061 | 1,368,468 |
| Tax on profit | 6 | (195,615 | ) | (261,767 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 572,446 | 1,106,701 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 572,446 | 1,106,701 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 572,446 | 1,106,701 |
| Total comprehensive income attributable to: |
| Owners of the parent | 572,446 | 1,106,701 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Consolidated Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 | 22,910 | 21,705 |
| Investments | 11 | 100,000 | 100,000 |
| Investment property | 12 | 1,289,605 | 1,156,855 |
| 1,412,515 | 1,278,560 |
| CURRENT ASSETS |
| Debtors | 13 | 2,704,007 | 4,814,072 |
| Cash at bank and in hand | 1,549,297 | 1,081,180 |
| 4,253,304 | 5,895,252 |
| CREDITORS |
| Amounts falling due within one year | 14 | (2,284,761 | ) | (3,589,079 | ) |
| NET CURRENT ASSETS | 1,968,543 | 2,306,173 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 3,381,058 | 3,584,733 |
| CREDITORS |
| Amounts falling due after more than one year | 15 | (570,590 | ) | (670,589 | ) |
| PROVISIONS FOR LIABILITIES | 20 | (45,991 | ) | (49,539 | ) |
| NET ASSETS | 2,764,477 | 2,864,605 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 5,895,000 | 5,895,000 |
| Other reserves | 22 | (5,749,898 | ) | (5,749,898 | ) |
| Retained earnings | 22 | 2,619,375 | 2,719,503 |
| SHAREHOLDERS' FUNDS | 2,764,477 | 2,864,605 |
| The financial statements were approved by the director and authorised for issue on 14 May 2025 and were signed by: |
| Mr J R Clark - Director |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Company Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,101,321 | 398,348 |
| The financial statements were approved by the director and authorised for issue on |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Other | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 5,895,000 | 1,917,545 | (5,749,898 | ) | 2,062,647 |
| Changes in equity |
| Dividends | - | (304,743 | ) | - | (304,743 | ) |
| Total comprehensive income | - | 1,106,701 | - | 1,106,701 |
| Balance at 30 September 2023 | 5,895,000 | 2,719,503 | (5,749,898 | ) | 2,864,605 |
| Changes in equity |
| Dividends | - | (672,574 | ) | - | (672,574 | ) |
| Total comprehensive income | - | 572,446 | - | 572,446 |
| Balance at 30 September 2024 | 5,895,000 | 2,619,375 | (5,749,898 | ) | 2,764,477 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Company 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 |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,650,858 | 605,059 |
| Interest paid | (46,603 | ) | (31,050 | ) |
| Tax paid | (214,539 | ) | (272,585 | ) |
| Net cash from operating activities | 1,389,716 | 301,424 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (8,872 | ) | (19,889 | ) |
| Purchase of investment property | (148,153 | ) | (43,231 | ) |
| Net cash from investing activities | (157,025 | ) | (63,120 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (100,000 | ) | (100,000 | ) |
| Capital repayments in year | - | (9,597 | ) |
| Amount introduced by directors | 390,002 | - |
| Amount withdrawn by directors | (382,002 | ) | (8,000 | ) |
| Equity dividends paid | (672,574 | ) | (304,743 | ) |
| Net cash from financing activities | (764,574 | ) | (422,340 | ) |
| Increase/(decrease) in cash and cash equivalents | 468,117 | (184,036 | ) |
| Cash and cash equivalents at beginning of year | 2 | 1,081,180 | 1,265,216 |
| Cash and cash equivalents at end of year | 2 | 1,549,297 | 1,081,180 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Profit before taxation | 768,061 | 1,368,468 |
| Depreciation charges | 7,666 | 15,776 |
| Loss/(gain) on revaluation of fixed assets | 15,403 | (176,454 | ) |
| Finance costs | 46,603 | 31,050 |
| 837,733 | 1,238,840 |
| Decrease/(increase) in trade and other debtors | 2,045,342 | (2,010,138 | ) |
| (Decrease)/increase in trade and other creditors | (1,232,217 | ) | 1,376,357 |
| Cash generated from operations | 1,650,858 | 605,059 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 1,549,297 | 1,081,180 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 1,081,180 | 1,265,216 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,081,180 | 468,117 | 1,549,297 |
| 1,081,180 | 468,117 | 1,549,297 |
| Debt |
| Debts falling due within 1 year | (100,000 | ) | - | (100,000 | ) |
| Debts falling due after 1 year | (670,589 | ) | 99,999 | (570,590 | ) |
| (770,589 | ) | 99,999 | (670,590 | ) |
| Total | 310,591 | 568,116 | 878,707 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Bridgegate Holdings Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th September each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. |
| Business combinations are accounted for under the merger accounting method as the group was created by way of a share for share reorganisation which fulfils the requirements of FRS102 to permit merger accounting. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
| Bridgegate Properties Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of their accounts for the financial period ended 30 September 2024 by virtue of Section 479A of that Act. |
| 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| 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, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| The group derives its turnover from project work which is recognised on a stage completion basis over the life of the contract. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Office equipment | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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. |
| (i) Financial assets and liabilities |
| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
| Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method: |
| (a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate. |
| (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged. |
| (c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a). |
| (d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. |
| (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. |
| (f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). |
| Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
| Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
| (ii) Investments |
| Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
| In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| (iii) Equity instruments |
| Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Fixed asset investments |
| Fixed asset investments are measured at cost less impairment. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Wages and salaries | 2,118,029 | 2,596,308 |
| Social security costs | 262,697 | 288,835 |
| Other pension costs | 44,891 | 54,723 |
| 2,425,617 | 2,939,866 |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| as restated |
| Director | 1 | 1 |
| Admin | 5 | 3 |
| Designer/electricians/estimators | 26 | 29 |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Director's remuneration | 11,539 | 7,075 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Other operating leases | 28,420 | 32,319 |
| Depreciation - owned assets | 7,667 | 11,171 |
| Depreciation - assets on hire purchase contracts or finance leases | - | 4,334 |
| Auditors' remuneration | 20,530 | 16,854 |
| Foreign exchange differences | - | (835 | ) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Bank interest | 9,597 | 13,861 |
| Mortgage interest | 17,197 | 17,189 |
| HMRC interest | 19,809 | - |
| 46,603 | 31,050 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 199,164 | 212,228 |
| Deferred tax | (3,549 | ) | 49,539 |
| Tax on profit | 195,615 | 261,767 |
| 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 |
| as restated |
| £ | £ |
| Profit before tax | 768,061 | 1,368,468 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.010 %) |
192,015 |
301,200 |
| Effects of: |
| Expenses not deductible for tax purposes | 5,681 | 5,748 |
| Utilisation of tax losses | (1,521 | ) | - |
| Tax rate differences due to marginal relief | (560 | ) | - |
| Deferred tax provided at higher rate | - | 9,522 |
| Other timing differences | - | 2,069 |
| R&D claim | - | (56,772 | ) |
| Total tax charge | 195,615 | 261,767 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 672,574 | 304,743 |
| 9. | PRIOR YEAR ADJUSTMENT |
| The director has determined that the company's investment in two real estate holding companies is more accurately presented within investments rather than investment property. The investment relates to £100,000 of preferred shares held in two entities. These are non-controlling interests. The impact of the prior year adjustment is to increase the value of investments by £100,000 and decrease the value of investment property by £100,000. There is no impact on net assets, reported profit or tax. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Office | and | Motor | Computer |
| equipment | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 3,697 | 15,042 | 72,278 | 57,602 | 148,619 |
| Additions | - | - | - | 8,872 | 8,872 |
| At 30 September 2024 | 3,697 | 15,042 | 72,278 | 66,474 | 157,491 |
| DEPRECIATION |
| At 1 October 2023 | 3,122 | 4,799 | 72,278 | 46,715 | 126,914 |
| Charge for year | 311 | 2,985 | - | 4,371 | 7,667 |
| At 30 September 2024 | 3,433 | 7,784 | 72,278 | 51,086 | 134,581 |
| NET BOOK VALUE |
| At 30 September 2024 | 264 | 7,258 | - | 15,388 | 22,910 |
| At 30 September 2023 | 575 | 10,243 | - | 10,887 | 21,705 |
| 11. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 100,000 |
| NET BOOK VALUE |
| At 30 September 2024 | 100,000 |
| At 30 September 2023 | 100,000 |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| The company's investments relates to its 100% owned subsidiaries Bridegate Electrical Limited and Bridgegate Properties Limited. The consolidated group accounts include the results of the company together with its 100% owned subsidiaries (all registered in England & Wales). |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 | 1,156,855 |
| Additions | 148,153 |
| Revaluations | (15,403 | ) |
| At 30 September 2024 | 1,289,605 |
| NET BOOK VALUE |
| At 30 September 2024 | 1,289,605 |
| At 30 September 2023 | 1,156,855 |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2024 | 161,051 |
| Cost | 1,128,554 |
| 1,289,605 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 1,273,662 | 2,729,487 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 108,302 | 127,143 |
| Directors' loan accounts | - | 8,000 | - | - |
| Tax | 864 | 57,587 |
| VAT | 125,851 | 224,881 |
| Prepayments and accrued income | 1,195,328 | 1,666,974 |
| 2,704,007 | 4,814,072 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 100,000 | 100,000 |
| Trade creditors | 1,478,317 | 2,575,163 |
| Amounts owed to group undertakings | - | - |
| Tax | 197,803 | 269,901 |
| Social security and other taxes | 94,688 | 120,933 |
| Other creditors | 70,688 | 234,434 |
| Accruals and deferred income | 343,265 | 288,648 |
| 2,284,761 | 3,589,079 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Bank loans (see note 16) | 58,334 | 158,333 |
| Other loans (see note 16) | 512,256 | 512,256 |
| 570,590 | 670,589 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 100,000 | 100,000 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | 58,334 | 158,333 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Mortgages due > 5 years | 512,256 | 512,256 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| Group |
| Non-cancellable operating | leases |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Within one year | 27,324 | 32,925 |
| Between one and five years | 26,145 | 53,469 |
| 53,469 | 86,394 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Bank loans | 158,334 | 258,333 |
| Other loans | 512,256 | 512,256 |
| 670,590 | 770,589 |
| The bank loan is secured by a fixed and floating charge over all property or undertaking of the group. |
| The other loan relates to mortgages which are secured on the properties that have been financed. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 19. | FINANCIAL INSTRUMENTS |
| Group |
| 2024 | 2023 |
| £ | £ |
| FINANCIAL ASSETS |
| Financial assets measured at fair value through profit and loss | 1,549,297 | 1,081,180 |
| Financial assets that are debt instruments measured at amortised cost | 1,381,964 | 2,864,630 |
| 2,931,261 | 3,945,810 |
| FINANCIAL LIABILITIES |
| Financial liabilities measured at amortised cost | (2,562,860 | ) | (3,868,834 | ) |
| Company |
| 2024 | 2023 |
| £ | £ |
| FINANCIAL ASSETS |
| Financial assets measured at fair value through profit and loss | 2,931 | 4,981 |
| Financial assets that are debt instruments measured at amortised cost | 850,827 | 626,597 |
| 853,758 | 631,578 |
| FINANCIAL LIABILITIES |
| Financial liabilities measured at amortised cost | (11,676 | ) | (219,273 | ) |
| 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. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 30.9.24 | 30.9.23 |
| as restated |
| £ | £ |
| Deferred tax | 45,991 | 49,539 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 49,539 |
| Credit to Income Statement during year | (3,548 | ) |
| Balance at 30 September 2024 | 45,991 |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 5,895,000 | 5,895,000 |
| The holder of Ordinary shares is entitled to a vote, is entitled to a dividend and is entitled to a capital distribution in the event of a return of capital or winding up of the company. |
| 22. | RESERVES |
| Group |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 October 2023 | 2,719,503 | (5,749,898 | ) | (3,030,395 | ) |
| Profit for the year | 572,446 | 572,446 |
| Dividends | (672,574 | ) | (672,574 | ) |
| At 30 September 2024 | 2,619,375 | (5,749,898 | ) | (3,130,523 | ) |
| Company |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| Other reserves relate to the difference between the nominal value of shares issued and acquired under s19.27 of FRS102 with regards to merger accounting following a group reconstruction. |
| 23. | PENSION COMMITMENTS |
| The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £44,891 (2023: £60,647). At the year end a balance of £9,933 (2023: £4,076) was outstanding. |
| Bridgegate Holdings Limited (Registered number: 13094344) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 24. | 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 |
| as restated |
| £ | £ |
| Mr J R Clark |
| Balance outstanding at start of year | 8,000 | - |
| Amounts advanced | 382,002 | 8,000 |
| Amounts repaid | (390,002 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 8,000 |
| 25. | RELATED PARTY DISCLOSURES |
| During the year, a total of key management personnel compensation of £ 218,068 (2023 - £ 24,992 ) was paid. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr J R Clark. |