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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: Mr J R Clark





SECRETARY: Mr J R Clark





REGISTERED OFFICE: 9 Woodlands Business Park
Maidenhead
SL6 3UA





REGISTERED NUMBER: 13094344 (England and Wales)





AUDITORS: WP Audit Limited
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:





Mr J R Clark - Director


14 May 2025

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
Mr J R Clark held office during the whole of the period from 1 October 2023 to the date of this report.

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:





Mr J R Clark - Director


14 May 2025

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.




Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

19 May 2025

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 572,446 1,106,701
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 5,749,999 5,749,999
Investment property 12 - -
5,749,999 5,749,999

CURRENT ASSETS
Debtors 13 851,691 627,461
Cash at bank 2,931 4,981
854,622 632,442
CREDITORS
Amounts falling due within one year 14 (11,706 ) (218,273 )
NET CURRENT ASSETS 842,916 414,169
TOTAL ASSETS LESS CURRENT LIABILITIES 6,592,915 6,164,168

CAPITAL AND RESERVES
Called up share capital 21 5,895,000 5,895,000
Retained earnings 22 697,915 269,168
SHAREHOLDERS' FUNDS 6,592,915 6,164,168

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 14 May 2025 and were signed by:





Mr J R Clark - Director


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 5,895,000 175,563 6,070,563

Changes in equity
Dividends - (304,743 ) (304,743 )
Total comprehensive income - 398,348 398,348
Balance at 30 September 2023 5,895,000 269,168 6,164,168

Changes in equity
Dividends - (672,574 ) (672,574 )
Total comprehensive income - 1,101,321 1,101,321
Balance at 30 September 2024 5,895,000 697,915 6,592,915

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost and Straight line over 5 years

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
32 33

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 5,749,999
NET BOOK VALUE
At 30 September 2024 5,749,999
At 30 September 2023 5,749,999


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 - - 850,827 626,597
Other debtors 108,302 127,143 - -
Directors' loan accounts - 8,000 - -
Tax 864 57,587 864 864
VAT 125,851 224,881 - -
Prepayments and accrued income 1,195,328 1,666,974 - -
2,704,007 4,814,072 851,691 627,461

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 30 -
Amounts owed to group undertakings - - - 215,772
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 11,676 2,501
2,284,761 3,589,079 11,706 218,273

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
£    £   
5,895,000 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 269,168
Profit for the year 1,101,321
Dividends (672,574 )
At 30 September 2024 697,915

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.