| REGISTERED NUMBER: |
| BRIDGE MOTORCYCLES LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| BRIDGE MOTORCYCLES LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 |
| BRIDGE MOTORCYCLES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountant & Statutory Auditor |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS AND KPIS |
| Bridge Motorcycles has enjoyed another successful year. |
| The franchises operated in the period included Honda, Kawasaki, Suzuki and Triumph. |
| Turnover has decreased by 7.57%, down to £10.6m from £11.5m in the prior year, albeit, £0.55m of the prior year turnover came from discontinued operations. Excluding the discontinued operations the drop is only 2.9%. |
| The core business of motorcycle sales remained strong in the year. In addition to this, the on-site café has given the main trade supplementary income as well as making the site a popular location for the company's target demographic. |
| The company's gross profit margin has decreased, with reported margins of 13.8% (2023: 14.7%). This is linked to the competitive marketplace for motorbikes. However a strong net profit continues to be generated. |
| Another key performance indicator for the business is stock turnover days, which have increased by 11 days to a total of 137 (2023: 126). This increase is primarily due to additional stock purchased at the end of 2023 in response to earlier supply disruptions. However, demand has softened this year, largely as a result of poor weather conditions, leading to slower stock movement. As a result, the company has made larger provisions for inventory during the year. |
| The balance sheet continues to reflect the financial strength of the business, with net assets of £5.57m (2023: £6.76m). The decrease this year is the result of dividends of £1.61m being distributed to the holding company. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Given the nature of the product, demand is heavily influenced by weather conditions an external risk that is beyond the company’s control. The directors have responded to this risk effectively by proactively addressing trends and offering discounts on slower-moving stock. While this strategy has had a slight negative impact on the gross profit margin, it has allowed the company to maximise the return on older inventory. |
| Another key risk facing the business is continued pressure on demand, as industry-wide cost inflation coincides with a reduction in customer disposable income. The company has mitigated this risk by strengthening its market position, building a strong reputation, and ensuring it carries the best selection of bikes in the local area. |
| The group also maintains strong cash reserves, holds no outstanding debt, and is in a net current asset position, leading the directors to assess liquidity risk as low. |
| GOING CONCERN |
| The directors have, at the time of preparing the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they have continued to adopt the going concern basis of accounting in preparing the financial statements. |
| The group has maintained strong cash reserves and has adequately addressed principal risks as detailed above. As a result, the directors are confident that the company could survive a substantial financial impact and is a going concern for well beyond the next 12 months of trading. |
| ON BEHALF OF THE BOARD: |
| 19 May 2025 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the company in the year under review were those of sale, maintenance and repair of motorcycles and related parts and accessories. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| The company's principal financial instruments comprise bank balances, trade creditors and intercompany group loans. The main purpose of each of these instruments is to raise funds for ongoing operations. |
| Due to the nature of the financial instruments used by the company, there is not considered to be significant exposure to price risk. The approach to managing other risks applicable to the financial instruments concerned is explained below: |
| Liquidity risk is managed by maintaining a healthy reserve of cash and striking a balance between the various elements of working capital. |
| The company has no interest bearing borrowings, so there is no interest rate risk. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Matters regarding the business review, key performance indicators, principal risks and review of going concern are included in the Strategic Report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIDGE MOTORCYCLES LIMITED |
| Opinion |
| We have audited the financial statements of Bridge Motorcycles Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIDGE MOTORCYCLES LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIDGE MOTORCYCLES 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 the audit was considered capable of detecting irregularities, including fraud is summarised below: |
| Objectives |
| The objectives of our audit in respect of fraud, are; |
| - to identify and assess the risks of material misstatement of the financial statements due to fraud; |
| - to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and |
| - to respond appropriately to instances of fraud or suspected fraud identified during the audit. |
| However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
| Audit Approach |
| Our approach was as follows: |
| - We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Consumer Rights Act 2015, Companies Act 2006, FRS 102, and UK taxation legislation. |
| - We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications. |
| - We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions. |
| - Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. |
| - Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area. |
| No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures. |
| As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
| - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
| - Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
| - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
| - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIDGE MOTORCYCLES LIMITED |
| - Obtain sufficient appropriate audit evidence regarding the financial information of the company, to express an opinion on the financial statements. |
| We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| Context of the ability of the audit to detect fraud or breaches of law or regulation |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
| In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountant & Statutory Auditor |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2024 | 2024 |
| Continuing | Discontinued | Total |
| Notes | £ | £ | £ |
| TURNOVER | 5 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 332,365 | - | 332,365 |
| Other operating income |
| OPERATING PROFIT | 7 |
| Interest receivable and similar income |
| Interest payable and similar expenses | 8 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2023 | 2023 | 2023 |
| Continuing | Discontinued | Total |
| Notes | £ | £ | £ |
| TURNOVER | 5 |
| Cost of sales | ( |
) | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) | ( |
) |
| 605,599 | (14,999 | ) | 590,600 |
| Other operating income |
| OPERATING PROFIT/(LOSS) | 7 | ( |
) |
| Interest receivable and similar income |
| Interest payable and similar expenses | 8 | ( |
) | ( |
) | ( |
) |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 9 | ( |
) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investment property | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 20 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Bridge Motorcycles Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. |
| The directors believe that the company is a going concern. although there has been a drop in sales and profitability, the company still has strong net current assets and is able to continue to generate cash to meet its liabilities as they fall due. |
| The directors believe that the company is well placed to manage its business risks successfully and accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| 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 companies within the group. |
| Revenue recognition |
| The turnover shown in the Profit and Loss Account represents goods and services invoiced during the year, net of sales discounts and exclusive of Value Added Tax. Bike sales revenue is recognised when the bike is delivered to, or collected by, the customer. Parts and accessory sales revenue is recognised on dispatch to the customer. Servicing and bikes revenue is recognised once the service is completed. Income from the Café is recognised on the day in which the order is placed and delivered. |
| Other revenue, including rent receivable and income from solar panels, is recognised in the period to which it relates. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software is being amortised evenly over its estimated useful life of 10 years. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Freehold property - 2% on cost, contained within freehold property is £280k attributed to land, this is not depreciated. |
| Improvements to property - 10% on cost |
| Fixtures and fittings - 10% on cost, 25% on cost, 50% on cost, 15 years straight line, 25 years straight line |
| Motor vehicles - 25% on cost, see below |
| Contained within motor vehicles are investment bikes, these are held at a residual value of £287.2k (2023: £287.2k) as the assets are expected to appreciate over time. These values are set on an individual basis. No further depreciation is charged. |
| Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses. |
| Impairment of Assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method. |
| 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. |
| Investment property is initially recognised at cost and then subsequently revalued to an appropriate market rate annually by the directors Revaluations are recognised through the profit and loss account however profits only become distributable when the value is realised through sale. Where changes in value result in a carrying value lower than cost, historic revaluations are reversed and the original cost is impaired through the profit and loss, reducing distributable profits. |
| The investment property is a leasehold property and has 40 years remaining on the lease. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
| Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
| Hire purchase and leasing commitments |
| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
| Finance leases - |
| Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. |
| Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
| Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
| Operating leases - |
| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
| Provisions for liabilities |
| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
| The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
| The company offers a lifetime warranty on all new bikes purchases and therefore provides for expected cost of this per bike at purchase. This is then written off after 5 years as this is the expected life cycle of the bike. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Grant income |
| Income received in relation to grants are classified either as relating to revenue or to assets. |
| Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred. |
| Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset. |
| Manufacturer bonuses |
| Manufacturer bonuses are earned on meeting of certain criteria. Upon meeting the agreed criteria, the estimated bonus receivable is recognised as accrued income, and is credited to cost of sales to offset against the purchase costs. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below: |
| (i) Stock provisioning |
| The company's products are subject to changing industry demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around the anticipated saleability of stock. A review has been made of last sale dates which gives management a basis for assumptions on if a product will have future sales, if no sale has been made in the last year then a provision of 50% is considered, increasing to 100% on stock with no sales in the last 2 years. |
| (ii) Manufacturer sales bonus |
| The company is given certain sale targets to hit from suppliers of key lines of stock. If sale targets are met then the company is awarded a sales bonus. Where the timing of this bonus is not yet received at year end, the company will review sales in the period against targets set to estimate if bonuses will be met. If management consider the bonus to be attainable then a pro-rated bonus is treated as accrued income in the accounts. |
| (iii) Investment property valuation |
| As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation of the directors. Although this has not been formally valued by a third party, the directors used observable market prices adjusted as necessary for any difference in the future plans for or condition of the specific asset. This has been reassessed and due to the stability of the market over the last year, this value has remained consistent. |
| (iv) Impairment of, and rights to, improvements to property |
| The directors have assessed the value of the property as a whole and feel that the value attributed to the freehold and improvements is far in excess of their cost value, based on future generatable profits and revenue levels. On this basis they feel no impairment is considered necessary. One of the showrooms is owned fully by the company and the honda showroom and workshop is owned by the directors' pension scheme. However they are entitled to use the property and receive the benefits and obligations associated with the improvements to the property as a result of their continued use of the premises and ongoing repairs and renewals costs incurred. |
| (v) Lifetime Warranty Provision |
| The company offers a lifetime warranty on all new bike purchases. The directors therefore provide for an estimate of the potential costs arising from this for each bike sold. The uncertainty is surrounding the level of claims that will be realised in the lifecycle of each bike. The directors compare the provision made to historic data of claims make to ensure this estimate is reasonable and will add a certain percentage to the provision each month for each bike. This provison is then written off after 5 years, as this is the estimated life of a new bike, with most customers selling their bikes after 5 years and replacing it with a new one. The warranty does not pass on to the new owner. |
| 5. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the company. |
| The analysis of the company's continuing revenue for the year from continuing operations is as follows: |
| 2024 | 2023 |
| £ | £ |
| Sales of goods | 9,842,718 | 10,267,143 |
| Rendering of services | 788,038 | 678,908 |
| 10,630,756 | 10,946,051 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Operational | 43 | 41 |
| Administration and other management | 10 | 10 |
| Directors remuneration, including pension contributions made to the money purchase scheme, totals £282,495 for the year ended 31 December 2024 (2023: £222,550). |
| In the year to 31 December 2024, the highest paid director received gross wages of £60,004 (2023: £85,000) and defined pension contributions of £49,750 (2023: £2,550). |
| No additional benefits in kind have been provided to the directors. |
| Three directors (2023: 1) have received employers pension contributions under a money purchase pension scheme. |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Computer software amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Included within Legal and Professional fees are payments to a company connected to the audit firm, totalling £3,000, for non-audit advisory work (2023: £35,100). |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Interest payable |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Over/under provision of tax | 20 | (715 | ) |
| Total current tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Movement in deferred tax provision | ( |
) | ( |
) |
| Group relief | ( |
) |
| Total tax charge | 119,920 | 187,085 |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| 11. | DISCONTINUED OPERATIONS |
| During the prior year, Bridge Motorcycles Limited relinquished the Yamaha franchise. All Yamaha stock was returned to the manufacturer and the company was refunded for this stock by Yamaha. |
| All assets related to the franchise were sold at book value as recorded in the accounts, and therefore there was no profit or loss on disposal of operations generated. |
| All items within the profit and loss account relating to the Yamaha franchise have been disclosed as discontinued operations in the comparative period. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | and | Motor |
| property | property | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 14. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | INVESTMENT PROPERTY - continued |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2005 | 50,000 |
| Valuation in 2001 | 60,000 |
| Valuation in 2022 | 81,317 |
| Cost | 158,683 |
| 350,000 |
| The directors have conducted an annual review of the carrying value of the investment property and believe this to be reflective of the property's open market value. |
| 15. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 55,302 | 65,169 |
| Other creditors |
| Accruals and deferred income |
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| The amount paid in the year under leasing arrangements (excluding the premises rental) is shown in Note 7 as the aggregate of hire of plant and machinery. There is a formal lease in place for the rent of the premises, which is included in other operating leases in Note 7. |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Trade creditors | 1,060,262 | 1,046,225 |
| The above debt within trade creditors is secured against stock from the suppliers to which it relates. |
| 20. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 159,000 | 160,000 |
| Other provisions | 64,213 | 64,403 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2024 |
| Utilised during year | ( |
) |
| Unused amounts reversed during year | ( |
) |
| Balance at 31 December 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1000 | 1,000 | 1,000 |
| These shares have attached to them voting rights, dividend rights and capital distribution (including on winding up) rights, they do not confer any right of redemption. |
| 22. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| The split between distributable and non-distributable reserves is as follows: |
| 2024 | 2023 |
| £ | £ |
| Distributable reserves | 5,485,317 | 6,617,218 |
| Non-distributable reserves | 143,488 | 143,488 |
| 5,628,805 | 6,760,706 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 23. | ULTIMATE PARENT COMPANY |
| Southtown Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
| Consolidated accounts are prepared for the group in the name of the Ultimate Parent Company. These are available for download from the Companies House website or can be requested from their offices at Crown Way, Cardiff CF14 3UZ. |
| Southtown Holdings Limited was incorporated on 31 March 2023. The company became the ultimate parent company in the prior year, on 13 July 2023 as a result of a share for share exchange with the immediate parent company, Southtown Investment Company Limited. |
| 24. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Rendering of services | 6,786 | 6,922 |
| Services recharged | 1,476 | 3,048 |
| 2024 | 2023 |
| £ | £ |
| At start of the period |
| Services recharged |
| Repaid | (1,425 | ) | (210,050 | ) |
| Interest transactions | - | 13,714 |
| At end of the period | - | 1,425 |
| 2024 | 2023 |
| £ | £ |
| At start of the period |
| Advanced |
| Repaid | - | (1,070,969 | ) |
| Interest transactions | - | 26,055 |
| 2024 | 2023 |
| £ | £ |
| At start of the period |
| Repaid | - | (388,416 | ) |
| Interest transactions | 74,138 | 88,416 |
| At end of period | 1,133,259 | 1,059,121 |
| BRIDGE MOTORCYCLES LIMITED (REGISTERED NUMBER: 00748232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 24. | RELATED PARTY DISCLOSURES - continued |
| The loan is provided to a company in which a director holds a 33% shareholding. An interest rate of 7% was applied and there are no set repayment terms. |
| Other |
| Lease charges of £43,000 net of VAT (2023: £43,000) were incurred by a Small Self Administered Pension Scheme of which a director of the company is a trustee and beneficiary. Rent is payable by the company to the scheme in respect of properties owned by the scheme, for which there is a formal lease agreement in place. |
| Within the prior year, there were also ad-hoc plumbing services provided by a close family member of a director resulting in charges of £2,187, Current year: £Nil. |
| 25. | ULTIMATE CONTROLLING PARTY |
| Due to the overall shareholdings of the parent company, there is not considered to be any one ultimate controlling party. |