REGISTERED NUMBER: |
BRIDGE END LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: |
BRIDGE END LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
BRIDGE END LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The company operates two BP-branded forecourt and convenience retail sites at Oversley Mill and Washford. As a family-owned business, it serves local communities with a focus on reliability, personalised service, and high operational standards. |
Throughout the year, Washford remained operational, with steady performance in both fuel and retail. However, Oversley Mill underwent a major redevelopment in month 11, requiring temporary closure. The project aims to modernise and expand the forecourt and retail areas, with improvements including a larger shop, upgraded facilities, and enhanced access. The work will continue into the next financial year and is expected to deliver long-term operational and financial benefits. |
The company ensures high-quality service in a safe environment, with staff trained in fuel handling, health and safety, food hygiene, and environmental standards. Despite the temporary closure, Washford's strong performance continued, driven by customer care, efficiency, and local engagement. The directors remain committed to the successful redevelopment and to exploring future growth opportunities. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors manage various risks that could affect the business. Key risks for the period include fuel price volatility, where fluctuations in global fuel prices can impact margins. The company manages this risk through strong supplier relationships and monitoring price trends. Whilst pricing can impact demand, the effect on margins remains minimal. |
Economic conditions and consumer behaviour also present risk, as factors such as inflation and interest rates can influence spending. The company adjusts its offerings and pricing accordingly to mitigate this. |
Operational and supply chain disruption remains a concern, particularly due to the reliance on third-party suppliers for both fuel and retail products. To mitigate this, the company diversifies its supplier base where possible and maintains adequate stock levels for high-demand items. The fuel supply chain is considered a key potential risk area. |
However, the company has partnered with BP, which operates a robust and reliable nationwide supply network. This relationship provides a high level of confidence in the continuity of fuel supply under normal and adverse conditions. |
Additionally, the Oversley Mill site benefits from being designated a priority site by the government due to its strategic location. In the event of widespread supply issues, this status ensures the site receives preferential access to fuel deliveries, further safeguarding operational continuity. |
The competitive environment is another area of ongoing attention. The company focuses on customer service, community engagement, and local sourcing to compete with national chains and independents. |
Regulatory and environmental compliance poses a potential risk as changes in regulations could incur additional costs. The company monitors legislation to ensure compliance. The recent redevelopment of the Oversley Mill site has been carried out with current and anticipated regulatory requirements in mind. As a result, should any future regulatory changes come into effect, it is unlikely that further development work will be necessary to maintain compliance, reducing the risk of additional future capital expenditure. |
IT and technological risks are also recognised. The growing reliance on digital systems introduces cyber threats. The company maintains robust data protection and continuity plans to mitigate this risk. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
PERFORMANCE HIGHLIGHTS |
Revenue Growth |
Total revenue for the year remained stable, despite the temporary closure of the Oversley Mill site in month 11 due to ongoing redevelopment works. The Washford site delivered consistent performance across both fuel and retail sales, helping to maintain overall turnover. |
Although the temporary closure of Oversley Mill had a modest impact on year-end figures, the directors are confident that the redevelopment will drive strong future revenue growth. Once fully reopened, the site's improved layout, expanded retail space, and upgraded customer facilities are expected to increase both footfall and average spend per visit. |
Fuel Sales |
Fuel sales at the Washford site saw substantial growth during the year, driven by a revised internal pricing strategy aimed at enhancing competitiveness and volume of sales. Oversley Mill also recorded an improvement on the prior year's performance before its temporary closure. This was due in part to increased site traffic and the acceptance of fuel bunkering cards, which broadened the customer base and contributed to higher fuel volumes. |
STRATEGIC DEVELOPMENTS |
Several strategic initiatives were implemented to support long-term growth and enhance the customer experience. |
A major capital investment was made in the redevelopment of the Oversley Mill forecourt, which began in month 11. The project includes expanding the retail space, improving site access, and upgrading customer facilities. As part of this redevelopment, a new drive-through unit has been constructed and agreed to be let to Costa Coffee on a 15-year lease. This addition enhances the overall customer offering, increases site footfall, and further advances Bridge End Ltd's investment property portfolio. The development strengthens the site's commercial appeal while providing a stable, long-term rental income stream. |
The works are continuing into the next financial year and are expected to deliver significant benefits through increased customer traffic, improved operational capacity, and higher retail sales. |
As part of the redevelopment at the Oversley site, solar panels have been installed to cover the entire roof area (approximately 500 square meters). This sustainable energy initiative is expected to supply around 25% of the site's total energy requirements, reducing reliance on the national grid and supporting the company's commitment to improving environmental efficiency and reducing operational costs over the long term. |
In parallel, the business continued to focus on growing non-fuel income, with an expanded food-to-go offer, stronger branded partnerships, and the introduction of locally sourced products. These efforts are aimed at increasing average basket spend, diversifying income, and attracting new customers through a more compelling in-store experience. |
Operational improvements included digital payment systems and the launch of a customer loyalty programme at Washford, aimed at boosting retention and convenience. This is part of a broader loyalty scheme across other sites. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
KEY PERFORMANCE INDICATORS (KPI'S) |
The directors monitor KPIs to assess financial health, operational efficiency, and commercial progress. |
Turnover is analysed separately for fuel and retail operations. Overall turnover declined compared to the previous year, primarily due to the temporary closure of the Oversley Mill site during the final months of the financial year. In addition, lower average fuel prices over the period contributed to a reduction in revenue despite increased fuel volume sales. |
Fuel volume sold, measured in litres sold per site per month, showed overall growth. A substantial increase was recorded at the Washford site, which benefited from uninterrupted operations and strong local customer loyalty, as well as a change in the internal pricing structure to draw customers in from major supermarket suppliers. Although Oversley Mill was closed for redevelopment late in the year, volume performance prior to closure was in line with expectations. The completed redevelopment is expected to enhance fuel sales in future periods through improved site access, upgraded infrastructure, and a more attractive customer environment. |
CONCLUSION |
In conclusion, the company continues to priorities long-term growth, operational efficiency, and customer satisfaction. Despite challenges such as the redevelopment of the Oversley Mill site, the company has maintained strong performance and remains committed to improving service offerings and exploring new opportunities. The strategic investments made throughout the year are expected to drive future growth, and the directors are confident in the company?s ability to navigate any potential risks and uncertainties. |
ON BEHALF OF THE BOARD: |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of the selling of petrol, other forecourt supplies and roadside investment property. |
DIVIDENDS |
No interim dividends were paid during the year ended 30 September 2024. |
The directors recommend final dividends per share as follows: |
Ordinary A Shares 1 shares | £ |
Ordinary B Shares 1 shares | NIL |
The total distribution of dividends for the year ended 30 September 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
AUDITORS |
The auditors, Fruition Advisory LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGE END LIMITED |
Opinion |
We have audited the financial statements of Bridge End Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGE END LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 END 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: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance and reviewing internal reports; |
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGE END LIMITED |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
695,270 | 904,481 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Surplus /deficit on property revaluation |
Income tax relating to other comprehensive income |
( |
) |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Capital redemption reserve | 21 |
Other reserves | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - |
Balance at 30 September 2024 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 September 2024 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (5,449 | ) | (177 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
294,953 |
Cash and cash equivalents at end of year |
2 |
( |
) |
543,481 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 38,065 | 42,965 |
842,445 | 1,006,566 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 5,977 | 543,481 |
Bank overdrafts | ( |
) |
(178,091 | ) | 543,481 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 543,481 | 294,953 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 543,481 | (537,504 | ) | 5,977 |
Bank overdrafts | - | (184,068 | ) | (184,068 | ) |
543,481 | ( |
) | (178,091 | ) |
Debt |
Debts falling due within 1 year | (101,934 | ) | (4,684 | ) | (106,618 | ) |
Debts falling due after 1 year | (558,432 | ) | 106,617 | (451,815 | ) |
(660,366 | ) | 101,933 | (558,433 | ) |
Total | (116,885 | ) | (619,639 | ) | (736,524 | ) |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Bridge End Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Investments |
The company assesses the carrying values of investments property annually or more frequently if warranted by a change in circumstances. If it is determined that the carrying values of investment property cannot be recovered, the unrecoverable amounts are charged to the profit and loss. Recoverability is dependent upon assumptions and judgements regarding discount rates, future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets. |
Operating lease commitments |
As a lessee, the company obtains the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangement, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position. |
Useful economic life of non-current assets |
Management estimate the useful economic life of non-current assets based on the period over which the asset is expected to be used and provide for depreciation accordingly. Where an indication of impairment is identified the estimation of recoverable value requires estimation. |
Deferred tax |
Management estimation is required to determine the amount of deferred tax asset that can be recognised, based upon likely timing and level of future taxable profits. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company?s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation |
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
Asset class | Depreciation method and rate |
Land and building ( Freehold / Leasehold ) | 2% Straight line |
Plant and machinery | 15- 20% reducing balance |
Fixtures, fittings and equipment | 15% reducing balance |
Investment property |
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Defined contribution pension obligation |
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of income and retained earnings over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
Dividends |
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Other interest received |
5. | 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 |
Administration and support | 8 | 8 |
Sales | 23 | 25 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
7. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
8,350 |
15,500 |
Total audit fees | 8,350 | 15,500 |
Auditors' remuneration for non audit work |
Total non-audit fees | 10,395 | 20,653 |
Total fees payable | 18,745 | 36,153 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Other interest |
Late filing penalty |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 22%). |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | TAXATION - continued |
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: |
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 |
Other tax effects for reconciliation between profit and tax expense (income ) | - |
79 |
Total tax charge | 196,891 | 209,014 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Surplus /deficit on property revaluation | (290,493 | ) | 791,921 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Surplus /deficit on property revaluation | (56,013 | ) | 168,039 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A Shares shares of 1 each |
Final |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Revaluation adjustments | ( |
) |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Revaluation adjustments | ( |
) |
Reclassification/transfer |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 September 2024 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2015 | 2,427,688 | - | - |
Valuation in 2018 | 714,533 | - | - |
Valuation in 2022 | 1,775,729 | - | - |
Valuation in 2023 | 145,882 | - | - |
Valuation in 2024 | 1,004,474 | - | - |
Cost | 839,330 | 303,210 | 651,883 |
6,907,636 | 303,210 | 651,883 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2015 | - | - | 2,427,688 |
Valuation in 2018 | - | - | 714,533 |
Valuation in 2022 | - | - | 1,775,729 |
Valuation in 2023 | - | - | 145,882 |
Valuation in 2024 | - | - | 1,004,474 |
Cost | 292,215 | 62,000 | 2,148,638 |
292,215 | 62,000 | 8,216,944 |
If Freehold land and building had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,188,516 | 1,127,629 |
Aggregate depreciation | (370,733 | ) | (350,692 | ) |
Value of land in freehold land and buildings | 817,783 | 776,937 |
Freehold land and building was valued on a fair value basis on 17 May 2024 by an independent valuer . |
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | INVESTMENT PROPERTY - continued |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2015 | 194,044 |
Valuation in 2016 | 15,000 |
Valuation in 2018 | 148,489 |
Valuation in 2022 | 195,000 |
Cost | 397,467 |
950,000 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 397,467 | 397,467 |
Investment property was valued on a fair value basis on 17 May 2024 by an independent valuer . |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 13,879 | 33,376 |
Directors' current accounts | 812,108 | 806,659 |
Tax |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Trade creditors |
Amounts owed to participating interests | - | 56 |
Tax |
Social security and other taxes |
VAT | 909 | 77,560 |
Accruals and deferred income |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Lloyds Bank loan reference L4001260466 is denominated in Sterling with a nominal interest rate of |
3.91%, and the final instalment is due on 22 June 2026. The carrying amount at year end is £103,728 |
(2023 - £159,847). |
This loan is secured as follows: |
First legal charge over freehold land and buildings at Oversley Mill Services; |
First legal charge over freehold and and buildings at Former Little Chef, Oversley Mill Services; and |
an unlimited debenture. |
Lloyds Bank loan reference L4001342537 is denominated in Sterling with a nominal interest rate of |
4.59%, and the final instalment is due on 28 January 2027. The carrying amount at year end is |
£454,704 (2023 - £500,519). |
This loan is secured by a legal charge over the freehold land and buildings at Oversley Mill Services. |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
18. | LEASING AGREEMENTS |
Operating leases |
The total of future minimum lease payments is as follows: |
30/09/2024 | 30/09/2023 |
Not later than one year | 135,000 | 135,000 |
Later than 1 year and not later than 5 years | 540,000 | 540,000 |
Later than 5 years | 1,890,000 | 2,025,000 |
Total future payments | 2,565,000 | 2,700,000 |
Operating leases - Lessor |
The total of future minimum lease payments is as follows: |
30/09/2024 | 30/09/2023 |
Not later than one year | 42,665 | 41,460 |
Later than 1 year and not later than 5 years |
127,995 |
127,995 |
Later than 5 years | 225,415 | 267,846 |
Total future payments | 396,075 | 437,301 |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,113,977 | 825,531 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Balance at 30 September 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A Shares | 1 | 300 | 300 |
Ordinary B Shares | 1 | 1,954 | 1,954 |
2,254 | 2,254 |
BRIDGE END LIMITED (REGISTERED NUMBER: 00849428) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
21. | RESERVES |
Capital |
Retained | Revaluation | redemption | Other |
earnings | reserve | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 October 2023 | 6,152,032 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Property deferred tax | - | (290,494 | ) | - | - | (290,494 | ) |
Property Revaluation | - | 1,082,415 | - | - | 1,082,415 |
At 30 September 2024 | 7,027,009 |
Other reserves represents the non-distributable element of the profit and loss account reserve arising |
as a result of the disclosure of investment properties at fair value. |
22. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge for the year |
represents contributions payable by the company to the scheme and amounted to £9,837 (2023 - |
£57,477). |
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and |
are included in creditors. |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
24. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Transfers | 54,301 | 7,092 |
Amount due from related party |
Amount due to related party |