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Registered number: 09862702
Bridgecoat Ltd
Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09862702
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,987 34,571
Tangible Assets 5 42,606 56,808
62,593 91,379
CURRENT ASSETS
Stocks 6 180,960 272,479
Debtors 7 216,781 220,932
Cash at bank and in hand 15,916 27,169
413,657 520,580
Creditors: Amounts Falling Due Within One Year 8 (352,565 ) (267,279 )
NET CURRENT ASSETS (LIABILITIES) 61,092 253,301
TOTAL ASSETS LESS CURRENT LIABILITIES 123,685 344,680
Creditors: Amounts Falling Due After More Than One Year 9 (122,696 ) (58,741 )
NET ASSETS 989 285,939
CAPITAL AND RESERVES
Called up share capital 10 108 108
Profit and Loss Account 881 285,831
SHAREHOLDERS' FUNDS 989 285,939
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G M Deeks
Director
Mr B J Sparkes
Director
28/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Bridgecoat Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09862702 . The registered office is 81 High Street, Cosham, Hampshire, PO6 3BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 145,837
As at 30 November 2024 145,837
Amortisation
As at 1 December 2023 111,266
Provided during the period 14,584
As at 30 November 2024 125,850
Net Book Value
As at 30 November 2024 19,987
As at 1 December 2023 34,571
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2023 45,535 68,990 8,571 123,096
As at 30 November 2024 45,535 68,990 8,571 123,096
Depreciation
As at 1 December 2023 37,489 22,093 6,706 66,288
Provided during the period 2,012 11,724 466 14,202
As at 30 November 2024 39,501 33,817 7,172 80,490
Net Book Value
As at 30 November 2024 6,034 35,173 1,399 42,606
As at 1 December 2023 8,046 46,897 1,865 56,808
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 5,010 7,479
Work in progress 175,950 265,000
180,960 272,479
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 56,044 192,671
Prepayments and accrued income 411 -
Corporation tax recoverable assets 69,699 21,731
VAT 8,461 8,471
Other taxes and social security - 9,425
Directors' loan accounts 67,488 -
Amounts owed by group undertakings 1,700 1,700
203,803 233,998
Due after more than one year
Corporation tax recoverable assets 22,777 -
Deferred tax current asset (9,799 ) (13,066 )
12,978 (13,066 )
216,781 220,932
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 114,752 107,687
Bank loans and overdrafts 53,281 10,512
Other loans 14,252 5,008
Corporation tax 119,162 98,466
Other taxes and social security 13,752 -
Credit Cards 28,993 23,814
Pension 674 -
Accruals and deferred income 7,699 13,020
Directors' loan accounts - 8,772
352,565 267,279
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,512 14,489
Other loans 32,184 14,252
Other creditors 80,000 30,000
122,696 58,741
Page 5
Page 6
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 108 108
11. Related Party Transactions
At the balance sheet date the company was owed a total of £1,700.00 by an associated company.
During the year the company paid rent of £54,000 to a director as Freeholder of the premises from which the company operates.
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