REGISTERED NUMBER: 03255520 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BRIDGES ESTATE AGENTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr C Stocchetti

Mr M L Kirby

Mr N D Barnes

Mr J N Baldry

Mr D J Pockett

SECRETARY:

Mrs S J Stocchetti

REGISTERED OFFICE:

77 High Street

Aldershot

Hampshire

GU11 1BY

REGISTERED NUMBER:

03255520 (England and Wales)

SENIOR STATUTORY AUDITOR:

Darren Kerins FCCA

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants & Statutory

Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group is that of estate agents and residential lettings agents. There have been no significant changes in the group's principal activities in the year under review. The directors are not aware of any likely major changes in the company's principal activities in the next year.

RESULTS AND PERFORMANCE

The business generated the operating profit of £2,023,215 (2024 - £1,460,843).

FINANCIAL KEY PERFORMANCE INDICATORS

The company has used and will continue to use the following KPIs to best manage the performance of the business at both a group and departmental (Residential Sales, Lettings, Land & New Homes, Additional Income)

Change in Turnover (%)

One of the company targets is growth in market share. The results of the efforts towards achieving this are reflected in change in turnover (%) on a group and divisional level and will be closely monitored.

Change in GP (%)

In a climate of rising costs (including people), ensuring that our growth is profitable is vital. To monitor and manage this, month on month changes in GP are monitored in % terms.

Change in EBITDA (%)

To ensure that the company is continuing to translation strong top line growth to bottom line profitability, change in EBITDA (%) are monitored closely.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continue to be responsible for identifying, managing and mitigating the risks and uncertainties that can affect the company's long-term. Process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the group and the compliance team and finance department take on an important oversight role in this regard.

The following principle risks to the on-going performance of the company:

People

The company's employees are its biggest asset in delivering first in class customer service. As such hiring and retaining a committed and skilled workforce is a key risk of the business. To best mitigate the risk, the company offers a rewarding remuneration structure, working environment and career pathway.

Customers

The company mitigates customer risk by delivering best in class service by:

- Providing a dedicated client manager to qualify buyers, handle all negotiations,

- Provide charging structure to align the company's incentive with the client,

- Ensuring that we are completely up to date with all Professional Standards and

- Delivering high end bespoke marketing for all properties.

ON BEHALF OF THE BOARD:

Mr C Stocchetti - Director

19 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of estate agents and residential lettings agents.

DIVIDENDS

The final dividend of £740,000 was paid during the year in respect of Ordinary "A" shares.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr C Stocchetti

Mr M L Kirby

Mr N D Barnes

Mr J N Baldry

Mr D J Pockett

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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.

AUDITORS

The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C Stocchetti - Director

19 December 2025

Opinion

We have audited the financial statements of Bridges Estate Agents Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 March 2025 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

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.

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce

- Health and safety regulation, reflecting the Company's operating processes

- Data privacy, reflecting the Company's management of personal and corporate data

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance 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.

Darren Kerins FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants & Statutory

Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

19 December 2025

TURNOVER

3

10,265,482

7,755,342

Cost of sales

5,453,732

3,981,629

GROSS PROFIT

4,811,750

3,773,713

Administrative expenses

2,795,220

2,321,570

2,016,530

1,452,143

Other operating income

6,685

8,700

OPERATING PROFIT

6

2,023,215

1,460,843

Interest receivable and similar income

188,735

158,207

2,211,950

1,619,050

Interest payable and similar expenses

8

628

804

PROFIT BEFORE TAXATION

2,211,322

1,618,246

Tax on profit

9

552,943

409,492

PROFIT FOR THE FINANCIAL YEAR

1,658,379

1,208,754

PROFIT FOR THE YEAR

1,658,379

1,208,754

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,658,379

1,208,754

FIXED ASSETS

Tangible assets

11

190,896

137,481

CURRENT ASSETS

Debtors

12

4,205,737

3,882,154

Cash at bank

5,349,605

4,188,725

9,555,342

8,070,879

CREDITORS

Amounts falling due within one year

13

1,530,499

915,931

NET CURRENT ASSETS

8,024,843

7,154,948

TOTAL ASSETS LESS CURRENT LIABILITIES

8,215,739

7,292,429

CREDITORS

Amounts falling due after more than one year

14

(7,904

)

(18,214

)

PROVISIONS FOR LIABILITIES

17

(44,423

)

(29,182

)

NET ASSETS

8,163,412

7,245,033

CAPITAL AND RESERVES

Called up share capital

18

5,164

5,164

Share premium

19

3,485

3,485

Capital redemption reserve

19

1,025

1,025

Retained earnings

19

8,153,738

7,235,359

SHAREHOLDERS' FUNDS

8,163,412

7,245,033

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr C Stocchetti - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

5,164

6,926,605

3,485

1,025

6,936,279

Changes in equity

Total comprehensive income

-

1,208,754

-

-

1,208,754

Dividends

-

(900,000

)

-

-

(900,000

)

Balance at 31 March 2024

5,164

7,235,359

3,485

1,025

7,245,033

Changes in equity

Total comprehensive income

-

1,658,379

-

-

1,658,379

Dividends

-

(740,000

)

-

-

(740,000

)

Balance at 31 March 2025

5,164

8,153,738

3,485

1,025

8,163,412

1.	STATUTORY INFORMATION

Bridges Estate Agents Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

The information is included in consolidated statements of the parent company, details of which can be found in note 23.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TURNOVER

Turnover represents to value of services supplied during the year, excluding value added tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Short leasehold

over period of lease

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The assets of the scheme are held in a separately administered fund.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Property sales commission

7,415,175

5,177,696

Property management

2,850,307

2,577,646

10,265,482

7,755,342

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,957,990

3,692,726

Social security costs

512,837

364,031

Other pension costs

200,444

200,410

5,671,271

4,257,167

The average number of employees during the year was as follows:

2025

2024

Management / Administration

37

32

Sales

87

76

124

108

5.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

286,620

297,794

Directors' pension contributions to money purchase schemes

123,600

143,600

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

147,235

128,336

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

327,197

305,432

Depreciation - owned assets

49,251

42,932

During the year retirement benefits were accruing to three directors in respect of defined contribution pension scheme.

7.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

9,515

9,450

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

628

804

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

537,702

407,972

Deferred tax

15,241

1,520

Tax on profit

552,943

409,492

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:

2025

2024

£

£

Profit before tax

2,211,322

1,618,246

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

552,831

404,562

Effects of:

Expenses not deductible for tax purposes

(1,051

)

(446

)

Capital allowances in excess of depreciation

(13,654

)

-

Depreciation in excess of capital allowances

-

7,651

Tax adjustment of of share of Profit from Orchard Sales (Camberley)LLP

-

(813

)

Deferred Tax

15,241

1,520

Group relief

(424

)

(1,620

)

Dividend income

-

(1,362

)

Total tax charge

552,943

409,492

10.

DIVIDENDS

2025

2024

£

£

Ordinary A shares of £1 each

Final

740,000

900,000

11.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 April 2024

157,548

381,271

385,309

1,380

925,508

Additions

-

63,803

38,863

-

102,666

At 31 March 2025

157,548

445,074

424,172

1,380

1,028,174

Depreciation

At 1 April 2024

145,755

285,748

355,144

1,380

788,027

Charge for year

4,047

34,141

11,063

-

49,251

At 31 March 2025

149,802

319,889

366,207

1,380

837,278

Net book value

At 31 March 2025

7,746

125,185

57,965

-

190,896

At 31 March 2024

11,793

95,523

30,165

-

137,481

12.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

856,683

687,449

Amounts owed by group undertakings

2,209,663

2,197,582

Amounts owed by associates

13,876

8,241

Other debtors

18,976

7,443

Rent Deposit

20,010

18,467

Directors' current accounts

641,174

562,563

S455 Tax recoverable

2,988

2,988

Prepayments and accrued income

253,920

197,421

4,017,290

3,682,154

Amounts falling due after more than one year:

Amounts owed by associates

188,447

200,000

Aggregate amounts

4,205,737

3,882,154