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Registered number:
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
COMPANY INFORMATION
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BRYDG CAPITAL LTD
CONTENTS
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BRYDG CAPITAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present the strategic report for the year ended 31 May 2025.
The directors are pleased to report the following key financial highlights for the year:
The Company achieved an increase in interest from the borrowers for the financial year ended 31 May 2025, reflecting a growth of 22% compared to 2024. Correspondingly, the interest to the investors also rose by 30%. Despite this increase, the gross margin remained positive at approximately 32%. This demonstrates the Company’s ability to manage costs effectively while scaling operations. The directors are satisfied with the overall performance of the company for the year.
The Group remains exposed to certain risks, primarily related to macroeconomic factors and the specific nature of its lending activities. While the Group has successfully navigated past challenges through proactive risk management, it is important to acknowledge the ongoing uncertainties.
The Board are acutely aware of the competitive environment in the markets in which the Group operates, specifically within the property financing and lending sector. To safeguard and enhance its market position, the Group continuously invests in the design and development of new products, strategic relationships and tailors services to meet evolving customer expectations and to both retain and expand its customer base. Breaches of Cyber and information security present reputational and marketing risks which are mitigated by: • specific training of all personnel commensurate with their roles; • systems designed to deliver security analytics, detection, prevention and threat visibility; • use of external consultants to undertake regular penetration testing; Fraud risk, including the risk of misrepresentation by borrowers or third parties and internal fraud, is an inherent risk within the Group's lending activities. The Group manages this through: • robust due diligence and verification processes applied at origination; • defined authorisation and segregation of duties across transaction approval and vendor management workflows; • ongoing monitoring of loan performance and borrower conduct; • specific training of all personnel commensurate with their roles; and • a clear whistleblowing policy accessible to all personnel. Foreign exchange risk remains minimal, as the majority of loans are denominated in British pounds sterling, aligning with the Group's funding sources. Any exceptions are underwritten with a pre-agreed repayment currency, which presents a manageable risk. As a service orientated Group, retaining and motivating skilled personnel at all levels of the organisation, is key to the long-term success of the Group. The Board are proud of the minimal staff turnover achieved by: • offering hybrid work from home policy; • open door policy across the Group and at all levels of seniority; • regular performance discussions; • ensuring pay and benefits are competitive; and • ensuring a Board member has responsibility for employment engagement.
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BRYDG CAPITAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
One of the key financial performance indicators utilized by the Company is the growth in its loan portfolio, reflecting its capacity to expand operations and meet increasing customer demand effectively.
Key non-financial performance indicators include measuring the number of new customers wins.
This report was approved by the board and signed on its behalf.
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BRYDG CAPITAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £458,616 (2024 - loss £199,027).
No ordinary dividends were declared or paid during the year, and the directors have resolved not to recommend the payment of a final dividend.
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BRYDG CAPITAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
There have been no significant events affecting the Company since the year end.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BRYDG CAPITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYDG CAPITAL LTD
We have audited the financial statements of Brydg Capital Ltd (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 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.
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BRYDG CAPITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYDG CAPITAL LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the directors' Report have been prepared in accordance with applicable legal requirements.
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 and the directors' Report.
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BRYDG CAPITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYDG CAPITAL LTD (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
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 Auditors' 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 an Auditors' Report 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.
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BRYDG CAPITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYDG CAPITAL LTD (CONTINUED)
for and on behalf of
Chartered Accountants
Registered Auditors
101 New Cavendish Street
1st Floor South
W1W 6XH
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BRYDG CAPITAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
REGISTERED NUMBER: 09034678
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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BRYDG CAPITAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Brydg Capital Limited is a private company, limited by shares incorporated in England and Wales (registered number: 09034678). The registered office address and principal place of business of the company is Third Floor Rear, 70-72 Jermyn Street, London, United Kingdom, SW1Y 6NY.
The principal activity of the company is that of property financing and lending.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Revenue from loans advanced to customers is recognised over the period of the agreement. Exit, Extension, Arrangement and Administration fees For loans issued in the year ended 31 May 2024 and going forward, revenue from these fees is recognized over the loan term in line with the associated service period. Previously, such fees were recognized in full at loan inception. The revised treatment has not been applied retrospectively to prior-period loans due to the complexity of restating historical transactions.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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 recognised 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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 revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. Recoverability and impairment of current assets. The determination of whether there are indicators of impairment of the company's current assets and determination of the recoverability of amounts owed by third party and intercompany requires judgement in order to consider the fair value and any need for impairment.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,841 (2024 - £713).
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BRYDG CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The immediate parent company is Brydg Ltd. The registered office and principal place of business is Third Floor Rear, 70-72 Jermyn Street, London, United Kingdom, SW1Y 6NY. The ultimate controlling party is Opera Ventures AG, incorporated in Liechtenstein.
A copy of the group accounts prepared by the immediate parent company may be obtained from that company's registered office.
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