ACCOUNTS - Final Accounts

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

GROUPBRIDGE LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueCivil engineeringfalse2018-04-01 01035763 2018-04-01 2019-03-31 01035763 2017-04-01 2018-03-31 01035763 2019-03-31 01035763 2018-03-31 01035763 c:Director1 2018-04-01 2019-03-31 01035763 d:Buildings 2018-04-01 2019-03-31 01035763 d:PlantMachinery 2018-04-01 2019-03-31 01035763 d:PlantMachinery 2019-03-31 01035763 d:PlantMachinery 2018-03-31 01035763 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01035763 d:MotorVehicles 2018-04-01 2019-03-31 01035763 d:MotorVehicles 2019-03-31 01035763 d:MotorVehicles 2018-03-31 01035763 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01035763 d:FurnitureFittings 2018-04-01 2019-03-31 01035763 d:FurnitureFittings 2019-03-31 01035763 d:FurnitureFittings 2018-03-31 01035763 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01035763 d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01035763 d:CurrentFinancialInstruments 2019-03-31 01035763 d:CurrentFinancialInstruments 2018-03-31 01035763 d:Non-currentFinancialInstruments 2019-03-31 01035763 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 01035763 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 01035763 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 01035763 d:ShareCapital 2019-03-31 01035763 d:ShareCapital 2018-03-31 01035763 d:CapitalRedemptionReserve 2019-03-31 01035763 d:CapitalRedemptionReserve 2018-03-31 01035763 d:RetainedEarningsAccumulatedLosses 2019-03-31 01035763 d:RetainedEarningsAccumulatedLosses 2018-03-31 01035763 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-03-31 01035763 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 01035763 d:AcceleratedTaxDepreciationDeferredTax 2019-03-31 01035763 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 01035763 c:FRS102 2018-04-01 2019-03-31 01035763 c:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 01035763 c:FullAccounts 2018-04-01 2019-03-31 01035763 c:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 01035763 d:HirePurchaseContracts d:WithinOneYear 2019-03-31 01035763 d:HirePurchaseContracts d:BetweenOneFiveYears 2019-03-31 iso4217:GBP xbrli:pure

Registered number: 01035763

GROUPBRIDGE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

GROUPBRIDGE LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GROUPBRIDGE LIMITED
FOR THE YEAR ENDED 31 MARCH 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Groupbridge Limited for the year ended 31 March 2019 which comprise the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Groupbridge Limited in accordance with the terms of our engagement letter dated 9 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Groupbridge Limited and state those matters that we have agreed to state to the director of Groupbridge Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Groupbridge Limited and its director for our work or for this report.

It is your duty to ensure that Groupbridge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Groupbridge Limited. You consider that Groupbridge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Groupbridge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Whiting & Partners

Chartered Accountants

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

16 December 2019

Page 1

GROUPBRIDGE LIMITED

REGISTERED NUMBER: 01035763

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		151,409		96,041
			151,409		96,041
Current assets
Stocks		3,825		3,825
Debtors: amounts falling due within one year	5	1,185,008		1,043,895
Cash at bank and in hand	6	956,984		706,383
		2,145,817		1,754,103
Creditors: amounts falling due within one year	7	(1,139,907)		(779,822)
Net current assets			1,005,910		974,281
Total assets less current liabilities			1,157,319		1,070,322
Creditors: amounts falling due after more than one year	8		(44,226)		-
Provisions for liabilities
Deferred tax	11	(14,795)		(4,928)
			(14,795)		(4,928)
Net assets			1,098,298		1,065,394

Capital and reserves
Called up share capital	22,900	22,900
Capital redemption reserve	20,200	20,200
Profit and loss account	1,055,198	1,022,294
	1,098,298	1,065,394

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GROUPBRIDGE LIMITED

REGISTERED NUMBER: 01035763

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2019

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2019.

S V Gibbons

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Groupbridge Limited is a private company, limited by shares, domiciled in England and Wales, registration number 01035763. The registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY.
The Company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Freehold property	-	5%	on cost
Plant and machinery	-	25%	on reducing balance
Motor vehicles	-	35%	on reducing balance
Fixtures and fittings	-	25%	on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.7

Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.12

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 16 (2018 - 14).

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2018	75,479	254,454	76,573	406,506
Additions	-	113,638	-	113,638
Disposals	-	(66,865)	(21,779)	(88,644)
At 31 March 2019	75,479	301,227	54,794	431,500
Depreciation
At 1 April 2018	70,123	172,767	67,575	310,465
Charge for the year on owned assets	1,341	45,300	2,075	48,716
Disposals	-	(58,012)	(21,078)	(79,090)
At 31 March 2019	71,464	160,055	48,572	280,091
Net book value
At 31 March 2019	4,015	141,172	6,222	151,409
At 31 March 2018	5,356	81,687	8,998	96,041

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2019	2018
	£	£


Motor vehicles	73,668	-
	73,668	-

Debtors

					2019	2018
					£	£


Trade debtors	920,890	793,437
Prepayments and accrued income	4,532	4,639
Amounts recoverable on long term contracts	259,586	245,819
	1,185,008	1,043,895

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	956,984	706,383
	956,984	706,383

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	695,840	417,925
Amounts owed to group undertakings	219,201	114,701
Corporation tax	113,745	127,289
Other taxation and social security	52,428	93,001
Obligations under finance lease and hire purchase contracts	25,608	-
Other creditors	19,166	9,633
Accruals and deferred income	13,919	17,273
	1,139,907	779,822

8.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Net obligations under finance leases and hire purchase contracts	44,226	-
	44,226	-

Within one year	25,608	-
Between 1-5 years	44,226	-
	69,834	-

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GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

10.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	956,984	706,383

	Financial assets measured at amortised cost comprise stock, trade debtors, other debtors, amounts due from group undertakings, amounts recoverable on long term contracts and cash at bank.
	Other financial liabilities measured at amortised cost comprise trade creditors, amounts due to group undertakings and other creditors.

11.	Deferred taxation

		2019
		£

	At beginning of year	(4,928)
	Charged to profit or loss	(9,867)
	At end of year	(14,795)

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

	Accelerated capital allowances	(14,795)	(4,928)
		(14,795)	(4,928)

12.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

91,600 (2018 - 91,600) Ordinary shares of £0.25 each	22,900	22,900

Page 11

GROUPBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

13.	Pension commitments

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 £17,783 (2018 - £19,209). Contributions totalling £Nil (2018 - £Nil) were payable to the fund at the reporting date

14.	Controlling party

The immediate parent undertaking and ultimate holding company is KBM Holdings Limited a company registered in England. Financial Statements can be found at www.companieshouse.gov.uk.
The controlling party is S V Gibbons.

Page 12