BRIDGCAP_LIMITED - Accounts


Company Registration No. 10034434 (England and Wales)
BRIDGCAP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
BRIDGCAP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BRIDGCAP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,130
1,928
Investment properties
4
4,905,000
4,295,000
Investments
5
1
-
4,906,131
4,296,928
Current assets
Debtors
7
274,732
15,373
Cash at bank and in hand
555,338
8,946
830,070
24,319
Creditors: amounts falling due within one year
8
(5,637,231)
(4,243,039)
Net current liabilities
(4,807,161)
(4,218,720)
Total assets less current liabilities
98,970
78,208
Provisions for liabilities
(4,344)
(1,727)
Net assets
94,626
76,481
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
99,318
89,232
Distributable profit and loss reserves
(4,792)
(12,851)
Total equity
94,626
76,481

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BRIDGCAP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 February 2021 and are signed on its behalf by:
Mr M P Lamb
Director
Company Registration No. 10034434
BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information

Bridgcap Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newby Stables, Harrogate Road, Weeton, Leeds, North Yorkshire, LS17 0EY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is dependant upon the ongoing financial support of one of its directors and its bankers.true

 

The directors have indicated that this support will continue to be provided for the year from the date of approval of these accounts.

 

The directors consider that in preparing the financial statements that they have taken into account all the information that could reasonably be expected to be available.

 

On this basis, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

 

Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time. The directors have given due consideration to the impact of the pandemic on the company and consider that it will have adequate resources to manage that impact.

1.3
Turnover

Turnover represents amounts receivable for rents.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

IT equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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 recognised 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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2020
2019
Number
Number
Total
2
2
BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
2,394
Depreciation and impairment
At 1 April 2019
466
Depreciation charged in the year
798
At 31 March 2020
1,264
Carrying amount
At 31 March 2020
1,130
At 31 March 2019
1,928
4
Investment property
2020
£
Fair value
At 1 April 2019
4,295,000
Additions
597,297
Revaluations
12,703
At 31 March 2020
4,905,000

The company's investment properties were valued at market value by the company's director D P Lamb at 31 March 2020. These valuations were incorporated into the balance sheet at that date.

 

On a historical cost basis the properties would have been included in the accounts at an original cost of £4,801,338 (2019 - £4,204,041).

BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
1
-
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2019
-
Additions
1
At 31 March 2020
1
Carrying amount
At 31 March 2020
1
At 31 March 2019
-
6
Associates

Details of the company's associates at 31 March 2020 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Point (Ilkley) Limited
The Point, No.1 Lower Railway Road, Ilkley, England, LS29 8FL
Ordinary
33.33
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,045
3,045
Other debtors
271,687
12,328
274,732
15,373

Included within Other debtors are amounts due from connected companies of £268,187 (2019 - £Nil).

BRIDGCAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
2,822,466
1,999,466
Taxation and social security
1,491
-
Other creditors
2,813,274
2,243,573
5,637,231
4,243,039

The bank loan is secured by first legal charges held over the company's investment properties. The loan has no fixed repayment terms.

Included in Other creditors is a loan from a director of the company of £2,808,530 (2019 - £2,241,174). This loan is unsecured and payable on demand.

9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
4,344
1,727
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary A Shares of £1 each
20
20
40 Ordinary B Shares of £1 each
40
40
40 Ordinary C Shares of £1 each
40
40
100
100

All classes of shares rank pari passu.

11
Non-distributable profits reserve
2020
2019
£
£
At the beginning of the year
89,232
4,789
Non distributable profits in the year
10,086
84,443
At the end of the year
99,318
89,232
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