G Bridgland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05564035 (England and Wales)

G BRIDGLAND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

G C S Bridgland

SECRETARY:

Mrs D Bridgland

REGISTERED OFFICE:

Heathwood Timber Yard

Marden Road

Cranbrook

Kent

TN17 2LP

REGISTERED NUMBER:

05564035 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Intangible assets

4

87,569

100,017

Tangible assets

5

125,651

124,944

213,220

224,961

CURRENT ASSETS

Stocks

6,000

6,000

Debtors

6

711,505

683,097

Cash at bank and in hand

65,495

4,570

783,000

693,667

CREDITORS

Amounts falling due within one year

7

267,205

223,058

NET CURRENT ASSETS

515,795

470,609

TOTAL ASSETS LESS CURRENT LIABILITIES

729,015

695,570

CREDITORS

Amounts falling due after more than one year

8

(64,183

)

(19,786

)

PROVISIONS FOR LIABILITIES

10

(19,526

)

(17,941

)

NET ASSETS

645,306

657,843

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

645,305

657,842

SHAREHOLDERS' FUNDS

645,306

657,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 July 2021 and were signed by:

G C S Bridgland - Director

1.	STATUTORY INFORMATION

G Bridgland 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

Revenue recognition

In accordance with the provisions of UITF40 "Revenue recognition and service contracts" where work straddles a year end it is treated as a long term contract and income is accrued as the work progresses to reflect the partial completion of the work at the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

249,753

AMORTISATION

At 1 January 2020

149,736

Amortisation for year

12,448

At 31 December 2020

162,184

NET BOOK VALUE

At 31 December 2020

87,569

At 31 December 2019

100,017

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2020

-

649,607

26,762

347,049

1,023,418

Additions

5,000

29,449

9,046

27,770

71,265

Disposals

-

(942

)

-

(12,250

)

(13,192

)

At 31 December 2020

5,000

678,114

35,808

362,569

1,081,491

DEPRECIATION

At 1 January 2020

-

573,870

26,407

298,197

898,474

Charge for year

500

30,915

1,570

31,211

64,196

Eliminated on disposal

-

(705

)

-

(6,125

)

(6,830

)

At 31 December 2020

500

604,080

27,977

323,283

955,840

NET BOOK VALUE

At 31 December 2020

4,500

74,034

7,831

39,286

125,651

At 31 December 2019

-

75,737

355

48,852

124,944

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2020

13,861

20,200

34,061

Additions

15,799

-

15,799

Transfer to ownership

-

(20,200

)

(20,200

)

At 31 December 2020

29,660

-

29,660

DEPRECIATION

At 1 January 2020

2,079

15,150

17,229

Charge for year

4,449

-

4,449

Transfer to ownership

-

(15,150

)

(15,150

)

At 31 December 2020

6,528

-

6,528

NET BOOK VALUE

At 31 December 2020

23,132

-

23,132

At 31 December 2019

11,782

5,050

16,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

69,601

48,677

Amounts recoverable on contract

19,635

30,888

Other debtors

622,269

603,532

711,505

683,097

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

14,943

29,721

Hire purchase contracts

13,399

10,534

Trade creditors

108,486

80,959

Taxation and social security

81,976

58,281

Other creditors

48,401

43,563

267,205

223,058

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

45,000

-

Hire purchase contracts

19,183

19,786

64,183

19,786

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

9,943

29,721

Hire purchase contracts

32,582

30,320

42,525

60,041

The bank overdraft from Lloyds Bank plc is secured by a debenture over the company's assets dated 16 October 2008. The director has also provided personal guarantees to Lloyds Bank plc of £80,000 and Nat West Bank plc of £20,000.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

19,526

17,941

Deferred

tax

£

Balance at 1 January 2020

17,941

Accelerated Capital Allowances

1,585

Balance at 31 December 2020

19,526

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

12.	RELATED PARTY DISCLOSURES

Included in other debtors is £591,071 (£571,071 - 2019) owed by Wizard Fireworks Limited and £13 (£NIL - 2019) owed by Illusion Pyrotechnics Limited, both are companies controlled by G C S Bridgland.