Bridges Care and Education Limited - Period Ending 2022-08-31

Bridges Care and Education Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Bridges Care and Education Limited

Company Information

Directors

D Alipaz S W Bradshaw M D Gross H Kenny-Allen T A Mack K J Thomas

Registered office

2 Fulmar Drive Hythe Southampton Hampshire SO45 3GF

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Bridges Care and Education Limited

(Registration number: 12428739)
Balance Sheet as at 31 August 2022

	Note	2022  £	2021  £
Fixed assets
Investments	4	3	3
Current assets
Debtors	5	66,122	120,373
Creditors: Amounts falling due within one year	6	(4,200)	(1,030)
Net current assets		61,922	119,343
Net assets		61,925	119,346
Capital and reserves
Called up share capital	7	800	800
Share premium reserve		160,200	160,200
Profit and loss account		(99,075)	(41,654)
Total equity		61,925	119,346

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2023 and signed on its behalf by:
 

S W Bradshaw
Director

Bridges Care and Education Limited

Notes to the Financial Statements for the Year Ended 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Fulmar Drive
Hythe
Southampton
Hampshire
SO45 3GF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The financial statements contain information about Bridges Care and Education Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Bridges Care and Education Limited

Notes to the Financial Statements for the Year Ended 31 August 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Bridges Care and Education Limited

Notes to the Financial Statements for the Year Ended 31 August 2022

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

3

Staff numbers

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

	2022  No.	2021  No.
Average number of employees	6	6

Bridges Care and Education Limited

Notes to the Financial Statements for the Year Ended 31 August 2022

4

Investments

	2022 £	2021 £
Investments in subsidiaries	3	3

Subsidiaries	£
Cost and carrying amount
At 1 September 2021 and at 31 August 2022	3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
Spaghetti Bridge Limited	England and Wales	Ordinary	100%	100%

Subsidiary undertakings

Spaghetti Bridge Limited The principal activity of Spaghetti Bridge Limited is providing specialised education services.

5

Debtors

	2022  £	2021  £
Amounts owed by group undertakings	33,097	107,573
Deferred tax assets	33,025	12,800
	66,122	120,373

6

Creditors

	2022  £	2021  £
Due within one year
Trade creditors	-	1,030
Accrued expenses	4,200	-
	4,200	1,030

Bridges Care and Education Limited

Notes to the Financial Statements for the Year Ended 31 August 2022

7

Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary A shares of £0.10 each	6,800	680.00	6,800	680.00
Ordinary B shares of £0.10 each	1,200	120.00	1,200	120.00
	8,000	800	8,000	800

The Ordinary A and B shares have varying rights as detailed in the Articles and Association.

8

Parent and ultimate parent undertaking

The company's immediate parent is Pulford Trading Limited, incorporated in England and Wales.

9

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 March 2023 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.