Company No: 06498043 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	4	2,370,762		2,629,256
		2,370,762		2,629,256
Current assets
Stocks	5	551,461		401,459
Debtors	6	1,791,989		1,504,252
Cash at bank and in hand		30,609		358,885
		2,374,059		2,264,596
Creditors: amounts falling due within one year	7	( 2,027,035)		( 1,869,399)
Net current assets		347,024		395,197
Total assets less current liabilities		2,717,786		3,024,453
Creditors: amounts falling due after more than one year	8	( 910,243)		( 1,506,177)
Provision for liabilities		( 405,696)		( 434,813)
Net assets		1,401,847		1,083,463
Capital and reserves
Called-up share capital		2,227		2,227
Profit and loss account		1,399,620		1,081,236
Total shareholders' funds		1,401,847		1,083,463

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bridmet Limited (registered number: 06498043) were approved and authorised for issue by the Director on 01 September 2023. They were signed on its behalf by:

G P Hedges Director		William Hylton Jackson Director
Ian Gordon Jacob Director		Kim Yvonne Larcombe Director
Simon Pearson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bridmet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Napoleon House Gore Cross Business Park, Corbin Way, Bridport, DT6 3UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 15 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	103		97

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2022	30,000		30,000
At 31 March 2023	30,000		30,000
Accumulated amortisation
At 01 April 2022	30,000		30,000
At 31 March 2023	30,000		30,000
Net book value
At 31 March 2023	0		0
At 31 March 2022	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 April 2022	89,943		4,881,829		78,249		203,600		5,253,621
Additions	18,281		115,249		0		19,049		152,579
At 31 March 2023	108,224		4,997,078		78,249		222,649		5,406,200
Accumulated depreciation
At 01 April 2022	24,787		2,437,968		27,330		134,280		2,624,365
Charge for the financial year	10,056		373,232		12,730		15,055		411,073
At 31 March 2023	34,843		2,811,200		40,060		149,335		3,035,438
Net book value
At 31 March 2023	73,381		2,185,878		38,189		73,314		2,370,762
At 31 March 2022	65,156		2,443,861		50,919		69,320		2,629,256

5. Stocks

	2023		2022
	£		£
Stocks	352,001		277,000
Work in progress	199,460		124,459
	551,461		401,459

6. Debtors

	2023		2022
	£		£
Trade debtors	1,768,175		1,421,019
Other debtors	23,814		83,233
	1,791,989		1,504,252

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	898,450		609,605
Amounts owed to directors	52,489		5,551
Other loans (secured)	51,569		51,569
Accruals and deferred income	60,105		131,254
Corporation tax	137,443		67,928
Other taxation and social security	254,560		309,328
Obligations under finance leases and hire purchase contracts (secured)	543,410		669,854
Other creditors	29,009		24,310
	2,027,035		1,869,399

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Other loans (secured)	55,866		107,435
Obligations under finance leases and hire purchase contracts (secured)	854,377		1,398,742
	910,243		1,506,177

Obligations under hire purchase contracts are secured on the assets concerned, which are included within leasehold improvements, plant and machinery, fixtures, fittings and equipment and motor vehicles. At the balance sheet date the assets concerned had a combined net book value of £1,914,087 (2021 - £2,257,534).

The bank borrowings are secured by a fixed and floating charge over all the assets and undertakings of the company.

9. Financial commitments

Commitments

Capital commitments are as follows:

	2023		2022
	£		£
Contracted for but not provided for:
- tangible fixed assets	1,777,998		1,983,999

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2023		2022
	£		£
- within one year	206,001		206,001
- between one and five years	824,004		824,004
- after five years	747,993		953,994
	1,777,998		1,983,999

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rates.

At 1 April 2022, the balance owed to the directors was £4,534. During the year, £358,829 was advanced to the directors, and £406,785 was repaid by the directors. At 31 March 2023, the balance owed to the directors was £52,490.

At 1 April 2021, the balance owed to the directors was £1,286. During the year, £286,579 was advanced to the directors, and £292,399 was repaid by the directors. At 31 March 2022, the balance owed to the directors was £4,534.