Bridge Management Training Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02455943 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Bridge Management Training Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Ms J Sassienie

Mr T Littlehales

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

REGISTERED NUMBER:

02455943 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

5,104

4,630

Investments

5

64,265

86,134

69,369

90,764

CURRENT ASSETS

Debtors

6

1,658,603

3,756,010

Cash at bank and in hand

1,724,354

1,556,907

3,382,957

5,312,917

CREDITORS

Amounts falling due within one year

7

2,499,754

4,606,505

NET CURRENT ASSETS

883,203

706,412

TOTAL ASSETS LESS CURRENT LIABILITIES

952,572

797,176

CAPITAL AND RESERVES

Called up share capital

9

500

500

Retained earnings - non distributable

10

35,460

57,329

Retained earnings

10

916,612

739,347

SHAREHOLDERS' FUNDS

952,572

797,176

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and authorised for issue by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:

Mr T Littlehales - Director

1.	STATUTORY INFORMATION

Bridge Management Training 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.

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 as modified by the revaluation of certain assets.

The company's functional and presentational currency is British Pound sterling, rounded to the nearest pound.

Preparation of consolidated financial statements

The financial statements contain information about Bridge Management Training Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Services are performed by way of an indeterminate number of acts over a specified period of time. Revenue is recognised on a straight-line basis over the specified period unless there is evidence that some other method better represents the stage of completion. When a specific act is much more significant than any other act, the recognition of revenue is postponed until the significant act is executed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 3 years

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments

Investments in Group undertakings are stated at cost less any provision for impairment.

Investments in listed companies are stated at fair value.

The company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the investment is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity, determined using the weighted average cost method, is included in the net profit or loss for the period.

Operating leases

Rentals on operating leases are charged to the profit and loss account in the period in which they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2022

30,428

Additions

3,589

Disposals

(4,004

)

At 30 June 2023

30,013

DEPRECIATION

At 1 July 2022

25,798

Charge for year

3,115

Eliminated on disposal

(4,004

)

At 30 June 2023

24,909

NET BOOK VALUE

At 30 June 2023

5,104

At 30 June 2022

4,630

5.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST OR VALUATION

At 1 July 2022

85,445

689

86,134

Revaluations

(21,869

)

-

(21,869

)

At 30 June 2023

63,576

689

64,265

NET BOOK VALUE

At 30 June 2023

63,576

689

64,265

At 30 June 2022

85,445

689

86,134

Cost or valuation at 30 June 2023 is represented by:

Listed

Unlisted

investments

investments

Totals

£

£

£

Valuation in 2018

7,489

-

7,489

Valuation in 2019

15,045

-

15,045

Valuation in 2020

7,262

-

7,262

Valuation in 2021

36,496

-

36,496

Valuation in 2022

(8,963

)

-

(8,963

)

Valuation in 2023

(21,869

)

-

(21,869

)

Cost

28,116

689

28,805

63,576

689

64,265

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Bridge Partnership Pte Limited

Registered office: 138 Cecil St, 12-01A Cecil Ct, Singapore 069538.

Nature of business: Management training

%

Class of shares:

holding

Ordinary

100.00

The investment in Bridge Partnership Pte Limited is shown on the balance sheet at £1. It was acquired at a cost of SGD 1.

Bridge Partnership North America Limited

Registered office: 18-4 East Dundee Road, Suite 220 Barrington, Il 60010, USA.

Nature of business: Management training

%

Class of shares:

holding

Ordinary

100.00

The investment in Bridge Partnership North America Limited is shown on the balance sheet at £642. It was acquired at a cost of £642.

Bridge Partnership Asia Pacific Pte Limited

Registered office: 138 Cecil St, 12-01A Cecil Ct, Singapore 069538.

Nature of business: Management training

%

Class of shares:

holding

Ordinary

100.00

The investment in Bridge Partnership Asia Pacific Pte Limited is shown on the balance sheet at £46. It was acquired at a cost of £46.

Bridge Partnership Hong Kong Limited

Registered office: 1703, 17th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong,

Nature of business: Management training

%

Class of shares:

holding

Ordinary

100.00

All unlisted investments are held in subsidiary undertakings.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

as restated

£

£

Trade debtors

738,732

633,327

Amounts owed by group undertakings

708,019

2,934,329

Tax

168,599

139,699

Prepayments and accrued income

43,253

48,655

1,658,603

3,756,010

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

as restated

£

£

Trade creditors

133,084

183,812

Advance deposits held

452,345

99,040

Amounts owed to group undertakings

1,252,059

3,499,046

Corporation tax

31,280

85,084

Social security and other taxes

135,035

91,186

Other creditors

11,064

59,977

Accrued expenses

484,887

588,360

2,499,754

4,606,505

8.	SECURED DEBTS

The company has entered into an unlimited multilateral cross guarantee, dated 12 March 2014 with New Bridge Partnership Holding Company Limited.

There is a fixed and floating charge given to HSBC over all assets of the company both present and future dated 13 March 2014.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

as restated

£

£

300

'A' Ordinary

£1

300

300

200

'B' Ordinary

£1

200

200

500

500

The 'A' and 'B' shares hold equal voting, dividends and capital rights.

10.

RESERVES

Retained

earnings

Retained

- non

earnings

distributable

Totals

£

£

£

At 1 July 2022

739,347

57,329

796,676

Profit for the year

255,396

255,396

Dividends

(100,000

)

(100,000

)

Transfers

21,869

(21,869

)

-

At 30 June 2023

916,612

35,460

952,072

11.	PENSION COMMITMENTS

The company operates a defined contribution 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 £43,223 (2022: £57,805). The pension contributions outstanding at the year end amounted to £10,815 (2022: £8,386).

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is New Bridge Partnership Holding Company Limited.

The ultimate controlling party which is also the parent undertaking has its registered office at: Lake House, Market Hill, Royston, SG8 9JN.