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THE BRIDGE ESTATE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The Bridge Estate Management Company Limited ("the Company") is a private company limited by share capital incorporated in England and Wales and domiciled in the United Kingdom.
The principal activity of the Company is that of the site management of "The Bridge" in Dartford. The Bridge is a regeneration project, jointly undertaken by Prologis UK Limited and Dartford Borough Council and will provide a combination of residential, retail and commercial development.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Turnover is wholly derived from the recharging of expenses incurred during the year in relation to the Company's principal activity and the recharging of service charge due on maintaining and managing the common areas of The Bridge. Turnover is recognised as expenses are incurred. Deferred income is recognised where payments are received from customers in advance. Turnover is derived from activities fully conducted in the United Kingdom and is stated net of Value Added Tax.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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