Big Bridge Limited - Period Ending 2017-10-31

Registration number: 04552323

Big Bridge Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2017

Big Bridge Limited

Contents

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

Big Bridge Limited

Company Information

Directors

Mr R A Liles Mr A G Liles

Company secretary

Mr A G Liles

Registered office

Royal House 110 Station Parade Harrogate North Yorkshire HG1 1EP

Accountants

Murray Harcourt Partners LLP Elizabeth House 13-19 Queen Street Leeds West Yorkshire LS1 2TW

Page 1

Big Bridge Limited

(Registration number: 04552323)
Balance Sheet as at 31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	275,000	575,000
Current assets
Debtors	5	58,148	53,952
Cash at bank and in hand		32,804	4,822
		90,952	58,774
Creditors: Amounts falling due within one year	6	(1,002,229)	(1,190,865)
Net current liabilities		(911,277)	(1,132,091)
Net liabilities		(636,277)	(557,091)
Capital and reserves
Called up and fully paid share capital		100	100
Revaluation reserve		(210,659)	(414,113)
Profit and loss account		(425,718)	(143,078)
Total equity		(636,277)	(557,091)

For the financial year ending 31 October 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 30 July 2018 and signed on its behalf by:
 

......................................... Mr R A Liles Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Big Bridge Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.

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.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Going concern

The financial statements have been prepared on a going concern basis. The directors consider this to be appropriate as a basis for the preparation of the accounts and assumes the continued support of the bank and the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Big Bridge Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) in the year, was 2 (2016 - 2).

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Big Bridge Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

4	Tangible assets

	Land and buildings £	Total £
Cost
At 1 November 2016	575,000	575,000
Disposals	(300,000)	(300,000)
At 31 October 2017	275,000	275,000
Depreciation
Carrying amount
At 31 October 2017	275,000	275,000
At 31 October 2016	575,000	575,000

Included within the net book value of land and buildings above is £275,000 (2016 - £575,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Investment Properties was revalued on 31 October 2017 by the directors.
An independent valuer was not involved. .

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £485,659 (2016 - £989,113).

5

Debtors

	2017 £	2016 £
Other debtors	58,000	53,787
Prepayments	148	165
	58,148	53,952

Page 5

Big Bridge Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

6

Creditors

	2017 £	2016 £
Due within one year
Loans and borrowings	759,799	953,571
Taxation and social security	39,877	1,555
Other creditors	187,936	209,278
Accrued expenses	14,617	26,461
	1,002,229	1,190,865

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	759,799	953,571

Bank borrowings

Secured Bank Loan is denominated in £ with a nominal interest rate of 3.29 %, and the balance is due within one year. The carrying amount at year end is £759,799 (2016 - £953,572). The bankers hold a debenture providing fixed and floating charges over the assets of the company, legal mortgages over the investment properties and investment properties held by Graham Liles Property Partnership to secure all monies due to them.

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Big Bridge Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

8	Related party transactions

Summary of transactions with other related parties

Graham Liles Properties
(Associated Partnership)

At the balance sheet date, the company owed Graham Liles Properties £154,843 (2016 - £176,183), the loan is interest free and repayable on demand.

Liles Bet Limited
(Common Control)

At the balance sheet date, the company was owed by Liles Bet Limited £58,000 (2016 - £52,000), the loan is interest free and repayable on demand.

 

9	Transition to FRS 102

This is the first year that the Company has presented its results under FRS 102. In view of this, the financial statements for the prior year are also required to be adjusted to an FRS 102 basis and accordingly the Company is now presenting financial statements that include comparative figures prepared in accordance with FRS 102. The date of transition to FRS 102 is 1st November 2015. There were no material amendments arising from the adoption of FRS 102.

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