Company registration number 13090706 (England and Wales)
BRIDGCAP HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BRIDGCAP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRIDGCAP HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Fixed assets
Investments
4
4,700
Current assets
-
Creditors: amounts falling due within one year
6
(4,500)
Net current liabilities
(4,500)
Net assets
200
Capital and reserves
-
Called up share capital
7
200
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 December 2022 and are signed on its behalf by:
Mr M P Lamb
Director
Company Registration No. 13090706
BRIDGCAP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Bridgcap Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Newby Stables, Harrogate Road, Weeton, Leeds, North Yorkshire, LS17 0EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
The company is dependent on the ongoing financial support of
true
its subsidiary company
Bridgcap Limited, a company in which Mr M P Lamb is also a director.
Mr M P Lamb has indicated that financial support will continue to be made available to the company for the foreseeable future.
The directors consider that in preparing the financial statements, they have taken into account all the
information that could reasonably be expected to be available.
On this basis, the directors consider that it is appropriate to prepare the financial statements on the going
concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
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 current liabilities.
BRIDGCAP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BRIDGCAP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
3
4
Fixed asset investments
2021
£
Shares in group undertakings and participating interests
4,700
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
Additions
4,700
At 31 December 2021
4,700
Carrying amount
At 31 December 2021
4,700
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Bridgcap Limited
1
Ordinary
100.00
Bridgcap 2 Limited
2
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Newby Stables, Harrogate Road, Weeton, Leeds, United Kingdom, LS17 0EY
2
The Point, 1 Lower Railway Road, Ilkley, England, LS29 8FL
BRIDGCAP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
£
Amounts owed to group undertakings
4,500
7
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
40
40
Ordinary B shares of £1 each
80
80
Ordinary C shares of £1 each
80
80
200
200
On
incorporation
the company issued
1
A £1 ordinary share at par.
On
22 June 2021
the company issued
a further 39
A £1 ordinary shares
, 80
B £1 ordinary shares
and 80 C Ordinary shares
at par.
The holders of the
A
£1
ordinary shares are entitled to receive a dividend
and
attend and vote at a general meeting of the company
but have no
rights to a return of capital and surplus assets on a disposal or liquidation of the company.
The holders of
both
the
B
£1
ordinary shares
and C £1 ordinary shares
are entitled to receive a dividend
and
attend a general meeting
but have no rights to vote at such meetings. The holders also
have rights to a return of capital and surplus assets on a disposal or liquidation of the company
.
8
Financial commitments, guarantees and contingent liabilities
The company has given a guarantee, supported by a debenture over its assets and a first legal charge
over
all property
and
undertaking of the company, in respect of the bank borrowings of its subsidiary company,
Bridgcap Limited
.
At 31
December 2021
there was an amount of £3
,
102
,
966
outstanding.