REGISTERED NUMBER: SC175640 |
BRIDGEND HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: SC175640 |
BRIDGEND HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Group Strategic Report | 1 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Consolidated Profit and Loss Account | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
The results for the year and financial position of the group are as shown in the annexed financial statements. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
REVIEW OF BUSINESS |
Our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole. They are turnover, gross margin, operating profit and net assets. |
Vehicle sales and associated turnover has decreased from £49.9 million for the year to March 2022 to £48.9 million for the year to March 2023. The gross profit margin has decreased from 22.3% in 2022 to 20.5%. Net assets at 31 March 2023 have risen to £22.5 million from £20.9 million. |
We used the drop in business levels immediately after the first national lockdown to embark on a programme of refurbishment throughout our mechanical workshops, upgrading of equipment and improvement of our facilities. We used the downturn to invest in the future of the business that would have been, practically, very difficult in normal circumstances. Due to terrific efforts from management and staff all pulling together we saw the benefits of the improvements to our infrastructure that were made during a business downturn with a marked increase in turnover in 2022. It was not unexpected that results would stabilise in 2023. |
The business is nimble enough to make dynamic management decisions during the most turbulent times, ensuring we were always able to change direction quickly if and when needed to. This adaptability of the business to embrace a new way of selling vehicles using a more blended approach of a significantly improved website offering/functionality and handling physical appointments properly/well, gives the consumer confidence when considering the purchase. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are: competition from other suppliers - we feel that the service provided and scale of our operations mitigates this risk. Pressures through increasing costs and the volatility of the labour market bring new considerations as to how the future operation of the business will look and fresh challenges beyond those faced directly through the pandemic. Volatile economic and global pressures have a downward impact on results due to increased uncertainty. |
Margins and staff costs are controlled by careful planning and budgeting and continuing ongoing review, to ensure efficiency. Our overheads are held to a minimum to maximise the value offering to our customers and to maintain a strong customer base. The directors will continue to monitor costs and performance, seeking further efficiency gains wherever possible. |
We are however, continually reinvesting to strengthen the group and have sufficient resources to cope with any fluctuations in activity. Over-reliance on a low number of insurance companies for our bodyshop and repair activities is a recognised risk however subsidiary, |
Bridgend Accident Repair Centre Limited has successfully diversified the customer base and is performing well, in the opinion of the directors. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
SECTION 172(1) STATEMENT |
The Board of Directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year ended 31 March 2023. |
The following paragraphs summarise how the Directors fulfil their duties: |
Our People |
Our employees are fundamental to the delivery of our business strategy. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business. Learning and development has also been vital to ensure each individual understands their contribution to enabling everyone to work safely. |
Customer Engagement |
As a local business, we work closely with customers both on a transactional basis and also to ensure that we are developing products to suit their needs. We constantly review industry averages for our cars to ensure we are offering a competitive but fair price to our customers. Additionally, we are in regular contact with our finance providers to ensure we are offering the best rates possible to our customers. |
The unique feel of our business, which is family owned, demonstrates our core values of quality, reliability and competent business practice which makes us stand out from the competition and allows us to develop long term partnering relationships with our customers. |
Supplier Engagement |
We pride ourselves in paying suppliers within their credit terms. |
Community and Environment |
We have a solid track record of delivering projects in such a way that maximises the benefit to local communities, we also create opportunities for local people to become involved in our business through the kickstarter programme and our training academy. |
We are committed to reducing our carbon footprint, running our business in a sustainable and responsible manner. |
Shareholders |
The shareholders of the company maintain an active role in the management of the business and sit on the board of directors. The shareholders and management are provided with reporting data at board meetings to enable them to actively manage the company and ensure the focus is on long term strategy. |
Future developments |
Margins and staff costs are controlled by careful planning and budgeting and continuing ongoing review, to ensure efficiency. Our overheads are held to a minimum to maximise the value offering to our customers and to maintain a strong customer base. The directors will continue to monitor costs and performance, seeking further efficiency gains wherever possible. As methods of viewing and buying cars may have changed during recent years, we are content that our methods of promotion and delivery of service continue to be at the forefront of the market. |
Financial instruments |
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from funding activities which are conducted in sterling. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES |
The Group are exposed to the financial risks arising from their operations and the use of financial instruments. Key financial risks are interest rate risk, credit risk and liquidity risk. |
Interest rate risk |
Interest rate risk is the risk that the fair value of future cash flows will fluctuate because of change in the market interest rates. The Group's exposure to interest rate risk arises primarily from interest-bearing loans from other group companies and related companies. |
The direct risks of interest rate volatility, whilst experienced at subsidiary company level through recharge of group borrowing costs, are entirely contingent on the strength of the group. |
Credit risk |
Credit risk relates to the risk that a counterparty would default on its contractual obligations resulting in a loss to the company. The Group's exposure to credit risk arises primarily from trade receivables in relation to customers buying cars through the Group finance option. |
The Group adopts a policy of trading only with recognised and creditworthy third parties. It is the Group's policy that customers who wish to trade on credit terms are subject to credit verification procedures. |
The Group is exposed where counterparties are engaged in similar activities or activities in the same geographical region or have economic features the would affect their ability to meet their contractual obligations to be similarly affected by changes in economic, political or other conditions. |
Risk mitigation for the Group comes via the recovery of the asset if default occurs. |
Liquidity risk |
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortages of funds. As these risks typically manifest due to the mismatch of the maturity of obligations with the availability of funds, the Group manages flexibility through the movement of cash between group and related companies. This factor is mitigated by the stringent and regular review of cash flow projections which are used to make business decisions. |
ON BEHALF OF THE BOARD: |
14 December 2023 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of car sale and repairs. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £ 188,718 . |
The total distribution of dividends from subsidiaries to other shareholders for the year ended 31 March 2023 will be £188,718 (2022 - £131,891). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
ENGAGEMENT WITH EMPLOYEES |
It is the company's policy that employees should be kept as fully informed as possible about the activities of the company. This is achieved through internal communications via monthly floor meetings that all staff attend and include updates on any news and staff awards. |
STREAMLINED ENERGY AND CARBON REPORTING |
As an unquoted company incorporated in the UK, the company is required to report its energy and emissions data in accordance with the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. We have used the main requirements of UK Government GHG conversion factors for Company Reporting 2022 to calculate our emissions. Emissions reported correspond with our financial year end and include all areas to which we have operational control in the UK. The company operates in the UK mainland with no offshore areas. The business operates from multiple branches across Ayrshire, in Kilwinning, Kilmarnock, Irvine and Ayr. At a branch level much of the energy usage is from the operation of workshops, providing heat and light to car showrooms and offices at each branch and the vehicle transport, both from company cars and transportation of stock vehicles. |
The below are actual amounts for the activities in the year to March 2023: |
2023 |
Energy use (kWh)* | 1,048,471 |
Scope 1 emissions (tCO2e)** | 141.01 |
Scope 2 emissions (tCO2e)** | 140.46 |
Total emissions (tCO2e)** | 281.47 |
* Energy use total includes consumption associated with electricity, mains gas, gas oil, diesel and petrol and mains water; including activities across offices, workshops, company vehicles and plant. |
**Data informing the total energy use and associated carbon emissions has been taken from a combination of invoices and meter readings. |
Scope 1: Direct emissions are emissions issued from sources directly controlled by Bridgend Holdings Limited, and it's subsidiaries, these include emissions from oil heating tanks and oil powered paint ovens, company vehicles and gas boilers. |
Scope 2: Indirect emissions are emissions that Bridgend Holdings Limited, and its subsidiaries, are indirectly responsible for via purchased electricity. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The total carbon emissions associated with the group's operations over the reporting period, have been normalised against metrics based on annual revenue and staff headcount. Based on the reported revenue of £48.9m and employee headcount of 256 this gives intensity metric outputs of 5.76 tCO2e/£m and 1.11 tCO2e/employee. |
As the company was outwith the scope of energy and carbon reporting requirements in the previous year, the information provided relates to the current year only. Going forward this information will be reported on an annual basis. |
During the reporting period, the following energy efficiency actions have been taken: |
- Improved reporting to enable us to better understand our emissions; |
- Installation of energy efficient lighting; and |
- Regular monitoring and review of gas and electricity consumption across our sites |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of financial instruments, future developments and financial risk management objectives and polices. Details on how the company has fostered relationships with suppliers, customers and others can be found within the company's section 172 (1) statement. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable laws and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the profit and loss of the company for that period. In preparing these financial statements, the directors are required to: |
- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Bridgend Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the car sales industry. |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, the Companies Act 2006, FRS 102, taxation legislation and FCA regulations. We also consider those laws and regulations having an indirect impact but nonetheless significant, including GDPR, anti-bribery, employment, environmental and health and safety legislation. |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRIDGEND HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements - continued |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In assessing the risk of material misstatement due to fraud in relation to revenue recognition, we: |
- | performed analytical procedures to identify unusual or unexpected relationships; |
- | performed walkthrough tests and substantive sample testing; |
- | carried out cut off testing to ensure revenue recognised in the correct period. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 48,890,538 | 49,883,253 |
Cost of sales | (38,855,160 | ) | (38,783,242 | ) |
GROSS PROFIT | 10,035,378 | 11,100,011 |
Distribution costs | (5,728,543 | ) | (5,094,793 | ) |
Administrative expenses | (4,893,527 | ) | (3,510,764 | ) |
(586,692 | ) | 2,494,454 |
Other operating income | 1,872,438 | 1,632,863 |
OPERATING PROFIT | 5 | 1,285,746 | 4,127,317 |
Interest receivable and similar income | 163,075 | 237,891 |
PROFIT BEFORE TAXATION | 1,448,821 | 4,365,208 |
Tax on profit | 6 | (375,630 | ) | (865,026 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,073,191 | 3,467,682 |
Non-controlling interests | - | 32,500 |
1,073,191 | 3,500,182 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,073,191 | 3,500,182 |
OTHER COMPREHENSIVE INCOME |
Change in non-controlling interest | - | (386,338 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(386,338 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,073,191 |
3,113,844 |
Total comprehensive income attributable to: |
Owners of the parent | 1,073,191 | 3,081,344 |
Non-controlling interests | - | 32,500 |
1,073,191 | 3,113,844 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 2,352,132 | 2,751,928 |
Tangible assets | 10 | 5,118,121 | 4,877,519 |
Investments | 11 | - | - |
Investment property | 12 | - | 232,250 |
7,470,253 | 7,861,697 |
CURRENT ASSETS |
Stocks | 13 | 13,025,486 | 13,779,111 |
Debtors | 14 | 2,142,140 | 2,305,177 |
Cash at bank | 2,830,046 | 1,553,662 |
17,997,672 | 17,637,950 |
CREDITORS |
Amounts falling due within one year | 15 | 3,260,085 | 4,239,079 |
NET CURRENT ASSETS | 14,737,587 | 13,398,871 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
22,207,840 |
21,260,568 |
PROVISIONS FOR LIABILITIES | 18 | 399,548 | 336,749 |
NET ASSETS | 21,808,292 | 20,923,819 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 2,551,022 | 2,551,022 |
Share premium | 20 | 1,818,875 | 1,818,875 |
Fair value reserve | 20 | 150,000 | 150,000 |
Retained earnings | 20 | 17,288,395 | 16,403,922 |
SHAREHOLDERS' FUNDS | 21,808,292 | 20,923,819 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by: |
Alan McLaughlan - Director |
Angela Logan - Director |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2021 | 2,551,022 | 13,035,631 | 1,818,875 |
Changes in equity |
Dividends | - | (131,891 | ) | - |
Total comprehensive income | - | 3,081,344 | - |
Acquisition of non-controlling |
interest | - | 418,838 | - |
Balance at 31 March 2022 | 2,551,022 | 16,403,922 | 1,818,875 |
Changes in equity |
Dividends | - | (188,718 | ) | - |
Total comprehensive income | - | 1,073,191 | - |
Balance at 31 March 2023 | 2,551,022 | 17,288,395 | 1,818,875 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 150,000 | 17,555,528 | 386,338 | 17,941,866 |
Changes in equity |
Dividends | - | (131,891 | ) | - | (131,891 | ) |
Total comprehensive income | - | 3,081,344 | 32,500 | 3,113,844 |
Acquisition of non-controlling |
interest | - | 418,838 | (418,838 | ) | - |
Balance at 31 March 2022 | 150,000 | 20,923,819 | - | 20,923,819 |
Changes in equity |
Dividends | - | (188,718 | ) | - | (188,718 | ) |
Total comprehensive income | - | 1,073,191 | - | 1,073,191 |
Balance at 31 March 2023 | 150,000 | 21,808,292 | - | 21,808,292 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | ( |
) |
Changes in equity |
Balance at 31 March 2022 | ( |
) |
Changes in equity |
Balance at 31 March 2023 | ( |
) |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,068,976 | (486,338 | ) |
Tax paid | (1,146,913 | ) | (238,909 | ) |
Net cash from operating activities | 1,922,063 | (725,247 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (65,912 | ) |
Purchase of tangible fixed assets | (307,242 | ) | (133,029 | ) |
Sale of tangible fixed assets | 35,534 | 34,841 |
Acquisition of interest in subsidiary | - | 452,250 |
Interest received | 163,075 | 237,891 |
Net cash from investing activities | (108,633 | ) | 526,041 |
Cash flows from financing activities |
New loans in year | 935,044 | - |
Loan repayments in year | (779,126 | ) | (702,278 | ) |
Deferred consideration for subsidiary | - | (452,250 | ) |
Amount introduced by directors | 270,329 | 763,974 |
Amount withdrawn by directors | (774,575 | ) | (14,471 | ) |
Equity dividends paid | (188,718 | ) | (131,891 | ) |
Net cash from financing activities | (537,046 | ) | (536,916 | ) |
Increase/(decrease) in cash and cash equivalents | 1,276,384 | (736,122 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,553,662 |
2,289,784 |
Cash and cash equivalents at end of year | 2 | 2,830,046 | 1,553,662 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,448,821 | 4,365,208 |
Depreciation charges | 636,790 | 168,549 |
Loss/(profit) on disposal of fixed assets | 1,566 | (19,088 | ) |
Release of negative goodwill | 24,796 | - |
Increase in provisions | 40,159 | 32,831 |
Minority share of subsidiary net assets | - | (386,337 | ) |
Finance income | (163,075 | ) | (237,891 | ) |
1,989,057 | 3,923,272 |
Decrease/(increase) in stocks | 753,625 | (2,977,866 | ) |
Decrease/(increase) in trade and other debtors | 163,037 | (1,047,828 | ) |
Increase/(decrease) in trade and other creditors | 163,257 | (383,916 | ) |
Cash generated from operations | 3,068,976 | (486,338 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,830,046 | 1,553,662 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,553,662 | 2,289,784 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,553,662 | 1,276,384 | 2,830,046 |
1,553,662 | 1,276,384 | 2,830,046 |
Debt |
Debts falling due within 1 year | (119,796 | ) | (155,918 | ) | (275,714 | ) |
(119,796 | ) | (155,918 | ) | (275,714 | ) |
Total | 1,433,866 | 1,120,466 | 2,554,332 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Bridgend Holdings Limited is a private company, limited by shares incorporated in Scotland. The registered office is Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB. |
The financial statements are presented in Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. |
Going concern |
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the group, during volatile and uncertain economic conditions, including the recoverability of debtors and the continued support of creditors. |
After reviewing the group's forecasts, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
Basis of consolidation |
The financial statements consolidate the financial statements of Bridgend Holdings Limited and all of its subsidiaries drawn up to 31 March each year. No profit and loss account is presented for Bridgend Holdings Limited as permitted by section 408 of the Companies Act 2006. |
The consolidated accounts are prepared under the acquisition method of accounting. The results of subsidiary undertakings are included from the date of acquisition being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. Purchase consideration has been allocated to assets and liabilities on the basis of fair value at the date of acquisition. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Information and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The directors consider the key sources of estimation uncertainty to be as follows:- |
Tangible Fixed Assets |
- Tangible fixed assets (see note 10) are depreciated over their estimated useful lives. The actual lives of the assets are assessed at the end of each reporting period and may vary depending on a number of factors. In re-assessing asset lives, factors such as level of usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate. |
- To determine whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset concerned. The directors have assessed there are no concerns in this regard. |
Warranty Provision |
The group offers its own warranty products on cars sold. The group has an obligation to carry out repairs for those warranties with a guarantee period remaining at the balance sheet date. The warranty provision reflects the estimated liability at the balance sheet date, based on experiential outcomes in prior years. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
The directors consider there are no such significant judgements. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of goods and services rendered during the year including car sales, parts and services sales. The group's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer. |
Finance income |
The group acts as agent on behalf of various finance companies for the arrangement of finance for its customers to purchase its products. Fees earned are recognised when the customer draws down the finance. |
Goodwill |
Goodwill, being the difference between the cost of acquisition of shares in subsidiary undertakings and the fair value of the separable net assets acquired, is capitalised in the balance sheet and amortised over 20 years. Negative goodwill arising is recognised in the profit and loss account over the periods in which the non-monetary assets acquired are depreciated or when these assets are sold. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Heritable property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Courtesy cars | - |
Land included in heritable property is not depreciated. |
Fixed assets are included in the financial statements at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Government grants |
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable. |
Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets that was acquired with the grant |
Investment property |
All of the group's investment properties are held for long-term investment. Investment properties are accounted for as follows: |
(i) Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
(ii) Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. When the revaluation amount exceeds original cost, a transfer is made out of the surplus to a non distributable (fair value) reserve on the balance sheet. |
(iii) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
Stocks |
Stock and work-in-progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Replacement cost of stock would not be materially different. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Work-in-progress which relates to vehicle repairs is incorporated net of labour and parts. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group and the company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to other third parties and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Pension costs and other post-retirement benefits |
The group makes contributions to the personal pension schemes of certain directors and employees. Contributions payable for the year are charged in the profit and loss account in the period to which they relate. |
Fixed asset investments |
Investments in subsidiary undertakings are included at cost less any provision for impairment. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Rents receivable |
Rents receivable under operating leases are credited to the profit and loss account on a straight line basis over the period of the lease. |
Finance agreements |
The capital element of loans provided to customers to finance vehicle acquisitions are included as debtors in the balance sheet. The interest receivable in respect of these loan agreements is credited to the profit and loss account over the relevant period. The loans are secured over the vehicles concerned. |
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. |
Provisions |
Provisions are recognised when the group or company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the group or company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Employee benefits |
Short term employee benefits are recognised as an expense in the period in which they are incurred. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Car sales and aftercare | 48,890,538 | 49,883,253 |
48,890,538 | 49,883,253 |
Turnover and profit before taxation are attributable to the principal activities of the group. All turnover is stated net of Value Added Tax. |
Inter-company transactions have been eliminated on consolidation. |
All group turnover is generated in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 6,401,184 | 5,735,908 |
Social security costs | 580,230 | 494,018 |
Other pension costs | 372,900 | 128,648 |
7,354,314 | 6,358,574 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 4 | 2 |
Management and administration | 39 | 37 |
Sales, after sales and operatives | 217 | 197 |
The average number of employees by undertakings that were proportionately consolidated during the year was 256 (2022 - 234). |
The key management personnel of the company comprise the directors. During the year, the total employee benefits of the key management personnel, paid via subsidiary company Bridgend Garage Ltd, were £213,504 (2022 - £Nil). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 24,131 | - |
Directors' pension contributions to money purchase schemes | 189,373 | - |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 261,790 | 180,948 |
Loss/(profit) on disposal of fixed assets | 1,566 | (19,088 | ) |
Goodwill amortisation | 375,000 | (12,398 | ) |
Accountancy fees paid to auditors | 2,500 | 2,500 |
Audit fees | 36,600 | 28,609 |
Auditors fees - tax | 1,500 | 1,500 |
Impairment of intangible fixed assets | 24,796 | - |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 353,306 | 840,796 |
Under provision in prior year | (316 | ) | - |
Total current tax | 352,990 | 840,796 |
Deferred tax | 22,640 | 24,230 |
Tax on profit | 375,630 | 865,026 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,448,821 | 4,365,208 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
275,276 |
829,390 |
Effects of: |
Expenses not deductible for tax purposes | 3,087 | - |
Income not taxable for tax purposes | (341 | ) | - |
Depreciation in excess of capital allowances | 75,284 | 11,340 |
Adjustments to tax charge in respect of previous periods | (316 | ) | - |
of capital allowances |
Disallowed expenses | - | 66 |
Deferred tax movement | 22,640 | 24,230 |
Total tax charge | 375,630 | 865,026 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 March 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Change in non-controlling interest | (386,338 | ) | - | (386,338 | ) |
7. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | DIVIDENDS |
Dividends totalling £188,718 (2022: £131,891), were paid during the year from subsidiary companies Bridgend Garage Limited and Bridgend Accident Repair Centre Limited. The shares on which the dividends were paid are not intra-group, are non-redeemable, have no voting rights and no rights to participate in any capital distribution. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 | 2,567,580 |
Impairments | 159,552 |
At 31 March 2023 | 2,727,132 |
AMORTISATION |
At 1 April 2022 | (184,348 | ) |
Amortisation for year | 375,000 |
Impairments | 184,348 |
At 31 March 2023 | 375,000 |
NET BOOK VALUE |
At 31 March 2023 | 2,352,132 |
At 31 March 2022 | 2,751,928 |
The company does not hold any intangible fixed assets. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Heritable | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2022 | 5,578,869 | 115,822 | 979,928 |
Additions | 28,826 | 13,006 | 104,748 |
Disposals | - | - | (188,354 | ) |
Reclassification/transfer | 232,250 | - | - |
At 31 March 2023 | 5,839,945 | 128,828 | 896,322 |
DEPRECIATION |
At 1 April 2022 | 1,304,266 | 109,815 | 656,920 |
Charge for year | 81,898 | 3,803 | 98,981 |
Eliminated on disposal | - | - | (175,675 | ) |
Reclassification/transfer | - | - | 61,534 |
At 31 March 2023 | 1,386,164 | 113,618 | 641,760 |
NET BOOK VALUE |
At 31 March 2023 | 4,453,781 | 15,210 | 254,562 |
At 31 March 2022 | 4,274,603 | 6,007 | 323,008 |
Fixtures |
and | Motor | Courtesy |
fittings | vehicles | cars | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 549,590 | 174,733 | 260,131 | 7,659,073 |
Additions | 49,976 | 74,753 | 35,933 | 307,242 |
Disposals | (21,712 | ) | (35,371 | ) | (36,289 | ) | (281,726 | ) |
Reclassification/transfer | - | - | - | 232,250 |
At 31 March 2023 | 577,854 | 214,115 | 259,775 | 7,916,839 |
DEPRECIATION |
At 1 April 2022 | 467,214 | 130,641 | 112,698 | 2,781,554 |
Charge for year | 25,045 | 16,175 | 35,888 | 261,790 |
Eliminated on disposal | (19,672 | ) | (31,532 | ) | (17,747 | ) | (244,626 | ) |
Reclassification/transfer | (52,141 | ) | (9,393 | ) | - | - |
At 31 March 2023 | 420,446 | 105,891 | 130,839 | 2,798,718 |
NET BOOK VALUE |
At 31 March 2023 | 157,408 | 108,224 | 128,936 | 5,118,121 |
At 31 March 2022 | 82,376 | 44,092 | 147,433 | 4,877,519 |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Included in cost of heritable property is land of £614,425 (2022 - £614,425) which is not depreciated. |
The directors have chosen to include property rented between subsidiary companies under the cost model as permitted by FRS102, as a result, in the current year, the asset is included within property, plant and equipment at deemed cost. There is no overall impact on the overall assets of the group. |
The carrying amount of investment property rented between subsidiary companies at 31 March 2023 is £227,605. |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
PROVISIONS |
At 1 April 2022 |
and 31 March 2023 | 1,301,018 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, KA13 7JB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Riverside Complex, Glasgow Road, Kilwinning, Ayrshire, Scotland, KA13 7JB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Caledonia House, Seaward Street, Glasgow, G41 1HJ |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
All subsidiary undertakings are included in the consolidation. |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 232,250 |
Reclassification/transfer | (232,250 | ) |
At 31 March 2023 | - |
NET BOOK VALUE |
At 31 March 2023 | - |
At 31 March 2022 | 232,250 |
During the year, the investment properties were transferred to Heritable Property at the fair value being £232,250. Cumulative fair value gains are £150,000. The historical cost of the investment properties is £82,250. |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Motor vehicles | 12,675,336 | 13,441,792 |
Work-in-progress | 110,615 | 97,024 |
Parts and consumables | 239,535 | 240,295 |
13,025,486 | 13,779,111 |
Stock recognised in cost of sales during the year as an expense was £38,855,160 (2022 - £38,783,242). |
The company had no stock at 31 March 2023 (2022 - £nil). |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,342,192 | 1,236,803 |
Other debtors | 55,778 | 58,384 |
1,397,970 | 1,295,187 |
Amounts falling due after more than one | year: |
Trade debtors | 744,170 | 1,009,990 |
Aggregate amounts | 2,142,140 | 2,305,177 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 16) | 275,714 | 119,796 |
Trade creditors | 704,523 | 710,642 |
Corporation tax | 77,141 | 871,064 |
Social security and other taxes | 734,313 | 572,560 |
Other creditors | 709,018 | 797,620 |
Amounts owed to group undertakings | - | - | 100 | 100 |
Directors' current account | 496,362 | 1,000,608 | - | - |
Accrued expenses | 263,014 | 166,789 |
3,260,085 | 4,239,079 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Other loans | 275,714 | 119,796 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 1,879 | 3,757 |
Between one and five years | - | 1,879 |
1,879 | 5,636 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 161,210 | 138,570 |
Other provisions | 238,338 | 198,179 |
Aggregate amounts | 399,548 | 336,749 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2022 | 138,570 | 198,179 |
Accelerated capital allowances | 22,640 | - |
Movement in year | - | 40,159 |
Balance at 31 March 2023 | 161,210 | 238,338 |
The warranty provision reflects the estimated liability at the balance sheet date for repairs under guarantee. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2,551,022 | 2,551,022 |
Ordinary shares have equal rights with regards to voting, participation and dividends. |
BRIDGEND HOLDINGS LIMITED (REGISTERED NUMBER: SC175640) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
20. | RESERVES |
Group |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 16,403,922 | 1,818,875 | 150,000 | 18,372,797 |
Profit for the year | 1,073,191 | 1,073,191 |
Dividends | (188,718 | ) | (188,718 | ) |
At 31 March 2023 | 17,288,395 | 1,818,875 | 150,000 | 19,257,270 |
Company |
Retained |
earnings |
£ |
At 1 April 2022 | ( |
) |
Profit for the year |
At 31 March 2023 | ( |
) |
21. | PENSION COMMITMENTS |
The group pays into the personal pensions of the directors and certain employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions this year amounted to £372,900 (2022 - £128,648). |
22. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Loans from directors included in the group balance sheet were £496,362 (2022 - £1,000,608). The loans are unsecured, interest free and repayable on demand. |
23. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |