Company registration number 03446540 (England and Wales)
BRIDGES WORLDWIDE (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
BRIDGES WORLDWIDE (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRIDGES WORLDWIDE (UK) LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,988
Current assets
Debtors
5
89,583
65,910
Cash at bank and in hand
241,654
132,118
331,237
198,028
Creditors: amounts falling due within one year
6
(278,477)
(177,308)
Net current assets
52,760
20,720
Net assets
56,748
20,720
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
56,648
20,620
Total equity
56,748
20,720
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 and signed by the director and authorised for issue on 14 June 2023
Mr P T Brady
Director
Company Registration No. 03446540
BRIDGES WORLDWIDE (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
There are no estimates in the financial statements that the director considers to be key to the results or the financial position of the company.
2
Accounting policies
Company information
Bridges Worldwide (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.
2.1
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 amounts 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.
2.2
Going concern
The financial statements have been prepared on a going concern basis, which the director considers to be appropriate given the financial position at the year end and expected future trading results. true
2.3
Turnover
Turnover represents net invoiced sales of services, namely the provision of customs brokerage services for air freight. The revenue is recognised on job completion.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BRIDGES WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2
Accounting policies
(Continued)
- 3 -
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.8
Government grants
Amounts due to the company under the Government's Job Retention Scheme are credited to the accounts in the period to which the underlying payroll costs relate.
2.9
The company has taken advantage of exemptions available in 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.
BRIDGES WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
5
4
Tangible fixed assets
Computers
£
Cost
At 1 July 2021
4,352
Additions
5,130
At 30 June 2022
9,482
Depreciation and impairment
At 1 July 2021
4,352
Depreciation charged in the year
1,142
At 30 June 2022
5,494
Carrying amount
At 30 June 2022
3,988
At 30 June 2021
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
81,816
59,871
Other debtors
2,178
2,658
Prepayments and accrued income
5,589
3,381
89,583
65,910
BRIDGES WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,482
34,294
Amounts owed to group undertakings
216,556
116,306
Corporation tax
7,069
12,899
Other taxation and social security
3,295
5,018
Other creditors
34,688
1,294
Accruals and deferred income
11,387
7,497
278,477
177,308
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Palmer FCA
Statutory Auditor:
Nunn Hayward LLP
8
Parent company
The ultimate controlling party is G A C I Bridges.
The parent company of the smallest group to which the company belongs and for which group financial
statements are prepared is Bridges Worldwide plc, a company registered in England and Wales. Its registered office is 2-4 Packhorse Road, Gerrard's Cross, Buckinghamshire SL9 7QE.
The ultimate holding company is Bridges Worldwide Limited (incorporated in Hong Kong) which is also the
parent company of the largest group to which the company belongs and for which group financial statements are
prepared.