P.J. Bridgman & Company Limited - Accounts to registrar (filleted) - small 18.2
P.J. Bridgman & Company Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
| FOR |
| P.J. BRIDGMAN & COMPANY LIMITED |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Directors' Responsibilities Statement | 9 |
| Independent Chartered Accountants' Review Report | 10 |
| P.J. BRIDGMAN & COMPANY LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 17 Bourne Court |
| Southend Road |
| Woodford Green |
| Essex |
| IG8 8HD |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| BALANCE SHEET |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve | 10 |
| Own properties revaluation reserve (Non-distrib) |
10 |
| Retained earnings | 10 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| BALANCE SHEET - continued |
| 31 December 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| P.J. Bridgman & Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling (£) which is also the functional currency for the company and rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable,excluding value added tax, of sales of garden furniture and ancillary products. |
| Turnover from the sale of furniture is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the products. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| The company does not depreciate freehold buildings on the grounds that they are maintained in a good state of repair and that the estimated residual value of the buildings will exceed their valuation at the balance sheet date in 2021. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. All categories of tangible fixed assets have been reviewed for impairment by the directors as at the balance sheet date. |
| At each reporting date, property, plant and equipment are reviewed to determined whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account. |
| Stocks and work in progress |
| Stocks are valued at the lower of cost and net realisable value. Cost is calculated as follows: Raw materials - cost of purchase on a first in/first out basis. Work in progress and finished goods - cost of raw materials and other direct costs of production. Net realisable value is based on estimated selling price less additional costs to completion and disposal. All necessary provision has been made for any obsolete, deteriorated or unusable stock and work in progress. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates further defined contribution schemes on behalf of certain staff members. The pension charge represents the amount payable by the company to the scheme during the year . |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction, it is measured at present value. |
| Trading outlook |
| The impact of Covid 19 on the UK economy in 2021 has been very significant and, generally, adverse. |
| The company directors, however, have taken swift, robust and decisive action to mitigate the threats from the pandemic to the business. To the extent that they have been able to positively influence controllable factors, they have done so. The company has forecast various post year end sales scenarios and considered the cash flow impact therefrom. |
| The company has secured the availability of funding during the year end under the UK Coronavirus Business Interruption Loan Scheme. The company deliberately has a broad customer base and an adequate availability of key trade suppliers. The Job Retention Scheme and other forms of government assistance have helped to preserve company working capital but the hope is that staff retained will be taken off Furlough as customer demand continues to grow further. |
| The company has ensured that all existing forms of finance, including trade creditors, are paid within agreed terms and will be so going forwards. There are no banking or other covenants not being complied with. |
| The company has done all possible to minimize staff redundancies and to ensure that the working environment is Covid 19 safe. |
| As a result of the above measures and key judgements made, the company directors are confident that the company continues to be a going concern. |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other 'deferred tax' assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Freehold properties were revalued in January 2019 by Glenny LLP, Chartered Surveyors, at an open market value of £3,520,000. The historical purchase cost of these properties plus the cost of subsequent additions was £676,225. |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2021 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2021 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2004 | 1,936,802 | - | 1,936,802 |
| Valuation in 2007 | 603,178 | - | 603,178 |
| Valuation in 2010 | (915,500 | ) | - | (915,500 | ) |
| Valuation in 2013 | 275,440 | - | 275,440 |
| Valuation in 2017 | 1,060,000 | - | 1,060,000 |
| Valuation in 2018 | (108,045 | ) | - | (108,045 | ) |
| Cost | 1,924,585 | 492,379 | 2,416,964 |
| 4,776,460 | 492,379 | 5,268,839 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 41,667 | - |
| 8. | LEASING AGREEMENTS |
| The total operating lease commitments falling due as at 31st December 2021 were £653,599 (2020: £591,583). |
| P.J. BRIDGMAN & COMPANY LIMITED (REGISTERED NUMBER: 01335032) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2021 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| The bank overdraft is secured on certain of the company's freehold properties and by a life assurance policy assigned by a company director, Mr P Bridgman. |
| The £500,000 of bank loans are secured by the UK Government under the Coronavirus Business Interruption Loan Scheme. |
| 10. | RESERVES |
| Own |
| properties |
| Capital | revaluation |
| Retained | redemption | reserve |
| earnings | reserve | (Non-distrib) | Totals |
| £ | £ | £ | £ |
| At 1 January 2021 | 4,980,376 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Deferred taxation on |
| revaluation | - | - | 380 | 380 |
| At 31 December 2021 | 5,574,229 |
| 11. | CONTINGENT LIABILITIES |
| The company had contingent liabilities in respect of a bond with HM Customs & Excise given by the company's bankers amounting to £6,000 (2020:£6,000). |
| 12. | RELATED PARTY DISCLOSURES |
| Mr P Bridgman has an ultimate controlling share interest in the company. |
| As at 31st December 2021 the company owed Mr P Bridgman £95,560(2020:£266,834) and Mr R Bridgman £7,130 (2020: £7,130). |
| The company was party to two leases for the occupation of commercial premises owned partly.by the personal pension scheme of Mr P Bridgman.The open market value annual rental cost charged during the year was £76,768 (2020: £65,851). |
| The company recharged expenditure during the year of £1,205,383 (2020: £922,300) to Snug Shack Limited, a company in which certain of the company directors hold a material share interest. As at 31st December 2021, the company was owed by Snug Shack Limited £427,318 (2020:£88,793 Creditor) as shown within trade debtors. |
| The above transactions were conducted on an arms length, market value basis. |
| During the year, company dividends declared to the directors were £376,000 (2020: £169,185). |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| P.J. BRIDGMAN & COMPANY LIMITED |
| The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
| - | ensure that the company has kept proper accounting records; |
| - | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2021 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
| ON BEHALF OF THE BOARD: |
| 21 April 2022 |
| INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
| P.J. BRIDGMAN & COMPANY LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We have reviewed the financial statements of P.J. Bridgman & Company Limited for the year ended 31 December 2021, which comprise the Income Statement, Balance Sheet and the related notes 1 to 0. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed. |
| Directors' responsibility for the financial statements |
| As explained more fully in the Directors' Responsibilities Statement set out on page nil, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
| Accountants' responsibility |
| Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
| Scope of the assurance review |
| A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
| Conclusion |
| Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
| - | so as to give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
| - | in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | in accordance with the requirements of the Companies Act 2006. |
| 17 Bourne Court |
| Southend Road |
| Woodford Green |
| Essex |
| IG8 8HD |
| Date: ............................................. |