JAMES_BRIDGE_LIMITED - Accounts


Company Registration No. 03162322 (England and Wales)
JAMES BRIDGE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
JAMES BRIDGE LIMITED
COMPANY INFORMATION
Directors
Mr A J Joseph
Mr J M Joseph
Secretary
Mr I P Stoner
Company number
03162322
Registered office
6th Floor Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
Auditor
Lopian Gross Barnett & Co
6th Floor Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
Business address
1 Tabley Mews
Off Stamford Street
ALTRINCHAM
WA14 1DA
Bankers
National Westminister Bank plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY
JAMES BRIDGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JAMES BRIDGE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,850,000
3,850,000
Current assets
Debtors
4
118,029
94,248
Cash at bank and in hand
15,950
752
133,979
95,000
Creditors: amounts falling due within one year
5
(5,574,931)
(5,546,163)
Net current liabilities
(5,440,952)
(5,451,163)
Total assets less current liabilities
(1,590,952)
(1,601,163)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(1,590,954)
(1,601,165)
Total equity
(1,590,952)
(1,601,163)

The directors of the company have 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 by the board of directors and authorised for issue on 24 January 2019 and are signed on its behalf by:
Mr J M Joseph
Director
Company Registration No. 03162322
JAMES BRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 2 -
1
Accounting policies
Company information

James Bridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Cardinal House, 20 St Mary's Parsonage, Manchester, M3 2LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is dependant on funding from fellow group companies in order to meet its day-to-day liabilities. The shared directors and shareholders have indicated they will continue support the company for at least 12 months from the date of approval of the accounts. In this respect, the company is a going concern.

1.3
Turnover

Turnover relates to rents receivable (net of VAT) for the period. Operating lease incentives are taken into account and spread over the term of the lease.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

JAMES BRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

JAMES BRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).

3
Investment property
2018
£
Fair value
At 1 May 2017 and 30 April 2018
3,850,000
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
48,972
85,970
Other debtors
69,057
8,278
118,029
94,248
JAMES BRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
26,400
62,611
Amounts due to group undertakings
5,474,877
5,402,218
Corporation tax
4,515
33,443
Other taxation and social security
4,792
9,579
Other creditors
64,347
38,312
5,574,931
5,546,163
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2Ordinary shares of £1 each
2
2
2
2
7
Parent company

The parent company is Pugh Davies & Company Limited (company number 00076344, registered office 6th Floor Cardinal House, 20 St Mary's Parsonage, Manchester, M3 2LG). No consolidated accounts are prepared as the group falls below the threshold required to do so.

8
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.

The senior statutory auditor was David Lopian BSc FCA.
The auditor was Lopian Gross Barnett & Co.
2018-04-302017-05-01falseCCH SoftwareCCH Accounts Production 2018.300No description of principal activity24 January 2019This audit opinion is unqualifiedMr A J JosephMr J M JosephMr I P Stoner031623222017-05-012018-04-3003162322bus:Director12017-05-012018-04-3003162322bus:Director22017-05-012018-04-3003162322bus:CompanySecretary12017-05-012018-04-3003162322bus:RegisteredOffice2017-05-012018-04-3003162322bus:Agent12017-05-012018-04-30031623222018-04-30031623222017-04-3003162322core:CurrentFinancialInstruments2018-04-3003162322core:CurrentFinancialInstruments2017-04-3003162322core:ShareCapital2018-04-3003162322core:ShareCapital2017-04-3003162322core:RetainedEarningsAccumulatedLosses2018-04-3003162322core:RetainedEarningsAccumulatedLosses2017-04-3003162322core:ShareCapitalOrdinaryShares2018-04-3003162322core:ShareCapitalOrdinaryShares2017-04-3003162322bus:OrdinaryShareClass12017-05-012018-04-3003162322bus:OrdinaryShareClass12018-04-3003162322bus:PrivateLimitedCompanyLtd2017-05-012018-04-3003162322bus:FRS1022017-05-012018-04-3003162322bus:Audited2017-05-012018-04-3003162322bus:SmallCompaniesRegimeForAccounts2017-05-012018-04-3003162322bus:FullAccounts2017-05-012018-04-30xbrli:purexbrli:sharesiso4217:GBP