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31/12/2021
2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04991821
2021-01-01
2021-12-31
04991821
2021-12-31
04991821
2020-12-31
04991821
2020-01-01
2020-12-31
04991821
2020-12-31
04991821
core:FurnitureFittingsToolsEquipment
2021-01-01
2021-12-31
04991821
bus:Director1
2021-01-01
2021-12-31
04991821
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
04991821
core:FurnitureFittingsToolsEquipment
2020-12-31
04991821
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
04991821
core:FurnitureFittingsToolsEquipment
2021-12-31
04991821
core:WithinOneYear
2021-12-31
04991821
core:WithinOneYear
2020-12-31
04991821
core:AfterOneYear
2021-12-31
04991821
core:AfterOneYear
2020-12-31
04991821
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
04991821
core:ShareCapital
2021-12-31
04991821
core:ShareCapital
2020-12-31
04991821
core:RetainedEarningsAccumulatedLosses
2021-12-31
04991821
core:RetainedEarningsAccumulatedLosses
2020-12-31
04991821
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-01-01
2021-12-31
04991821
core:FurnitureFittingsToolsEquipment
2020-12-31
04991821
bus:Director1
2020-12-31
04991821
bus:Director1
2021-12-31
04991821
bus:Director1
2019-12-31
04991821
bus:Director1
2020-12-31
04991821
bus:Director1
2020-01-01
2020-12-31
04991821
bus:SmallEntities
2021-01-01
2021-12-31
04991821
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
04991821
bus:FullAccounts
2021-01-01
2021-12-31
04991821
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
04991821
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
Company registration number:
04991821
Breeze Properties Limited
Unaudited filleted financial statements
31 December 2021
BREEZE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
635,219 |
|
|
|
615,457 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
635,219 |
|
|
|
615,457 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
62 |
|
|
|
62 |
|
|
Cash at bank and in hand |
|
|
2,449 |
|
|
|
3,461 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,511 |
|
|
|
3,523 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
104,571) |
|
|
|
(
103,777) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
102,060) |
|
|
|
(
100,254) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
533,159 |
|
|
|
515,203 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
352,204) |
|
|
|
(
352,204) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
10,783) |
|
|
|
(
7,161) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
170,172 |
|
|
|
155,838 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
10 |
|
|
170,170 |
|
|
|
155,836 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
170,172 |
|
|
|
155,838 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 September 2022
, and are signed on behalf of the board by:
Mr C Arscott
Director
Company registration number:
04991821
BREEZE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 15 Ramage Close, Plymouth, Devon, PL6 8SQ.
Principal activity
The principal activity of the company is that of property letting.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the total rents receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Principal activity
The principal activity of the company is that of property letting.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
5.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
|
At 1 January 2021 |
615,000 |
9,866 |
624,866 |
|
|
|
|
|
Revaluation |
20,000 |
- |
20,000 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
635,000 |
9,866 |
644,866 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2021 |
- |
9,409 |
9,409 |
|
|
|
|
|
Charge for the year |
- |
238 |
238 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
- |
9,647 |
9,647 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2021 |
635,000 |
219 |
635,219 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2020 |
615,000 |
457 |
615,457 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
The investment properties are shown at market value. The market valuation of the investment property has been undertaken by the directors based on market conditions.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31 December 2021 |
|
|
|
|
|
|
|
|
Aggregate cost |
475,594 |
475,594 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
475,594 |
475,594 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
|
|
|
Aggregate cost |
475,594 |
475,594 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
475,594 |
475,594 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Other debtors |
|
62 |
62 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Cash and cash equivalents
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
2,449 |
3,461 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
563 |
|
Other creditors |
|
104,571 |
103,214 |
|
|
|
_______ |
_______ |
|
|
|
104,571 |
103,777 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
352,204 |
352,204 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loans are secured by fixed charges on the investment properties and floating charges over other assets of the company.
10.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.This reserve contains accumulated undistributable reserves totalling £148,578 (2020: £132,336).
11.
The Director
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Directors |
(
101,459) |
(
1,726) |
- |
(
103,185) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Directors |
(
101,501) |
(
4,180) |
4,222 |
(
101,459) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
No interest is charged on this loan and it is repayable on demand.
12.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.