Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true122023-01-01falseThe principal activity of the company is the provision of research and development tax credit services.10true 11334433 2023-01-01 2023-12-31 11334433 2023-12-31 11334433 2022-07-01 2022-12-31 11334433 2022-12-31 11334433 c:Director3 2023-01-01 2023-12-31 11334433 d:OfficeEquipment 2023-01-01 2023-12-31 11334433 d:OfficeEquipment 2023-12-31 11334433 d:OfficeEquipment 2022-12-31 11334433 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11334433 d:CurrentFinancialInstruments 2023-12-31 11334433 d:CurrentFinancialInstruments 2022-12-31 11334433 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11334433 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11334433 d:ShareCapital 2023-12-31 11334433 d:ShareCapital 2022-12-31 11334433 d:SharePremium 2023-12-31 11334433 d:SharePremium 2022-12-31 11334433 d:RetainedEarningsAccumulatedLosses 2023-12-31 11334433 d:RetainedEarningsAccumulatedLosses 2022-12-31 11334433 c:FRS102 2023-01-01 2023-12-31 11334433 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11334433 c:FullAccounts 2023-01-01 2023-12-31 11334433 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11334433













Breakthrough Associates Ltd

Financial statements
Information for filing with the registrar

31 December 2023




 
Breakthrough Associates Ltd


Balance sheet
At 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,987

  
-
1,987

Current assets
  

Debtors: amounts falling due within one year
 5 
377,543
1,097,691

Bank and cash balances
  
23,476
215,722

  
401,019
1,313,413

Creditors: amounts falling due within one year
 6 
(58,512)
(406,245)

Net current assets
  
 
 
342,507
 
 
907,168

Total assets less current liabilities
  
342,507
909,155

Provisions for liabilities
  

Deferred tax
  
-
(94)

  
 
 
-
 
 
(94)

Net assets
  
342,507
909,061


Capital and reserves
  

Called up share capital 
  
111
111

Share premium account
  
99,989
99,989

Profit and loss account
  
242,407
808,961

Shareholders' funds
  
342,507
909,061

1

 
Breakthrough Associates Ltd

    
Balance sheet (continued)
At 31 December 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2024.




E E McClenaghan
Director

Company registered number: 11334433
The notes on pages 3 to 7 form part of these financial statements. 
2

 
Breakthrough Associates Ltd
 
 

Notes to the financial statements
Year ended 31 December 2023

1.


General information

Breakthrough Associates Ltd (“the company”) is a limited company domiciled and incorporated in England.
The address of the company's registered office is Cryers Oak, Norton Green Lane, Knowle, Solihull, B93 8PH. The principal place of operations is The Old Telephone Exchange, Gipsy Lane, Balsall Common, Coventry, CV7 7FW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis.  The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future, therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3

 
Breakthrough Associates Ltd
 

 
Notes to the financial statements
Year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
Breakthrough Associates Ltd
 

 
Notes to the financial statements
Year ended 31 December 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 -12).

5

 
Breakthrough Associates Ltd
 
 

Notes to the financial statements
Year ended 31 December 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
11,823



At 31 December 2023

11,823



Depreciation


At 1 January 2023
9,836


Charge for the year
1,987



At 31 December 2023

11,823



Net book value



At 31 December 2023
-



At 31 December 2022
1,987

6

 
Breakthrough Associates Ltd
 
 

Notes to the financial statements
Year ended 31 December 2023

5.


Debtors

2023
2022
£
£


Trade debtors
103,078
168,287

Other debtors
59,927
8,232

Prepayments and accrued income
214,538
921,172

377,543
1,097,691



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
-
425

Corporation tax
-
126,844

Other taxation and social security
26,676
119,364

Other creditors
6,000
3,823

Accruals and deferred income
25,836
155,789

58,512
406,245


 
7