Company registration number 13145956 (England and Wales)
BREAKSPEARE ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BREAKSPEARE ENERGY LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
BREAKSPEARE ENERGY LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,977
22,724
Current assets
Debtors
4
211,013
462,426
Cash at bank and in hand
81,383
106,240
292,396
568,666
Creditors: amounts falling due within one year
5
(67,237)
(405,216)
Net current assets
225,159
163,450
Total assets less current liabilities
228,136
186,174
Provisions for liabilities
(565)
(4,317)
Net assets
227,571
181,857
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
227,569
181,855
Total equity
227,571
181,857

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 4 March 2024 and are signed on its behalf by:
R.J. Dearsly
Director
Company Registration No. 13145956
BREAKSPEARE ENERGY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 January 2021
-
0
-
0
-
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
181,855
181,855
Issue of share capital
6
2
-
2
Balance at 31 March 2022
2
181,855
181,857
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
83,714
83,714
Dividends
-
(38,000)
(38,000)
Balance at 31 March 2023
2
227,569
227,571
BREAKSPEARE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Breakspeare Energy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Canal House, Lisle Street, Loughborough, Leicestershire, LE11 1AW.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
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:

Plant and equipment
25% Straight line
Fixtures and fittings
20% Reducing balance
Motor vehicles
25% Reducing balance

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.

1.4
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.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

BREAKSPEARE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

 

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
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.

BREAKSPEARE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
8
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2022
26,031
Disposals
(20,655)
At 31 March 2023
5,376
Depreciation and impairment
At 1 April 2022
3,307
Depreciation charged in the year
1,344
Eliminated in respect of disposals
(2,252)
At 31 March 2023
2,399
Carrying amount
At 31 March 2023
2,977
At 31 March 2022
22,724
BREAKSPEARE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,613
462,426
Other debtors
112,400
-
0
211,013
462,426
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,394
145,261
Corporation tax
24,321
38,345
Other taxation and social security
32,972
25,837
Other creditors
6,550
195,773
67,237
405,216
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
1,800
8
Controlling Party

The company is controlled by its directors.

 

BREAKSPEARE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
F.J. Dearsly -
-
269
132,589
(42,468)
90,390
R.J. Dearsly -
-
(15,146)
129,430
(54,249)
60,035
(14,877)
262,019
(96,717)
150,425
2023-03-312022-04-01false04 March 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityF.J. DearslyR.J. Dearsly131459562022-04-012023-03-31131459562023-03-31131459562022-03-3113145956core:OtherPropertyPlantEquipment2023-03-3113145956core:OtherPropertyPlantEquipment2022-03-3113145956core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113145956core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3113145956core:CurrentFinancialInstruments2023-03-3113145956core:CurrentFinancialInstruments2022-03-3113145956core:ShareCapital2023-03-3113145956core:ShareCapital2022-03-3113145956core:RetainedEarningsAccumulatedLosses2023-03-3113145956core:RetainedEarningsAccumulatedLosses2022-03-3113145956core:ShareCapital2021-01-1913145956core:RetainedEarningsAccumulatedLosses2021-01-1913145956bus:Director22022-04-012023-03-3113145956core:RetainedEarningsAccumulatedLosses2021-01-202022-03-31131459562021-01-202022-03-3113145956core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113145956core:ShareCapital2021-01-202022-03-3113145956core:PlantMachinery2022-04-012023-03-3113145956core:FurnitureFittings2022-04-012023-03-3113145956core:MotorVehicles2022-04-012023-03-3113145956core:OtherPropertyPlantEquipment2022-03-3113145956core:OtherPropertyPlantEquipment2022-04-012023-03-3113145956core:WithinOneYear2023-03-3113145956core:WithinOneYear2022-03-3113145956bus:PrivateLimitedCompanyLtd2022-04-012023-03-3113145956bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3113145956bus:FRS1022022-04-012023-03-3113145956bus:AuditExemptWithAccountantsReport2022-04-012023-03-3113145956bus:Director12022-04-012023-03-3113145956bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP