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Company No: 10428948 (England and Wales)

BREAKING THE SILENCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

BREAKING THE SILENCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

BREAKING THE SILENCE LIMITED

BALANCE SHEET

As at 31 October 2023
BREAKING THE SILENCE LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 4,167 4,167
Tangible assets 4 12,052 0
16,219 4,167
Current assets
Debtors 5 27,810 105,974
Cash at bank and in hand 147,222 131,576
175,032 237,550
Creditors: amounts falling due within one year 6 ( 32,794) ( 27,862)
Net current assets 142,238 209,688
Total assets less current liabilities 158,457 213,855
Net assets 158,457 213,855
Capital and reserves
Called-up share capital 100 100
Profit and loss account 158,357 213,755
Total shareholder's funds 158,457 213,855

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Breaking the Silence Limited (registered number: 10428948) were approved and authorised for issue by the Director on 28 March 2024. They were signed on its behalf by:

D Beeney
Director
BREAKING THE SILENCE LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 October 2023
BREAKING THE SILENCE LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 October 2023
Called-up share capital Profit and loss account Total
£ £ £
At 01 November 2021 100 212,548 212,648
Profit for the financial year 0 77,207 77,207
Total comprehensive income 0 77,207 77,207
Dividends paid on equity shares 0 ( 76,000) ( 76,000)
At 31 October 2022 100 213,755 213,855
At 01 November 2022 100 213,755 213,855
Profit for the financial year 0 60,602 60,602
Total comprehensive income 0 60,602 60,602
Dividends paid on equity shares 0 ( 116,000) ( 116,000)
At 31 October 2023 100 158,357 158,457
BREAKING THE SILENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
BREAKING THE SILENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Breaking the Silence Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Mercer & Hole, Silbury Court, 420 Silbury Boulevard, Central Milton Keynes, Buckinghamshire, MK9 2AF.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised in accordance with the period in which such services are supplied.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax is only recognised where it is deemed to be significant to the financial statements.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Other intangible assets 10 years straight line
Other intangible assets

The other intangible assets recognised by the Company comprise of intellectual property on the creation of a book for sale. The intellectual property is defined as having a finite useful life, albeit it is not possible to reliably determine a defined term for that useful life. As such the director has deemed an estimated useful life of 10 years to be appropriate.

At the year end the intellectual property is undergoing creation and as such is not yet generating economic benefit for the Company. The useful life of the intellectual property is deemed to commence from completion and as such is not currently being amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery etc. 3 years straight line
Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2022 4,167 4,167
At 31 October 2023 4,167 4,167
Accumulated amortisation
At 01 November 2022 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 4,167 4,167
At 31 October 2022 4,167 4,167

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 0 0 0
Additions 11,811 350 12,161
At 31 October 2023 11,811 350 12,161
Accumulated depreciation
At 01 November 2022 0 0 0
Charge for the financial year 98 11 109
At 31 October 2023 98 11 109
Net book value
At 31 October 2023 11,713 339 12,052
At 31 October 2022 0 0 0

5. Debtors

2023 2022
£ £
Trade debtors 20,553 24,641
Other debtors 7,257 81,333
27,810 105,974

6. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 14,806 18,212
Other taxation and social security 9,197 4,221
Other creditors 8,791 5,429
32,794 27,862

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Dividends paid 116,000 76,000
Amounts advanced and due to the Company at the balance sheet date 7,257 81,333

Advances

An advance was made to the director in the form of a director's loan. There are no formal terms or conditions associated with the loan, however interest is charged at HMRC's official rate for beneficial loans where the balance due exceeds £10,000. This ranged between 2% and 2.25% over the current reporting period. The balance outstanding at year end will be repaid within nine months of the balance sheet date, and as such is considered as due within one year.

The opening balance of the loan was £81,333, further advances totaled £41,410, interest of £514 was charged, and amounts repaid totaled £116,000. This left a closing balance of £7,257 advanced to the director at the balance sheet date.