Registered number
03136306
Tax Break Limited
Filleted Accounts
31 October 2023
Tax Break Limited
Registered number: 03136306
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 420,000 420,000
Tangible assets 4 3,711 4,741
423,711 424,741
Current assets
Stocks 20,000 18,300
Debtors 5 76,906 83,758
Cash at bank and in hand 28,405 27,146
125,311 129,204
Creditors: amounts falling due within one year 6 (78,583) (70,601)
Net current assets 46,728 58,603
Total assets less current liabilities 470,439 483,344
Creditors: amounts falling due after more than one year 7 (36,276) (77,105)
Net assets 434,163 406,239
Capital and reserves
Called up share capital 101 101
Profit and loss account 434,062 406,138
Shareholders' funds 434,163 406,239
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Handley
Director
Approved by the board on 29 July 2024
Tax Break Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery over 5 years
Work in progress
Work in progress is calculated at 50 per cent of the turnover of the month following the balance sheet date plus 20 per cent of the turnover of the next month. This accounting policy has been applied consistently in all prior years.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 540,000
At 31 October 2023 540,000
Amortisation
At 1 November 2022 120,000
At 31 October 2023 120,000
Net book value
At 31 October 2023 420,000
At 31 October 2022 420,000
Goodwill is being written off in such a manner as to reflect the directors' estimation of impairment.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 20,501
At 31 October 2023 20,501
Depreciation
At 1 November 2022 15,760
Charge for the year 1,030
At 31 October 2023 16,790
Net book value
At 31 October 2023 3,711
At 31 October 2022 4,741
5 Debtors 2023 2022
£ £
Trade debtors 74,051 80,903
Other debtors 2,855 2,855
76,906 83,758
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 16,696 19,375
Taxation and social security costs 59,103 51,139
Other creditors 2,784 87
78,583 70,601
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,296 26,014
Other creditors 21,980 51,091
36,276 77,105
8 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
S. Handley
Amount due to the director at the balance sheet date 51,091 - (29,111) 21,980
51,091 - (29,111) 21,980
9 Related party transactions
Dividends amounting to £36,000 were payable to the directors.
10 Controlling party
The company is controlled by the director and majority shareholder Mr. Stephen Handley.
11 Other information
Tax Break Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Accommodation Road
London
NW11 8ED
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