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COMPANY REGISTRATION NUMBER: 06393494
Breitling Homes Limited
Unaudited financial statements
31 October 2023
Breitling Homes Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Current assets
Stocks
831,182
831,182
Debtors
5
1,200
8,129
Cash at bank and in hand
23,581
19,690
---------
---------
855,963
859,001
Creditors: Amounts falling due within one year
6
( 49,568)
( 49,688)
---------
---------
Net current assets
806,395
809,313
---------
---------
Total assets less current liabilities
806,395
809,313
Creditors: Amounts falling due after more than one year
7
( 439,812)
( 471,451)
Provisions
Taxation including deferred tax
3,147
Accruals and deferred income
( 15,911)
( 3,485)
---------
---------
Net assets
353,819
334,377
---------
---------
Capital and reserves
Called up share capital
450
450
Profit and loss account
353,369
333,927
---------
---------
Shareholders funds
353,819
334,377
---------
---------
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 income and retained earnings has not been delivered.
For the 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.
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 .
Breitling Homes Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr T Philpot
Director
Company registration number: 06393494
Breitling Homes Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, Noroflk, NR7 0LB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer,(usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 deffered tax iabilities 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.
Stock
Included in stock are properties held for trading purposes which are recognised at market value as determined by the directors. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Debtors
2023
2022
£
£
Trade debtors
1,200
5,286
Other debtors
2,843
------
------
1,200
8,129
------
------
6. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans
35,943
40,247
Social security and other taxes
1,625
9,441
Other creditors
12,000
-------
-------
49,568
49,688
-------
-------
Incldued in bank loans is £25,943 (2022: £30,247) which is secured against the assets of the company.
7. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans
439,812
471,451
---------
---------
Included in bank loans is £423,978 (2022: £445,618) which is secured against the assets of the company.