Registered number
07727768
Breathing Space Norfolk Limited
Filleted Accounts
31 December 2023
Breathing Space Norfolk Limited
Registered number: 07727768
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,100,000 900,000
Creditors: amounts falling due within one year 4 (23,128) (21,771)
Net current liabilities (23,128) (21,771)
Total assets less current liabilities 1,076,872 878,229
Provisions for liabilities (104,815) (66,815)
Net assets 972,057 811,414
Capital and reserves
Profit and loss account 972,057 811,414
Shareholders' funds 972,057 811,414
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.
Ms M Sorrell
Director
Approved by the board on 7 August 2024
Breathing Space Norfolk Limited
Notes to the Accounts
for the year ended 31 December 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).
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 January 2023 900,000
Revaluation 200,000
At 31 December 2023 1,100,000
At 31 December 2023 the valuation of the investment property was reviewed by the directors of the company. Following the review the directors are satisfied that the current valuation represents the fair value of the investment property. The revalued asset has not been valued by a qualified valuer. The valuation is representive of similar property values in the same area.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Director's loan account 763 -
Accruals 594 -
Other creditors 21,771 21,771
23,128 21,771
5 Other information
Breathing Space Norfolk Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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