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Registered number: 13483934
Breakspear Ventures Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 August 2023
72 Orchard Road
Maldon
Essex
CM9 6EP
Contents
Page
Company Information 1
Directors' Report 2—3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—9
Page 1
Company Information
Directors Mr Richard Abel
Mr Stuart Moore
Company Number 13483934
Registered Office 85 Great Portland Street
First Floor
London
W1W 7LT
Accountants Tim Rennie Associates Limited
72 Orchard Road
Maldon
Essex
CM9 6EP
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2023.
Principal Activity
The company's principal activity continues to be that of an investment vehicle which will identify advanced stage pre-IPO investment opportunities in companies seeking to raise pre-IPO funding immediately prior to listing predominantly in the UK, North America or Canada..
Directors
The directors who held office during the year were as follows:
Ms Nicola Baldwin Resigned 18/08/2023
Mr Paul McKillen Resigned 06/01/2023
Mr Colin Locke Appointed 29/11/2022 Resigned 23/02/2024
Mr Tim Rennie Appointed 23/06/2023 Resigned 28/02/2024
Mr Richard Abel Appointed 05/01/2024
Mr Stuart Moore Appointed 28/02/2024
Post Balance Sheet Events
Post year end Richard Abel was appointed as a director on 05/01/2024, Colin Locke resigned on 23/02/2024, Tim Rennie resigned on 28/02/2024 and Stuart Moore was appointed on 28/02/2024.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Page 3
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Richard Abel
Director
Mr Stuart Moore
Director
23/08/2024
Page 3
Page 4
Profit and Loss Account
31 August 2023 31 August 2022
Notes £ £
Administrative expenses (166,325 ) (114,455 )
Fair value gains on investments 74,750 -
OPERATING LOSS (91,575 ) (114,455 )
Profit on revaluation of investments 67,267 42,719
Other interest receivable and similar income 448 -
Interest payable and similar charges (34,449 ) 22,456
LOSS FOR THE FINANCIAL YEAR (58,309 ) (49,280 )
The notes on pages 8 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
31 August 2023 31 August 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 2,103,874 1,966,062
2,103,874 1,966,062
CURRENT ASSETS
Debtors 5 34,786 25,100
Cash at bank and in hand 24,249 392,737
59,035 417,837
Creditors: Amounts Falling Due Within One Year 6 (9,040 ) (1,658,054 )
NET CURRENT ASSETS (LIABILITIES) 49,995 (1,240,217 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,153,869 725,845
Creditors: Amounts Falling Due After More Than One Year 7 (1,506,979 ) -
NET ASSETS 646,890 725,845
CAPITAL AND RESERVES
Called up share capital 8 754,479 775,125
Profit and Loss Account (107,589 ) (49,280 )
SHAREHOLDERS' FUNDS 646,890 725,845
Page 5
Page 6
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Richard Abel
Director
Mr Stuart Moore
Director
23/08/2024
The notes on pages 8 to 9 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 29 June 2021 775,125 - 775,125
Loss for the period and total comprehensive income - (49,280 ) (49,280)
As at 31 August 2022 and 1 September 2022 775,125 (49,280 ) 725,845
Loss for the year and total comprehensive income - (58,309 ) (58,309)
As at 31 August 2023 754,479 (107,589 ) 646,890
There is a revaluation of £8,000 in the current year figure for Share Capital which relates to a shareholder whose remaining subscription of £8,000 has not yet been received. The directors are in ongoing discussions with the shareholder and, until resolved, the amount owing is included within the Other Debtors section in the Balance Sheet.
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Notes to the Financial Statements
1. General Information
Breakspear Ventures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13483934 . The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including Executive Directors, during the year was: 5 (2022: 3)
5 3
4. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 September 2022 - 1,966,062 1,966,062
Additions 92,188 177,382 269,570
Revaluations - (131,758 ) (131,758 )
As at 31 August 2023 92,188 2,011,686 2,103,874
Provision
As at 1 September 2022 - - -
As at 31 August 2023 - - -
Net Book Value
As at 31 August 2023 92,188 2,011,686 2,103,874
As at 1 September 2022 - 1,966,062 1,966,062
5. Debtors
31 August 2023 31 August 2022
£ £
Due within one year
Other debtors 34,786 25,100
6. Creditors: Amounts Falling Due Within One Year
31 August 2023 31 August 2022
£ £
Trade creditors 6,040 12,649
Other creditors - 1,631,905
Accruals and deferred income 3,000 13,500
9,040 1,658,054
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7. Creditors: Amounts Falling Due After More Than One Year
31 August 2023 31 August 2022
£ £
Other creditors 1,506,979 -
8. Share Capital
31 August 2023 31 August 2022
£ £
Allotted, Called up and fully paid 754,479 775,125
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Shares to be issued totalling £10,000 represents funds received by the Company in respect of shares subscribed for but not yet issued and as per s22.7 of FRS102 standard the monies received are not returnable.
9. Dividends
The Directors do not recommend the payment of a dividend for the period
10. Related Party Transactions
Nicola Baldwin, a Director of the Company, and Emily Bavin, a shareholder of the Company, are employees of Westend Corporate LLP. During the period, Westend Corporate LLP provided the Company with corporate, accounting, company secretarial and consulting services totalling £54,011.Nicola Baldwin did not draw a salary for her services as a Director. 
Paul McKillen, who served as a Director during the year, was also a previous Director of First Look Ventures Ltd. Colin Locke, a Director of the Company, is a Director of FLV Global Ltd. During the period, FLV Global Ltd was paid consultancy fees totalling £9,600, relating to marketing and consultancy activities.
Paul McKillen, who served as a Director during the year, was also a previous Director of FLV Holdings Ltd. Colin Locke, a Director of the Company, is a Director of FLV Global Ltd. During the period, FLV Holdings Ltd was paid was paid a commission totalling £44,480, relating to relating to the raising of preIPO funds. £25,000 of this commission was settled by bank payment with the remainder of £19,480 being settled by the issue of 1,948,000 shares in Breakspear Ventures Ltd at £0.01per share.
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