REGISTRAR OF COMPANIES |
Registration number:
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Breakwater Land and Energy Limited
Contents
Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Breakwater Land and Energy Limited
for the Year Ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Breakwater Land and Energy Limited for the year ended 30 November 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Breakwater Land and Energy Limited, as a body, in accordance with the terms of our engagement letter dated 24 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of Breakwater Land and Energy Limited and state those matters that we have agreed to state to the Board of Directors of Breakwater Land and Energy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Breakwater Land and Energy Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Breakwater Land and Energy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Breakwater Land and Energy Limited. You consider that Breakwater Land and Energy Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Breakwater Land and Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Breakwater Land and Energy Limited
(Registration number: SC335279)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
4,088 |
12,355 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Capital redemption reserve |
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- |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Breakwater Land and Energy Limited
(Registration number: SC335279)
Balance Sheet as at 30 November 2023 (continued)
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
M McCreath
Director
Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land |
Not depreciated |
Plant and equipment |
15% reducing balance basis |
Furniture, fittings and office equipment |
33% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.
Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Tangible assets |
Land |
Plant and equipment |
Furniture, fittings and office equipment |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
- |
- |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
- |
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Charge for the year |
- |
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At 30 November 2023 |
- |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Other financial assets (current and non-current) |
2023 |
2022 |
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Non-current financial assets |
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Financial assets at fair value through profit and loss |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 December 2022 |
12,355 |
12,355 |
Fair value adjustments |
(1,267) |
(1,267) |
Disposals |
(7,000) |
(7,000) |
At 30 November 2023 |
4,088 |
4,088 |
Carrying amount |
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At 30 November 2023 |
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4,088 |
At 30 November 2022 |
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12,355 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
- |
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Corporation tax liability |
31,507 |
24,788 |
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Other creditors |
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Reserves |
Movements in the revaluation reserve for the current year are as follows:
Revaluation reserve |
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Brought forward |
70,270 |
Property deferred tax |
800 |
Carried forward |
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Deferred tax has been provided on previous revaluation uplifts of land and buildings, specifically the deferred tax movement in the current financial year relates to a change in tax rates.
On the transition date to Financial Reporting Standard 102, 1 December 2015, the company elected to apply the transitional option to take previous revalued land and buildings as deemed cost, with the cost model applied going forward.
Breakwater Land and Energy Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
- |
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Related party transactions |
Transactions with the director |
2023 |
At 1 December 2022 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 30 November 2023 |
M McCreath |
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Loan |
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( |
- |
- |
607 |
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2022 |
At 1 December 2021 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 30 November 2022 |
M McCreath |
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Loan |
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( |
- |
- |
3,409 |
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The director's advances are repayable on demand.
Interest has been charged at a rate of 2%/2.25% on advances to the director.