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REGISTRAR OF COMPANIES

Registration number: SC335279

Breakwater Land and Energy Limited

Unaudited Financial Statements

30 November 2023

image-name

 

Breakwater Land and Energy Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 May 2024

 

Breakwater Land and Energy Limited

(Registration number: SC335279)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

96,744

97,530

Other financial assets

5

4,088

12,355

 

100,832

109,885

Current assets

 

Stocks

59,500

147,200

Debtors

6

447,901

334,598

Cash at bank and in hand

 

116,032

540,848

 

623,433

1,022,646

Creditors: Amounts falling due within one year

7

(61,366)

(54,608)

Net current assets

 

562,067

968,038

Total assets less current liabilities

 

662,899

1,077,923

Provisions for liabilities

(22,266)

(23,037)

Net assets

 

640,633

1,054,886

Capital and reserves

 

Allotted, called up and fully paid share capital

50

100

Capital redemption reserve

50

-

Revaluation reserve

71,070

70,270

Profit and loss account

569,463

984,516

Total equity

 

640,633

1,054,886

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 28 May 2024
 

.........................................

M McCreath

Director

 

Breakwater Land and Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Stables House
Home Farm
Garlieston
NEWTON STEWART
DG8 8HF

2

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
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Breakwater Land and Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Land
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 December 2022

92,000

21,096

4,222

117,318

Additions

-

-

183

183

At 30 November 2023

92,000

21,096

4,405

117,501

Depreciation

At 1 December 2022

-

15,978

3,810

19,788

Charge for the year

-

768

201

969

At 30 November 2023

-

16,746

4,011

20,757

Carrying amount

At 30 November 2023

92,000

4,350

394

96,744

At 30 November 2022

92,000

5,118

412

97,530

 

Breakwater Land and Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

4,088

12,355

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

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

At 30 November 2023

4,088

4,088

At 30 November 2022

12,355

12,355

6

Debtors

2023
£

2022
£

Trade debtors

45,870

69,995

Other debtors

402,031

264,603

447,901

334,598

 

Breakwater Land and Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

11,680

Trade creditors

 

27,359

14,805

Taxation and social security

 

-

835

Corporation tax liability

 

31,507

24,788

Other creditors

 

2,500

2,500

 

61,366

54,608

8

Reserves

Movements in the revaluation reserve for the current year are as follows:

Revaluation reserve
£

Brought forward

70,270

Property deferred tax

800

Carried forward

71,070

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)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

11,680

10

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

Loan

35,801

7,236

(13,496)

-

-

607

30,148

               
         

 

2022

At 1 December 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2022
£

M McCreath

Loan

167,180

195,212

(330,000)

-

-

3,409

35,801

               
         

 

The director's advances are repayable on demand.

Interest has been charged at a rate of 2%/2.25% on advances to the director.