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REGISTERED NUMBER: 10118057 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

Breakwater Financial Planning Limited

Breakwater Financial Planning Limited (Registered number: 10118057)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Breakwater Financial Planning Limited

COMPANY INFORMATION
for the year ended 30 June 2024







Director: D Critten





Registered office: 18 Candish Drive
Elburton
Plymouth
Devon
PL9 8DB





Registered number: 10118057 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

Breakwater Financial Planning Limited (Registered number: 10118057)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 15,082 10,281

Current assets
Debtors 5 7,064 27,984
Investments 6 167,401 145,418
Cash at bank 92,686 33,179
267,151 206,581
Creditors
Amounts falling due within one year 7 23,765 7,907
Net current assets 243,386 198,674
Total assets less current liabilities 258,468 208,955

Provisions for liabilities 8 1,350 2,200
Net assets 257,118 206,755

Capital and reserves
Called up share capital 9 100 100
Retained earnings 257,018 206,655
Shareholders' funds 257,118 206,755

Breakwater Financial Planning Limited (Registered number: 10118057)

BALANCE SHEET - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





D Critten - Director


Breakwater Financial Planning Limited (Registered number: 10118057)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Breakwater Financial Planning Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, business address and registered office address can be found on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration receivable, and represents amounts receivable for financial service advice. Income is recognised when the advice is complete and all policy inception risks have been accepted by the underwriters.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company makes contributions to employee defined contribution pension schemes. Contributions payable to such schemes are charged to profit or loss in the period in which they are paid.

Breakwater Financial Planning Limited (Registered number: 10118057)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 July 2023 22,366
Additions 7,089
At 30 June 2024 29,455
Depreciation
At 1 July 2023 12,085
Charge for year 2,288
At 30 June 2024 14,373
Net book value
At 30 June 2024 15,082
At 30 June 2023 10,281

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,064 7,369
Other debtors - 20,615
7,064 27,984

Breakwater Financial Planning Limited (Registered number: 10118057)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed Investments 167,401 145,418

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 16,000 6,407
Other creditors 7,765 1,500
23,765 7,907

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,350 2,200

Deferred
tax
£   
Balance at 1 July 2023 2,200
Provided during year (850 )
Balance at 30 June 2024 1,350

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the director, D Critten, £6,265 in respect of his current account balance.

11. ULTIMATE CONTROLLING PARTY

The controlling party is D Critten.