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Registered number: 04081117
Breathe Research Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Sempar Accountancy and Tax Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04081117
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,061 1,693
1,061 1,693
CURRENT ASSETS
Debtors 5 388,498 325,305
Cash at bank and in hand 73,109 119,669
461,607 444,974
Creditors: Amounts Falling Due Within One Year 6 (203,877 ) (193,404 )
NET CURRENT ASSETS (LIABILITIES) 257,730 251,570
TOTAL ASSETS LESS CURRENT LIABILITIES 258,791 253,263
Creditors: Amounts Falling Due After More Than One Year 7 (9,167 ) (19,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (202 ) (322 )
NET ASSETS 249,422 233,774
CAPITAL AND RESERVES
Called up share capital 8 204 204
Profit and Loss Account 249,218 233,570
SHAREHOLDERS' FUNDS 249,422 233,774
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Page 2
For the year ending 31 July 2024 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Emma Underwood
Director
Ms April Camilleri
Director
5 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Breathe Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04081117 . The registered office is C/O Sempar, Unit 3, Riverside 2, Campbell Road, Stoke-on-Trent , Staffordshire, ST4 4RJ.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33.33% on cost
2.4. 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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 2,499 549 32,512 35,560
As at 31 July 2024 2,499 549 32,512 35,560
Depreciation
As at 1 August 2023 1,964 396 31,507 33,867
Provided during the period 107 23 502 632
As at 31 July 2024 2,071 419 32,009 34,499
Net Book Value
As at 31 July 2024 428 130 503 1,061
As at 1 August 2023 535 153 1,005 1,693
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 374,309 319,749
Prepayments and accrued income 2,805 5,556
VAT 11,384 -
388,498 325,305
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 35,754 55,697
Bank loans and overdrafts 10,000 10,000
Corporation tax 47,596 28,685
Other taxes and social security 209 8
VAT - 5,341
Other creditors 1,339 3,791
Accruals and deferred income 9,695 18,420
Directors' loan accounts 99,284 71,462
203,877 193,404
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,167 19,167
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 204 204
9. Directors Advances, Credits and Guarantees
Total dividends paid to the directors during the year were £130,000 (2023: £142,000).
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