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Company registration number: 08915275
Basement Break Ltd
Unaudited abridged financial statements
31 March 2024
Basement Break Ltd
Contents
Directors and other information
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Basement Break Ltd
Directors and other information
Directors Edward John Roberts
Secretary Edward John Roberts
Company number 08915275
Registered office 51 Church Street
Manchester
M4 1PD
Business address 51 Church Street
Manchester
M4 1PD
Basement Break Ltd
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Edward John Roberts
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 05 November 2024 and signed on behalf of the board by:
Edward John Roberts
Director
Basement Break Ltd
Abridged statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Gross profit 2,058,477 1,753,303
Administrative expenses ( 2,197,150) ( 1,841,454)
_______ _______
Operating loss ( 138,673) ( 88,151)
Interest payable and similar expenses - ( 268)
_______ _______
Loss before taxation 5 ( 138,673) ( 88,419)
Tax on loss - -
_______ _______
Loss for the financial year and total comprehensive income ( 138,673) ( 88,419)
_______ _______
All the activities of the company are from continuing operations.
Company registration number: 08915275
Basement Break Ltd
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 32,191 30,647
_______ _______
32,191 30,647
Current assets
Debtors - 41,613
Investments 7 ( 3,570) ( 3,570)
Cash at bank and in hand 184,333 338,036
_______ _______
180,763 376,079
Creditors: amounts falling due
within one year ( 41,521) ( 47,838)
_______ _______
Net current assets 139,242 328,241
_______ _______
Total assets less current liabilities 171,433 358,888
Creditors: amounts falling due
after more than one year ( 11,573) ( 22,222)
_______ _______
Net assets 159,860 336,666
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 159,760 336,566
_______ _______
Shareholder funds 159,860 336,666
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 05 November 2024 , and are signed on behalf of the board by:
Edward John Roberts
Director
Basement Break Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 424,985 425,085
Loss for the year ( 88,419) ( 88,419)
_______ _______ _______
Total comprehensive income for the year - ( 88,419) ( 88,419)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 336,566 336,666
Loss for the year ( 138,673) ( 138,673)
_______ _______ _______
Total comprehensive income for the year - ( 138,673) ( 138,673)
Dividends paid and payable ( 38,133) ( 38,133)
_______ _______ _______
Total investments by and distributions to owners - ( 38,133) ( 38,133)
_______ _______ _______
At 31 March 2024 100 159,760 159,860
_______ _______ _______
Basement Break Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 51 Church Street, Manchester, M4 1PD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 99 (2023: 80 ).
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 10,729 11,425
_______ _______
6. Tangible assets
£
Cost
At 1 April 2023 83,949
Additions 12,273
_______
At 31 March 2024 96,222
_______
Depreciation
At 1 April 2023 53,302
Charge for the year 10,729
_______
At 31 March 2024 64,031
_______
Carrying amount
At 31 March 2024 32,191
_______
At 31 March 2023 30,647
_______
7. Investments
2024 2023
£ £
Other investments - Virtual Hideout (3,570) (3,570)
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Edward John Roberts ( 13,990) 1,000 ( 12,990)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Edward John Roberts ( 3,000) ( 10,990) ( 13,990)
_______ _______ _______
9. Controlling party
The company was controlled by the directors by virtue of the director holding 100% of the issued share capital of the company.