Registered number
13607974
Breakaway Property Ltd
Unaudited Filleted Accounts
30 September 2024
Breakaway Property Ltd
Registered number: 13607974
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 180,000 200,000
Current assets
Cash at bank and in hand 40,687 837
Creditors: amounts falling due within one year 4 (191,671) (154,336)
Net current liabilities (150,984) (153,499)
Total assets less current liabilities 29,016 46,501
Provisions for liabilities (5,866) (9,666)
Net assets 23,150 36,835
Capital and reserves
Called up share capital 100 100
Profit and loss account 23,050 36,735
Shareholder's funds 23,150 36,835
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Harrison
Director
Approved by the board on 31 January 2025
Breakaway Property Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2023 200,000
Surplus on revaluation (20,000)
At 30 September 2024 180,000
Depreciation
At 30 September 2024 -
Net book value
At 30 September 2024 180,000
At 30 September 2023 200,000
The 1st property was purchased on 14 January 2022 and revalued on 4 August 2022, by Topaz Finance LTD (trading as Zephyr Homeloans), at a value of £95,000. The 2nd property was purchased on 19 July 2023 and revalued at a value of £85,000
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 134,046 71,394
Trade creditors 1,005 970
Other creditors 56,620 81,972
191,671 154,336
5 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 134,046 -
6 Controlling party
The controlling party is the director, Mr S Harrison, by virtue of his ownership of 100% of the company's share capital.
7 Other information
Breakaway Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
48 Thorn Road
Swinton
Manchester
M27 5QT
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