Breathing Space Norfolk Limited

Registered number

07727768

Filleted Accounts

31 December 2024

Breathing Space Norfolk Limited
Registered number:		07727768
Balance Sheet
as at 31 December 2024
						Restated
Notes			2024			2023
£				£
Fixed assets
Investments	3		1,200,000			1,100,000

Creditors: amounts falling due within one year	4	(23,756)			(23,128)

Net current liabilities			(23,756)			(23,128)

Total assets less current liabilities			1,176,244			1,076,872


Provisions for liabilities			(123,815)			(104,815)


Net assets			1,052,429			972,057

Capital and reserves
Profit and loss account fair value adjustment			527,841			446,841
Profit and loss account			524,588			525,216

Shareholders' funds			1,052,429			972,057

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.




Ms M Sorrell
Director
Approved by the board on 3 September 2025

Breathing Space Norfolk Limited
Notes to the Accounts
for the year ended 31 December 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).

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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.

	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.


2	Employees	2024		2023
Number			Number

	Average number of persons employed by the company	0		0


3	Investments

Other
investments
£
	Cost
	At 1 January 2024			1,100,000
	Revaluation			100,000

	At 31 December 2024			1,200,000
	At 31 December 2023 the valuation of the investment property was reviewed by the directors of the company. Following the review the directors are satisfied that the current valuation represents the fair value of the investment property. The revalued asset has been valued by a qualified valuer.


4	Creditors: amounts falling due within one year	2024		2023
£			£

	Director's loan account	1,391		763
	Accruals	594		594
	Other creditors	21,771		21,771
		23,756		23,128


5	Prior year restatement

	The revaulation of the property had previously been accounted for through the profit and loss account. This has now been shown as a profit and loss fair value adjustment. This has changed the profit and loss reserves from £972,057 to £525,216 with the difference being shown as a fair value adjustment.This did not have a material impact on the financial statements.


6	Other information

	Breathing Space Norfolk Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Bury Lodge
	Bury Road
	Stowmarket
	Suffolk
	IP14 1JA