BREAKTHROUGH 777 LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06659540 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

BREAKTHROUGH 777 LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Tangible assets

4

-

146

CURRENT ASSETS

Debtors

5

-

40,260

Cash at bank

17,528

21

17,528

40,281

CREDITORS

Amounts falling due within one year

6

(35,376

)

(55,509

)

NET CURRENT LIABILITIES

(17,848

)

(15,228

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(17,848

)

(15,082

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(17,850

)

(15,084

)

(17,848

)

(15,082

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2020 and were signed by:

M O Simpson - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address

of the registered office is Stone House, Stone Road Business Park, Stone Road, Stoke on Trent,

Staffordshire, ST4 6SR. The principal activity of the company was the provision of consultancy

services. The company ceased to trade 25 July 2018.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually

reviewed and are based on experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely

equal the related actual outcome. The key assumptions and other sources of estimation uncertainty

that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements,depreciation of tangible assets has

been based on estimated useful lives and residual values deemed appropriate by the directors.

Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions

take in to account actual asset lives and residual values as evidenced by disposals during current and

prior accounting periods

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents

amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated,

revenue from the rendering of services is measured by reference to the stage of completion of the

service transaction at the end of the reporting period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Tangible assets are initially recorded at cost, and 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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 are either assessed

individually or grouped on the basis of similar credit risk characteristics

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

Going concern

The accounts have been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2019

and 31 March 2020

1,141

DEPRECIATION

At 1 April 2019

995

Charge for year

146

At 31 March 2020

1,141

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

146

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

PAYE and NIC

-

39,965

VAT

-

295

-

40,260

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

-

2,991

Trade creditors

905

2,560

Directors' loan accounts

34,471

49,958

35,376

55,509

7.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

8.	GOING CONCERN

The accounts have been prepared on the going concern basis as the director has expressed his

willingness to support the business for the foreseeable future.