BREEZE_PROPERTY_DEVELOPME - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Breeze Property Development Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Lower Fold, Marple Bridge, Stockport, Cheshire, UK, SK6 5DX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In their assessment of going concern the director has considered the current and developing impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company’s operations, but the Director is aware that if the current situation becomes prolonged then this may change.

The Director confirmed that amounts totalling £25,610 reflected in Creditors Due within one year owed to the Director and Shareholders will not be withdrawn within 12 months of the balance sheet date.

Having regard to the above, the Director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements, and will continue to use personal monies to support the business, for the foreseeable future.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from the development and sale of stock is recognised in the period in which the services are provided in accordance with the stage of completion of the development when all of the following conditions are satisfied:

•     the amount of revenue can be measured reliably;

•     it is probable that the Company will receive the consideration due;

•     the stage of completion of the at the end of the reporting period can be measured reliably; and

•     the costs incurred and the costs to complete the can be measured reliably.

Revenue relating to long term contracts, defined as the development of a single asset usually over a period extending beyond one year, is recognised as the service progresses. The extent of service delivery is measured by completeness based upon costs incurred to date.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The average monthly number of persons (including directors) employed by the company during the year was:

During the year the company operated a loan account with a related party, Mrs G Breeze. As at 30 April 2021, the Company owed £13,320 (2020: £11,320) to Mrs G Breeze. This amount is included within other creditors due within one year.

There are no repayment terms on these loans. Interest of £nil (2020: £nil) has been charged to the company during the year on this balance.

At the year end the Company was owed £25,600 by Breeze Lettings Ltd, which is a related party, by association of their mutual Director, Mr J Breeze. This balance is included within 'other debtors' as at the year end.

During the period the company operated a loan account with its Director, Mr J Breeze . As at the year end, the Company owed the Director £12,290 (2020: £10,719 was owed to the Company by Mr J Breeze). This amount is included within other creditors.

There are no repayment terms on these loans. Interest of £nil (2020: £nil) has been charged to the company during the period on this balance.