Breecy Limited - Period Ending 2016-03-31

Registration number: 02379902

Breecy Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

Graham Sunley & Co Limited
Chartered Certified Accountant
52 Front Street
Acomb
York
YO24 3BX

Breecy Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Breecy Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Breecy Limited for the year ended 31 March 2016 set out on pages XX from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of Breecy Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Breecy Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Breecy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Breecy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Breecy Limited. You consider that Breecy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Breecy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Graham Sunley & Co Limited
Chartered Certified Accountant
52 Front Street
Acomb
York
YO24 3BX

15 December 2016

Page 1

Breecy Limited

(Registration number: 02379902)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	873,272	873,584
Current assets
Debtors		203,566	193,219
Cash at bank and in hand		-	3,176
		203,566	196,395
Creditors: Amounts falling due within one year	3	(8,185)	(3,934)
Net current assets		195,381	192,461
Total assets less current liabilities		1,068,653	1,066,045
Creditors: Amounts falling due after more than one year	3	(561,475)	(561,475)
Accruals and deferred income		(2,853)	(2,746)
Net assets		504,325	501,824
Capital and reserves
Called up share capital	4	300	300
Revaluation reserve		496,690	496,690
Profit and loss account		7,335	4,834
Shareholders funds		504,325	501,824

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 15 December 2016

.........................................
Mr M Fining
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Breecy Limited

Notes to the Abbreviated Accounts

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015).

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The director does not believe that there are any material uncertainties which would affect the ability of the company to continue as a going concern. The bank facility is subject to annual review however all covenants within the loan agreement have been met and the director does not foresee that the facility will not be renewed at any stage.

Depreciation

All fixed assets are initially recorded at cost.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Breecy Limited

Notes to the Abbreviated Accounts

Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2015	888,241	888,241
At 31 March 2016	888,241	888,241
Depreciation
At 1 April 2015	14,657	14,657
Charge for the year	312	312
At 31 March 2016	14,969	14,969
Net book value
At 31 March 2016	873,272	873,272
At 31 March 2015	873,584	873,584

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2016 £	2015 £
Amounts falling due after more than one year	561,475	561,475

Page 4

Breecy Limited

Notes to the Abbreviated Accounts

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

Related party transactions

Transactions with directors

2016	At 1 April 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2016 £
Mr M Fining
Interest charged at 3% and no formal repayment terms	(47,880)	(15,204)	9,587	-	(53,497)

2015	At 1 April 2014 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2015 £
Mr M Fining
Interest charged at 3% and no formal repayment terms	(51,591)	(6,680)	10,391	-	(47,880)

Dividends paid to directors

	2016 £	2015 £
Mr M Fining
	4,500	4,000

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 5