Breakwater IT Limited - Period Ending 2016-03-31

BREAKWATER IT LIMITED - Company Information

Registration number: 05401087

Breakwater IT Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

Barnard Sampson LLP
3a Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD

Breakwater IT Limited

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 4

Breakwater IT Limited

(Registration number: 05401087)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	46,823	36,134
Current assets
Debtors		177,023	147,303
Cash at bank and in hand		114	17
		177,137	147,320
Prepayments and accrued income		19,065	26,535
Creditors: Amounts falling due within one year		(178,023)	(73,395)
Net current assets		18,179	100,460
Total assets less current liabilities		65,002	136,594
Creditors: Amounts falling due after more than one year		(1,200,000)	(1,200,000)
Accruals and deferred income		(1,591)	(8,046)
Net liabilities		(1,136,589)	(1,071,452)
Capital and reserves
Called up share capital	3	75,000	75,000
Profit and loss account		(1,211,589)	(1,146,452)
Shareholders deficit		(1,136,589)	(1,071,452)

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 Board on 22 November 2016 and signed on its behalf by:

.........................................
Mr P A G Davies
Company secretary and director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Breakwater IT 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 2008).

Going concern

The financial statements have been prepared on a going concern basis as the company continues to receive financial support from Mr P A G Davies and his associates who as at the balance sheet date had loaned £1,254,610 to the company of which £54,610 is a short term loan and the balance of £1,200,000 is for the purpose of long term development capital. Mr Davies has indicated that this support will continue.

Turnover

Turnover represents net invoiced sales of goods , excluding value added tax.

Depreciation

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
Improvements to property	10% on cost
Fixtures & fittings	Straight line over 3 years and straight line over 5 years
Office Equipment	Straight line over 3 years and straight line over 5 years

Deferred tax

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Breakwater IT Limited

Notes to the Abbreviated Accounts

Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2015	175,409	175,409
Additions	25,974	25,974
Disposals	(1,518)	(1,518)
At 31 March 2016	199,865	199,865
Depreciation
At 1 April 2015	139,275	139,275
Charge for the year	14,956	14,956
Eliminated on disposals	(1,189)	(1,189)
At 31 March 2016	153,042	153,042
Net book value
At 31 March 2016	46,823	46,823
At 31 March 2015	36,134	36,134

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary A Share Capital of £1 each	75,000	75,000	75,000	75,000

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 P A G Davies
Made a loan to the company	1,207,610	(78,000)	-	125,000	1,254,610

Page 3

Breakwater IT Limited

Notes to the Abbreviated Accounts

2015	At 1 April 2014 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2015 £
Mr P A G Davies
Made a loan to the company	1,261,260	(118,650)	-	65,000	1,207,610

Control

The company is controlled by Mr P A G Davies. by virtue of his shareholding.

Page 4