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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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BRADFORD BREAKTHROUGH LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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BRADFORD BREAKTHROUGH LIMITED |
BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Statement of Directors' Responsibilities | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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BRADFORD BREAKTHROUGH LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Business Advisors |
19 Bolling Road |
Bradford |
West Yorkshire |
BD4 7BG |
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BANKERS: |
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10 Market Street |
Bradford |
West Yorkshire |
BD1 1NR |
BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of contributing to the economic and social improvement and development of the Bradford District and its involvement in various projects in furtherance of this objective. |
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REVIEW OF BUSINESS |
Bradford Breakthrough's objective is to make Bradford a better place to live, work and visit and to do business and invest. The company seeks to achieve this through regular meetings, information exchange and networking as well as a coordinated programme of advocacy work. |
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Examples of Breakthrough activities include : |
- Working alongside our MPs and Peers to lobby on behalf of the Bradford region |
- Supporting the Bradford City of Culture bid 2025 |
- Lobbying in support of the Skipton / Colne rail link |
- Lobbying to support the rebirth of the Odeon as a top-class concert venue |
- Working alongside partners to improve educational attainment levels |
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Bradford Breakthrough membership has stayed healthy, it currently has 22 members and its financial position has strengthened further allowing it to continue to pursue a range of activities to support its objectives. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
In accordance with section 485 of the Companies Act 2006, Shenward LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRADFORD BREAKTHROUGH LIMITED |
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Opinion |
We have audited the financial statements of Bradford Breakthrough Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its deficit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Emphasis of matter |
We draw attention to the going concern accounting policy and Note 10 of the financial statements which describes the basis upon which the Board has concluded it is appropriate to adopt the going concern basis of preparation. In forming our opinion on the financial statements, we have considered the adequacy of the going concern accounting policy and Note 10 of the financial statements concerning the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRADFORD BREAKTHROUGH LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRADFORD BREAKTHROUGH LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. |
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Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which governs the preparation of the financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase profit, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. |
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Audit procedures performed included, but not limited to: |
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Enquiry of management around actual and potential litigation claims and instances of non-compliance with laws
and regulations; |
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Auditing the risk of management override of controls, through testing journal entries and other adjustments for
appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; |
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Reviewing financial statements disclosures and agreeing to supporting documentation to assess compliance
with applicable laws and regulations; and |
- | Review of board meeting minutes (where held). |
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRADFORD BREAKTHROUGH LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants & Business Advisors |
19 Bolling Road |
Bradford |
West Yorkshire |
BD4 7BG |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING DEFICIT | ( |
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Interest receivable and similar income |
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DEFICIT BEFORE TAXATION | ( |
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Tax on deficit | 6 | ( |
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DEFICIT FOR THE FINANCIAL YEAR | ( |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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MEMBERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Retained | Total |
earnings | equity |
£ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Total comprehensive loss | ( |
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Balance at 31 December 2019 |
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Changes in equity |
Total comprehensive loss | ( |
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Balance at 31 December 2020 |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Bradford Breakthrough Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Judgements and key sources of estimation uncertainty |
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. Details of these judgements can be found in the accounting policies. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement. |
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Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
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Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. |
BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially recorded 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. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party, |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Provisions for liabilities |
Provisions are made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
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Going concern |
The directors have considered the ongoing situation regarding COVID-19 as part of their going concern assessment. The view of the directors is that, whilst they acknowledge the significant disruption that the pandemic has brought and will continue to bring over the coming months, they believe that the company is well placed to negotiate the unique set of conditions currently facing the UK economy. However, in assessing the unknown short, medium and long-term effects of this pandemic, they acknowledge there is a material uncertainty. |
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In reaching their conclusion, the directors have considered the post year end trading performance and have also considered the availability of funding both internally and externally. |
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The company will continue to make use of the various financial support measures announced by the UK Government where applicable. |
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After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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5. | AUDITORS' REMUNERATION |
2020 | 2019 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
540 |
540 |
Total audit fees | 540 | 540 |
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6. | TAXATION |
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Analysis of the tax credit |
The tax credit on the deficit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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( |
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Deferred tax | ( |
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Tax on deficit | ( |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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6. | TAXATION - continued |
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Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is the same as the standard rate of corporation tax in the UK. |
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2020 | 2019 |
£ | £ |
Deficit before tax | ( |
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Deficit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
( |
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( |
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Effects of: |
Adjustments to tax charge in respect of previous periods |
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Creation of losses | - | 929 |
Carry back of losses | - | (929 | ) |
Total tax credit | (175 | ) | (924 | ) |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The fixtures & fittings were fully written down during FY16. |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Tax |
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Deferred tax asset |
Tax losses carried forward |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Other creditors |
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Accrued expenses |
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BRADFORD BREAKTHROUGH LIMITED (REGISTERED NUMBER: 02454507) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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10. | POST BALANCE SHEET EVENTS |
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On 30 January 2020, the World Health Organisation (WHO) announced COVID-19 as a global health emergency. On 11 March 2020, it announced that COVID-19 was a global pandemic which has had a significant impact on the worldwide economy. The directors are aware of the effects that this may subsequently have on the company and have reviewed and adopted the relevant operational strategies to safeguard the business for the ensuing 12 months. |
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The first known cases of COVID-19 and the subsequent lockdown of the UK economy arose prior to the year end. Consequently, whilst preparing the financial statements the directors have considered the impact of the COVID-19 pandemic on certain disclosures and on the measurement of certain account balances. The directors, in line with relevant guidance, have considered the likelihood of any post year end impairment to asset values and have concluded that no such impairment has arisen. Accordingly, there has been no material diminution in asset values following the year end. |
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11. | ULTIMATE CONTROLLING PARTY |
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The directors are of the opinion that the company is not controlled by any particular individual or entity. |
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12. | COMPANY STATUS |
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The company is a private company limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. |