Company Registration No. 11707875 (England and Wales)
BREAKING BARRIERS TRADING LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 MAY 2020
PAGES FOR FILING WITH REGISTRAR
BREAKING BARRIERS TRADING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BREAKING BARRIERS TRADING LTD
BALANCE SHEET
- 1 -
2020
Notes
£
£
Current assets
Cash at bank and in hand
349,180
Creditors: amounts falling due within one year
3
(321,390)
Net current assets
27,790
Deferred income
(37,500)
Net liabilities
(9,710)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(9,711)
Total equity
(9,710)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 November 2020 and are signed on its behalf by:
S Corbett
Director
Company Registration No. 11707875
BREAKING BARRIERS TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 MAY 2020
- 2 -
1
Accounting policies
Company information
Breaking Barriers Trading Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Frames, Office Unit 202, 1 Phipp Street, EC2A 4PS.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company was incorporated on 3 December 2018. The financial statements cover the period from incorporation to 28 May 2020.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Income from contracts is recognised on a systematic basis over the period in which the entity incurs the relevant expenditure.
1.4
Cash and cash equivalents
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.
1.5
Financial instruments
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
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.
BREAKING BARRIERS TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 MAY 2020
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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.
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 recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
Number
Total
3
Creditors: amounts falling due within one year
2020
£
Amounts owed to group undertakings
291,390
Taxation and social security
29,930
Other creditors
70
321,390
BREAKING BARRIERS TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 MAY 2020
- 4 -
4
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Anthony Epton.
The auditor was Goldwins Limited.
5
Events after the reporting date
The World Health Organization declared the outbreak of the coronavirus a pandemic in
March 2020. As we progress through 2020, more information is becoming known about the
scale and impact of the coronavirus. The pandemic might have a financial effect on the
company
and its operations. This may include alterations to ways of working and reductions in future
income
.
6
Parent company
Breaking Barriers a registered charity in the United Kingdom, is regarded by the directors of the company as the immediate and the ultimate parent undertaking.
The undertaking for which the company is a member and for which group financial statements are prepared is
Breaking Barriers.