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Registration number: 05024739

BASCO Data Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Management & Accounting Solutions
45 Styvechale Avenue
Earlsdon
Coventry
CV5 6DW

 

BASCO Data Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

BASCO Data Limited

Company Information

Directors

D J McKerrow

J Yates

P I Phillips

S Richardson

Registered office

c/o The British Texel Sheep Society
Unit 74, 4th Street
Stoneleigh Park
Kenilworth
CV8 2LG

Accountants

Management & Accounting Solutions
45 Styvechale Avenue
Earlsdon
Coventry
CV5 6DW

 

BASCO Data Limited

(Registration number: 05024739)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

102,983

168,309

Current assets

 

Debtors

5

4,140

88,463

Cash at bank and in hand

 

36,466

104,169

 

40,606

192,632

Creditors: Amounts falling due within one year

6

(35,551)

(247,464)

Net current assets/(liabilities)

 

5,055

(54,832)

Net assets

 

108,038

113,477

Capital and reserves

 

Called up share capital

7

240,000

240,000

Profit and loss account

(131,962)

(126,523)

Total equity

 

108,038

113,477

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2018 and signed on its behalf by:
 

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

J Yates
Director

 

BASCO Data Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
c/o The British Texel Sheep Society
Unit 74, 4th Street
Stoneleigh Park
Kenilworth
CV8 2LG

These financial statements were authorised for issue by the Board on 29 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Database

Over 5 to 10 years straight line

Office equipment

Over 3 years

 

BASCO Data Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 6).

 

BASCO Data Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2017

16,326

1,126,399

1,142,725

At 31 March 2018

16,326

1,126,399

1,142,725

Depreciation

At 1 April 2017

14,675

959,741

974,416

Charge for the year

825

64,501

65,326

At 31 March 2018

15,500

1,024,242

1,039,742

Carrying amount

At 31 March 2018

826

102,157

102,983

At 31 March 2017

1,651

166,658

168,309

5

Debtors

2018
£

2017
£

Trade debtors

2,891

75,568

Prepayments

1,249

12,895

4,140

88,463

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

11,132

67,029

Taxation and social security

2,100

11,060

Accruals and deferred income

22,319

169,375

35,551

247,464

7

Share capital

Allotted, called up and fully paid shares

 

BASCO Data Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

240,000

240,000

240,000

240,000

         

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

1,800

2,000