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REGISTERED NUMBER: 08835552














Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Basic Inc Ltd

Basic Inc Ltd (Registered number: 08835552)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Basic Inc Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTOR: B I Szendi





REGISTERED OFFICE: 10 Oakcliffe Road
Manchester
M23 1DA





REGISTERED NUMBER: 08835552





ACCOUNTANTS: Emmerson Accountancy Ltd
Atlantic Business Centre
Atlantic Street
Altrincham
Cheshire
WA14 5NQ

Basic Inc Ltd (Registered number: 08835552)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,648 8,264

CURRENT ASSETS
Debtors 5 4,662 1,626
Cash at bank 1,445 1,529
6,107 3,155
CREDITORS
Amounts falling due within one year 6 1,914 2,857
NET CURRENT ASSETS 4,193 298
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,841

8,562

CREDITORS
Amounts falling due after more than one
year

7

12,683

13,500
NET ASSETS/(LIABILITIES) 158 (4,938 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 58 (5,038 )
SHAREHOLDERS' FUNDS 158 (4,938 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Basic Inc Ltd (Registered number: 08835552)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 July 2023 and were signed by:





B I Szendi - Director


Basic Inc Ltd (Registered number: 08835552)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Basic Inc Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

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

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Basic Inc Ltd (Registered number: 08835552)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2022 12,448 5,495 433 18,376
Additions 580 - 1,713 2,293
At 31 January 2023 13,028 5,495 2,146 20,669
DEPRECIATION
At 1 February 2022 5,732 4,191 189 10,112
Charge for year 1,094 326 489 1,909
At 31 January 2023 6,826 4,517 678 12,021
NET BOOK VALUE
At 31 January 2023 6,202 978 1,468 8,648
At 31 January 2022 6,716 1,304 244 8,264

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors - 950
Directors' current accounts 4,662 676
4,662 1,626

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade creditors 723 899
Tax 1,757 -
Social security and other taxes (5,786 ) (2,448 )
VAT 4,370 3,556
Accrued expenses 850 850
1,914 2,857

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Other loans - 1-2 years 12,683 13,500

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
100 Ordinary 1 100 100

Basic Inc Ltd (Registered number: 08835552)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. RESERVES
Retained
earnings
£   

At 1 February 2022 (5,038 )
Profit for the year 10,436
Dividends (5,340 )
At 31 January 2023 58