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REGISTERED NUMBER: 03231869 (England and Wales)


















Basic Thinking Limited

Unaudited Financial Statements

for the Year Ended 31 December 2022






Basic Thinking Limited (Registered number: 03231869)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Basic Thinking Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: Mr K G Hickey





REGISTERED OFFICE: Basic Thinking House
106 Grace Road
Leicester
LE2 8AZ





REGISTERED NUMBER: 03231869 (England and Wales)





ACCOUNTANTS: Brooks Mayfield Limited
Chartered Accountants
12 Bridgford Road
West Bridgford
Nottinghamshire
NG2 6AB

Basic Thinking Limited (Registered number: 03231869)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 695,331 697,228

CURRENT ASSETS
Stocks 808,737 499,129
Debtors 6 2,758,650 2,406,781
Cash at bank and in hand 43,478 61,760
3,610,865 2,967,670
CREDITORS
Amounts falling due within one year 7 2,417,685 1,874,130
NET CURRENT ASSETS 1,193,180 1,093,540
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,888,511

1,790,768

CREDITORS
Amounts falling due after more than one
year

8

(555,707

)

(534,496

)

PROVISIONS FOR LIABILITIES (117,638 ) (103,433 )
NET ASSETS 1,215,166 1,152,839

CAPITAL AND RESERVES
Called up share capital 10 10,555 10,555
Share premium 9,445 9,445
Retained earnings 1,195,166 1,132,839
SHAREHOLDERS' FUNDS 1,215,166 1,152,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Thinking Limited (Registered number: 03231869)

Balance Sheet - continued
31 December 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by:





Mr K G Hickey - Director


Basic Thinking Limited (Registered number: 03231869)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Basic Thinking Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic Thinking Limited (Registered number: 03231869)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2021 - 30 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2022 822,163 271,093 330,486 1,423,742
Additions 5,420 22,143 123,699 151,262
Disposals - - (220,606 ) (220,606 )
At 31 December 2022 827,583 293,236 233,579 1,354,398
DEPRECIATION
At 1 January 2022 207,461 250,592 268,461 726,514
Charge for year 114,042 11,319 27,798 153,159
Eliminated on disposal - - (220,606 ) (220,606 )
At 31 December 2022 321,503 261,911 75,653 659,067
NET BOOK VALUE
At 31 December 2022 506,080 31,325 157,926 695,331
At 31 December 2021 614,702 20,501 62,025 697,228

6. DEBTORS
31.12.22 31.12.21
£    £   
Amounts falling due within one year:
Trade debtors 1,078,135 927,591
Amounts owed by participating interests 166,719 304,413
Other debtors 735,888 396,869
1,980,742 1,628,873

Amounts falling due after more than one year:
Amounts owed by participating interests 777,908 777,908

Aggregate amounts 2,758,650 2,406,781

Basic Thinking Limited (Registered number: 03231869)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 47,485 32,698
Hire purchase contracts 80,086 100,584
Trade creditors 610,461 468,604
Amounts owed to participating interests 70,000 90,000
Taxation and social security 473,927 487,491
Other creditors 1,135,726 694,753
2,417,685 1,874,130

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans 196,314 229,802
Hire purchase contracts 359,393 304,694
555,707 534,496

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdraft 11,728 -
Bank loans 232,071 262,500
Hire purchase contracts 439,479 405,278
Factoring account 1,040,632 525,675
1,723,910 1,193,453

HIre purchase contracts are secured over the assets to which they concern and the factoring facility is secured over the trade debtors of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
10,000 Ordinary 1 10,000 10,000
555 Ordinary B 1 555 555
10,555 10,555

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year ended 31st December 2022 a loan existed between the company and its director and as at 31st December 2022 the director owed the company £371,713 (2021 - £234,939).