Registered number
06517097
Bas Interiors Ltd
Filleted Accounts
28 February 2023
Bas Interiors Ltd
Registered number: 06517097
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,092 -
Current assets
Stocks - 28,260
Debtors 5 11,505 66,322
11,505 94,582
Creditors: amounts falling due within one year 6 (21,274) (55,826)
Net current (liabilities)/assets (9,769) 38,756
Total assets less current liabilities (8,677) 38,756
Creditors: amounts falling due after more than one year 7 (32,890) (37,561)
Provisions for liabilities (275) -
Net (liabilities)/assets (41,842) 1,195
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (42,842) 195
Shareholders' funds (41,842) 1,195
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Pawel Bas
Director
Approved by the board on 24 November 2023
Bas Interiors Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 5,000
At 28 February 2023 5,000
Amortisation
At 1 March 2022 5,000
At 28 February 2023 5,000
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 4,029 7,250 11,279
Additions 1,191 - 1,191
At 28 February 2023 5,220 7,250 12,470
Depreciation
At 1 March 2022 4,029 7,250 11,279
Charge for the year 99 - 99
At 28 February 2023 4,128 7,250 11,378
Net book value
At 28 February 2023 1,092 - 1,092
5 Debtors 2023 2022
£ £
Trade debtors - 49,476
Directors loan 11,505 16,846
11,505 66,322
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,716 16,576
Trade creditors 1,000 1,442
Taxation and social security costs 6,235 37,808
Other creditors 323 -
21,274 55,826
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,890 37,561
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Short term loan, repaid in Nov 2022 7,693 - (7,693) -
7,693 - (7,693) -
9 Other information
Bas Interiors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
226-228 King Street
London
W6 0RA
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