14 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08514755 2022-06-01 2023-05-31 08514755 2023-05-31 08514755 2022-05-31 08514755 2021-06-01 2022-05-31 08514755 2022-05-31 08514755 core:NetGoodwill 2022-06-01 2023-05-31 08514755 bus:Director2 2022-06-01 2023-05-31 08514755 core:NetGoodwill 2022-05-31 08514755 core:NetGoodwill 2023-05-31 08514755 core:PlantMachinery 2022-05-31 08514755 core:MotorVehicles 2022-05-31 08514755 core:PlantMachinery 2023-05-31 08514755 core:MotorVehicles 2023-05-31 08514755 core:AfterOneYear 2023-05-31 08514755 core:AfterOneYear 2022-05-31 08514755 core:WithinOneYear 2023-05-31 08514755 core:WithinOneYear 2022-05-31 08514755 core:ShareCapital 2023-05-31 08514755 core:ShareCapital 2022-05-31 08514755 core:RetainedEarningsAccumulatedLosses 2023-05-31 08514755 core:RetainedEarningsAccumulatedLosses 2022-05-31 08514755 core:PlantMachinery 2022-06-01 2023-05-31 08514755 core:MotorVehicles 2022-06-01 2023-05-31 08514755 core:NetGoodwill 2022-05-31 08514755 core:PlantMachinery 2022-05-31 08514755 core:MotorVehicles 2022-05-31 08514755 bus:Director1 2022-05-31 08514755 bus:Director1 2023-05-31 08514755 bus:Director1 2021-05-31 08514755 bus:Director1 2022-05-31 08514755 bus:Director1 2022-06-01 2023-05-31 08514755 bus:Director1 2021-06-01 2022-05-31 08514755 bus:SmallEntities 2022-06-01 2023-05-31 08514755 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08514755 bus:FullAccounts 2022-06-01 2023-05-31 08514755 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08514755 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Company registration number: 08514755
Basic Needs Ltd
Unaudited filleted financial statements
31 May 2023
Basic Needs Ltd
Contents
Statement of financial position
Notes to the financial statements
Basic Needs Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 52,060 69,413
Tangible assets 6 17,613 22,074
_______ _______
69,673 91,487
Current assets
Stocks 32,480 29,500
Debtors 7 45,411 25,204
Cash at bank and in hand 173,676 122,004
_______ _______
251,567 176,708
Creditors: amounts falling due
within one year 8 ( 124,295) ( 73,809)
_______ _______
Net current assets 127,272 102,899
_______ _______
Total assets less current liabilities 196,945 194,386
Creditors: amounts falling due
after more than one year 9 ( 28,881) ( 39,788)
_______ _______
Net assets 168,064 154,598
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 167,964 154,498
_______ _______
Shareholders funds 168,064 154,598
_______ _______
For the year ending 31 May 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2023 , and are signed on behalf of the board by:
Terence William Barker
Director
Company registration number: 08514755
Basic Needs Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avery House, 8 Avery Hill Road, New Eltham, London, SE9 2BD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Estimated useful economic life of 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance
Motor vehicles - 20% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2022 and 31 May 2023 204,155 204,155
_______ _______
Amortisation
At 1 June 2022 134,742 134,742
Charge for the year 17,353 17,353
_______ _______
At 31 May 2023 152,095 152,095
_______ _______
Carrying amount
At 31 May 2023 52,060 52,060
_______ _______
At 31 May 2022 69,413 69,413
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 6,229 51,260 57,489
_______ _______ _______
Depreciation
At 1 June 2022 2,998 32,417 35,415
Charge for the year 693 3,768 4,461
_______ _______ _______
At 31 May 2023 3,691 36,185 39,876
_______ _______ _______
Carrying amount
At 31 May 2023 2,538 15,075 17,613
_______ _______ _______
At 31 May 2022 3,231 18,843 22,074
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 36,769 19,204
Other debtors 8,642 6,000
_______ _______
45,411 25,204
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 32,494 21,102
Corporation tax 30,614 19,231
Social security and other taxes 27,962 22,107
Other creditors 33,225 11,369
_______ _______
124,295 73,809
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 28,881 39,788
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr & Mrs Barker (682) (25,344) (26,026)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr & Mrs Barker (25,020) 24,338 (682)
_______ _______ _______