Basingstoke Land Ltd 09266949 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is buring and selling of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 09266949 2022-11-01 2023-10-31 09266949 2023-10-31 09266949 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 09266949 bus:SmallEntities 2022-11-01 2023-10-31 09266949 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 09266949 bus:FullAccounts 2022-11-01 2023-10-31 09266949 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 09266949 bus:RegisteredOffice 2022-11-01 2023-10-31 09266949 bus:Director1 2022-11-01 2023-10-31 09266949 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09266949 core:OtherRelatedParties 2022-11-01 2023-10-31 09266949 countries:EnglandWales 2022-11-01 2023-10-31 09266949 2022-10-31 09266949 2021-11-01 2022-10-31 09266949 2022-10-31 09266949 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 09266949

Prepared for the registrar

Basingstoke Land Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Basingstoke Land Ltd

(Registration number: 09266949)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

85,000

54,000

Deferred tax assets

-

1,428

 

85,000

55,428

Creditors: Amounts falling due within one year

5

(63,692)

(62,593)

Total assets less current liabilities

 

21,308

(7,165)

Deferred tax liabilities

(6,778)

-

Net assets/(liabilities)

 

14,530

(7,165)

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

24,222

-

Profit and loss account

(9,693)

(7,166)

Shareholders' funds/(deficit)

 

14,530

(7,165)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 14 February 2024
 


C A Billingham
Director

 

Basingstoke Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

1

General information

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

The address of its registered office is:
Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, together with the facilities available to the company, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment property 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 the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date.

Investment property

Investment land and property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

 

Basingstoke Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

At 31 October 2023, the land was valued by the director on an open market basis. The carrying amount at historical cost is £54,000 (2022 - £54,000).

 

5

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Amounts due to related parties

6

62,892

61,993

Accrued expenses

 

800

600

 

63,692

62,593

 

6

Related party transactions

Summary of transactions with other related parties

At 31 October 2023, the company owed £62,892 (2022: £61,993) to the director in the form of a director's loan account. No interest was charged on this balance, and there are no fixed repayment terms.