Registered number
05040076
Bassets Property Services Limited
Unaudited Filleted Accounts
31 May 2023
Bassets Property Services Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Bassets Property Services Limited
Company Information
Directors
Mr S P Calvert
Mrs M Calvert
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Cheviot House
69-73 Castle Street
Salisbury
Wiltshire
SP1 3SP
Registered number
05040076
Bassets Property Services Limited
Registered number: 05040076
Directors' Report
The directors present their report and accounts for the year ended 31 May 2023.
Principal activities
The company's principal activity during the year continued to be that of the letting and sale of residential property. The company ceased to trade on 30 November 2022.
Directors
The following persons served as directors during the year:
Mr S P Calvert
Mrs M Calvert
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 February 2024 and signed on its behalf.
Mrs M Calvert
Director
Bassets Property Services Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Bassets Property Services Limited for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bassets Property Services Limited for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
23 February 2024
Bassets Property Services Limited
Registered number: 05040076
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,137 4,778
Current assets
Debtors 4 526,975 332,898
Cash at bank and in hand 1 73,288
526,976 406,186
Creditors: amounts falling due within one year 5 (145,059) (74,283)
Net current assets 381,917 331,903
Total assets less current liabilities 390,054 336,681
Provisions for liabilities - (912)
Net assets 390,054 335,769
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 389,054 334,769
Shareholders' funds 390,054 335,769
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.
Mr S P Calvert
Director
Approved by the board on 21 February 2024
Bassets Property Services Limited
Notes to the Accounts
for the year ended 31 May 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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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 3 years
Fixtures and fittings 15% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 9
3 Tangible fixed assets
Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 1 June 2022 43,383 73,337 116,720
Additions 9,573 - 9,573
At 31 May 2023 52,956 73,337 126,293
Depreciation
At 1 June 2022 38,605 73,337 111,942
Charge for the year 6,214 - 6,214
At 31 May 2023 44,819 73,337 118,156
Net book value
At 31 May 2023 8,137 - 8,137
At 31 May 2022 4,778 - 4,778
4 Debtors 2023 2022
£ £
Trade debtors - 51,699
Amounts owed by group undertakings and undertakings in which the company has a participating interest 506,465 269,780
Other debtors 20,510 11,419
526,975 332,898
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 374 3,676
Amounts owed to group undertakings and undertakings in which the company has a participating interest 121,600 1,600
Taxation and social security costs 14,434 60,897
Other creditors 8,651 8,110
145,059 74,283
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - 41,563
7 Other information
Bassets Property Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cheviot House
69-73 Castle Street
Salisbury
Wiltshire
SP1 3SP
The previous accounts were prepared for the period 4 August 2021 to 31 May 2022, so accounts are not directly comparable.
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