Registered number
06935236
Bassett Bros. Limited
Filleted Accounts
31 December 2023
Bassett Bros. Limited
Registered number: 06935236
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 56,876 5,192
Investments 4 1,190,000 975,000
1,246,876 980,192
Current assets
Debtors 5 12,722 3,860
Cash at bank and in hand 7,457 31,620
20,179 35,480
Creditors: amounts falling due within one year 6 (157,260) (126,786)
Net current liabilities (137,081) (91,306)
Total assets less current liabilities 1,109,795 888,886
Provisions for liabilities (164,070) (108,883)
Net assets 945,725 780,003
Capital and reserves
Called up share capital 100 100
Profit and loss account 945,625 779,903
Shareholders' funds 945,725 780,003
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 T Bassett
Director
Approved by the board on 14 May 2024
Bassett Bros. Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold buildings Nil as the buildings are an investment property.
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 30% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 24,750
Additions 74,900
Disposals (24,750)
At 31 December 2023 74,900
Depreciation
At 1 January 2023 19,558
Charge for the year 18,024
On disposals (19,558)
At 31 December 2023 18,024
Net book value
At 31 December 2023 56,876
At 31 December 2022 5,192
4 Investments
Other
investments
£
Fair value
At 1 January 2023 975,000
Additions (33,769)
Revaluation 248,769
At 31 December 2023 1,190,000
Historical cost
At 1 January 2023 543,414
At 31 December 2023 509,645
The company has constructed two properties for holiday letting at the balance sheet date. Estate agent valuations give an open market price of £595,000 each. The fair value at the year end reflects the valuation.
5 Debtors 2023 2022
£ £
Trade debtors 12,000 2,378
Other debtors 722 1,482
12,722 3,860
6 Creditors: amounts falling due within one year 2023 2022
£ £
Directors' loan 147,162 80,610
Trade creditors 4,767 4,796
Taxation and social security costs 2,031 330
Accruals 3,300 41,050
157,260 126,786
7 Related party transactions
The directors have loaned money to the company, interest free and repayable on demand. The balance at 31 December 2023 was £147,162.
8 Controlling party
There is no overall controlling party due to the equal shareholdings.
9 Other information
Bassett Bros. Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tregeagles Rest
Tredrizzick
St Minver
Wadebridge
PL27 6PA
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