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Registered number: 03213943
Baskwood Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
The Greenways Partnership
23 Tomline Road
Felixstowe
Suffolk
IP11 7QW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03213943
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 112,570 112,570
112,570 112,570
CURRENT ASSETS
Cash at bank and in hand 29,923 32,760
29,923 32,760
Creditors: Amounts Falling Due Within One Year 5 (49,595 ) (56,594 )
NET CURRENT ASSETS (LIABILITIES) (19,672 ) (23,834 )
TOTAL ASSETS LESS CURRENT LIABILITIES 92,898 88,736
NET ASSETS 92,898 88,736
CAPITAL AND RESERVES
Called up share capital 6 94,500 94,500
Profit and Loss Account (1,602 ) (5,764 )
SHAREHOLDERS' FUNDS 92,898 88,736
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Brian Riley
Director
30/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Baskwood Limited Registered number 03213943 is a limited by shares company incorporated in England & Wales. The Registered Office is 98 Belmont Road, Pinewood, Ipswich, Suffolk, IP8 3RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 25%
2.4. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 112,570 2,878 115,448
As at 31 March 2024 112,570 2,878 115,448
Depreciation
As at 1 April 2023 - 2,878 2,878
As at 31 March 2024 - 2,878 2,878
Net Book Value
As at 31 March 2024 112,570 - 112,570
As at 1 April 2023 112,570 - 112,570
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 734 126
Directors' loan accounts 48,861 56,468
49,595 56,594
6. Share Capital
2024 2023
Allotted, called up and fully paid £ £
61,500 Ordinary A shares of £ 1 each 61,500 61,500
33,000 Ordinary B shares of £ 1 each 33,000 33,000
94,500 94,500
On 24th March 2022, the company, in General Meeting, resolved to split the capital of the company into Ordinary A Shares and Ordingary B Shares. The shares in issue on 24th March 2022 were converted into Ordinary A Shares, with a right to vote at general meetings of the company, but with no rights to dividends or to participate in a distribution. The share premium account at 24th March 2022 was converted into Ordinary B Shares, with no right to vote at general meetings of the ocmpany, but with rights to dividends or to participate in a distribution. 33,000 Ordinary B Shares were allotted and caled up to exhaust the share premium account.
7. Ultimate Controlling Party
The company's ultimate controlling party are the directors of the company by virtue of their ownership of 100% of the issued share capital in the company.
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