1 April 2023 v2024.12.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP065629772023-04-012024-03-31065629772024-03-31065629772023-03-3106562977core:WithinOneYear2024-03-3106562977core:WithinOneYear2023-03-3106562977core:RetainedEarningsAccumulatedLosses2024-03-3106562977core:RetainedEarningsAccumulatedLosses2023-03-3106562977bus:Director12023-04-012024-03-3106562977bus:RegisteredOffice2023-04-012024-03-3106562977core:OfficeEquipment2023-04-012024-03-3106562977core:MotorVehicles2023-04-012024-03-31065629772022-04-012023-03-3106562977core:LandBuildings2023-04-0106562977core:PlantMachinery2023-04-01065629772023-04-0106562977core:LandBuildings2023-04-012024-03-3106562977core:PlantMachinery2023-04-012024-03-3106562977core:LandBuildings2024-03-3106562977core:PlantMachinery2024-03-3106562977core:LandBuildings2023-03-3106562977core:PlantMachinery2023-03-310656297712023-04-012024-03-3106562977countries:EnglandWales2023-04-012024-03-3106562977bus:AuditExemptWithAccountantsReport2023-04-012024-03-3106562977bus:CompanyLimitedByGuarantee2023-04-012024-03-3106562977bus:SmallEntities2023-04-012024-03-3106562977bus:FullAccounts2023-04-012024-03-31
Company registration number:
06562977
The Basement Recovery Project
Company limited by guarantee
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Halliwell & Company Accountants & Tax Advisors LLP
Irwell House 223 Bacup Road, Rawtenstall, Rawtenstall, Lancashire, BB4 7PA, United Kingdom
The Basement Recovery Project
Report to the board of directors on the preparation of the unaudited statutory financial statements of The Basement Recovery Project
Year ended
31 March 2024
As described on the statement of financial position, the Board of Directors of
The Basement Recovery Project
are responsible for the preparation of the
financial statements
for the year ended
31 March 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Halliwell & Company Accountants & Tax Advisors LLP
Irwell House 223 Bacup Road
Rawtenstall
Rawtenstall
Lancashire
BB4 7PA
United Kingdom
Date:
30 April 2024
The Basement Recovery Project
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,468,403
 
2,111,271
 
Current assets    
Debtors 6
39,963
  -  
Investments 7
602,674
 
300,750
 
Cash at bank and in hand
222,757
 
693,417
 
865,394
 
994,167
 
Creditors: amounts falling due within one year 8
(792
)
(720
)
Net current assets
864,602
 
993,447
 
Total assets less current liabilities 3,333,005   3,104,718  
Capital and reserves    
Income and expenditure account
3,333,005
 
3,104,718
 
Members funds
3,333,005
 
3,104,718
 
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.
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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 April 2024
, and are signed on behalf of the board by:
Charles Stuart Forshaw
Director
Company registration number:
06562977
The Basement Recovery Project
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by guarantee and is registered in England and Wales. The address of the registered office is
10 Carlton Street
,
Halifax
,
West Yorkshire
,
HX1 2AL
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in surplus or deficit to the extent that it reverses a revaluation decrease of the same asset previously recognised in surplus or deficit. 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in surplus or deficit.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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 surplus or deficit. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in surplus or deficit.
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 surplus or deficit immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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 surplus or deficit 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 pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2023:
5.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
2,046,163
 
163,373
 
2,209,536
 
Additions
352,320
 
28,118
 
380,438
 
At
31 March 2024
2,398,483
 
191,491
 
2,589,974
 
Depreciation      
At
1 April 2023
-  
98,265
 
98,265
 
Charge -  
23,306
 
23,306
 
At
31 March 2024
-  
121,571
 
121,571
 
Carrying amount      
At
31 March 2024
2,398,483
 
69,920
 
2,468,403
 
At 31 March 2023
2,046,163
 
65,108
 
2,111,271
 

6 Debtors

20242023
££
Trade debtors
39,963
  -  

7 Investments

20242023
££
Other current asset investments
602,674
 
300,750
 

8 Creditors: amounts falling due within one year

20242023
££
Other creditors
792
 
720