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Registration number: 08445134

MY BASSINGHAM LIMITED

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

MY BASSINGHAM LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MY BASSINGHAM LIMITED

Company Information



 

Director

Mr Paul Hearn

Registered office

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

MY BASSINGHAM LIMITED

(Registration number: 08445134)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

80,647

87,368

Tangible assets

5

1,998,649

2,026,150

 

2,079,296

2,113,518

Current assets

 

Debtors

6

3,824,073

3,850,051

Cash at bank and in hand

 

144,300

104,043

 

3,968,373

3,954,094

Creditors: Amounts falling due within one year

7

(1,079,437)

(758,845)

Net current assets

 

2,888,936

3,195,249

Total assets less current liabilities

 

4,968,232

5,308,767

Creditors: Amounts falling due after more than one year

7

(2,750,417)

(2,911,417)

Provisions for liabilities

(5,353)

(5,353)

Net assets

 

2,212,462

2,391,997

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

1,231,707

1,231,707

Retained earnings

980,754

1,160,289

Shareholders' funds

 

2,212,462

2,391,997

For the financial year ending 31 December 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MY BASSINGHAM LIMITED

(Registration number: 08445134)
Balance Sheet as at 31 December 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr Paul Hearn
Director

 

MY BASSINGHAM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

The principal place of business is:
2 Lincoln Road
Bassingham
Lincoln
LN5 9HE

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 each of the company's activities.

 

MY BASSINGHAM LIMITED

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

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Improvements to property

2% on cost

Plant & machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

 

MY BASSINGHAM LIMITED

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 53 (2022 - 47).

 

MY BASSINGHAM LIMITED

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

166,400

166,400

At 31 December 2023

166,400

166,400

Amortisation

At 1 January 2023

79,032

79,032

Amortisation charge

6,721

6,721

At 31 December 2023

85,753

85,753

Carrying amount

At 31 December 2023

80,647

80,647

At 31 December 2022

87,368

87,368

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

2,204,552

158,851

176,039

2,539,442

Additions

-

18,851

1,880

20,731

At 31 December 2023

2,204,552

177,702

177,919

2,560,173

Depreciation

At 1 January 2023

241,331

120,689

151,272

513,292

Charge for the year

29,951

11,915

6,366

48,232

At 31 December 2023

271,282

132,604

157,638

561,524

Carrying amount

At 31 December 2023

1,933,270

45,098

20,281

1,998,649

At 31 December 2022

1,963,221

38,162

24,767

2,026,150

 

MY BASSINGHAM LIMITED

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

6

debtors

Current

Note

2023
£

2022
£

Trade debtors

 

140,894

125,168

Amounts owed by related parties

10

3,653,394

3,688,394

Prepayments

 

29,785

36,489

   

3,824,073

3,850,051

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

161,000

161,000

Trade creditors

 

80,102

39,665

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

654,836

377,836

Taxation and social security

 

12,479

11,596

Accruals and deferred income

 

145,593

143,960

Other creditors

 

25,427

24,788

 

1,079,437

758,845

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,750,417

2,911,417

 

MY BASSINGHAM LIMITED

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,750,417

2,911,417

2023
£

2022
£

Current loans and borrowings

Bank borrowings

161,000

161,000

10

Related party transactions

Summary of transactions with other related parties

During the year the following loan balance were due to/from companies under common control
 The loans are interest free and repayable on demand.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

3,688,394

3,688,394

Repaid

(35,000)

(35,000)

At end of period

3,653,394

3,653,394

 

MY BASSINGHAM LIMITED

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

2022

Other related parties
£

Total
£

At start of period

1,048,702

1,048,702

Advanced

2,734,692

2,734,692

Repaid

(95,000)

(95,000)

At end of period

3,688,394

3,688,394

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

377,836

377,836

Advanced

277,000

277,000

At end of period

654,836

654,836

2022

Other related parties
£

Total
£

At start of period

35,000

35,000

Advanced

402,836

402,836

Repaid

(60,000)

(60,000)

At end of period

377,836

377,836