Registered number
05902106
Basit & Co
Filleted Accounts
31 October 2023
Basit & Co
Registered number: 05902106
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 78,302 126,783
Tangible assets 4 225,911 221,187
Investments 5 300,034 34
604,247 348,004
Current assets
Stocks 54,501 60,557
Debtors 6 775,328 392,673
Cash at bank and in hand 639,853 718,660
1,469,682 1,171,890
Creditors: amounts falling due within one year 7 (996,368) (768,324)
Net current assets 473,314 403,566
Total assets less current liabilities 1,077,561 751,570
Provisions for liabilities (17,569) (15,210)
Net assets 1,059,992 736,360
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,058,992 735,360
Shareholders' funds 1,059,992 736,360
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.
Basit Hussain
Director
Approved by the board on 4 October 2024
Basit & Co
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Motor 25% 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.
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 23 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 339,370
At 31 October 2023 339,370
Amortisation
At 1 November 2022 212,587
Provided during the year 48,481
At 31 October 2023 261,068
Net book value
At 31 October 2023 78,302
At 31 October 2022 126,783
Goodwill is being written off in equal annual instalments over its estimated economic life of 7 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 177,756 132,122 27,394 337,272
Additions - 32,150 - 32,150
At 31 October 2023 177,756 164,272 27,394 369,422
Depreciation
At 1 November 2022 23,833 73,643 18,609 116,085
Charge for the year 3,555 21,675 2,196 27,426
At 31 October 2023 27,388 95,318 20,805 143,511
Net book value
At 31 October 2023 150,368 68,954 6,589 225,911
At 31 October 2022 153,923 58,479 8,785 221,187
5 Investments
Other
investments
£
Cost
At 1 November 2022 34
Additions 300,000
At 31 October 2023 300,034
6 Debtors 2023 2022
£ £
Trade debtors 466,966 323,539
Other debtors 308,362 69,134
775,328 392,673
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 603,438 446,834
Taxation and social security costs 125,120 48,225
Other creditors 267,810 273,265
996,368 768,324
8 Controlling party
The company was under the control of the director, who together with a close family member held 100% of the issued share capital of the company.
9 Other information
Basit & Co is a private company limited by shares and incorporated in England. Its registered office is:
Scanthorpe
Woodville Road
Keighley
West Yorkshire
BD20 6JA
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