IRIS Accounts Production v24.1.0.578 04719310 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047193102023-03-31047193102024-03-31047193102023-04-012024-03-31047193102022-03-31047193102022-04-012023-03-31047193102023-03-3104719310ns15:EnglandWales2023-04-012024-03-3104719310ns14:PoundSterling2023-04-012024-03-3104719310ns10:Director12023-04-012024-03-3104719310ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104719310ns10:SmallEntities2023-04-012024-03-3104719310ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3104719310ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104719310ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104719310ns10:FullAccounts2023-04-012024-03-3104719310ns10:Director22023-04-012024-03-3104719310ns10:CompanySecretary12023-04-012024-03-3104719310ns10:RegisteredOffice2023-04-012024-03-3104719310ns5:CurrentFinancialInstruments2024-03-3104719310ns5:CurrentFinancialInstruments2023-03-3104719310ns5:ShareCapital2024-03-3104719310ns5:ShareCapital2023-03-3104719310ns5:FurtherSpecificReserve2ComponentTotalEquity2024-03-3104719310ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-3104719310ns5:RetainedEarningsAccumulatedLosses2024-03-3104719310ns5:RetainedEarningsAccumulatedLosses2023-03-3104719310ns5:PlantMachinery2023-04-012024-03-3104719310ns5:PlantMachinery2023-03-3104719310ns5:PlantMachinery2024-03-3104719310ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104719310ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104719310ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-31
REGISTERED NUMBER: 04719310 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BASIC PROPERTIES LIMITED

BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BASIC PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I J Rose
J D Rose





SECRETARY: I J Rose





REGISTERED OFFICE: 5-9 Eden Street
Kingston Upon Thames
Surrey
KT1 1BQ





REGISTERED NUMBER: 04719310 (England and Wales)





ACCOUNTANTS: Collards
Chartered Accountants
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 2,750,000 2,750,000
2,750,000 2,750,000

CURRENT ASSETS
Debtors 6 21,675 6,411
Cash at bank 125,784 223,422
147,459 229,833
CREDITORS
Amounts falling due within one year 7 212,835 223,736
NET CURRENT (LIABILITIES)/ASSETS (65,376 ) 6,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,684,624

2,756,097

PROVISIONS FOR LIABILITIES 151,641 151,641
NET ASSETS 2,532,983 2,604,456

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 8 1,148,527 1,148,527
Retained earnings 8 1,383,456 1,454,929
SHAREHOLDERS' FUNDS 2,532,983 2,604,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





I J Rose - Director


BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Basic Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
The investment properties have been valued at fair value as required by FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 11,100
DEPRECIATION
At 1 April 2023
and 31 March 2024 11,100
NET BOOK VALUE
At 31 March 2024 -

BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,750,000
NET BOOK VALUE
At 31 March 2024 2,750,000
At 31 March 2023 2,750,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 1,653,861
Valuation in 2023 (350,000 )
Cost 1,446,139
2,750,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,977 -
Prepayments and accrued income 5,698 6,411
21,675 6,411

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 78,200 78,200
Tax 30,421 49,479
Other creditors 45,000 60,001
Accruals and deferred income 37,706 31,736
Accrued expenses 21,508 4,320
212,835 223,736

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 1,454,929 1,148,527 2,603,456
Profit for the year 98,527 98,527
Dividends (170,000 ) (170,000 )
At 31 March 2024 1,383,456 1,148,527 2,531,983

9. RELATED PARTY DISCLOSURES

Included in creditors is a loan of £78,200 (2023 - £78,200) from Mountview Freehold Limited, a company jointly controlled by the two directors. The loan is interest free and repayable on demand.