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COMPANY REGISTRATION NUMBER: 05295399
Bassett Holdings Limited
Filleted Unaudited Financial Statements
31 March 2024
Bassett Holdings Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
330,429
549,209
Investments
6
219,711
215,405
---------
---------
550,140
764,614
Current assets
Debtors
7
1,427,202
1,512,330
Cash at bank and in hand
7,959
20,721
------------
------------
1,435,161
1,533,051
Creditors: amounts falling due within one year
8
52,852
117,822
------------
------------
Net current assets
1,382,309
1,415,229
------------
------------
Total assets less current liabilities
1,932,449
2,179,843
Creditors: amounts falling due after more than one year
9
238,316
Provisions
9,039
71,382
------------
------------
Net assets
1,923,410
1,870,145
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
1,923,210
1,869,945
------------
------------
Shareholders funds
1,923,410
1,870,145
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 .
Bassett Holdings Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr J L Miller
Director
Company registration number: 05295399
Bassett Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 25, Whitehill Industrial Park, Royal Wootton Bassett, Swindon, Wiltshire, SN4 7DB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% on cost
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
700,578
618,780
252,487
11,145
1,582,990
Additions
374
374
Disposals
( 414,232)
( 414,232)
Transfers
224,232
224,232
---------
---------
---------
--------
------------
At 31 March 2024
510,578
618,780
252,861
11,145
1,393,364
---------
---------
---------
--------
------------
Depreciation
At 1 April 2023
226,758
560,489
235,451
11,083
1,033,781
Charge for the year
10,212
14,573
4,353
16
29,154
---------
---------
---------
--------
------------
At 31 March 2024
236,970
575,062
239,804
11,099
1,062,935
---------
---------
---------
--------
------------
Carrying amount
At 31 March 2024
273,608
43,718
13,057
46
330,429
---------
---------
---------
--------
------------
At 31 March 2023
473,820
58,291
17,036
62
549,209
---------
---------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
13,097
--------
At 31 March 2023
17,462
--------
6. Investments
Shares in group undertakings
Investment property
Total
£
£
£
Cost
At 1 April 2023
100
215,305
215,405
Revaluations
4,306
4,306
----
---------
---------
At 31 March 2024
100
219,611
219,711
----
---------
---------
Impairment
At 1 April 2023 and 31 March 2024
----
---------
---------
Carrying amount
At 31 March 2024
100
219,611
219,711
----
---------
---------
At 31 March 2023
100
215,305
215,405
----
---------
---------
Valuation of investment property increased by 2% during the year. In the directors' opinion, this is a fair value.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings
1,427,202
1,512,330
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
42,450
Trade creditors
1,008
336
Corporation tax
38,750
45,484
Social security and other taxes
2,472
2,513
Other creditors
10,622
27,039
--------
---------
52,852
117,822
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
236,911
Other creditors
1,405
----
---------
238,316
----
---------