Company Registration No. 03916348 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
FOR
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr A M Bassett
Company Number
03916348
Registered Office
Clay Shaw Butler
Chartered Accountants
24 Lammas Street
Carmarthen
Carmarthenshire
SA31 3AL
Accountants
Clay Shaw Butler Limited
24 Lammas Street
Carmarthen
Carmarthenshire
SA31 3AL
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
CONTENTS
Page
Company Information
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 7
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed Assets
Tangible assets
4
87,830
77,111
Investments
5
352,775
352,775
440,605
429,886
Current assets
Stocks
148,500
70,979
Debtors
6
74,802
62,326
Cash at bank and in hand
91,261
183,114
314,563
316,419
Creditors: Amounts Falling Due Within One Year
7
(629,175)
(638,640)
Net current liabilities
(314,612)
(322,221)
Total assets less current liabilities
125,993
107,665
Creditors: Amounts Falling Due After More Than One Year
8
(39,495)
(56,846)
Provisions for liabilities
(21,957)
(14,650)
Net assets
64,541
36,169
Capital and Reserves
Called up share capital
100
100
Retained earnings
64,441
36,069
Total equity
64,541
36,169
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 24 October 2024
Mr A M Bassett
Director
Company registration number 03916348 (England and Wales)
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Bassett and MacGregor Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clay Shaw Butler, Chartered Accountants, 24 Lammas Street, Carmarthen, Carmarthenshire, SA31 3AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill. being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

1.4
Tangible Fixed Assets

Tangible Fixed Assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
20% on reducing balance
1.5
Fixed Asset Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

BASSETT AND MACGREGOR CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BASSETT AND MACGREGOR CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
14,000
Amortisation and impairment
At 1 February 2023 and 31 January 2024
14,000
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
4
Tangible Fixed Assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
312,786
20,153
184,087
517,026
Additions
1,145
566
35,495
37,206
Disposals
-
0
-
0
(20,987)
(20,987)
At 31 January 2024
313,931
20,719
198,595
533,245
Depreciation and impairment
At 1 February 2023
282,154
18,355
139,406
439,915
Depreciation charged in the year
4,767
528
14,745
20,040
Eliminated in respect of disposals
-
0
-
0
(14,540)
(14,540)
At 31 January 2024
286,921
18,883
139,611
445,415
Carrying amount
At 31 January 2024
27,010
1,836
58,984
87,830
At 31 January 2023
30,632
1,798
44,681
77,111
BASSETT AND MACGREGOR CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
352,775
352,775
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,654
22,805
Other debtors
31,059
28,104
Prepayments and accrued income
11,089
11,417
74,802
62,326
7
Creditors: Amounts Falling Due Within One Year
2024
2023
£
£
Obligations under finance leases
4,950
2,099
Trade creditors
171,531
128,298
Corporation tax
10,004
5,027
Other taxation and social security
15,446
45,833
Other creditors
422,744
453,083
Accruals and deferred income
4,500
4,300
629,175
638,640
8
Creditors: Amounts Falling Due After More Than One Year
2024
2023
Notes
£
£
Bank loans and overdrafts
29,182
56,846
Obligations under finance leases
10,313
-
0
39,495
56,846
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