Company Registration No. 01459294 (England and Wales)
BASIC BUSINESS SYSTEMS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BASIC BUSINESS SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BASIC BUSINESS SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
83,377
114,614
Investments
4
1
1
83,378
114,615
Current assets
Debtors
5
201,495
225,419
Cash at bank and in hand
259,784
246,640
461,279
472,059
Creditors: amounts falling due within one year
6
(214,213)
(250,165)
Net current assets
247,066
221,894
Total assets less current liabilities
330,444
336,509
Creditors: amounts falling due after more than one year
7
(17,627)
(30,602)
Provisions for liabilities
(5,300)
(9,000)
Net assets
307,517
296,907
Capital and reserves
Called up share capital
8
9,600
9,600
Profit and loss reserves
297,917
287,307
Total equity
307,517
296,907
BASIC BUSINESS SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 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 14 November 2024
Mr R Smith
Director
Company registration number 01459294 (England and Wales)
BASIC BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Basic Business Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brookside Road, Ruddington, Nottingham, NG11 6AT.

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 £1.

The financial statements have been prepared under the historical cost convention. 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.

 

Revenue from hardware and perpetual software licences is recognised on shipment of the goods, provided that there are no unfulfilled obligations that are essential to the functionality of the delivered product.

 

Revenue from maintenance support is recognised evenly over the term of the contract. Revenue from installation, consultancy and other services is recognised when the service has been provided.

 

1.3
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:

Fixtures, fittings & equipment
15 to 33 per cent on cost
Motor vehicles
25 per cent on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiary undertakings are stated at cost.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BASIC BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only when realisation can be anticipated with reasonable certainty.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

The company has contractual arrangements with its directors and other employees which entitles them, subject to specified conditions, to receive into their personal pension funds earnings related payments during the course of their employment. These payments are charged to the profit and loss account as they fall due.

1.10
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BASIC BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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.

1.12

ESOP trust

The company operates an ESOP Trust for the benefit of its senior employees. From time to time the company makes contributions to the Trust to fund the Trust's acquisition of shares. Allocation of shares to employees is contingent upon seniority and performance. It reflects the long term intention for control and management of the company to be passed down to its employees.

 

Finance and administrative costs connected with the ESOP Trust are charged to the profit and loss account as they accrue.

2
Employees

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

2024
2023
Number
Number
Total
10
8
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
172,942
94,020
266,962
Additions
8,181
-
0
8,181
At 31 March 2024
181,123
94,020
275,143
Depreciation and impairment
At 1 April 2023
126,968
25,380
152,348
Depreciation charged in the year
19,312
20,106
39,418
At 31 March 2024
146,280
45,486
191,766
Carrying amount
At 31 March 2024
34,843
48,534
83,377
At 31 March 2023
45,974
68,640
114,614
BASIC BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Fixed asset investments not carried at market value

The company's fixed asset investments at the balance sheet date comprise 100 per cent ownership of its dormant subsidiary company, Concept Data Limited, a company registered in England and Wales. This investment, in the opinion of the directors, is fairly stated at cost.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
193,209
210,381
Other debtors
8,286
15,038
201,495
225,419
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,303
72,530
Taxation and social security
48,865
51,183
Other creditors
109,045
126,452
214,213
250,165

Other creditors includes £89,667 (2023: £99,283) in respect of unexpired customer support contracts and £12,975 (2023: £12,975) in respect of finance lease obligations.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
17,627
30,602

Other creditors comprise solely obligations under finance lease contracts.

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
960,000 ordinary shares of 1p each
9,600
9,600
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