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Company registration number: 14330507
BASRA CONSULTANCY LTD
Unaudited filleted financial statements
31 August 2024
BASRA CONSULTANCY LTD
Contents
Statement of financial position
Notes to the financial statements
BASRA CONSULTANCY LTD
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 29,000 4,643
Cash at bank and in hand 29,055 59,721
_______ _______
58,055 64,364
Creditors: amounts falling due
within one year 6 ( 25,283) ( 22,121)
_______ _______
Net current assets 32,772 42,243
_______ _______
Total assets less current liabilities 32,772 42,243
_______ _______
Net assets 32,772 42,243
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 32,771 42,242
_______ _______
Shareholder funds 32,772 42,243
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
Mr Gurpal Basra
Director
Company registration number: 14330507
BASRA CONSULTANCY LTD
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Basra Consultancy Ltd, 9 Ederoyd Mount, Stanningley, Pudsey, West Yorkshire, LS28 7QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 1 (2023: 1 ).
5. Debtors
2024 2023
£ £
Trade debtors - 4,643
Other debtors 29,000 -
_______ _______
29,000 4,643
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 180 -
Corporation tax 16,793 16,895
Social security and other taxes 7,182 3,535
Other creditors 1,128 1,691
_______ _______
25,283 22,121
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Gurpal Basra ( 33) ( 45) ( 78)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Gurpal Basra - ( 33) ( 33)
_______ _______ _______
Credit balances on directors accounts are provided to the company unsecured, interest free and are repayable on demand.
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2024 2023
£ £
Basra Properties Ltd (Co No. 12635426) 29,000 -
_______ _______
The company had an outstanding loan to the above company in which the Director is a person with significant control. The loan is unsecured, provided interest free and are repayable on demand.