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BASIC INVESTMENT TEAM LIMITED

Registered Number
10152379
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

BASIC INVESTMENT TEAM LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

SONG, Ieong Kong

Company Secretary

PROPELLER VENTURES LIMITED

Registered Address

314 Carshalton Road
Carshalton
SM5 3QB

Registered Number

10152379 (England and Wales)
BASIC INVESTMENT TEAM LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,031,6521,232,490
1,031,6521,232,490
Current assets
Debtors1,359,1111,311,349
Cash at bank and on hand153,78133,238
1,512,8921,344,587
Creditors amounts falling due within one year(102,427)(82,263)
Net current assets (liabilities)1,410,4651,262,324
Total assets less current liabilities2,442,1172,494,814
Creditors amounts falling due after one year(2,097,312)(2,093,585)
Net assets344,805401,229
Capital and reserves
Called up share capital1010
Profit and loss account344,795401,219
Shareholders' funds344,805401,229
The financial statements were approved and authorised for issue by the Director on 16 January 2025, and are signed on its behalf by:
SONG, Ieong Kong
Director
Registered Company No. 10152379
BASIC INVESTMENT TEAM LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
These financial statements have been prepared in accordance with the provisions of section 1A ‘’Small Entities’’ of FRS 102 ‘’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The company’s financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future on the grounds that the Director will continue to financially support the company until such time has the business achieves financial viability. The company financial statements do not reflect any adjustments that would be required if they were to be prepared on a basis other than the going concern basis.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings50
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 231,456,331
Additions(175,216)
At 30 April 241,281,115
Depreciation and impairment
At 01 May 23223,841
Charge for year25,622
At 30 April 24249,463
Net book value
At 30 April 241,031,652
At 30 April 231,232,490
4.Related party transactions
The company was under the control of Mr. I K Song throughout the current and previous financial periods. Management fees of £100,000 was received in respect of properties in which Mr. Song is managing director and majority shareholder of the company. As at 30 April 2024, there was an amount of £2,097,312 owing to the director, Mr. I K Song. This amount is interest free, unsecured and has no fixed repayment terms.