0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,630,670 1,226,764 1,243,745 13,101,179 13,101,179 10,630,670 xbrli:pure xbrli:shares iso4217:GBP 02285416 2023-04-01 2024-03-31 02285416 2024-03-31 02285416 2023-03-31 02285416 2022-04-01 2023-03-31 02285416 2023-03-31 02285416 2022-03-31 02285416 bus:Director1 2023-04-01 2024-03-31 02285416 core:LandBuildings 2023-04-01 2024-03-31 02285416 core:AfterOneYear 2024-03-31 02285416 core:AfterOneYear 2023-03-31 02285416 core:WithinOneYear 2024-03-31 02285416 core:WithinOneYear 2023-03-31 02285416 core:ShareCapital 2024-03-31 02285416 core:ShareCapital 2023-03-31 02285416 core:RetainedEarningsAccumulatedLosses 2024-03-31 02285416 core:RetainedEarningsAccumulatedLosses 2023-03-31 02285416 core:LandBuildings 2024-03-31 02285416 core:LandBuildings 2023-03-31 02285416 core:LandBuildings 2023-03-31 02285416 bus:SmallEntities 2023-04-01 2024-03-31 02285416 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02285416 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02285416 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02285416 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 02285416
BASILICA LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
BASILICA LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
13,101,179
10,630,670
Current assets
Debtors
5
28,342
25,978
Cash at bank and in hand
34,720
14,561
---------
---------
63,062
40,539
Creditors: amounts falling due within one year
6
6,939,075
5,933,284
-------------
-------------
Net current liabilities
6,876,013
5,892,745
---------------
---------------
Total assets less current liabilities
6,225,166
4,737,925
Creditors: amounts falling due after more than one year
7
2,300,001
2,173,967
Provisions
Taxation including deferred tax
939,242
628,305
-------------
-------------
Net assets
2,985,923
1,935,653
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8
2,985,823
1,935,553
-------------
-------------
Shareholders funds
2,985,923
1,935,653
-------------
-------------
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 .
BASILICA LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr C Sobhanpanah
Director
Company registration number: 02285416
BASILICA 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 43 Preston Street, Brighton, East Sussex, BN1 2HP.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Tangible assets
Land and buildings
£
Cost or valuation
At 1 April 2023
10,630,670
Additions
1,226,764
Revaluations
1,243,745
---------------
At 31 March 2024
13,101,179
---------------
Depreciation
At 1 April 2023 and 31 March 2024
---------------
Carrying amount
At 31 March 2024
13,101,179
---------------
At 31 March 2023
10,630,670
---------------
Tangible assets held at valuation
The company's investment properties have been included at their estimated market value at 31 March 2024 as valued by an independent valuer, CBRE Ltd, in January 2022 and by the directors.
5. Debtors
2024
2023
£
£
Trade debtors
9,527
3,200
Other debtors
18,815
22,778
---------
---------
28,342
25,978
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
35,369
Other creditors
2,365
Other creditors
6,901,341
5,933,284
-------------
-------------
6,939,075
5,933,284
-------------
-------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,300,001
2,173,967
-------------
-------------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 31 March 2024 the profit and loss account balance of £2,985,823 (2023: £1,935,553) represents distributable reserves of £168,096 (2023: £50,636) and non-distributable reserves of £2,817,727 (2023: £1,884,917).
9. Related party transactions
During the year the company received additional loans from J B Howard Properties Ltd, a company in which the directors are shareholders, totalling £976,191. At the balance sheet date the company owed £6,885,615 to J B Howard Properties Ltd (2023 £5,909,424).