REGISTERED NUMBER: |
Bassett Enterprises Ltd |
Financial Statements For The Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Bassett Enterprises Ltd |
Financial Statements For The Year Ended 31 May 2024 |
Bassett Enterprises Ltd (Registered number: 10201722) |
Contents of the Financial Statements |
For The Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bassett Enterprises Ltd |
Company Information |
For The Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 North Guildry Street |
Elgin |
Moray |
IV30 1JR |
BANKERS: |
London |
E17 4QN |
Bassett Enterprises Ltd (Registered number: 10201722) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bassett Enterprises Ltd (Registered number: 10201722) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bassett Enterprises Ltd (Registered number: 10201722) |
Notes to the Financial Statements |
For The Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Bassett Enterprises Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Bassett Enterprises Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
The company's subsidiary undertakings at 31 May 2024 were L. Bassett & Associates Ltd, Clara London |
Ltd, companies registered in England and Wales. The company owns 100% of the ordinary share capital of the above companies. The company also holds 66% of the ordinary share capital of Morven Ltd, a company registered in Scotland. |
Tangible fixed assets |
Equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Listed and unlisted investments |
Listed investments are valued at market value . |
Investments in associate undertakings are included at directors valuation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Bassett Enterprises Ltd (Registered number: 10201722) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to |
property | property | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 8,689 |
Revaluations | ( |
) | 44,307 |
At 31 May 2024 | 52,555 | 52,996 |
NET BOOK VALUE |
At 31 May 2024 | 52,996 |
At 31 May 2023 | 8,689 |
Cost or valuation at 31 May 2024 is represented by: |
Interest |
in |
associate | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | 5,613 | 444 | 6,057 |
Valuation in 2021 | (3,880 | ) | 26 | (3,854 | ) |
Valuation in 2022 | (1,373 | ) | 116 | (1,257 | ) |
Valuation in 2023 | 7,805 | (62 | ) | 7,743 |
Valuation in 2024 | 44,390 | (83 | ) | 44,307 |
52,555 | 441 | 52,996 |
Bassett Enterprises Ltd (Registered number: 10201722) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
6. | DEBTORS |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 22,062 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve movement | - | 35,955 | 35,955 |
At 31 May 2024 | 44,353 |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £20,000 (2023 - £18,387) were paid to the directors . |
Bassett Enterprises Ltd (Registered number: 10201722) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
10. | RELATED PARTY DISCLOSURES - continued |
At 31 May 2023 the company owed the directors £15,213. During the year the directors met expenses on behalf of the company totalling £20,000. At 31 May 2024 the company owed the directors £35,213. This loan is interest free and has no fixed terms of repayment. |
At 31 May 2023 the company owed £57,588 to L.Bassett & Associates Ltd, one of the company's subsidiary companies. During the year L.Bassett & Associates Ltd met expenses on behalf of the company totalling £3,294. At 31 May 2024 the company owed £60,882 to L.Bassett & Associates Ltd. This loan is interest free and has no fixed terms of repayment. |
At 31 May 2023 the company was owed £15,437 by Morven Ltd, one of the company's subsidiary companies. During the year the company met expenses totalling £77 on behalf of Morven Ltd. At 31 May 2024 the company was owed £15,514 by Morven Ltd. This loan is subject to 8% interest and is repayable 366 days after demand. |
At 31 May 2023 and 31 May 2024 the company was owed £2,415 by Irina Bassett Photography Ltd. a company under common control. This loan is interest free and has no fixed terms of repayment. |