Company registration number 14956273 (England and Wales)
BASSI FINANCIAL CONSULTING LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BASSI FINANCIAL CONSULTING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BASSI FINANCIAL CONSULTING LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
1,791
Current assets
Debtors
4
23,957
Cash at bank and in hand
50,603
74,560
Creditors: amounts falling due within one year
5
(43,707)
Net current assets
30,853
Total assets less current liabilities
32,644
Provisions for liabilities
(448)
Net assets
32,196
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
32,096
Total equity
32,196

For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the period 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 13 March 2025
Mr A C Bassi
Director
Company registration number 14956273 (England and Wales)
BASSI FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Bassi Financial Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 31 Davenport, Church Langley, Harlow, Essex, United Kingdom, CM17 9TF.

1.1
Reporting period

These are the first set of financial statements since incorporation and cover a period of 53 weeks, therefore results are not entirely comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discount.

 

Revenue is recognised over the period when, and to the extent that, the company obtains the rights to consideration in exchange for service provided.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Computers
33% Straight line
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BASSI FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
Number
Total
2
3
Tangible fixed assets
Computers
£
Cost
At 23 June 2023
-
0
Additions
2,223
At 30 June 2024
2,223
Depreciation and impairment
At 23 June 2023
-
0
Depreciation charged in the period
432
At 30 June 2024
432
Carrying amount
At 30 June 2024
1,791
BASSI FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
22,759
Other debtors
1,198
23,957
5
Creditors: amounts falling due within one year
2024
£
Corporation tax
27,272
Other taxation and social security
8,399
Other creditors
8,036
43,707
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

During the year, the company issued and fully paid 100 ordinary shares of £1 each.

7
Directors' transactions

Dividends totalling £50,000 were paid in the period in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £6,936; this amount being included in creditors: amounts falling due within one year.

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