Base-Line Developments Limited SC286837 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true SC286837 2023-07-01 2024-06-30 SC286837 2024-06-30 SC286837 core:OtherReservesSubtotal 2024-06-30 SC286837 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC286837 core:ShareCapital 2024-06-30 SC286837 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 SC286837 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 SC286837 core:CurrentFinancialInstruments 2024-06-30 SC286837 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC286837 core:Non-currentFinancialInstruments 2024-06-30 SC286837 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 SC286837 core:LandBuildings 2024-06-30 SC286837 core:MotorVehicles 2024-06-30 SC286837 core:OtherPropertyPlantEquipment 2024-06-30 SC286837 bus:SmallEntities 2023-07-01 2024-06-30 SC286837 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC286837 bus:FilletedAccounts 2023-07-01 2024-06-30 SC286837 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC286837 bus:RegisteredOffice 2023-07-01 2024-06-30 SC286837 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 SC286837 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC286837 core:Buildings 2023-07-01 2024-06-30 SC286837 core:LandBuildings 2023-07-01 2024-06-30 SC286837 core:MotorVehicles 2023-07-01 2024-06-30 SC286837 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC286837 core:PlantMachinery 2023-07-01 2024-06-30 SC286837 countries:Scotland 2023-07-01 2024-06-30 SC286837 2023-06-30 SC286837 core:LandBuildings 2023-06-30 SC286837 core:MotorVehicles 2023-06-30 SC286837 core:OtherPropertyPlantEquipment 2023-06-30 SC286837 2022-07-01 2023-06-30 SC286837 2023-06-30 SC286837 core:OtherReservesSubtotal 2023-06-30 SC286837 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC286837 core:ShareCapital 2023-06-30 SC286837 core:HirePurchaseContracts core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-06-30 SC286837 core:HirePurchaseContracts core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-06-30 SC286837 core:CurrentFinancialInstruments 2023-06-30 SC286837 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC286837 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-06-30 SC286837 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-06-30 SC286837 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC286837 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-06-30 SC286837 core:LandBuildings 2023-06-30 SC286837 core:MotorVehicles 2023-06-30 SC286837 core:OtherPropertyPlantEquipment 2023-06-30 SC286837 core:PreviouslyStatedAmount 2023-06-30 iso4217:GBP xbrli:pure

Registration number: SC286837

Base-Line Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Base-Line Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Base-Line Developments Limited

(Registration number: SC286837)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,085,184

1,198,209

Investment property

5

289,091

289,091

 

1,374,275

1,487,300

Current assets

 

Stocks

6

344,000

303,000

Debtors

7

859,771

428,759

Cash at bank and in hand

 

43,701

247

 

1,247,472

732,006

Creditors: Amounts falling due within one year

8

(1,463,897)

(1,009,880)

Net current liabilities

 

(216,425)

(277,874)

Total assets less current liabilities

 

1,157,850

1,209,426

Creditors: Amounts falling due after more than one year

8

(215,910)

(317,070)

Provisions for liabilities

(23,908)

(14,460)

Net assets

 

918,032

877,896

Capital and reserves

 

Called up share capital

20

20

Other reserves

546,527

546,527

Retained earnings

371,485

331,349

Shareholders' funds

 

918,032

877,896

 

Base-Line Developments Limited

(Registration number: SC286837)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
R Whellans
Company secretary and director

 

Base-Line Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 19 Macmerry Industrial Estate
Macmerry
Tranent
East Lothian
EH33 1RD

These financial statements were authorised for issue by the Board on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Base-Line Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

NIL

Plant and machinery

10% straight line

Motor vehicles

20% reducing balance

Investment property

Investment property is carried at fair value. The director is of the opinion that the value in the accounts reflects the fair value and no independent valuation has been carried out.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Base-Line Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 8).

 

Base-Line Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

610,909

245,771

1,089,953

1,946,633

Additions

-

-

10,277

10,277

Disposals

-

-

(35,500)

(35,500)

At 30 June 2024

610,909

245,771

1,064,730

1,921,410

Depreciation

At 1 July 2023

-

119,559

628,865

748,424

Charge for the year

-

25,243

90,959

116,202

Eliminated on disposal

-

-

(28,400)

(28,400)

At 30 June 2024

-

144,802

691,424

836,226

Carrying amount

At 30 June 2024

610,909

100,969

373,306

1,085,184

At 30 June 2023

610,909

126,212

461,088

1,198,209

Included within the net book value of land and buildings above is £610,909 (2023 - £610,909) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 July

289,091

At 30 June

289,091

The investment property was valued by Shepherd Commercial in the prior year, the directors are of the opinion that the value in that report remains a reasonable assessment of the market value as at 30 June 2024.

6

Stocks

2024
£

2023
£

Other inventories

344,000

303,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

3,992

50,494

Other debtors

855,779

378,265

 

859,771

428,759

 

Base-Line Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

156,104

258,952

Trade creditors

 

940,795

246,897

Amounts owed to group undertakings and undertakings in which the company has a participating interest

201,928

208,031

Taxation and social security

 

45,336

58,702

Accruals and deferred income

 

9,580

231,915

Other creditors

 

8,404

5,383

Directors loan

 

101,750

-

 

1,463,897

1,009,880

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

215,910

317,070

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

148,941

202,568

Hire purchase contracts

66,969

114,502

215,910

317,070

2024
£

2023
£

Current loans and borrowings

Bank borrowings

58,571

58,571

Bank overdrafts

-

97,848

Hire purchase contracts

47,533

52,533

Other borrowings

50,000

50,000

156,104

258,952