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REGISTERED NUMBER: 08914922 (England and Wales)















BASSETTCO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


BASSETTCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: C F Burt
S M Burt





REGISTERED OFFICE: Tritton House
Tritton Road
Dixon Street
Lincoln
Lincolnshire
LN6 7BN





REGISTERED NUMBER: 08914922 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,900,001 1,900,001
Investment property 5 1,485,465 1,131,159
3,385,466 3,031,160

CURRENT ASSETS
Debtors 6 2,922,408 1,894,069
Cash at bank 346,378 512,731
3,268,786 2,406,800
CREDITORS
Amounts falling due within one year 7 258,530 143,221
NET CURRENT ASSETS 3,010,256 2,263,579
TOTAL ASSETS LESS CURRENT LIABILITIES 6,395,722 5,294,739

PROVISIONS FOR LIABILITIES 18,559 -
NET ASSETS 6,377,163 5,294,739

CAPITAL AND RESERVES
Called up share capital 8 68,825 68,825
Fair value reserve 97,064 -
Merger reserves 1,831,175 1,831,175
Retained earnings 4,380,099 3,394,739
SHAREHOLDERS' FUNDS 6,377,163 5,294,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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.

BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





C F Burt - Director


BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Bassettco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is included as the company's right to receive payment is established.

Investment property
Investment property is show at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investment in subsidiary undertakings
Investment in subsidiary undertakings are initially recognised at cost. Any gains or losses arising from revaluations are transferred to reserves.

Interest receivable
Interest income is recognised using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 September 2023
and 31 August 2024 1,900,001
NET BOOK VALUE
At 31 August 2024 1,900,001
At 31 August 2023 1,900,001

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 1,131,159
Additions 234,473
Revaluations 119,833
At 31 August 2024 1,485,465
NET BOOK VALUE
At 31 August 2024 1,485,465
At 31 August 2023 1,131,159

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No professional valuation has been obtained.

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 119,833
Cost 1,365,632
1,485,465

6. DEBTORS
31.8.24 31.8.23
£    £   
Amounts falling due within one year:
Other debtors 27,354 -

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,895,054 1,894,069

Aggregate amounts 2,922,408 1,894,069

BASSETTCO LIMITED (REGISTERED NUMBER: 08914922)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 52 3,397
Amounts owed to group undertakings 248,979 134,116
Other creditors 9,499 5,708
258,530 143,221

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
68,825 Ordinary £1 68,825 68,825