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REGISTERED NUMBER: 10763176 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Basegold Properties Limited

Basegold Properties Limited (Registered number: 10763176)






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


Basegold Properties Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: S S Grewal
H S Grewal





REGISTERED OFFICE: Waterdell Farm
Springwell Lane
Harefield
Uxbridge
Middlesex
UB9 6PG





REGISTERED NUMBER: 10763176 (England and Wales)





ACCOUNTANTS: Business Ledger Limited
Chartered Certified Accountants
3 Waterside Drive
Langley
Berkshire
SL3 6EZ

Basegold Properties Limited (Registered number: 10763176)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 67,140 76,868
Investment property 5 1,328,978 1,328,978
1,396,118 1,405,846

CURRENT ASSETS
Stocks 1,235,148 1,390,639
Cash at bank and in hand 14,427 38,409
1,249,575 1,429,048
CREDITORS
Amounts falling due within one year 6 1,870,992 2,048,550
NET CURRENT LIABILITIES (621,417 ) (619,502 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

774,701

786,344

CREDITORS
Amounts falling due after more than one
year

7

813,115

813,115
NET LIABILITIES (38,414 ) (26,771 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (39,414 ) (27,771 )
(38,414 ) (26,771 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Basegold Properties Limited (Registered number: 10763176)

Balance Sheet - continued
31 May 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 16 April 2025 and were signed on its behalf by:





H S Grewal - Director


Basegold Properties Limited (Registered number: 10763176)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Basegold Properties 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

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

Basegold Properties Limited (Registered number: 10763176)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 112,794
Additions 8,310
At 31 May 2024 121,104
DEPRECIATION
At 1 June 2023 35,926
Charge for year 18,038
At 31 May 2024 53,964
NET BOOK VALUE
At 31 May 2024 67,140
At 31 May 2023 76,868

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 1,328,978
NET BOOK VALUE
At 31 May 2024 1,328,978
At 31 May 2023 1,328,978

One of the investment property has been reclassified into stock as this property is being redeveloped and is not let.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 15,772 7,378
Other creditors 1,855,220 2,041,172
1,870,992 2,048,550

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 813,115 813,115

Basegold Properties Limited (Registered number: 10763176)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 813,115 813,115

8. RELATED PARTY DISCLOSURES

At the year end the company owed directors £1,832,338 (2023 - £2,020,451). The loan is interest free and repayable on demand.

At the year end the company also owed £20,000 (2023 £20,000) to a company under the control of the family members of the directors.

9. GOING CONCERN

On 31 May 2024 the company had net liabilities. The company continues to trade with the support of loans from directors. The directors believes that Going Concern basis is appropriate