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COMPANY REGISTRATION NUMBER: 05989463
Baselets Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2024
Baselets Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
350,575
357,544
Investments
6
5,092
5,092
---------
---------
355,667
362,636
Current assets
Debtors
7
9,208
402
Cash at bank and in hand
20,637
54,477
--------
--------
29,845
54,879
Creditors: amounts falling due within one year
8
45,380
53,931
--------
--------
Net current (liabilities)/assets
( 15,535)
948
---------
---------
Total assets less current liabilities
340,132
363,584
Creditors: amounts falling due after more than one year
9
23,494
42,631
Provisions
Taxation including deferred tax
18,838
23,386
---------
---------
Net assets
297,800
297,567
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
102,906
111,624
Profit and loss account
194,794
185,843
---------
---------
Shareholders funds
297,800
297,567
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Baselets Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
Mr A M Hard
Mrs K M Williams
Director
Director
Company registration number: 05989463
Baselets Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents services provided during the year exclusive of Value Added Tax. Turnover in relation to commissions received are recognised for the corresponding periods to which they relate.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Fixture and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
No depreciation is provided on the Freehold Property due to the high residual value.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Tangible assets
Land and buildings
Computer Equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023 and 30 November 2024
330,000
23,987
53,730
50,485
458,202
---------
--------
--------
--------
---------
Depreciation
At 1 December 2023
23,987
49,049
27,622
100,658
Charge for the year
1,253
5,716
6,969
---------
--------
--------
--------
---------
At 30 November 2024
23,987
50,302
33,338
107,627
---------
--------
--------
--------
---------
Carrying amount
At 30 November 2024
330,000
3,428
17,147
350,575
---------
--------
--------
--------
---------
At 30 November 2023
330,000
4,681
22,863
357,544
---------
--------
--------
--------
---------
Included in the above is £99,000 (2023: £99,000) land which is not depreciated.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 November 2024
Aggregate cost
203,563
Aggregate depreciation
(27,609)
---------
Carrying value
175,954
---------
At 30 November 2023
Aggregate cost
203,563
Aggregate depreciation
(24,538)
---------
Carrying value
179,025
---------
6. Investments
Other investments other than loans
£
Cost
At 1 December 2023 and 30 November 2024
5,092
-------
Impairment
At 1 December 2023 and 30 November 2024
-------
Carrying amount
At 30 November 2024
5,092
-------
At 30 November 2023
5,092
-------
7. Debtors
2024
2023
£
£
Other debtors
9,208
402
-------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,092
18,285
Social security and other taxes
20,709
26,774
Other creditors
5,579
8,872
--------
--------
45,380
53,931
--------
--------
Other creditors includes £nil which is secured on the individual assets concerned (2023: £3,230). Bank loans and overdrafts are secured on the assets of the company by fixed and floating charges. Included within the liabilities disclosed above under bank loans and overdrafts is an amount of £9,092 (2023: £8,283) for which security over the assets to which the liability relates has been given.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,494
42,631
--------
--------
Bank loans and overdrafts are secured on the assets of the company by fixed and floating charges. Included within the liabilities disclosed above under bank loans and overdrafts is an amount of £18,494 (2023: £27,631) for which security over the assets to which the liability relates has been given.
10. Financial commitments, guarantees and contingencies
The total future minimum lease payments under non-cancellable obligations are £21,038 (2023: £42,546).
11. Directors' advances, credits and guarantees
During the current and previous year the company operated a loan account on behalf of the directors. Interest has been charged at the official HMRC rate on any overdrawn loan account balances where applicable. There are no repayment terms.
2024 2023
£ £
Advances 3,636 4,717
Repayments 3,549 24,500
Balance due from the directors 458 371