Company registration number 15244323 (England and Wales)
BASEL ASSETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BASEL ASSETS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
BASEL ASSETS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
7,192
Investment property
4
11,843,438
11,850,630
Current assets
Debtors
5
6,032
Creditors: amounts falling due within one year
6
(11,849,621)
Net current liabilities
(11,843,589)
Net assets
7,041
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
6,941
Total equity
7,041
For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have 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 income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 5 August 2025
B Basel
Director
Company registration number 15244323 (England and Wales)
BASEL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Basel Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Reporting period
The company was incorporated on 28 October 2023. These accounts reflect the period from incorporation through to 31 December 2024.
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.Then modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2024 are the first financial statements of Basel Assets Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents rental income.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and equipment
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
BASEL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
BASEL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 October 2023
Additions
7,440
At 31 December 2024
7,440
Depreciation and impairment
At 28 October 2023
Depreciation charged in the period
248
At 31 December 2024
248
Carrying amount
At 31 December 2024
7,192
4
Investment property
2024
£
Fair value
At 28 October 2023
Additions
11,843,438
At 31 December 2024
11,843,438
The property was acquired on 13 February 2024 and is included in the financial statements at cost. In the directors’ opinion, this represents the market value of the property as at 31 December 2024, by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. No depreciation is provided in respect of this property.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
£
Cost
11,843,438
Accumulated depreciation
-
Carrying amount
11,843,438
BASEL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
6,032
6
Creditors: amounts falling due within one year
2024
£
Other creditors
11,849,621
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of £1 each
60
60
Ordinary B Shares of £1 each
40
40
100
100
During the period, 60 Ordinary A shares and 40 Ordinary B shares, each with a nominal value of £1, were allotted at par.