Basil Spensley Limited 31/03/2025 iXBRL

Company registration number: 1367460

Basil Spensley Limited

Unaudited filleted financial statements

31 March 2025

Basil Spensley Limited

Contents

Statement of financial position

Notes to the financial statements

Basil Spensley Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	46,248		46,248
Tangible assets	6	192,468		195,382
		_______		_______
			238,716		241,630

Current assets
Stocks		428,684		352,733
Debtors	7	35,994		31,050
Cash at bank and in hand		11,726		8,017
		_______		_______
		476,404		391,800
Creditors: amounts falling due
within one year	8	( 75,717)		( 80,291)
		_______		_______
Net current assets			400,687		311,509
			_______		_______
Total assets less current liabilities			639,403		553,139

Creditors: amounts falling due
after more than one year	9		( 480,038)		( 490,812)

Provisions for liabilities			( 25,072)		( 6,635)

			_______		_______
Net assets			134,293		55,692
			_______		_______

Capital and reserves
Called up share capital			30		30
Capital redemption reserve			70		70
Profit and loss account			134,193		55,592
			_______		_______
Shareholders funds			134,293		55,692
			_______		_______

For the year ending 31 March 2025 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.

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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

Mr J R Spensley

Director

Company registration number: 1367460

Basil Spensley Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Manor Farm, Thorlby, Skipton, North Yorkshire, BD23 3LL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Combined other intangible assets	-	No amortisation is required

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.

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:


Plant and machinery	-	10 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	46,248	46,248
	_______	_______
Amortisation
At 1 April 2024 and 31 March 2025	-	-
	_______	_______
Carrying amount
At 31 March 2025	46,248	46,248
	_______	_______
At 31 March 2024	46,248	46,248
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	44,004	215,357	299,949	559,310
Additions	-	9,253	7,250	16,503
Disposals	-	( 1,400)	( 3,100)	( 4,500)
	_______	_______	_______	_______
At 31 March 2025	44,004	223,210	304,099	571,313
	_______	_______	_______	_______
Depreciation
At 1 April 2024	-	142,944	220,984	363,928
Charge for the year	-	9,398	8,533	17,931
Disposals	-	( 797)	( 2,217)	( 3,014)
	_______	_______	_______	_______
At 31 March 2025	-	151,545	227,300	378,845
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	44,004	71,665	76,799	192,468
	_______	_______	_______	_______
At 31 March 2024	44,004	72,413	78,965	195,382
	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	32,806	28,544
Other debtors	3,188	2,506
	_______	_______
	35,994	31,050
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	9,752	9,752
Trade creditors	39,954	46,293
Social security and other taxes	10,198	8,612
Other creditors	15,813	15,634
	_______	_______
	75,717	80,291
	_______	_______

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	3,840	13,833
Other creditors	476,198	476,979
	_______	_______
	480,038	490,812
	_______	_______