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Registered number: 11242078
The Basic Ingredients Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11242078
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,183 6,996
Tangible Assets 5 21,568 20,895
44,751 27,891
CURRENT ASSETS
Stocks 6 452,735 1,160,830
Debtors 7 1,662,088 1,415,782
Cash at bank and in hand 191,682 153,157
2,306,505 2,729,769
Creditors: Amounts Falling Due Within One Year 8 (1,415,015 ) (2,085,603 )
NET CURRENT ASSETS (LIABILITIES) 891,490 644,166
TOTAL ASSETS LESS CURRENT LIABILITIES 936,241 672,057
Creditors: Amounts Falling Due After More Than One Year 9 (650,372 ) (393,928 )
NET ASSETS 285,869 278,129
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 285,769 278,029
SHAREHOLDERS' FUNDS 285,869 278,129
Page 1
Page 2
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Y Du
Director
30/09/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Basic Ingredients Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11242078 . The registered office is 18 Platt Street, London, NW1 1RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets consist of licences. They are amortised to profit and loss account over their estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Computer Equipment 20% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 9,810
Additions 18,041
As at 31 December 2024 27,851
Amortisation
As at 1 January 2024 2,814
Provided during the period 1,854
As at 31 December 2024 4,668
Net Book Value
As at 31 December 2024 23,183
As at 1 January 2024 6,996
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 - 41,222 41,222
Additions 4,135 3,603 7,738
As at 31 December 2024 4,135 44,825 48,960
Depreciation
As at 1 January 2024 - 20,327 20,327
Provided during the period 1,263 5,802 7,065
As at 31 December 2024 1,263 26,129 27,392
Net Book Value
As at 31 December 2024 2,872 18,696 21,568
As at 1 January 2024 - 20,895 20,895
Page 4
Page 5
6. Stocks
2024 2023
£ £
Finished goods 452,735 1,160,830
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 809,617 725,210
Prepayments and accrued income 24,302 17,328
Other debtors 809,783 673,244
VAT 10,234 -
Directors' loan accounts 8,152 -
1,662,088 1,415,782
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,240,800 1,685,722
Bank loans and overdrafts - 11,210
Corporation tax 703 38,878
Other taxes and social security 23,049 9,148
VAT - 99,379
Other creditors 72,733 84,284
Accruals and deferred income 77,730 133,229
Directors' loan accounts - 23,753
1,415,015 2,085,603
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Trade creditors 650,372 381,780
Bank loans - 12,148
650,372 393,928
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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Page 6
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Miss Yijing Du - 8,152 - - 8,152
The above loan is unsecured, interest free and repayable on demand.
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