Registration number: 02940672

Basicfare Ltd

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Unaudited Abridged Financial Statements	4 to 11

Basicfare Ltd

Company Information

Directors

Mrs Amanda Jeanne Cross Mr Simon John Cooper

Company secretary

Mrs Amanda Jeanne Cross

Registered office

Hammond House Heapy Street Macclesfield Cheshire SK11 7JB

Basicfare Ltd

(Registration number: 02940672)
Abridged Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	370,913	372,184
Current assets
Stocks	6	196,810	289,399
Debtors	7	152,003	153,773
Other financial assets	5	1,200	1,200
Cash at bank and in hand		20,018	19
		370,031	444,391
Prepayments and accrued income		6,924	15,514
Creditors: Amounts falling due within one year		(441,604)	(397,520)
Net current (liabilities)/assets		(64,649)	62,385
Total assets less current liabilities		306,264	434,569
Creditors: Amounts falling due after more than one year		(112,382)	(237,395)
Provisions for liabilities		(40,112)	(40,200)
Accruals and deferred income		(10,000)	(10,100)
Net assets		143,770	146,874
Capital and reserves
Called up share capital	8	2	2
Revaluation reserve		134,200	137,100
Retained earnings		9,568	9,772
Shareholders' funds		143,770	146,874

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Basicfare Ltd

(Registration number: 02940672)
Abridged Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2025 and signed on its behalf by:
 

......................................... Mrs Amanda Jeanne Cross Company secretary and director

......................................... Mr Simon John Cooper Director

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hammond House
Heapy Street
Macclesfield
Cheshire
SK11 7JB

These financial statements were authorised for issue by the Board on 19 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£) and is rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Printing equipment	at varying rates on cost
Plant & machinery	20% on cost
Fixtures & fittings	20% on cost
Computer equipment	20% on cost
Motor vehicle	20% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2024	436,354	23,693	139,540	94,544	-
Additions	19,500	-	-	-	22,010
At 31 December 2024	455,854	23,693	139,540	94,544	22,010
Depreciation
At 1 January 2024	102,205	23,693	122,938	73,111	-
Charge for the year	21,001	-	11,462	7,383	2,935
At 31 December 2024	123,206	23,693	134,400	80,494	2,935
Carrying amount
At 31 December 2024	332,648	-	5,140	14,050	19,075
At 31 December 2023	334,149	-	16,602	21,433	-

	Total £
Cost or valuation
At 1 January 2024	694,131
Additions	41,510
At 31 December 2024	735,641
Depreciation
At 1 January 2024	321,947
Charge for the year	42,781
At 31 December 2024	364,728
Carrying amount
At 31 December 2024	370,913
At 31 December 2023	372,184

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Included within the net book value of land and buildings above is £332,649 (2023 - £334,149) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's Printing equipment was revalued on 30 September 2010. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £404,854 (2023 - £385,354).

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost or valuation
At 1 January 2024	1,200	1,200
At 31 December 2024	1,200	1,200
Impairment
Carrying amount
At 31 December 2024	1,200	1,200

6

Stocks

	2024 £	2023 £
Other inventories	196,810	289,399

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8	Share capital

Allotted, called up and fully paid shares

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Total £
Surplus/deficit on revaluation of other assets	(2,900)	(2,900)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Total £
Surplus/deficit on revaluation of other assets	(11,100)	(11,100)

10

Dividends

Interim dividends paid

		2024 £		2023 £
Interim dividend of £37,000.00 (2023 - £15,000.00) per each Ordinary shares		74,000		30,000

11	Related party transactions

Transactions with directors

Basicfare Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Mrs Amanda Jeanne Cross
	(9,942)	(36,771)	37,000	(9,713)
	-	-	-	-
	(9,942)	(36,771)	37,000	(9,713)
Mr Simon John Cooper
	(9,943)	(36,770)	37,000	(9,713)
	-	-	-	-
	(9,943)	(36,770)	37,000	(9,713)

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Mrs Amanda Jeanne Cross
	(9,697)	(24,677)	24,432	(9,942)
	(9,697)	(24,677)	24,432	(9,942)
Mr Simon John Cooper
	(9,698)	(24,677)	24,432	(9,943)
	(9,698)	(24,677)	24,432	(9,943)

Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	26,300	79,300