Company No: 10737250 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	5,749		6,777
Investment property	4	2,721,876		2,711,436
Investments	5	1		1
		2,727,626		2,718,214
Current assets
Stocks	6	95,283		95,283
Debtors	7	237,907		318,889
Cash at bank and in hand		15,660		17,928
		348,850		432,100
Creditors: amounts falling due within one year	8	( 711,858)		( 673,949)
Net current liabilities		(363,008)		(241,849)
Total assets less current liabilities		2,364,618		2,476,365
Creditors: amounts falling due after more than one year	9	( 1,365,000)		( 1,445,000)
Provision for liabilities		( 193,572)		( 197,459)
Net assets		806,046		833,906
Capital and reserves
Called-up share capital	10	200		200
Profit and loss account	12	805,846		833,706
Total shareholders' funds		806,046		833,906

For the financial 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Bassett Land Limited (registered number: 10737250) were approved and authorised for issue by the Board of Directors on 11 December 2025. They were signed on its behalf by:

E P Haskins Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bassett Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Vaults, 1-2 Bartlett Street, Bath, BA1 2QZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment

10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		4

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 April 2024	12,852		12,852
At 31 March 2025	12,852		12,852
Accumulated depreciation
At 01 April 2024	6,075		6,075
Charge for the financial year	1,028		1,028
At 31 March 2025	7,103		7,103
Net book value
At 31 March 2025	5,749		5,749
At 31 March 2024	6,777		6,777

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	2,711,436
Additions	10,440
As at 31 March 2025	2,721,876

The fair value of the investment property at 31 March 2025 has been arrived at on the basis of a valuation carried out by the Directors, on an open market value for existing use basis.

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	1		1
At 31 March 2025	1		1
Carrying value at 31 March 2025	1		1
Carrying value at 31 March 2024	1		1

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
Bassett Holywell Ltd	1 Monmouth Place, Bath, United Kingdom, BA1 2AT	Buying and selling of own real estate	Ordinary	50.00%	50.00%

6. Stocks

	2025		2024
	£		£
Work in progress	95,283		95,283

7. Debtors

	2025		2024
	£		£
Trade debtors	1,050		32,507
Amounts owed by joint ventures	236,857		286,382
	237,907		318,889

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	80,000		80,000
Trade creditors	19,316		9,442
Amounts owed to directors	595,187		509,138
Accruals and deferred income	18,050		17,850
Other taxation and social security	( 695)		53,458
Other creditors	0		4,061
	711,858		673,949

Bank loans and overdrafts of £80,000 (2024: £80,000) shown above are secured by a fixed charge over the assets of the company.

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

	2025		2024
	£		£
Bank loans (secured)	1,365,000		1,445,000

Bank loans and overdrafts of £1,356,872 (2024: £1,445,000) shown above are secured by a fixed charge over the assets of the company.

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100
100 Ordinary B shares of £ 1.00 each	100		100
	200		200

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to the directors	593,138		509,138

No interest has been charged on the above amounts and there are no set repayment terms.

12. Reserves

	2025		2024
	£		£
Profit and loss account - distributable	231,874		259,734
Profit and loss account - non distributable	573,972		573,972
	805,846		833,706

Profit and loss account - distributable

The profit and loss account - distributable reserve is made up accumulated profits and losses, less accumulated dividends paid.

Profit and loss account - non distributable

The profit and loss account - non distributable reserve is made up from the revaluations of investment properties as disclosed in investment property note and the deferred tax movement in respect of the revaluations.