Company registration number 00989390 (England and Wales)
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
PAGES FOR FILING WITH REGISTRAR
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
BALANCE SHEET
AS AT 30 APRIL 2026
30 April 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
5
28,368
31,423
Investment property
4
365,000
365,000
393,368
396,423
Current assets
Stocks
20,161
20,698
Debtors
6
44,544
21,838
Cash at bank and in hand
91,346
98,943
156,051
141,479
Creditors: amounts falling due within one year
7
(79,042)
(61,429)
Net current assets
77,009
80,050
Total assets less current liabilities
470,377
476,473
Creditors: amounts falling due after more than one year
8
-
0
(3,334)
Provisions for liabilities
10
(37,121)
(37,623)
Net assets
433,256
435,516
Capital and reserves
Called up share capital
99
99
Revaluation reserve
113,484
113,484
Profit and loss reserves
319,673
321,933
Total equity
433,256
435,516
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2026
30 April 2026
- 2 -

For the financial year ended 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 July 2026 and are signed on its behalf by:
M McCormick
Director
Company registration number 00989390 (England and Wales)
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
- 3 -
1
Accounting policies
Company information

Basson & Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Essex House, 7-8 The Shrubberies, George Lane, South Woodford, London, E18 1BD.

1.1
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
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 or, if held under a finance lease, over the lease term, which ever is shorter on the following bases:

Freehold land and buildings
2% on reducing balance
Plant and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.4
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
7
7
4
Investment property
2026
£
Fair value
At 1 May 2025 and 30 April 2026
365,000

Investment property comprises the residential flat above the shop where the main business is operated from. The fair value of the investment property has been arrived at based on the cost that the flat was purchased for. During the course of this year, the fair value for the property has remained unchanged. Whilst the directors are not professional qualified the fair value of the investment property has been determined by discussions with local estate agents and by reviewing Zoopla.

BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2025 and 30 April 2026
68,201
23,795
34,002
125,998
Depreciation and impairment
At 1 May 2025
47,392
21,249
25,933
94,574
Depreciation charged in the year
416
623
2,017
3,056
At 30 April 2026
47,808
21,872
27,950
97,630
Carrying amount
At 30 April 2026
20,393
1,923
6,052
28,368
At 30 April 2025
20,809
2,545
8,069
31,423
6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
37,953
17,721
Other debtors
6,591
4,117
44,544
21,838
7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
3,333
4,000
Trade creditors
25,619
12,716
Taxation and social security
16,724
15,222
Other creditors
33,366
29,491
79,042
61,429
8
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
-
0
3,334
BASSON & CO LTD
TRADING AS MARTIN LOCK & SAFE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 8 -
9
Loans and overdrafts
2026
2025
£
£
Bank loans
3,333
7,334
Payable within one year
3,333
4,000
Payable after one year
-
0
3,334

In 2020-21 a loan of £20,000 was taken out under the Government's Covid Bounce Back Loan Scheme. Interest is charged at a 2.5% fixed rate per annum.

10
Provisions for liabilities
2026
2025
£
£
Deferred tax liabilities
11
37,121
37,623
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
1,515
2,017
Revaluations
35,606
35,606
37,121
37,623
2026
Movements in the year:
£
Liability at 1 May 2025
37,623
Credit to profit or loss
(502)
Liability at 30 April 2026
37,121

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