Company registration number 04624117 (England and Wales)
BASKEYS NE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BASKEYS NE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BASKEYS NE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,731
2,162
Investment property
4
2,495,328
2,232,328
2,497,059
2,234,490
Current assets
Debtors
5
1,034,062
1,138,796
Cash at bank and in hand
11,704
10,853
1,045,766
1,149,649
Creditors: amounts falling due within one year
6
(831,528)
(722,815)
Net current assets
214,238
426,834
Total assets less current liabilities
2,711,297
2,661,324
Creditors: amounts falling due after more than one year
7
(26,619)
(36,204)
Net assets
2,684,678
2,625,120
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,684,677
2,625,119
Total equity
2,684,678
2,625,120
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BASKEYS NE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
D J Salmon
Director
Company Registration No. 04624117
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Baskeys NE Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 22 Osborne Road, Jesmond, Newcastle upon Tyne, NE2 2AD.
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 amounts 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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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 on the following bases:
Fixtures and fittings
20% reducing balance
Office equipment
25% straight line
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.
1.5
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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.
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 payments 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. Amounts 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.
1.8
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.
1.9
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.
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
13,361
8,601
21,962
Depreciation and impairment
At 1 April 2022
11,199
8,601
19,800
Depreciation charged in the year
431
431
At 31 March 2023
11,630
8,601
20,231
Carrying amount
At 31 March 2023
1,731
1,731
At 31 March 2022
2,162
2,162
4
Investment property
2023
£
Fair value
At 1 April 2022
2,232,328
Revaluations
263,000
At 31 March 2023
2,495,328
The investment properties have been revalued during the year by an indepedent valuer.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
426,834
280
Amounts owed by group undertakings
363,810
334,472
Other debtors
105,183
679,262
895,827
1,014,014
Deferred tax asset
138,235
124,782
1,034,062
1,138,796
Included in other debtors is an amount of £1,621 due from RH Moody (2022: £Nil).
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
10,648
10,648
Trade creditors
7,397
448,914
Amounts owed to group undertakings
68,853
56,008
Corporation tax
73,223
73,223
Other taxation and social security
5,885
59,887
Other creditors
654,701
64,730
Accruals and deferred income
10,821
9,405
831,528
722,815
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8
26,619
36,204
8
Loans and overdrafts
2023
2022
£
£
Bank loans
37,267
46,852
Payable within one year
10,648
10,648
Payable after one year
26,619
36,204
BASKEYS NE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Related party transactions
The company is related to Ralbos Consultancy Limited due to common director R H Moody. During the year, the company incurred consultancy fees of £200,000 (2022 - £134,000) to Ralbos Consultancy Limited. At the year end, included in other creditors is a balance of £637,500 (2022 - included in trade creditors £437,500).
The company is related to Ralbos Limited due to common director R H Moody. During the year, expenses were recharged from Ralbos Limited and loan repayments made to Ralbos Limited. At the year end, included in other debtors is a balance of £300,746 (2022 - £274,726).
The company is related to Baskeys Limited due to common director R H Moody. During the year, expenses were recharged from Baskeys Limited and loan repayments made to Baskeys Limited. During the year the company made recharges to Baskeys Limited of £18,350 (£21,977) At the year end, included in other debtors is a balance of £63,064 (2022 - £59,746).
The company is related to Brackenshaw Limited due to common director R H Moody. During the year, expenses were recharged from Brackenshaw Limited and loan repayments made to Brackenshaw Limited. At the year end, included in other creditors is a balance of £53,989 (2022 - £60,063).
The company is related to Tyne Financial Limited due to common director R H Moody. At the year end, included in other creditors is a balance of £14,864 (2022 - £14,864).
10
Parent company
The company's immediate parent is Brackenshaw Limited, incorporated in England and Wales.