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Financial Statements for the Year Ended 31 December 2018 |
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BASALT GLOBAL LIMITED |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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BASALT GLOBAL LIMITED |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BASALT GLOBAL LIMITED |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
& Registered Auditors |
73 Park Lane |
Croydon |
Surrey |
CR0 1JG |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 7 |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Basalt Global Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets |
and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
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a) 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. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts receivable and payable are initially measured at |
present value of the future payments and subsequently at amortised cost using the effective interest |
method. Debt instruments that are payable or receivable within one year, typically trade payables or |
receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other |
consideration expected to be paid or received. However, if the arrangements of a short-term |
instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal |
business terms or financed at a rate of interest that is not a market rate or in case of an outright |
short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, |
at the present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial |
position when there is an 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. |
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Impairment of non-financial assets |
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At each reporting date non-financial assets not carried at fair value, like plant and equipment, are |
reviewed to determine whether there is an indication that an asset may be impaired. If there is an |
indication of possible impairment, the recoverable amount of any asset or group of related assets, |
which is the higher of value in use and the fair value less cost to sell, is estimated and compared with |
its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to |
its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
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Inventories are also assessed for impairment at each reporting date. Each item of inventory is |
compared to the last sold date and an impairment loss recognised on a percentage basis in profit and |
loss. |
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BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related |
assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount |
that would have been determined had no impairment loss been recognised for the asset or group of |
related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and |
loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Other debtors |
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BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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7. | RESERVES |
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During the year dividends of £nil (2017: £107,371) were paid to ordinary shareholders. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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Rockpool Investments LLP |
Rockpool Investments LLP is a related entity to the shareholder, Rockpool Investment Nominee |
Limited. |
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The company paid Rockpool Investments LLP £30,660 (2017: £30,660) for quarterly monitoring fees. |
The amount unpaid as at year end is nil (2017:£nil). |
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Altius Corporate Design & Build Limited |
A company in which P Ash is a shareholder. |
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The company paid £5,500 (2017: £6,000) net of VAT for serviced offices, £11,000 (2017: £12000) in |
fees for accountancy services and £66,000 (2017: £63,728) for Chief Executive Officer Services. As |
at the year end the Company has accrued £500 for serviced offices, £6,000 for Director's fees and |
£1,000 for accountancy services |
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The amount owed as at the year end is £nil (2017: £nil). |
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Jardine Consulting Limited |
A company in which I Jardine is a director and a shareholder. |
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The company paid £18,682 (2017: £11,885) for accountancy, company secretarial services and for |
director related services. The amount owed as at year end is £6,500 (2017: £nil). |
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Growth Power Limited |
A company of which P Ash is a Director. |
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At the balance sheet date, the company owed £274,058.11 (2017: £339,058) to Growth Power Limited. |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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10. | GOING CONCERN |
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The Board of Directors believe that the company has adequate resources to continue in operational |
existence for the foreseeable future. The Directors believe that the business is in a stable position |
having grown from a start-up in 2014 and continues to to generate operating profits. |