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Unaudited Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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Basharat Capital Ltd |
Trading as |
Flare Technologies |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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Basharat Capital Ltd |
Trading as |
Flare Technologies |
Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Contents of the Financial Statements |
for the year ended 31st March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
Basharat Capital Ltd |
Trading as Flare Technologies |
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Company Information |
for the year ended 31st March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Balance Sheet |
31st March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Balance Sheet - continued |
31st March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Notes to the Financial Statements |
for the year ended 31st March 2018 |
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1. | STATUTORY INFORMATION |
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Basharat Capital Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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In respect of long-term contracts, turnover represents the sales value of work done in the year, including estimates |
in respect of amounts not invoiced. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Motor vehicles | - |
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Office equipment | - |
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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. It includes any |
foreign taxation that is not recoverable or available to offset against UK tax liabilities. |
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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. |
Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Long term contracts |
Amounts recoverable on long term contracts, which are included in debtors, are stated at net sales value of work |
done less amounts received as progress payments on account. Excess progress payments are included in creditors |
as payments on account. Cumulative costs incurred net of amounts transferred to cost of sales, less provisions for |
contingencies and anticipated future losses on contracts, are included as long term contract balances in stock. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st April 2017 |
and 31st March 2018 |
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AMORTISATION |
At 1st April 2017 |
and 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
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COST |
At 1st April 2017 |
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Transfer to ownership | (10,277 | ) |
At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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Transfer to ownership | (10,277 | ) |
At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Prepayments and accrued income |
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Basharat Capital Ltd (Registered number: 08480686) |
Trading as Flare Technologies |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Payments on account |
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Trade creditors |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Finance leases | - | 2,071 |
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9. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £28,000 were paid to the directors . |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Basharat Capital Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Basharat Capital Ltd for the year ended 31st March 2018 which comprise the Statement of Income |
and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Basharat Capital Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Basharat Capital Ltd and state those matters that we have agreed to state to the Board of Directors of Basharat Capital Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Basharat Capital Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Basharat Capital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Basharat Capital Ltd. You consider that Basharat Capital Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Basharat Capital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
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