Company Registration No. SC310697 (Scotland)
BASE LINE_SURVEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
BASE LINE_SURVEY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
BASE LINE_SURVEY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
5
813
Current assets
Trade and other receivables
6
16,714
724
Cash at bank and in hand
16,069
26,476
32,783
27,200
Current liabilities
7
(31,008)
(21,043)
Net current assets
1,775
6,157
Total assets less current liabilities
2,588
6,157
Provisions for liabilities
(154)
Net assets
2,434
6,157
Equity
Called up share capital
5
5
Retained earnings
2,429
6,152
Total equity
2,434
6,157
The director of the company has elected not to include a copy of the income statement or related notes within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 April 2021
Mr D W Anderson
Director
Company Registration No. SC310697
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 2 -
1
Company Information
Base Line_Survey Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
44 Skene Terrace (Top Left), Aberdeen, Aberdeenshire, AB10 1RP.
2
Compliance with accounting standards
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
3.1
Revenue
Turnover represents the value of sales to customers, net of discounts and other payments to customers and excludes VAT. Sales of services are recognised when the company has provided the service to the customer and collectability of the related receivable is reasonably assured.
Revenue from the sale of
services
is recognised when the
services have been provided
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
3.2
Property, plant and equipment
Property, plant and equipment
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, fittings and equipment
33% 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
.
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
3
Accounting policies
(Continued)
- 3 -
3.3
Basic 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 statement of financial position 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.
3.4
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 income statement 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
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3.5
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.6
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
3.7
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.
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 November 2019
5,607
Additions
1,219
At 31 October 2020
6,826
Depreciation and impairment
At 1 November 2019
5,607
Depreciation charged in the year
406
At 31 October 2020
6,013
Carrying amount
At 31 October 2020
813
At 31 October 2019
6
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
16,567
Other receivables
147
724
16,714
724
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 5 -
7
Current liabilities
2020
2019
£
£
Corporation tax
1,379
3,648
Other taxation and social security
4,535
Other payables
25,094
17,395
31,008
21,043
8
Directors' transactions
At 1 November 2019, the company owed the director £16,630. During the year the director met expenses on behalf of the company totalling £7,651. At 31 October 2020 the company owed the director £24,281. This loan is interest free and has no fixed terms of repayment.
During the year the company paid dividends of £10,000 (2019 - £20,000) to the director.