REGISTERED NUMBER:
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BASFORDS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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REGISTERED NUMBER:
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BASFORDS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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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BASFORDS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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BALANCE SHEET |
31 JANUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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BALANCE SHEET - continued |
31 JANUARY 2020 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | 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. |
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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 and authorised for issue on
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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1. | STATUTORY INFORMATION |
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Basfords Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value excluding Value Added Tax of goods and services provided to customers during the year. In respect of goods and services provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired. |
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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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Development costs are being amortised evenly over their estimated useful life of five years. |
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Tangible fixed assets |
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Improvements to property | - |
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Factory tools & equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
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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Financial instruments |
Financial instruments 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 entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
Additions |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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Development costs are not currently being amortised as they are not yet in use. |
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6. | TANGIBLE FIXED ASSETS |
Improvements | Factory | Fixtures |
to | tools & | and |
property | equipment | fittings |
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COST |
At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
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COST |
At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts recoverable on contract |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to related parties | 25,000 | 25,000 |
Taxation and social security |
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Other creditors |
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BASFORDS LTD (REGISTERED NUMBER: 04145856) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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10. | RELATED PARTY DISCLOSURES |
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Key management remuneration during the year totalled £18,310 (2019: £8,132). |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr C Deaton. |