Basic Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04719310 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

BASIC PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I J Rose

J D Rose

SECRETARY:

I J Rose

REGISTERED OFFICE:

5-9 Eden Street

Kingston Upon Thames

Surrey

KT1 1BQ

REGISTERED NUMBER:

04719310 (England and Wales)

ACCOUNTANTS:

Collards

Chartered Accountants

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

FIXED ASSETS

Tangible assets

4

-

2,220

Investment property

5

3,100,000

3,100,000

3,100,000

3,102,220

CURRENT ASSETS

Debtors

6

5,132

3,375

Cash at bank

52,144

36,252

57,276

39,627

CREDITORS

Amounts falling due within one year

7

564,930

653,803

NET CURRENT LIABILITIES

(507,654

)

(614,176

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,592,346

2,488,044

PROVISIONS FOR LIABILITIES

159,193

159,193

NET ASSETS

2,433,153

2,328,851

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

1,188,273

1,188,273

Retained earnings

1,243,880

1,139,578

SHAREHOLDERS' FUNDS

2,433,153

2,328,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2020 and were signed on its behalf by:

I J Rose - Director

1.	STATUTORY INFORMATION

Basic Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investment property

The investment properties have been valued at fair value as required by FRS 102.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

11,100

DEPRECIATION

At 1 April 2019

8,880

Charge for year

2,220

At 31 March 2020

11,100

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

2,220

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

3,100,000

NET BOOK VALUE

At 31 March 2020

3,100,000

At 31 March 2019

3,100,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2017

1,653,861

Cost

1,446,139

3,100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

1,593

Prepayments and accrued income

5,132

1,782

5,132

3,375

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

84,500

84,500

Tax

24,987

20,374

Other creditors

54,999

48,004

Directors' loan accounts

359,345

467,345

Accruals and deferred income

37,019

29,500

Accrued expenses

4,080

4,080

564,930

653,803

8.	RELATED PARTY DISCLOSURES

Included in creditors is a loan of £84,500 (2019 - £84,500) from Mountview Freehold Limited, a company jointly controlled by the two

directors. The loan is interest free and repayable on demand.