Bassingfield Limousin Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07600698 (England and Wales)

Bassingfield Limousin Ltd

Unaudited Financial Statements

for the Year Ended 31st March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J L Crofts

Mrs J A Crofts

REGISTERED OFFICE:

Holme Farm

Bassingfield Lane

Gamston

Nottingham

Nottinghamshire

NG2 6NJ

REGISTERED NUMBER:

07600698 (England and Wales)

ACCOUNTANTS:

Brooks Mayfield Limited

Chartered Accountants

12 Bridgford Road

West Bridgford

Nottinghamshire

NG2 6AB

FIXED ASSETS

Tangible assets

4

18,708

26,723

CURRENT ASSETS

Stocks

-

163,012

Debtors

5

-

4,047

Cash at bank

9,887

6,217

9,887

173,276

CREDITORS

Amounts falling due within one year

6

(526,468

)

(579,435

)

NET CURRENT LIABILITIES

(516,581

)

(406,159

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(497,873

)

(379,436

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(497,875

)

(379,438

)

(497,873

)

(379,436

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2020 and were signed on its behalf by:

Mrs J A Crofts - Director

1.	STATUTORY INFORMATION

Bassingfield Limousin Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1st April 2019

25,468

27,295

23,235

75,998

Disposals

-

(9,200

)

-

(9,200

)

At 31st March 2020

25,468

18,095

23,235

66,798

DEPRECIATION

At 1st April 2019

10,185

18,181

20,909

49,275

Charge for year

1,273

985

582

2,840

Eliminated on disposal

-

(4,025

)

-

(4,025

)

At 31st March 2020

11,458

15,141

21,491

48,090

NET BOOK VALUE

At 31st March 2020

14,010

2,954

1,744

18,708

At 31st March 2019

15,283

9,114

2,326

26,723

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

-

4,047

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

996

13,015

Taxation and social security

895

-

Other creditors

524,577

566,420

526,468

579,435

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2020 and

31st March 2019:

2020

2019

£

£

Mr J L Crofts and Mrs J A Crofts

Balance outstanding at start of year

565,213

525,551

Amounts advanced

16,226

42,820

Amounts repaid

(58,122

)

(3,158

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

523,317

565,213

This loan is unsecured and payable on demand.