Bassetlaw Memorial Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10997425 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

BASSETLAW MEMORIAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Hackney

H O P Hodgson

J C A H Hodgson

SECRETARY:

EMW Secretaries Limited

REGISTERED OFFICE:

Seebeck House 1 Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

10997425 (England and Wales)

AUDITORS:

FLB Accountants LLP, Statutory Auditor

250 Wharfedale Road

Winnersh Triangle

Berkshire

RG41 5TP

FIXED ASSETS

Tangible assets

5

4,452,932

4,208,861

CURRENT ASSETS

Stocks

700

-

Debtors

6

85,803

623

Cash at bank and in hand

27,364

730,389

113,867

731,012

CREDITORS

Amounts falling due within one year

7

(1,845,916

)

(2,048,459

)

NET CURRENT LIABILITIES

(1,732,049

)

(1,317,447

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,720,883

2,891,414

CAPITAL AND RESERVES

Called up share capital

41,789

41,789

Share premium

2,853,225

2,853,225

Retained earnings

(174,131

)

(3,600

)

2,720,883

2,891,414

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 and authorised for issue by the Board of Directors and authorised for issue on 30 December 2020 and were signed on its behalf by:

M A Hackney - Director

1.	STATUTORY INFORMATION

Bassetlaw Memorial 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

2.87% on cost

Sound system

20% on cost

Fixtures and fittings

10% on cost

Office equipment

33% on cost

Cremator

6.67% on cost

Roads

2% on cost

Capitalised costs relating to the acquisition of land are considered to have an unlimited useful economic life and therefore are not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares,

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid of received. However if the arrangements of a short-term instrument constitute a financial transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets, that are measured at cost and amortised cost, are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - NIL ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

4,208,861

-

4,208,861

Additions

381,653

-

381,653

Reclassification/transfer

(3,203,191

)

3,203,191

-

At 31 December 2019

1,387,323

3,203,191

4,590,514

DEPRECIATION

Charge for year

39,816

97,766

137,582

At 31 December 2019

39,816

97,766

137,582

NET BOOK VALUE

At 31 December 2019

1,347,507

3,105,425

4,452,932

At 31 December 2018

4,208,861

-

4,208,861

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

29,219

-

Other debtors

56,584

623

85,803

623

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,700,000

1,710,000

Trade creditors

9,629

297,927

Taxation and social security

1,636

-

Other creditors

134,651

40,532

1,845,916

2,048,459

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,700,000

1,710,000

Lloyds Bank PLC holds fixed and floating charges dating 30 April 2018 covering all the property or undertaking of the company. In addition, the bank, by way of legal mortgage, holds fixed charge dating 30 April 2018 over all legal interest in land known as Ranby Cottage Farm, Ranby, Retford - registered titled number NT502388. All outstanding charges contain a negative pledge.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Daniel Faust (Senior Statutory Auditor)

for and on behalf of FLB Accountants LLP, Statutory Auditor