Bassett and MacGregor Limited - Accounts to registrar (filleted) - small 18.2

Bassett and MacGregor Limited - Accounts to registrar (filleted) - small 18.2

BASSETT AND MACGREGOR CONSTRUCTION LIMITED - Company Information

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REGISTERED NUMBER: 03916348 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

FOR

BASSETT AND MACGREGOR CONSTRUCTION
LIMITED
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


BASSETT AND MACGREGOR CONSTRUCTION
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2020







DIRECTORS: Mr A M Bassett
Mr S I Ash





SECRETARY: Mr A M Bassett





REGISTERED OFFICE: 24 Lammas Street
Carmarthen
Carmarthenshire
SA31 3AL





REGISTERED NUMBER: 03916348 (England and Wales)





ACCOUNTANTS: Clay Shaw Butler
Chartered Accountants
24 Lammas Street
Carmarthen
Carmarthenshire
SA31 3AL
Page 1
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

ABRIDGED BALANCE SHEET
31 JANUARY 2020

31.1.20 31.1.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 92,487 112,493
Investments 6 352,775 352,775
445,262 465,268

CURRENT ASSETS
Stocks 746,430 670,292
Debtors 83,125 51,851
Cash at bank - 51
829,555 722,194
CREDITORS
Amounts falling due within one year 1,227,646 1,118,653
NET CURRENT LIABILITIES (398,091 ) (396,459 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
47,171
68,809

CREDITORS
Amounts falling due after more than one
year
(15,343
)
(30,215
)

PROVISIONS FOR LIABILITIES (17,057 ) (20,744 )
NET ASSETS 14,771 17,850

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 14,671 17,750
SHAREHOLDERS' FUNDS 14,771 17,850

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 notes form part of these financial statements

Page 2 continued...
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

ABRIDGED BALANCE SHEET - continued
31 JANUARY 2020


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 January 2021 and were signed on its behalf by:





Mr S I Ash - Director


The notes form part of these financial statements

Page 3
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020


1. STATUTORY INFORMATION

Bassett and MacGregor Construction 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

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

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 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.


Page 4 continued...
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2019
and 31 January 2020 14,000
AMORTISATION
At 1 February 2019
and 31 January 2020 14,000
NET BOOK VALUE

At 31 January 2020 -
At 31 January 2019 -

Page 5 continued...
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2019 487,407
Additions 9,169
Disposals (10,650 )
At 31 January 2020 485,926
DEPRECIATION
At 1 February 2019 374,914
Charge for year 29,175
Eliminated on disposal (10,650 )
At 31 January 2020 393,439
NET BOOK VALUE
At 31 January 2020 92,487
At 31 January 2019 112,493

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 February 2019
and 31 January 2020 82,042
DEPRECIATION
At 1 February 2019 29,631
Charge for year 16,409
At 31 January 2020 46,040
NET BOOK VALUE
At 31 January 2020 36,002
At 31 January 2019 52,411

Page 6 continued...
BASSETT AND MACGREGOR CONSTRUCTION
LIMITED (REGISTERED NUMBER: 03916348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 February 2019
and 31 January 2020 352,775
NET BOOK VALUE
At 31 January 2020 352,775
At 31 January 2019 352,775

Page 7