Basra Group Ltd - Accounts to registrar (filleted) - small 18.2
Basra Group Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
BASRA GROUP LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
ABRIDGED BALANCE SHEET |
30 JUNE 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
ABRIDGED BALANCE SHEET - continued |
30 JUNE 2020 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
1. | STATUTORY INFORMATION |
Basra Group Ltd is a |
Registered number: | 09658173 |
Registered office: | 10 Station Road |
Letchworth Garden City |
Herts |
SG6 3AU |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover also represents rent receivable, excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 Profit and Loss Account, 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. |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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 the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 July 2019 |
and 30 June 2020 | 158,146 |
NET BOOK VALUE |
At 30 June 2020 | 158,146 |
At 30 June 2019 | 158,146 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2019 |
Additions |
At 30 June 2020 |
NET BOOK VALUE |
At 30 June 2020 |
At 30 June 2019 |
Fair value at 30 June 2020 is represented by: |
£ |
Valuation in 2018 | 218,475 |
Cost | 1,670,845 |
1,889,320 |
BASRA GROUP LTD (REGISTERED NUMBER: 09658173) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2020 | 2019 |
£ | £ |
Cost | 1,670,845 | 1,548,345 |
The investment properties were valued on an open market basis on 30 June 2020 by the director . |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Bank loans |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2019 |
Deferred tax | 3,430 |
At 30 June 2020 |
8. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £29,000 were paid to the director . |
Oakmont Estates Limited |
A company in which M S Basra is a shareholder and director. |
Amount due from related party at the balance sheet date is £180,000 (2019: £180,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
Basra Investments Limited |
A company in which M S Basra is a shareholder and director. |
Amount due to related party at the balance sheet date is £50,000 (2019: £50,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |