ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-01-312022-01-31Property development2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-02-01false2 11790740 2021-02-01 2022-01-31 11790740 2020-02-01 2021-01-31 11790740 2022-01-31 11790740 2021-01-31 11790740 c:Director1 2021-02-01 2022-01-31 11790740 c:Director2 2021-02-01 2022-01-31 11790740 d:CurrentFinancialInstruments 2022-01-31 11790740 d:CurrentFinancialInstruments 2021-01-31 11790740 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11790740 d:CurrentFinancialInstruments d:WithinOneYear 2021-01-31 11790740 d:ShareCapital 2022-01-31 11790740 d:ShareCapital 2021-01-31 11790740 d:RetainedEarningsAccumulatedLosses 2022-01-31 11790740 d:RetainedEarningsAccumulatedLosses 2021-01-31 11790740 c:OrdinaryShareClass1 2021-02-01 2022-01-31 11790740 c:OrdinaryShareClass1 2022-01-31 11790740 c:OrdinaryShareClass1 2021-01-31 11790740 c:FRS102 2021-02-01 2022-01-31 11790740 c:AuditExempt-NoAccountantsReport 2021-02-01 2022-01-31 11790740 c:FullAccounts 2021-02-01 2022-01-31 11790740 c:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11790740

BASE24 LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2022


BASE24 LIMITED REGISTERED NUMBER:11790740

BALANCE SHEET

AS AT 31 JANUARY 2022

		2022		2021
Note		£		£


Current assets
Stocks		234,062		-
Debtors: amounts falling due within one year	6	202,076		1,800
Cash at bank and in hand		152,190		-
		588,328		1,800
Creditors: amounts falling due within one year	8	(523,223)		(1,800)
Net current assets			65,105		-
Total assets less current liabilities			65,105		-

Net assets			65,105		-

Capital and reserves
Called up share capital	100	100
Profit and loss account	65,005	(100)
	65,105	-

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BASE24 LIMITED REGISTERED NUMBER:11790740

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 August 2022.

E E Davies	E G Rees
Director	Director

The notes on pages 3 to 7 form part of these financial statements.

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1.	General information

Base24 Limited, 11790740, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Unit C, Mochdre Industrial Estate, Newtown, Powys, United Kingdom, SY16 4LE.
The principal activity of the Company is property development.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions 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 ordinary shares.

2.9

Dividends

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

5.	Stocks
		2022	2021
		£	£

Work in progress (goods to be sold)	234,062	-
	234,062	-

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

Debtors

					2022	2021
					£	£


Trade debtors	200,000	-
Other debtors	2,076	-
Prepayments and accrued income	-	1,800
	202,076	1,800

7.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	152,189	-
	152,189	-

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	3,974	-
Other creditors	517,071	1,800
Accruals and deferred income	2,178	-
	523,223	1,800

9.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

100 (2021 - 100) Ordinary shares of £1.00 each	100	100

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

10.	Related party transactions
	Included within creditors due within one year is a loan for £500,000 from Rees Trading UK Limited, a company of which has a director in common. No interest has been charged on this balance and it is repayable on demand.

11.	Controlling party

The Company is a wholly owned subsidiary of Rees Davies Holdings Limited, which is a UK registered company. The registered office of the parent company is Hafren House, St Giles Business Park, Pool Road, Newtown, Powys, United Kingdom, SY16 3AJ.

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