Basfam Limited - Period Ending 2021-04-05

Basfam Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Basfam Limited

Company Information

Director

Mr Malcolm Philip Basing

Registered office

Suite 1a Forge Farm Bedgebury Business Park Goudhurst Kent TN17 2QZ

Accountants

Charter Tax Consulting Limited 11 St. James's Place London SW1A 1NP

Basfam Limited

(Registration number: 08679999)
Balance Sheet as at 5 April 2021

	Note	2021 £	2020 £
Fixed assets
Investments	5	2,324,585	1,878,374
Current assets
Debtors	6	270	58,714
Cash at bank and in hand		26,530	75,047
		26,800	133,761
Creditors: Amounts falling due within one year	7	(746,892)	(856,503)
Net current liabilities		(720,092)	(722,742)
Net assets		1,604,493	1,155,632
Capital and reserves
Called up share capital		2,500	2,500
Share premium reserve		1,125,501	1,125,501
Profit and loss account		476,492	27,631
Shareholders' funds		1,604,493	1,155,632

For the financial year ending 5 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Basfam Limited

(Registration number: 08679999)
Balance Sheet as at 5 April 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 December 2021
 

......................................... Mr Malcolm Philip Basing Director

Basfam Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 1a
Forge Farm
Bedgebury Business Park
Goudhurst
Kent
TN17 2QZ
England

These financial statements were authorised for issue by the director on 21 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared and presented in UK Pound Sterling (£) which is the functional currency of the company. These financial statements have been rounded to the nearest whole £.

Going concern

The financial statements have been prepared on a going concern basis. The director has concluded that the company will continue as a going concern as a result of an increase in the value of their investments held which have returned to valuations seen prior to the COVID-19 pandemic. These investments continue to distribute dividends to the company.

Judgements

No significant judgements have been made by management in the preparation of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the sale of goods and the provision of services net of applicable sales taxes, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Basfam Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2021

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method. Finance and interest costs are also charged to the profit and loss account over the term of the debt using effective interest method so that the amount charged is at a contsant rate on the carrying ammount.

Dividend income
Dividend income is recognised when the right to receive payement is established.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available, or tax charges arising on, a disposal of the assets. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Investments

Investments in listed company shares are revalued to market value at each Balance Sheet date. Fair value movements on revaluation are recognised in the profit or loss for the period.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Basfam Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2021

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

4

Taxation

Tax charged/(credited) in the income statement

	2021  £	2020  £
Foreign tax	2,311	4,256
Deferred taxation
Arising from fair value adjustments and tax losses	92,596	(122,213)
Tax expense/(receipt) in the income statement	94,907	(117,957)

Deferred tax

Deferred tax brought forward (£58,444)
Amounts released £92,596
Deferred tax carried forward £34,152

Deferred tax on losses and investments

Capital losses: (£68,074), 2020 - (£36,325)
Unrealised gains: £102,226, 2020 - (£22,119)

Deferred tax creditor/(asset): £34,152, 2020 (£58,444)

Basfam Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2021

5	Investments

	Investments measured at fair value £
Non-current investments
Cost or valuation
At 6 April 2020	1,878,374
Additions	68,921
Disposals	(137,742)
Fair value adjustments	515,032
At 5 April 2021	2,324,585
Carrying amount
At 5 April 2021	2,324,585
At 5 April 2020	1,878,374

6

Debtors

	2021 £	2020 £
Prepayments	270	270
Deferred tax	-	58,444
	270	58,714

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	173,587	-
Taxation and social security		34,152	-
Accruals and deferred income		3,238	3,000
Other creditors		535,915	853,503
		746,892	856,503

Creditors include bank loans which are secured of £173,587 (2020 - £0). Loans are secured by way of a floating charge over the company's investments.

Basfam Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2021

8	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	173,587	-

9	Related party transactions

Loans from related parties The balance below is owed to the director, the loan is interest free and repayable on demand.

2021	At 6 April 2020 £	Repayments £	At 5 April 2021 £
Malcom Basing	853,503	(317,588)	535,915
	853,503	(317,588)	535,915

2020	At 6 April 2019 £	At 5 April 2020 £
Malcom Basing	853,503	853,503
	853,503	853,503

10

Prior period adjustment

Reclassification of revenue

In the preparation of these financial statements, amounts received in regard to dividends have been reclassified from turnover to interest received and investment income for the current year and the comparative year.

The prior period adjustment is to recognise revenue in-line with the accounting policy and the reporting standard's definition of revenue.

The resulting effect of the prior period adjustment is that revenue is restated from £96,591 to £0 and in addition, interest receivable and investment income is restated from £507 to £97,098. The prior period adjustment has had no effect on the company's reserves.