Bassett and MacGregor Limited - Limited company - abbreviated

REGISTERED NUMBER: 03916348 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2015

FOR

BASSETT AND MACGREGOR CONSTRUCTION

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr A M Bassett

Mr A J MacGregor

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

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

80,564

87,023

Investments

4

352,775

433,339

439,798

CURRENT ASSETS

Stocks

296,750

112,000

Debtors

98,658

98,085

Cash at bank

139

-

395,547

210,085

CREDITORS

Amounts falling due within one year

5

982,214

674,782

NET CURRENT LIABILITIES

(586,667

)

(464,697

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(153,328

)

(24,899

)

CREDITORS

Amounts falling due after more than one
year

5

(2,454

)

(8,316

)

PROVISIONS FOR LIABILITIES

(12,093

)

(12,502

)

NET LIABILITIES

(167,875

)

(45,717

)

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

(167,975

)

(45,817

)

SHAREHOLDERS' FUNDS

(167,875

)

(45,717

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 October 2015 and were signed on its behalf by:

Mr S I Ash - Director

1.	ACCOUNTING POLICIES

ACCOUNTING CONVENTION

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Bassett and MacGregor Construction Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The company

has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

TURNOVER

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

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

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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2014

and 31 January 2015

14,000

AMORTISATION

At 1 February 2014

and 31 January 2015

14,000

NET BOOK VALUE

At 31 January 2015

-

At 31 January 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2014

448,140

Additions

10,620

At 31 January 2015

458,760

DEPRECIATION

At 1 February 2014

361,117

Charge for year

17,079

At 31 January 2015

378,196

NET BOOK VALUE

At 31 January 2015

80,564

At 31 January 2014

87,023

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 February 2014

and 31 January 2015

352,775

NET BOOK VALUE

At 31 January 2015

352,775

At 31 January 2014

352,775

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Basmac Homes Limited

Nature of business: Construction of residential dwellings

%

Class of shares:

holding

Ordinary

100.00

31.1.15

31.1.14

£

Aggregate capital and reserves

901,402

804,110

Profit for the year

99,916

85,831

5.

CREDITORS

Creditors include an amount of £ 301,081 (31.1.14 - £ 268,095 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.15

31.1.14

value:

£

100

Ordinary

£1

100

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year rents payable to Mr A M Bassett by the company in the amount of £8,400 (2014 - £8,400) were

charged to the profit and loss account.

Bassett and MacGregor Limited - Limited company - abbreviated - 11.9

Bassett and MacGregor Limited - Limited company - abbreviated - 11.9