Basra Group Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09658173 (England and Wales)

BASRA GROUP LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Page

Balance Sheet

1

Notes to the Financial Statements

2

Chartered Certified Accountants' Report

6

FIXED ASSETS

Investments

4

158,121

158,146

Investment property

5

1,990,820

1,990,320

2,148,941

2,148,466

CURRENT ASSETS

Stocks

516,161

450,411

Debtors

6

593,956

558,727

Cash at bank

285,860

30,140

1,395,977

1,039,278

CREDITORS

Amounts falling due within one year

7

2,216,110

2,001,588

NET CURRENT LIABILITIES

(820,133

)

(962,310

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,328,808

1,186,156

CREDITORS

Amounts falling due after more than one year

8

(725,041

)

(767,223

)

PROVISIONS FOR LIABILITIES

(46,879

)

(36,041

)

NET ASSETS

556,888

382,892

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

171,596

182,434

Retained earnings

385,192

200,358

SHAREHOLDERS' FUNDS

556,888

382,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 29 June 2023 and were signed by:

Mr M S Basra - Director

1.	STATUTORY INFORMATION

Basra Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

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

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 as modified by the revaluation of certain assets.

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.

Going concern

The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2021

158,146

Disposals

(25

)

At 30 June 2022

158,121

NET BOOK VALUE

At 30 June 2022

158,121

At 30 June 2021

158,146

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

1,990,320

Additions

200,500

Disposals

(200,000

)

At 30 June 2022

1,990,820

NET BOOK VALUE

At 30 June 2022

1,990,820

At 30 June 2021

1,990,320

Fair value at 30 June 2022 is represented by:

£

Valuation in 2018

218,475

Cost

1,772,345

1,990,820

If the investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,772,345

1,670,845

The investment properties were valued on an open market basis on 30 June 2022 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

224

Other debtors

593,956

558,503

593,956

558,727

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

41,503

41,503

Trade creditors

1,341

51

Taxation and social security

31,114

23,933

Other creditors

2,142,152

1,936,101

2,216,110

2,001,588

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans due more than 5 years by instalments amount to £601,862 (2021: £642,763).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

766,544

808,726

10.	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.

11.

RESERVES

Fair

value

reserve

£

At 1 July 2021

182,434

Deferred tax

(10,838

)

At 30 June 2022

171,596

12.	RELATED PARTY DISCLOSURES

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 £122,500 (2021: £205,000).

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 owed to related party at the balance sheet date is £165,000 (2021: £165,000).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

Student City Inn Limited

A company in which M S Basra is a director and has influence over.

Amount due from related party at the balance sheet date is £65,000 (2021: £65,000).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

Asset Wealth Management Limited

A company in which M S Basra is a shareholder and director.

Amount owed to related party at the balance sheet date is £30,000 (2021: £30,000).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

Asset Wealth Management LLP

A partnership in which M S Basra is a designated member.

Amount due from related party at the balance sheet date is £20,000 (2021: £Nil).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

Rent of £45,000 was charged from Basra Group Limited (2021:£45,000).

Moor Park 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 £75,000 (2021: £Nil).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

Basra Enterprises Limited

A company in which M S Basra is a shareholder and director.

Amount owed to related party at the balance sheet date is £50,000 (2021: £Nil).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Basra Group Ltd for the year ended 30 June 2022 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Basra Group Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Basra Group Ltd and state those matters that we have agreed to state to the director of Basra Group Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Basra Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Basra Group Ltd. You consider that Basra Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Basra Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jones Hunt & Keelings

Chartered Certified Accountants and

Chartered Tax Advisers

71 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

29 June 2023