Basic Properties Limited - Accounts to registrar (filleted) - small 23.1.2

Basic Properties Limited - Accounts to registrar (filleted) - small 23.1.2

BASIC PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 04719310 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BASIC PROPERTIES LIMITED
BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BASIC PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: I J Rose
J D Rose





SECRETARY: I J Rose





REGISTERED OFFICE: 5-9 Eden Street
Kingston Upon Thames
Surrey
KT1 1BQ





REGISTERED NUMBER: 04719310 (England and Wales)





ACCOUNTANTS: Collards
Chartered Accountants
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ
Page 1
BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 2,750,000 3,100,000
2,750,000 3,100,000

CURRENT ASSETS
Debtors 6 6,411 14,989
Cash at bank 223,422 28,848
229,833 43,837
CREDITORS
Amounts falling due within one year 7 223,736 363,338
NET CURRENT ASSETS/(LIABILITIES) 6,097 (319,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,756,097
2,780,499

PROVISIONS FOR LIABILITIES 151,641 159,193
NET ASSETS 2,604,456 2,621,306

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 8 1,148,527 1,188,273
Retained earnings 8 1,454,929 1,432,033
SHAREHOLDERS' FUNDS 2,604,456 2,621,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2023 and were signed on its behalf by:





I J Rose - Director


The notes form part of these financial statements

Page 2
BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Basic Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
The investment properties have been valued at fair value as required by FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 11,100
DEPRECIATION
At 1 April 2022
and 31 March 2023 11,100
NET BOOK VALUE
At 31 March 2023 -

Page 3 continued...
BASIC PROPERTIES LIMITED (REGISTERED NUMBER: 04719310)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 3,100,000
Disposals (350,000 )
At 31 March 2023 2,750,000
NET BOOK VALUE
At 31 March 2023 2,750,000
At 31 March 2022 3,100,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 1,653,861
Valuation in 2023 (350,000 )
Cost 1,446,139
2,750,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 9,408
Prepayments and accrued income 6,411 5,581
6,411 14,989

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 78,200 81,000
Tax 49,479 19,074
Other creditors 60,001 83,075
Directors' loan accounts - 137,283
Accruals and deferred income 31,736 38,826
Accrued expenses 4,320 4,080
223,736 363,338

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2022 1,432,033 1,188,273 2,620,306
Profit for the year 133,450 133,450
Dividends (150,300 ) (150,300 )
Revaluation recognised 39,746 (39,746 ) -
At 31 March 2023 1,454,929 1,148,527 2,603,456

9. RELATED PARTY DISCLOSURES

Included in creditors is a loan of £78,200 (2022 - £81,000) from Mountview Freehold Limited, a company jointly controlled by the two directors. The loan is interest free and repayable on demand.

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