ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31true2false2022-02-01Property development2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11790740 2022-02-01 2023-01-31 11790740 2021-02-01 2022-01-31 11790740 2023-01-31 11790740 2022-01-31 11790740 c:Director1 2022-02-01 2023-01-31 11790740 d:CurrentFinancialInstruments 2023-01-31 11790740 d:CurrentFinancialInstruments 2022-01-31 11790740 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11790740 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11790740 d:ShareCapital 2023-01-31 11790740 d:ShareCapital 2022-01-31 11790740 d:RetainedEarningsAccumulatedLosses 2023-01-31 11790740 d:RetainedEarningsAccumulatedLosses 2022-01-31 11790740 c:OrdinaryShareClass1 2022-02-01 2023-01-31 11790740 c:OrdinaryShareClass1 2023-01-31 11790740 c:OrdinaryShareClass1 2022-01-31 11790740 c:FRS102 2022-02-01 2023-01-31 11790740 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11790740 c:FullAccounts 2022-02-01 2023-01-31 11790740 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 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 2023


BASE24 LIMITED REGISTERED NUMBER:11790740

BALANCE SHEET

AS AT 31 JANUARY 2023

		2023		2022
Note		£		£


Current assets
Stocks	5	776,961		234,062
Debtors: amounts falling due within one year	6	31,084		202,077
Cash at bank and in hand	7	7,978		152,189
		816,023		588,328
Creditors: amounts falling due within one year	8	(815,764)		(523,223)
Net current assets			259		65,105
Total assets less current liabilities			259		65,105

Net assets			259		65,105

Capital and reserves
Called up share capital	9	100	100
Profit and loss account		159	65,005
		259	65,105

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BASE24 LIMITED REGISTERED NUMBER:11790740

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2023

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 27 October 2023.

E E Davies

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 2023

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

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 2023

2.Accounting policies (continued)

2.5

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.

2.6

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.

2.7

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.

2.8

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.

2.9

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.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

5.	Stocks
		2023	2022
		£	£

Work in progress (goods to be sold)	776,961	234,062
	776,961	234,062

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Debtors

					2023	2022
					£	£


Trade debtors	-	200,000
Other debtors	31,084	2,077
	31,084	202,077

7.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	7,978	152,189
	7,978	152,189

8.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	-	3,974
Other creditors	815,000	517,071
Accruals and deferred income	764	2,178
	815,764	523,223

9.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

10.	Related party transactions
	Included within creditors due within one year is a loan for £815,000 (2022: £500,000) from Rees Machinery Group Limited, a company of which has a director in common. No interest has been charged on this balance and it is repayable on demand.

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BASE24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

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 10 St Giles Business Park, Pool Road, Newtown, Powys, United Kingdom, SY16 3AJ.

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