Base Connect Ltd
Annual Report and Unaudited Financial Statements
For the year ended 30 April 2019
Pages for filing with Registrar
Company Registration No. 07617349 (England and Wales)
Base Connect Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Base Connect Ltd
Balance Sheet
As at 30 April 2019
Page 1
2019
2018
Notes
£
£
£
£
Current assets
Debtors
2
-
1,676
Cash at bank and in hand
16,397
8,963
16,397
10,639
Creditors: amounts falling due within one year
3
(13,079)
(8,906)
Net current assets
3,318
1,733
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
3,317
1,732
Total equity
3,318
1,733
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2019 and are signed on its behalf by:
V Vaysman
V Novak
Director
Director
Company Registration No. 07617349
Base Connect Ltd
Notes to the Financial Statements
For the year ended 30 April 2019
Page 2
1
Accounting policies
Company information
Base Connect Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Base Connect Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2019
1
Accounting policies
(Continued)
Page 3
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
1,676
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
510
-
Amounts due to group undertakings
-
1,000
Corporation tax
12,569
7,906
13,079
8,906
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
5
Control
The company is controlled by its ultimate parent, Connective Technologies Limited (registered in England and Wales). There is not considered to be any one ultimate controlling party.
6
Related Party
Included in other creditors at the year end is an amount of £nil (2018: £1,000) owned to Connective Technologies Limited, the parent company.