Company Registration No. 10552013 (England and Wales)
L. BASSETT & ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
L. BASSETT & ASSOCIATES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
L. BASSETT & ASSOCIATES LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
421
972
Current assets
Inventories
6,954
7,770
Trade and other receivables
7
9,802
37,015
Cash and cash equivalents
50,817
10,523
67,573
55,308
Current liabilities
8
(25,487)
(47,004)
Net current assets
42,086
8,304
Total assets less current liabilities
42,507
9,276
Non-current liabilities
9
(37,000)
Net assets
5,507
9,276
Equity
Called up share capital
10
1
1
Retained earnings
5,506
9,275
Total equity
5,507
9,276
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
L. BASSETT & ASSOCIATES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 April 2021 and are signed on its behalf by:
Mr L Bassett
Director
Company Registration No. 10552013
L. BASSETT & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 3 -
1
Company Information
L. Bassett & Associates Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Office 7, 35-37 Ludgate Hill, London, EC4M 7JN.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
3.1
Revenue
Revenue 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 professional 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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
3.2
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
3.3
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
L. BASSETT & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
3
Accounting policies
(Continued)
- 4 -
3.4
Basic financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
3.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
3.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
3.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
3.9
Cash and cash equivalents
Cash and cash equivalents
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.
3.10
Intangible fixed assets - goodwill
A
cquired goodwill is written off in
equal annual instalments over its estimated useful economic life
of 3 years. It is now amortised in full.
L. BASSETT & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
5
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2019 and 31 May 2020
6,868
Amortisation and impairment
At 1 June 2019 and 31 May 2020
6,868
Carrying amount
At 31 May 2020
At 31 May 2019
6
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2019
3,357
Additions
625
At 31 May 2020
3,982
Depreciation and impairment
At 1 June 2019
2,385
Depreciation charged in the year
1,176
At 31 May 2020
3,561
Carrying amount
At 31 May 2020
421
At 31 May 2019
972
L. BASSETT & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
7
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
9,182
12,824
Other receivables
620
24,191
9,802
37,015
8
Current liabilities
2020
2019
£
£
Bank loans and overdrafts
14
3
Trade payables
245
524
Corporation tax
20,216
19,749
Other payables
5,012
26,728
25,487
47,004
9
Non-current liabilities
2020
2019
£
£
Bank loans and overdrafts
37,000
10
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
11
Related party transactions
L. BASSETT & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
11
Related party transactions
(Continued)
- 7 -
At 31 May 2019 L. Bassett & Associates Ltd was owed £23,356 by Bassett Enterprises Ltd. During the year the company paid expenses totalling £66,086 on behalf of Bassett Enterprises Ltd and Bassett Enterprises Ltd paid business related expenses on behalf of L. Bassett & Associates Ltd totalling £89,442. At 31 May 2020 Bassett Enterprises Ltd owed the company £nil. This loan is interest free and has no fixed terms of repayment.
During the year the company paid expenses of £343 on behalf of Morven Ltd, a company under common control. These expenses were repaid by Basset Enterprises Ltd, a company under control. At 31 May 2020 Morven Ltd owed the Company £nil.
During the year the company paid expenses of £23 on behalf of Clara London Ltd, a company under common control. These expenses were repaid by Basset Enterprises Ltd, a company under control. At 31 May 2020 Clara London Ltd owed the Company £nil.
During the year the company paid dividends totalling £89,442 (2019- £97,747) to Bassett Enterprises Ltd.
12
Parent company
The company is ultimately controlled and wholly owned by Bassett Enterprises Ltd, a company incorporated in England and Wales. The registered office of the parent company is Office 7, 35-37 Ludgate Hill, London, EC4M 7JN.