Bassi Corporation Limited
Bassi Corporation Limited
Registered number: 08417821
Unaudited Financial Statements
For The Year Ended 31 March 2017
Synergy Accountancy Services LLP
Chartered Certified Accountants
Lalita Buildings
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Bassi Corporation Limited
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Bassi Corporation Limited
Accountants' Report
For The Year Ended 31 March 2017
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Bassi Corporation Limited For The Year Ended 31 March 2017
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bassi Corporation Limited which comprise the Profit and Loss Account, the Balance Sheet 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/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Bassi Corporation Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bassi Corporation Limited and state those matters that we have agreed to state to the director of Bassi Corporation Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bassi Corporation Limited and its director as a body for our work or for this report.
It is your duty to ensure that Bassi Corporation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Bassi Corporation Limited . You consider that Bassi Corporation Limited 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 accounts of Bassi Corporation Limited . 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 financial statements.
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Chartered Certified Accountants
Lalita Buildings
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Page 1
Bassi Corporation Limited
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
08417821
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Investment property reserve |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 797,587 | 139,254 | |||
Page 2
Bassi Corporation Limited
Balance Sheet (continued)
As at
31 March 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 7 form part of these financial statements.
Page 3
Bassi Corporation Limited
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Equipment |
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1.4.
Investment properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.5.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 4
Bassi Corporation Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
5.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | Fixtures & Equipment | Total | |
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| £ | £ | £ | |
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| As at |
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| Additions | 199,842 |
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| Revaluation | 760,747 | - |
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| Depreciation | |||
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| Provided during the period | - |
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| Net Book Value | |||
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| Investment Properties | Fixtures & Equipment | Total | |
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| At cost | 1,639,253 | 1,203 | 1,640,456 |
| At valuation | 760,747 | - | 760,747 |
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2,401,203 | |
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| At cost | 1,439,411 | 385 | 1,439,796 |
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1,439,796 | |
Investment properties have been revalued at year end by the director using his own experience and expertise. The director believes this to be an appropriate value for the rental market in the area where the property is situated.
Page 5
Bassi Corporation Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
6.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Other creditors |
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9.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances and property revaluation surplus .
Page 6
Bassi Corporation Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
11.
Related Party Transactions
12.
Ultimate Controlling Party
The company's ultimate controlling party is Mr T Bassi by virtue of his ownership of 100% of the issued share capital in the company.
13.
Transition to FRS 102
The company prepares its first financial statements that comply with FRS 102 for the year ended 31 March 2017. The company's date of transition to FRS 102 is 1 April 2015. The transition is not considered to have a material impact on the financial statements and no adjustments were neccessary to restate the financial statements.
14.
General Information
Bassi Corporation Limited Registered number 08417821 is a limited by shares private company incorporated in England & Wales. The Registered Office is C/O T S Fashions Limited, 32/34 Turner Street, London, E1 2AS.
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