Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11182685 2022-03-01 2023-02-28 11182685 2021-03-01 2022-02-28 11182685 2023-02-28 11182685 2022-02-28 11182685 c:Director1 2022-03-01 2023-02-28 11182685 d:FreeholdInvestmentProperty 2023-02-28 11182685 d:FreeholdInvestmentProperty 2022-02-28 11182685 d:CurrentFinancialInstruments 2023-02-28 11182685 d:CurrentFinancialInstruments 2022-02-28 11182685 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11182685 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11182685 d:ShareCapital 2023-02-28 11182685 d:ShareCapital 2022-02-28 11182685 d:RetainedEarningsAccumulatedLosses 2023-02-28 11182685 d:RetainedEarningsAccumulatedLosses 2022-02-28 11182685 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11182685 c:OrdinaryShareClass1 2023-02-28 11182685 c:OrdinaryShareClass1 2022-02-28 11182685 c:FRS102 2022-03-01 2023-02-28 11182685 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 11182685 c:FullAccounts 2022-03-01 2023-02-28 11182685 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11182685 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 11182685 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 11182685 d:OtherDeferredTax 2023-02-28 11182685 d:OtherDeferredTax 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11182685









BALLARD OFFSHORE PROPERTIES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
BALLARD OFFSHORE PROPERTIES LTD
REGISTERED NUMBER: 11182685

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,863,140
1,863,140

  
1,863,140
1,863,140

Current assets
  

Debtors: amounts falling due within one year
 5 
13,290
12,438

  
13,290
12,438

Creditors: amounts falling due within one year
 6 
(1,065,359)
(1,032,398)

Net current liabilities
  
 
 
(1,052,069)
 
 
(1,019,960)

Total assets less current liabilities
  
811,071
843,180

Provisions for liabilities
  

Deferred tax
 7 
(153,913)
(160,014)

  
 
 
(153,913)
 
 
(160,014)

Net assets
  
657,158
683,166


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
656,158
682,166

  
657,158
683,166


Page 1

 
BALLARD OFFSHORE PROPERTIES LTD
REGISTERED NUMBER: 11182685
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers 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 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.

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 profit and loss account 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 16 October 2023.




A P Ballard
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BALLARD OFFSHORE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 1182685.  The Company's registered office is Conrah Country House, Chancery, Aberystwyth, SY23 4DF.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

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

Going concern

The accounts have been prepared on a going concern basis.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
BALLARD OFFSHORE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.8

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
BALLARD OFFSHORE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
1,863,140



At 28 February 2023
1,863,140

During the current year deferred tax on the revaluation of the properties was recalculated accordingly at £175,471 (2022 - £175,471).  The movement recognised in the year on revaluations made in the year was £Nil (£2022 - £113,860).

The 2023 valuations were made by the director, on an open market value for existing use basis.







5.


Debtors

2023
2022
£
£


Prepayments and accrued income
13,290
12,438

13,290
12,438



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
1,064,141
1,031,180

Accruals and deferred income
1,218
1,218

1,065,359
1,032,398


The following liabilities were secured:




Details of security provided:

Directors loan amounts of £1,064,141 (2022 - £1,031,180) were secured by a fixed and floating charge over all the property of the company in favour of the director, A P Ballard.

Page 5

 
BALLARD OFFSHORE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Deferred taxation




2023


£






At beginning of year
(160,014)


Utilised in year
6,101



At end of year
(153,913)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax losses carried forward
21,558
15,457

Revaluation of investment property
(175,471)
(175,471)

(153,913)
(160,014)

Page 6

 
BALLARD OFFSHORE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


Related party transactions

During the period the company received a loan from the director.  Amounts outstanding and due to the director at 28 February 2022 was £1,064,141 (2022 - £1,031,180).  Loans are interest free and repayable on demand.

 
Page 7