Company registration number SC441302 (Scotland)
Balring Energy Limited
Unaudited financial statements
for the year ended 31 January 2023
Pages for filing with registrar
Balring Energy Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Balring Energy Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Balring Energy Limited for the year ended 31 January 2023 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Board of Directors of Balring Energy Limited, as a body, in accordance with the terms of our engagement letter dated 29 January 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Balring Energy Limited and state those matters that we have agreed to state to the Board of Directors of Balring Energy Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Balring Energy Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Balring Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Balring Energy Limited. You consider that Balring Energy 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 financial statements of Balring Energy 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 statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
26 October 2023
Balring Energy Limited
Statement of financial position
as at 31 January 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
83,687
122,020
Current assets
Stocks
741
-
Debtors
152,621
99,367
Cash at bank and in hand
73,078
49,660
226,440
149,027
Creditors: amounts falling due within one year
(437,136)
(454,106)
Net current liabilities
(210,696)
(305,079)
Total assets less current liabilities
(127,009)
(183,059)
Creditors: amounts falling due after more than one year
(27,867)
(39,047)
Net liabilities
(154,876)
(222,106)
Capital and reserves
Called up share capital
50
50
Profit and loss reserves
(154,926)
(222,156)
Total equity
(154,876)
(222,106)
Balring Energy Limited
Statement of financial position (continued)
as at 31 January 2023
3

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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 23 October 2023 and are signed on its behalf by:
Hamish Watson
Director
Company Registration No. SC441302
Balring Energy Limited
Notes to the financial statements
for the year ended 31 January 2023
4
1
Accounting policies
Company information

Balring Energy Limited is a private company limited by shares incorporated in Scotland. The registered office is Beechfield, Dunshillock, Mintlaw, Peterhead, AB42 4JN.

1.1
Accounting convention

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.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time revenue is recognised as activity progresses by reference to the value of the work performed

1.3
Tangible fixed assets

Tangible fixed assets 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:

Plant and equipment
15% 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.

1.4
Stocks

Stocks 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 stocks to their present location and condition.

 

1.5
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.

Balring Energy Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
5
2
Tangible fixed assets
Total
£
Cost
At 1 February 2022 and 31 January 2023
285,457
Depreciation and impairment
At 1 February 2022
163,437
Depreciation charged in the year
38,333
At 31 January 2023
201,770
Carrying amount
At 31 January 2023
83,687
At 31 January 2022
122,020
3
Going concern

The company has net liabilities of £154,876 (2022 - £222,106), but included in creditors is the sum of £297,500 (2022 - £314,388) owed to the directors. The directors have confirmed that they will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The directors therefore consider it to be appropriate for the accounts to be prepared on the going concern basis.

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