0 31/01/2023 2023-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC584868 2022-02-01 2023-01-31 SC584868 2023-01-31 SC584868 2022-01-31 SC584868 2021-02-01 2022-01-31 SC584868 2022-01-31 SC584868 bus:RegisteredOffice 2022-02-01 2023-01-31 SC584868 bus:LeadAgentIfApplicable 2022-02-01 2023-01-31 SC584868 bus:Director1 2022-02-01 2023-01-31 SC584868 bus:Director2 2022-02-01 2023-01-31 SC584868 bus:Director3 2022-02-01 2023-01-31 SC584868 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC584868 core:DeferredTaxation 2022-02-01 2023-01-31 SC584868 core:WithinOneYear 2023-01-31 SC584868 core:WithinOneYear 2022-01-31 SC584868 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 SC584868 core:ShareCapital 2023-01-31 SC584868 core:ShareCapital 2022-01-31 SC584868 core:RevaluationReserve 2023-01-31 SC584868 core:RevaluationReserve 2022-01-31 SC584868 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC584868 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC584868 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-01-31 SC584868 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 SC584868 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 SC584868 core:DeferredTaxation 2023-01-31 SC584868 bus:SmallEntities 2022-02-01 2023-01-31 SC584868 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 SC584868 bus:FullAccounts 2022-02-01 2023-01-31 SC584868 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC584868 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC584868 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-02-01 2023-01-31 SC584868 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-31 SC584868 core:Associate1 core:OtherTransactionType1 2022-02-01 2023-01-31 SC584868 core:Associate1 2023-01-31
Company registration number: SC584868
Bandeath Holdings Limited
Unaudited filleted financial statements
31 January 2023
Bandeath Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Bandeath Holdings Limited
Directors and other information
Directors Brian Duffy (Appointed 5 April 2022)
Gerard Woods
Jeffrey Bevins
Company number SC584868
Registered office 29 York Place
Edinburgh
EH1 3HP
Accountants McDonald Gordon & Co Ltd
29 York Place
Edinburgh
EH1 3HP
Bandeath Holdings Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,000,000 1,715,000
_______ _______
3,000,000 1,715,000
Current assets
Stocks - 218,986
Debtors 6 4,298 4,022
Cash at bank and in hand 8,885 5,436
_______ _______
13,183 228,444
Creditors: amounts falling due
within one year 7 ( 229,237) ( 982,069)
_______ _______
Net current liabilities ( 216,054) ( 753,625)
_______ _______
Total assets less current liabilities 2,783,946 961,375
Provisions for liabilities 8 ( 967,403) -
_______ _______
Net assets 1,816,543 961,375
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 2,769,830 1,308,317
Profit and loss account ( 954,287) ( 347,942)
_______ _______
Shareholders funds 1,816,543 961,375
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Brian Duffy
Director
Company registration number: SC584868
Bandeath Holdings Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Tangible assets
Freehold land Total
£ £
Cost or valuation
At 1 February 2022 1,715,000 1,715,000
Disposals ( 511,513) ( 511,513)
Revaluation 1,796,513 1,796,513
_______ _______
At 31 January 2023 3,000,000 3,000,000
_______ _______
Depreciation
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 3,000,000 3,000,000
_______ _______
At 31 January 2022 1,715,000 1,715,000
_______ _______
£
Gain on disposal of land 278,960
Movement on revaluation reserve 390,716
_______ |
Gain on disposal of land at cost 669,176
_______ |
6. Debtors
2023 2022
£ £
Other debtors 4,298 4,022
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 636,000
Trade creditors 45,555 91,322
Corporation tax 4,563 -
Social security and other taxes 6,951 22,245
Other creditors 172,168 232,502
_______ _______
229,237 982,069
_______ _______
8. Provisions
Contingent liability Deferred tax (note 9) Total
£ £ £
At 1 February 2022 - - -
Additions 385,000 - 385,000
Charges against provisions - 582,403 582,403
_______ _______ _______
At 31 January 2023 385,000 582,403 967,403
_______ _______ _______
The contingent liability is the overage due at time of land acquisition.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 8) 582,403 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Revaluation of tangible assets 582,403 -
_______ _______
10. Directors advances, credits and guarantees
Included in other creditors is loan from the directors to the company of £107,718 (2022: £147,808). The loans are interest free and repayable on demand.
11. Related party transactions
Included in other debtors is a loan from the company to Thistle Power Solutions Ltd of £ 2,224 (2022: Nil). The directors of Bandeath Holdings Ltd, Brian Duffy and Gerard Woods , are also directors of this company. The loan is interest free and has no fixed repayment terms.
Included in other creditors are loans to the company from Randolph Renewables Limited of £14,125 (2022: £6.650) and Future Wind Projects Ltd of £9,350 (2022: £10,000). Brian Duffy is the director of both companies. Both loans are interest free and have no fixed repayment terms.