Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-316true2022-04-01falseBuying and selling of own real estate6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05064791 2022-04-01 2023-03-31 05064791 2021-04-01 2022-03-31 05064791 2023-03-31 05064791 2022-03-31 05064791 c:Director1 2022-04-01 2023-03-31 05064791 d:Buildings 2022-04-01 2023-03-31 05064791 d:Buildings 2023-03-31 05064791 d:Buildings 2022-03-31 05064791 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05064791 d:LandBuildings 2023-03-31 05064791 d:LandBuildings 2022-03-31 05064791 d:MotorVehicles 2022-04-01 2023-03-31 05064791 d:MotorVehicles 2023-03-31 05064791 d:MotorVehicles 2022-03-31 05064791 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05064791 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05064791 d:FreeholdInvestmentProperty 2023-03-31 05064791 d:FreeholdInvestmentProperty 2022-03-31 05064791 d:CurrentFinancialInstruments 2023-03-31 05064791 d:CurrentFinancialInstruments 2022-03-31 05064791 d:Non-currentFinancialInstruments 2023-03-31 05064791 d:Non-currentFinancialInstruments 2022-03-31 05064791 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05064791 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05064791 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05064791 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05064791 d:ShareCapital 2023-03-31 05064791 d:ShareCapital 2022-03-31 05064791 d:RetainedEarningsAccumulatedLosses 2023-03-31 05064791 d:RetainedEarningsAccumulatedLosses 2022-03-31 05064791 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05064791 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 05064791 c:FRS102 2022-04-01 2023-03-31 05064791 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05064791 c:FullAccounts 2022-04-01 2023-03-31 05064791 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05064791









BALLENTINE PROPERTIES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BALLENTINE PROPERTIES LTD
REGISTERED NUMBER: 05064791

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
140,645
141,719

Investment property
 5 
1,685,852
1,685,852

  
1,826,497
1,827,571

Current assets
  

Debtors: amounts falling due within one year
 6 
1,335,594
1,308,760

Cash at bank and in hand
 7 
100,390
30,890

  
1,435,984
1,339,650

Creditors: amounts falling due within one year
 8 
(1,649,385)
(1,528,521)

Net current liabilities
  
 
 
(213,401)
 
 
(188,871)

Total assets less current liabilities
  
1,613,096
1,638,700

Creditors: amounts falling due after more than one year
 9 
(1,066,226)
(1,144,068)

  

Net assets
  
546,870
494,632


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
546,770
494,532

  
546,870
494,632


Page 1

 
BALLENTINE PROPERTIES LTD
REGISTERED NUMBER: 05064791
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 3 November 2023.




Shaban Suleman
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Ballentine Properties Limited is a company limited by shares incorporated in England within the United Kingdom, having a registeration of 05064791. The address of the registered office is 77 Francis Road, Edgbaston, Birmingham, B16 8SP. The principal activity of the company in the year under review was that of buying and selling of own real estate. 
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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 financial statements has been prepared on a going concern basis which assumes that the company will continue to receive support from creditors and the director as and when required.

Page 3

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Taxation

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company
Page 6

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Freehold property
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2022
110,000
35,243
145,243


Additions
-
2,450
2,450



At 31 March 2023

110,000
37,693
147,693



Depreciation


At 1 April 2022
-
3,524
3,524


Charge for the year on owned assets
-
3,524
3,524



At 31 March 2023

-
7,048
7,048



Net book value



At 31 March 2023
110,000
30,645
140,645



At 31 March 2022
110,000
31,719
141,719




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
110,000
110,000

110,000
110,000


Page 7

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,685,852



At 31 March 2023
1,685,852

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




Page 8

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
1,335,594
1,308,760

1,335,594
1,308,760



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
100,390
30,890

100,390
30,890



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
94,618
61,329

Other loans
261,390
261,390

Corporation tax
103,884
90,805

Other taxation and social security
12,940
5,267

Other creditors
1,096,553
1,029,730

Accruals and deferred income
80,000
80,000

1,649,385
1,528,521


Page 9

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,066,226
1,144,068

1,066,226
1,144,068


The following liabilities were secured:




Details of security provided:

All loans and bank overdraft are secured via fixed and floating charge over the assets of the company.


10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
100,390
30,890



Page 10

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Related party transactions

Page 11

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.Related party transactions (continued)

Shaban Suleman is the sole director and shareholder of Ballentine Properties Limited.
During the period, the director provided loans of £44,174 to the company.  As at the balance sheet date, the company owed the director £503,271 (2022: £459,097), which is shown in Other creditors due within one year. 
The above balances are payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet.

Shaban Suleman also trades as Shaban Properties. 
During the period, the company received loans of £nil to Shaban Properties. At the balance sheet date, the company owed £369,358 (2022: £369,358) to Shaban Properties which is shown in Other creditors due within one year.
The above balances are payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet.

Shaban Suleman is also the shareholder and director of Peckvale Limited. 
During the period, the company received loans of £17,649 from Peckvale Limited. At the balance sheet date, the company owed £28,146 (2022: £10,497) to Peckvale Limited which is shown in Other creditors due within one year.
The above balance is payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet. 

Shaban Suleman is also the shareholder and director of The Barns (N.E.) Limited. 
During the period, the company received loans of £nil from The Barns (N.E) Limited. At the balance sheet date, the company owed £98,549 (2022: £98,549) to The Barns (N.E.) Limited which is shown in Other creditors due within one year.
The above balance is payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet. 

Shaban Suleman is also the shareholder and director of Growtime (2000) Limited. 
During the period, the company provided loans of £5,259 from Growtime (2000) Limited . At the balance sheet date, the company was owed £128,560 (2022: £123,301) from Growtime (2000) Limited which is shown in Other debtors due within one year.
The above balance is payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet. 

Shaban Suleman is also the shareholder and director of Pecks House Development Limited. 
 
Page 12

 
BALLENTINE PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.Related party transactions (continued)



12.


Controlling party

The company is under the control of Shaban Suleman who is the sole director and shareholder of the company. 

 
Page 13