Company Registration No. 4592615 (England and Wales)
Balmoral Systems Limited
Unaudited accounts
for the year ended 31 August 2023
Balmoral Systems Limited
Unaudited accounts
Contents
Balmoral Systems Limited
Company Information
for the year ended 31 August 2023
Directors
Roberto Fantini
Peter Jones
Company Number
4592615 (England and Wales)
Registered Office
Unit 3 Brunel Lock Development
Smeaton Road
Bristol
BS1 6SE
Accountants
Evans Entwistle
10 Fountain Court, Elm House
New Leaze
Bradley Stoke
Bristol
BS32 4LA
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Balmoral Systems Limited
for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Balmoral Systems Limited for the year ended 31 August 2023 which comprise of 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 CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
10 Fountain Court, Elm House
New Leaze
Bradley Stoke
Bristol
BS32 4LA
19 April 2024
Balmoral Systems Limited
Statement of financial position
as at 31 August 2023
Tangible assets
139,333
85,614
Inventories
202,292
71,269
Cash at bank and in hand
35,232
58,325
Creditors: amounts falling due within one year
(467,677)
(285,352)
Net current assets
310,309
189,559
Total assets less current liabilities
449,642
275,173
Creditors: amounts falling due after more than one year
(57,980)
(15,471)
Provisions for liabilities
Net assets
391,662
243,435
Called up share capital
200
200
Profit and loss account
391,462
243,235
Shareholders' funds
391,662
243,435
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by
Roberto Fantini
Director
Company Registration No. 4592615
Balmoral Systems Limited
Notes to the Accounts
for the year ended 31 August 2023
Balmoral Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 4592615. The registered office is Unit 3 Brunel Lock Development, Smeaton Road, Bristol, BS1 6SE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Balmoral Systems Limited
Notes to the Accounts
for the year ended 31 August 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
At 1 September 2022
15,800
At 1 September 2022
15,800
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2022
20,092
142,526
72,685
-
235,303
Additions
1,367
58,404
-
86,516
146,287
Disposals
-
-
(70,723)
-
(70,723)
At 31 August 2023
21,459
200,930
1,962
86,516
310,867
At 1 September 2022
18,866
74,289
56,534
-
149,689
Charge for the year
1,249
11,140
222
64,250
76,861
On disposals
-
-
(55,016)
-
(55,016)
At 31 August 2023
20,115
85,429
1,740
64,250
171,534
At 31 August 2023
1,344
115,501
222
22,266
139,333
At 31 August 2022
1,226
68,237
16,151
-
85,614
Work in progress
172,507
34,338
Finished goods
29,785
36,931
Balmoral Systems Limited
Notes to the Accounts
for the year ended 31 August 2023
Amounts falling due within one year
Trade debtors
532,125
326,313
Accrued income and prepayments
8,121
19,004
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
19,399
13,973
Obligations under finance leases and hire purchase contracts
25,563
16,275
Trade creditors
200,628
144,896
Taxes and social security
97,831
79,915
Other creditors
27,941
28,579
Loans from directors
-
217
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
57,980
15,471
10
Deferred taxation
2023
2022
Accelerated capital allowances
-
16,267
Provision at start of year
16,267
20,149
Credited to the profit and loss account
(16,267)
(3,882)
Provision at end of year
-
16,267
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
12
Average number of employees
During the year the average number of employees was 0 (2022: 0).