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Company No: SC737005 (Scotland)

BEN LUI LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

BEN LUI LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

BEN LUI LTD

BALANCE SHEET

AS AT 31 MARCH 2024
BEN LUI LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investment property 3 574,178 535,058
574,178 535,058
Current assets
Debtors 4 610 2,114
Cash at bank and in hand 1,967 1,891
2,577 4,005
Creditors: amounts falling due within one year 5 ( 232,673) ( 200,583)
Net current liabilities (230,096) (196,578)
Total assets less current liabilities 344,082 338,480
Creditors: amounts falling due after more than one year 6 ( 352,119) ( 344,920)
Net liabilities ( 8,037) ( 6,440)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 8,137 ) ( 6,540 )
Total shareholder's deficit ( 8,037) ( 6,440)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Ben Lui Ltd (registered number: SC737005) were approved and authorised for issue by the Director on 29 July 2024. They were signed on its behalf by:

Christopher Ettershank
Director
BEN LUI LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
BEN LUI LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Ben Lui Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 32 Abbot Street, Arbroath, DD11 1HH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and includes investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for property rental.

Revenue is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.03.2024
Period from
30.06.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 535,058
Additions 39,120
As at 31 March 2024 574,178

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 610 0
Other debtors 0 2,114
610 2,114

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 26,287 24,309
Other creditors 206,386 176,274
232,673 200,583

Bank loans are secured by floating charge over the related properties.

6. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 352,119 344,920

Bank loans are secured by floating charge over the related properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.03.2024 31.03.2023
£ £
Bank loans (repayable by instalments) 251,521 245,312

Bank loans are secured by floating charge over the related properties.

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

31.03.2024 31.03.2023
£ £
Amounts Due to the Director 105,875 118,958

The balance due to the director is unsecured, interest free and has no fixed terms of repayment.

Other related party transactions

31.03.2024 31.03.2023
£ £
Amounts Due to an Entity Under Common Control 93,607 53,318

The related party balance due is unsecured, interest free and has no fixed terms of repayment.