Company registration number 06440802 (England and Wales)
BELMONT INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BELMONT INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BELMONT INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
1
-
0
Creditors: amounts falling due within one year
7
(2,223,704)
(2,223,703)
Net current liabilities
(2,223,704)
(2,223,703)
Total assets less current liabilities
(2,223,703)
(2,223,703)
Capital and reserves
Called up share capital
9
163
163
Share premium account
1,409,260
1,409,260
Profit and loss reserves
(3,633,126)
(3,633,126)
Total equity
(2,223,703)
(2,223,703)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 17 July 2024 and are signed on its behalf by:
Ms. S Davies
Director
Company Registration No. 06440802
BELMONT INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
163
1,409,260
(3,633,126)
(2,223,703)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
0
-
0
Balance at 31 December 2022
163
1,409,260
(3,633,126)
(2,223,703)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
0
-
0
Balance at 31 December 2023
163
1,409,260
(3,633,126)
(2,223,703)
BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Belmont Investments Limited's principal activity is that of a non-trading intermediate holding company.

 

The company is a private company limited by shares and is incorporated and domiciled in Wales. The address of its registered office is: 2 Park Pavilions Clos Llwyn Cwm, Valley Way, Enterprise Park, Swansea, SA6 8QY.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

The financial statements of the company are consolidated in the financial statements of Energist (Holdings) Limited as at 31 December 2023 and these consolidated financial statements may be obtained from Companies House.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The company has taken advantage of the exemption afforded to wholly owned subsidiaries not to disclose details of related party transactions with wholly owned subsidiaries of the group.

 

 

BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

The company is reporting a result of £Nil (2022: £Nil) for the year ended 31 December 2023 and at this date had net current liabilities of £2,223,703 (2022: £2,223,703), principally relating to amounts due to fellow Energist group companies. The consolidated results of Energist group, headed by Energist (Holdings) Limited, continues to report losses. As at 31 December 2023, the group has net current assets of £1,447,842 (2022: £796,790) but remains reliant on the long term support of its shareholders, to whom £72,228,131 was due after more than one year as at 31 December 2023 (2022: £71,292,175).

 

The directors have undertaken a review of the group's financial position. The directors have prepared forecasts, which indicate that, with on-going shareholder support, and based on the anticipated level of sales, there is a reasonable expectation that the company and group will be able to operate within its current level of agreed facilities for a period of at least 12 months from the date of approval of these financial statements.

 

The group's shareholders continue to demonstrate their commitment and support to the group, most recently by waiving the commencement of repayments on the shareholder loans until 31 December 2026. Further the directors have been given an indication by the group's shareholders that if required it is their current intention to support the business further to enable the group to meet its financial commitments for a period of at least 12 months from the date of approval of these financial statements,

 

Global economic factors continue to bring uncertainty to businesss operations and the directors therefore continue to maintain a rigorous review of the global supply chain. Proactively, the directors’ commitment to continuous improvement has supported improvements both in terms of product development and reducing supply chain risk.

 

Should the forecast level of sales and profitability not be achieved, the business might need to seek further funding in order to bridge the cashflow position. This represents a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. However, after considering the above matters, and the expected continued support of the group's shareholders, the directors are satisfied that it is appropriate to continue to prepare the financial statements on a going concern basis. The financial statements therefore do not include the adjustments required should the Company be unable to continue as a going concern.

1.3
Fixed asset investments

Interests in subsidiaries are initally measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that sufficient funds will be available for the group to continue in operational existence for the foreseeable future. More details are set out in note 1.2 of the accounting policies.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
2
1
4
Directors' remuneration

No directors received emoluments during the year for their services to the company (2022: £Nil). The directors are employed and remunerated by another group entity for their services to the group as a whole, and it is not possible to distinguish the amounts attributable for services provided to Belmont Investments Limited.

5
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
6
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
9,960,165
Additions
1
At 31 December 2023
9,960,166
Impairment
At 1 January 2023 & 31 December 2023
9,960,165
Carrying amount
At 31 December 2023
1
At 31 December 2022
-
BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Energist Limited
UK
Design, manufacture and distribution of light-based equipment for cosmetic, aesthetic and medical markets
Ordinary
100%
-
Neogen Plasma Limited
UK
Distribution of light-based equipment for cosmetic, aesthetic and medical markets
Ordinary
100%
-

During the year ended 31 December 2023, Neogen Plasma Limited was incoporated as a wholly owned subsidiary of the company.

 

The directors have reviewed the carrying value of the company's investments as at 31 December 2023, and in their opinion believe that the carrying values are appropriate based on current underlying financial positions of each company.

 

7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,219,219
2,219,218
Accruals and deferred income
4,485
4,485
2,223,704
2,223,703
8
Financial instruments
2023
2022
£
£
Measured at amortised cost
2,223,704
2,223,703

Financial liabilities measured at amortised cost comprise amounts owed to group undertakings and accruals.

9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
160,000
160,000
160
160
Ordinary A of 0.1p each
3,000
3,000
3
3
163,000
163,000
163
163

Both classes of shares rank pari passau in all aspects apart from that Ordinary A shares have priority of return of funds in the event of a winding up of the company.

BELMONT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Reserves

Share premium

Share premium represents the amount subscribed for share capital in excess of the nominal value. There was no movement on the share premium account during the financial year.

 

Profit and loss account

The profit and loss account represents the accumulated profits, losses and distributions of the company.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Bowden
Statutory Auditor:
Azets Audit Services
12
Financial commitments, guarantees and contingent liabilities

The company has entered into cross guarantees for the group's bank in respect of the borrowings of its subsidiary Energist Limited. At 31 December 2023 the contingent liability in respect of the borrowings was £Nil (2022: £Nil).

 

The company is part of a cross guarantee to secure the shareholder loans and loan notes of its Ultimate Parent Company. As at 31 December 2023, the value of these outstanding loans and loan notes, including accrued interest and redemption premiums was £31,943,562 (2022: £31,007,607).

13
Ultimate controlling party

The directors regard Energist (Holdings) Limited, a company registered in England and Wales as the ultimate parent company. Energist (Holdings) Limited has a 100% interest in the equity capital of Belmont Investments Limited.

 

The parent company of the largest and smallest group to include the Company in its consolidated financial statements is Energist (Holdings) Limited, a company registered in England and Wales. Copies of its consolidated financial statements are available from Companies House.

 

As at 31 December 2023, the directors consider the ultimate controlling party to be Beaubridge Energist LLP by virtue of its shareholding in Energist (Holdings) Limited.

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