Company Registration No. SC633367 (Scotland)
THE BALERNO INN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
THE BALERNO INN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE BALERNO INN LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,548
8,714
Current assets
Stocks
8,200
5,800
Debtors
4
14,482
11,366
Cash at bank and in hand
306,656
475,474
329,338
492,640
Creditors: amounts falling due within one year
5
(164,510)
(214,042)
Net current assets
164,828
278,598
Total assets less current liabilities
171,376
287,312
Provisions for liabilities
(1,637)
(2,176)
Net assets
169,739
285,136
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
169,737
285,134
Total equity
169,739
285,136
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 7 August 2024 and are signed on its behalf by:
Mr W Gorol
Mr B Watson
Director
Director
Company registration number SC633367 (Scotland)
THE BALERNO INN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
The Balerno Inn Ltd is a private company limited by shares incorporated in Scotland. The registered office is Dains Accountants, 44 Bank Street, KILMARNOCK, Ayrshire, KA1 1HA. The principal place of business is 15 Main Street, Balerno, Edinburgh, Lothian, Scotland, EH14 7EQ.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is represented by the income from the restaurant, bar income and hotel accommodation.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
33% on cost
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractural arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
THE BALERNO INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
45
47
THE BALERNO INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
19,524
Additions
1,907
Disposals
(2,982)
At 30 November 2023
18,449
Depreciation and impairment
At 1 December 2022
10,810
Depreciation charged in the year
3,852
Eliminated in respect of disposals
(2,761)
At 30 November 2023
11,901
Carrying amount
At 30 November 2023
6,548
At 30 November 2022
8,714
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,723
10,042
Prepayments and accrued income
1,759
1,324
14,482
11,366
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
57,100
28,921
Corporation tax
1,176
33,555
Other taxation and social security
37,617
27,418
Other creditors
68,510
100,496
Accruals and deferred income
107
23,652
164,510
214,042
THE BALERNO INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
-
2
-
2
Ordinary A share of £1 each
1
-
1
-
Ordinary B share of £1 each
1
-
1
-
2
2
2
2
The following shares were reclassified during the year: -
1 Ordinary share reclassified to an A share
1 Ordinary share reclassified to a B share
7
Operating lease commitments
Lessee
The company has a lease on the property and rentals are based on a percentage of sales.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Balerno Holdings Ltd own the property and assets of the company. During the year the company was invoiced £45,000 for refurbishment costs and £44,116 for rental charges. As at 30 November 2023 the total due to be paid to Balerno Holdings Ltd was £9,881. (2022 - £47,521).
9
Directors' transactions
Dividends totalling £115,544 (2022 - £25,500) were paid in the year in respect of shares held by the company's directors.
As at 30 November 2023, B Watson had an outstanding balance of £59 (2022 - £59), relating to unpaid expenses.