BALERNO HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company Registration No. SC616557 (Scotland)
PAGES FOR FILING WITH REGISTRAR
BALERNO HOLDINGS LTD
COMPANY INFORMATION
Director
Mr W Gorol
Company number
SC616557
Registered office
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
BALERNO HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BALERNO HOLDINGS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
33,190
52,634
Investment property
5
1,787,167
1,787,167
1,820,357
1,839,801
Current assets
Debtors
6
10,039
57,206
Cash at bank and in hand
158,596
478,188
168,635
535,394
Creditors: amounts falling due within one year
7
(1,473,074)
(1,899,189)
Net current liabilities
(1,304,439)
(1,363,795)
Net assets
515,918
476,006
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
515,818
475,906
Total equity
515,918
476,006

The director of the company has 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 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 member has 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 and signed by the director and authorised for issue on 5 March 2024
Mr W Gorol
Director
Company registration number SC616557 (Scotland)
BALERNO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Balerno Holdings Ltd is a private company limited by shares incorporated in Scotland. The registered office is 44 Bank Street, Kilmarnock, Ayrshire, KA1 1HA.

1.1
Reporting period

These financial statements cover the year to 30 November 2023 while the comparative amounts cover the eleven month period from 1 January 2022 to 30 November 2022. As a result, the amounts are not entirely comparative.

1.2
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
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 income from letting and operation of owned real estate.

1.4
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:

Plant and equipment
25% straight line
Fixtures and fittings
15% straight line

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

BALERNO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

1.9
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

No significant judgements have had to be made by the directors in preparing these financial statements.

 

The director has made key assumptions in the determination of the fair values of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
BALERNO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
135,101
Additions
4,680
Disposals
(2,670)
At 30 November 2023
137,111
Depreciation and impairment
At 1 December 2022
82,467
Depreciation charged in the year
23,445
Eliminated in respect of disposals
(1,991)
At 30 November 2023
103,921
Carrying amount
At 30 November 2023
33,190
At 30 November 2022
52,634
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,787,167

Investment property comprises the purchase of the Balerno Inn plus subsequent development costs and represents fair value in the opinion of the director.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
277
-
0
Other debtors
9,762
57,206
10,039
57,206
BALERNO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
173
Taxation and social security
-
0
6,475
Other creditors
1,473,074
1,892,541
1,473,074
1,899,189
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
346,693
346,693
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

SIME Investments Ltd

A company of which W. Gorol is a director.

 

The company made repayments of £42,332 to SIME Investments Ltd which resulted in a £nil balance owed at the balance sheet date (2022: £42,332).

 

The Balerno Inn Ltd

A company of which W. Gorol is a director.

 

The company made repayments of £35,522 to The Balerno Inn Ltd which resulted in a £nil balance (2022: £35,522) owed at the balance sheet date.

 

The company invoiced rent, services and other charges of £97,335 (2022: £172,300) to The Balerno Inn Ltd. Of these, £277 (2022: £12,000) remained outstanding at the balance sheet date.

 

11
Directors' transactions

During the year, the company received loans of £2,672 from, and made repayments of £380,000 to, its director, resulting in a closing balance of £1,470,381 (2022: £1,847,709) remaining owed to the director at the balance sheet date.

 

The director does not seek repayment within any specific timeframe, or any interest on this balance.

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