Company registration number SC182733 (Scotland)
BALKAITHLY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BALKAITHLY LIMITED
COMPANY INFORMATION
Directors
Mr J S Ballantyne
Mrs A Ballantyne
Secretary
Mrs A Ballantyne
Company number
SC182733
Registered office
Balkaithly
Dunino
St. Andrews
Fife
KY16 8LU
Accountants
Azets
5 Whitefriars Crescent
Perth
PH2 0PA
BALKAITHLY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BALKAITHLY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
158,873
155,168
Creditors: amounts falling due within one year
6
(2,662)
(1,140)
Net current assets
156,211
154,028
Capital and reserves
Called up share capital
7
140,002
140,002
Profit and loss reserves
16,209
14,026
Total equity
156,211
154,028

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 20 August 2024 and are signed on its behalf by:
Mr J S Ballantyne
Director
Company Registration No. SC182733
BALKAITHLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Balkaithly Limited is a private company limited by shares incorporated in Scotland. The registered office is Balkaithly, Dunino, St. Andrews, Fife, United Kingdom, KY16 8LU.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

The company's business is farming through participation in the farming partnership Stewart Ballantyne. Income comprises the company's share in the partnership profit or loss for each year.

1.3
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.

1.4
Taxation

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.

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.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BALKAITHLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
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.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Dividends
2023
2022
£
£
Final paid
4,000
4,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
158,863
155,158
Other debtors
10
10
158,873
155,168

The value of the company's interest in the partnership of Stewart Ballantyne comprises the balance standing at credit/debit in the current account in the books of that business.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
744
672
Taxation and social security
1,918
468
2,662
1,140
BALKAITHLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
140,002
140,002
140,002
140,002
8
Related party transactions

Mr J S Ballantyne and Mrs A J Ballantyne, directors of the company, are partners in the farming partnership of Stewart Ballantyne, from which the company derives its income.

9
Ultimate controlling party

The ultimate controlling parties are Mr J S Ballantyne and Mrs A J Ballantyne.

2023-11-302022-12-01false20 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr J S BallantyneMrs A BallantyneMrs A BallantynefalsefalseSC1827332022-12-012023-11-30SC182733bus:Director12022-12-012023-11-30SC182733bus:CompanySecretaryDirector12022-12-012023-11-30SC182733bus:Director22022-12-012023-11-30SC182733bus:CompanySecretary12022-12-012023-11-30SC1827332023-11-30SC1827332022-11-30SC182733core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC182733core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-30SC182733core:CurrentFinancialInstruments2023-11-30SC182733core:CurrentFinancialInstruments2022-11-30SC182733core:ShareCapital2023-11-30SC182733core:ShareCapital2022-11-30SC182733core:RetainedEarningsAccumulatedLosses2023-11-30SC182733core:RetainedEarningsAccumulatedLosses2022-11-30SC1827332021-12-012022-11-30SC182733core:WithinOneYear2023-11-30SC182733core:WithinOneYear2022-11-30SC182733bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC182733bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC182733bus:FRS1022022-12-012023-11-30SC182733bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC182733bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP