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REGISTERED NUMBER: SC486966 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BRACO ENERGY LTD

BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRACO ENERGY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: D B Abernethy





REGISTERED OFFICE: Braco Park Farm
Rosehearty
Fraserburgh
Aberdeenshire
AB43 6LB





REGISTERED NUMBER: SC486966 (Scotland)

BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 31,592 23,313
Investments 6 132,835 361,268
164,427 384,581

CURRENT ASSETS
Debtors 7 194,436 42,407
Cash at bank 266,837 236,513
461,273 278,920
CREDITORS
Amounts falling due within one year 8 63,868 235,228
NET CURRENT ASSETS 397,405 43,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

561,832

428,273

PROVISIONS FOR LIABILITIES 105,176 105,829
NET ASSETS 456,656 322,444

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 456,556 322,344
SHAREHOLDERS' FUNDS 456,656 322,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





D B Abernethy - Director


BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Braco Energy Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 53,936
Additions 15,212
At 31 December 2023 69,148
DEPRECIATION
At 1 January 2023 30,623
Charge for year 6,933
At 31 December 2023 37,556
NET BOOK VALUE
At 31 December 2023 31,592
At 31 December 2022 23,313

BRACO ENERGY LTD (REGISTERED NUMBER: SC486966)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Share in
limited
liability
partnership
£   
COST
At 1 January 2023 361,268
Disposals (481,074 )
Share of profit/(loss) 252,641
At 31 December 2023 132,835
NET BOOK VALUE
At 31 December 2023 132,835
At 31 December 2022 361,268

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,736 4,236
Other debtors 187,700 38,171
194,436 42,407

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,038 10,092
Amounts owed to associates - 180,000
Taxation and social security 55,330 42,636
Other creditors 2,500 2,500
63,868 235,228

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D B Abernethy
Balance outstanding at start of year 24,200 74,200
Amounts advanced 36,000 -
Amounts repaid (36,000 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,200 24,200

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D B Abernethy.