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Company No: SC750648 (Scotland)

SHAND BHN LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 17 NOVEMBER 2022 TO 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SHAND BHN LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 17 NOVEMBER 2022 TO 31 DECEMBER 2023

Contents

SHAND BHN LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
SHAND BHN LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023
£
Fixed assets
Investment property 3 547,420
Investments 4 1,500,000
2,047,420
Current assets
Debtors 5 7,452
Cash at bank and in hand 2,754,289
2,761,741
Creditors: amounts falling due within one year 6 ( 20,404)
Net current assets 2,741,337
Total assets less current liabilities 4,788,757
Net assets 4,788,757
Capital and reserves
Called-up share capital 7 5,500,000
Profit and loss account ( 711,243 )
Total shareholders' funds 4,788,757

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Shand BHN Ltd (registered number: SC750648) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

Kevin Forbes Shand
Director
SHAND BHN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 17 NOVEMBER 2022 TO 31 DECEMBER 2023
SHAND BHN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 17 NOVEMBER 2022 TO 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Shand BHN Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The accounts cover the long period from incorporation to 31 December 2023, being the first reporting period for the company. Future filings will be prepared annually to 31 December.

Turnover

Turnover represents property rental income net of VAT. Rental income is recognised on an accruals basis dependent on the rental period. Amounts received in advance are credited to deferred income.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
17.11.2022 to
31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Investment property

Investment property
£
Valuation
As at 17 November 2022 0
Additions 547,420
As at 31 December 2023 547,420

Property purchased in the period has been recognised at cost, with the market value at the balance sheet date deemed to be the same per the directors' valuation.

4. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 17 November 2022 0
Additions 5,500,000
At 31 December 2023 5,500,000
Provisions for impairment
At 17 November 2022 0
Impairment 4,000,000
At 31 December 2023 4,000,000
Carrying value at 31 December 2023 1,500,000

Investments in shares

During the period, the company acquired Snowfend Limited, by way of a share for share exchange. Subsequently, the Directors have considered the carrying value of the subsidiary and recognised an impairment of £4 million accordingly.

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Held
Snowfend Limited 2 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1DQ Commercial property rental Ordinary 100.00% Direct
A Ordinary 100.00% Direct

5. Debtors

31.12.2023
£
Other debtors 7,452

6. Creditors: amounts falling due within one year

31.12.2023
£
Trade creditors 9,568
Taxation and social security 6,303
Other creditors 4,533
20,404

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Called-up share capital

31.12.2023
£
Allotted, called-up and fully-paid
868,421 A Ordinary shares of £ 1.00 each 868,421
4,631,579 Ordinary shares of £ 1.00 each 4,631,579
5,500,000

At incorporation, 2 £1.00 Ordinary shares were issued at par.

During the financial period, a further 4,631,577 Ordinary shares, and 868,421 A Ordinary shares, were issued, both at par.