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Registration number: 06141527

Balineum Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Balineum Limited

Contents

Company Information

1

Director's Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

Balineum Limited

Company Information

Director

Mrs Sarah Victoria Watson

Registered office

Flat 3
3 Netherhall Gardens
London
NW3 5RN

Accountants

Right Choice Consulting UK Ltd
352 Station Road
Harrow
HA1 2DE

 

Balineum Limited

Director's Report for the Year Ended 31 March 2024

The director presents her report and the abridged financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mrs Sarah Victoria Watson

Principal activity

The principal activity of the company is that of the design and sale of luxury bathroom lines and accessories.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mrs Sarah Victoria Watson
Director

 

Balineum Limited

(Registration number: 06141527)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,421

21,744

Current assets

 

Stocks

6

112,314

88,212

Debtors

218,545

20,530

Investments

7

100

-

Cash at bank and in hand

 

128,721

252,049

 

459,680

360,791

Prepayments and accrued income

 

7,377

7,161

Creditors: Amounts falling due within one year

(323,008)

(289,616)

Net current assets

 

144,049

78,336

Total assets less current liabilities

 

160,470

100,080

Accruals and deferred income

 

(2,660)

(2,660)

Net assets

 

157,810

97,420

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

96,403

96,403

Retained earnings

61,207

817

Shareholders' funds

 

157,810

97,420

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Balineum Limited

(Registration number: 06141527)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 25 September 2024
 

.........................................
Mrs Sarah Victoria Watson
Director

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Flat 3
3 Netherhall Gardens
London
NW3 5RN

These financial statements were authorised for issue by the director on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its
expected useful life, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

Straight Line - 25%

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Depreciation expense

10,948

10,310

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

75,309

75,309

Additions

5,626

5,626

At 31 March 2024

80,935

80,935

Depreciation

At 1 April 2023

53,566

53,566

Charge for the year

10,948

10,948

At 31 March 2024

64,514

64,514

Carrying amount

At 31 March 2024

16,421

16,421

At 31 March 2023

21,744

21,744

6

Stocks

2024
£

2023
£

Other inventories

112,314

88,212

7

Current asset investments

2024
£

2023
£

Shares in group undertakings

100

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

       
 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

 

Balineum Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,499

11,499