Company No:
Contents
Note | 31.03.2024 | 31.03.2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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1,477,786 | 1,302,753 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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189,909 | 223,195 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (113,319) | (8,517) | ||
Total assets less current liabilities | 1,364,467 | 1,294,236 | ||
Creditors: amounts falling due after more than one year | 8 |
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Balmonth Energy Limited (registered number:
Mr I C Brunton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Balmonth Energy Limited (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 Balmonth Farm, Carnbee, Anstruther, KY10 2RU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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 £.
The financial statements cover the 12 months to 31 March 2024. The comparative financial statements cover a 15 month period from 01 January 2022 to 31 March 2023 and as such, the comparatives are not directly comparable.
Prior period errors have been corrected in the financial statements for the period to 31 March 2023. Information in relation to the correction and restatement of opening balances of current assets and the profit and loss account are included at note 2.
Turnover is recognised at the fair value of the consideration received or receivable for energy production services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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.
Plant and machinery etc. |
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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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Interests in associate entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity as so to obtain benefits from its activities.
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
As previously reported | Adjustment | As restated | ||||
Year ended 31 March 2023 | £ | £ | £ | |||
Current Assets - Debtors | 11,135 | 81,781 | 92,916 | |||
Profit and Loss - Sales | 440,384 | 81,781 | 522,165 | |||
Capital and Reserves - Retained Earnings | 891,193 | 81,781 | 972,974 |
Year ended 31.03.2024 |
Period from 01.01.2022 to 31.03.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Other investments | Total | ||
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Cost or valuation before impairment | |||
At 01 April 2023 |
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Additions |
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Disposals | (
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Bank loans |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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600 | 600 |
I Brunton and C Brunton, directors, are materially interested as partners of the Firm of G C Brunton.
During the period the company's share of profits was £nil as a partner in Firm of G C Brunton.
Included in investments at the end of this financial year is £725,643 (2023 - £480,643) in relation to the company's partnership capital with Firm of G C Brunton.
During the year the company paid rent to the Firm of G C Brunton for £30,000 (2023 - £30,000).