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Company No: SC635743 (Scotland)

BALMORE HOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

BALMORE HOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

BALMORE HOUSE LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
BALMORE HOUSE LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 86,417 103,417
Tangible assets 4 2,409,509 2,411,887
2,495,926 2,515,304
Current assets
Stocks 1,500 1,500
Debtors 5 459 0
Cash at bank and in hand 212,234 49,081
214,193 50,581
Creditors: amounts falling due within one year 6 ( 768,690) ( 708,251)
Net current liabilities (554,497) (657,670)
Total assets less current liabilities 1,941,429 1,857,634
Creditors: amounts falling due after more than one year 7 ( 345,551) ( 583,057)
Provision for liabilities 8 ( 2,452) ( 2,979)
Net assets 1,593,426 1,271,598
Capital and reserves
Called-up share capital 9 100 100
Share premium account 740,886 740,886
Profit and loss account 852,440 530,612
Total shareholder's funds 1,593,426 1,271,598

For the financial year ending 30 June 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 financial statements of Balmore House Limited (registered number: SC635743) were approved and authorised for issue by the Director on 16 October 2024. They were signed on its behalf by:

Bahman Noafshar
Director
BALMORE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
BALMORE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

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

General information and basis of accounting

Balmore House 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 7-11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £1,593,555 (2023 - £1,271,598) but net current liabilities of £554,365 (2023 - £657,670) which reflects amounts due to the director and he will not seek repayment of these amounts to the detriment of the company's ability to continue trading and settle liabilities as they fall due. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

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.

Revenue from hotel guests is recognised on their date of stay.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost, net of amortisation. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The director has decided to not apply depreciation to land and buildings due to his view that the property will not depreciate further given the local market and prices in the local area.

Impairment of assets

Assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below. No indicators of impairment have been noted in the current period.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 measured at transaction price including transaction costs. 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 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 170,000 170,000
At 30 June 2024 170,000 170,000
Accumulated amortisation
At 01 July 2023 66,583 66,583
Charge for the financial year 17,000 17,000
At 30 June 2024 83,583 83,583
Net book value
At 30 June 2024 86,417 86,417
At 30 June 2023 103,417 103,417

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 2,400,000 27,548 2,427,548
At 30 June 2024 2,400,000 27,548 2,427,548
Accumulated depreciation
At 01 July 2023 0 15,661 15,661
Charge for the financial year 0 2,378 2,378
At 30 June 2024 0 18,039 18,039
Net book value
At 30 June 2024 2,400,000 9,509 2,409,509
At 30 June 2023 2,400,000 11,887 2,411,887

5. Debtors

2024 2023
£ £
Other debtors 459 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 46,560 67,149
Trade creditors 2,627 24,171
Taxation and social security 190,698 121,877
Other creditors 528,805 495,054
768,690 708,251

The bank loan above is secured by a floating charge in favour of the bank.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 345,551 583,057

The bank loan is secured by a floating charge in favour of the bank.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 247,310 314,460

8. Provision for liabilities

2024 2023
£ £
Deferred tax 2,452 2,979

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100