Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Jamie Gilbert 01/09/2016 Kirstin Gilbert 31/03/2015 Mhairi Gilbert 07/12/2021 25 November 2024 The principal activities of the company are property developers, and commercial and residential letting agents. SC185463 2024-02-29 SC185463 bus:Director1 2024-02-29 SC185463 bus:Director2 2024-02-29 SC185463 bus:Director3 2024-02-29 SC185463 2023-02-28 SC185463 core:CurrentFinancialInstruments 2024-02-29 SC185463 core:CurrentFinancialInstruments 2023-02-28 SC185463 core:Non-currentFinancialInstruments 2024-02-29 SC185463 core:Non-currentFinancialInstruments 2023-02-28 SC185463 core:ShareCapital 2024-02-29 SC185463 core:ShareCapital 2023-02-28 SC185463 core:OtherCapitalReserve 2024-02-29 SC185463 core:OtherCapitalReserve 2023-02-28 SC185463 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC185463 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC185463 core:OtherPropertyPlantEquipment 2023-02-28 SC185463 core:OtherPropertyPlantEquipment 2024-02-29 SC185463 bus:OrdinaryShareClass1 2024-02-29 SC185463 bus:OrdinaryShareClass2 2024-02-29 SC185463 2023-03-01 2024-02-29 SC185463 bus:FilletedAccounts 2023-03-01 2024-02-29 SC185463 bus:SmallEntities 2023-03-01 2024-02-29 SC185463 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC185463 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC185463 bus:Director1 2023-03-01 2024-02-29 SC185463 bus:Director2 2023-03-01 2024-02-29 SC185463 bus:Director3 2023-03-01 2024-02-29 SC185463 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC185463 2022-03-01 2023-02-28 SC185463 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC185463 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC185463 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC185463 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC185463 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 SC185463 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC185463 (Scotland)

BALGRANACH PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

BALGRANACH PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

BALGRANACH PROPERTIES LIMITED

BALANCE SHEET

As at 29 February 2024
BALGRANACH PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 1,443,016 2,393,016
1,443,016 2,393,016
Current assets
Stocks 26,201 26,201
Debtors 5 410 1,141
Cash at bank and in hand 16,401 61,317
43,012 88,659
Creditors: amounts falling due within one year 6 ( 7,161) ( 9,487)
Net current assets 35,851 79,172
Total assets less current liabilities 1,478,867 2,472,188
Creditors: amounts falling due after more than one year 7 ( 2,006,365) ( 2,967,420)
Net liabilities ( 527,498) ( 495,232)
Capital and reserves
Called-up share capital 8 979,311 979,311
Other reserves 0 6,805
Profit and loss account ( 1,506,809 ) ( 1,481,348 )
Total shareholders' deficit ( 527,498) ( 495,232)

For the financial year ending 29 February 2024 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 Balgranach Properties Limited (registered number: SC185463) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Jamie Gilbert
Director
BALGRANACH PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
BALGRANACH PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Balgranach Properties 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 100 Union Street, Aberdeen, AB10 1QR, 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 financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the company to meet its financial commitments. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

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 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.

Impairment of assets

Assets, other than those measured at fair value, 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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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 creditors: amounts falling due within one year.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 625 625
Disposals ( 625) ( 625)
At 29 February 2024 0 0
Accumulated depreciation
At 01 March 2023 625 625
Disposals ( 625) ( 625)
At 29 February 2024 0 0
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 2,393,016
Disposals (950,000)
As at 29 February 2024 1,443,016

Investment properties comprise of residential properties.

The fair value of the investment properties at Wallfield Place, Aberdeen of £754,453 has been arrived at on the basis of a valuation carried out at August 2017 by the directors. The directors believe this valuation is accurate as at 29 February 2024.

The fair value of the investment properties at Trinity Street, Aberdeen of £688,563 has been arrived at on the basis of a valuation carried out at August 2017 by the directors. The directors believe this valuation is accurate as at 29 February 2024.

The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,443,016 2,386,211

5. Debtors

2024 2023
£ £
Other debtors 410 1,141

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 3,195
Other creditors 7,161 6,292
7,161 9,487

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

2024 2023
£ £
Other creditors 2,006,365 2,967,420

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10
979,301 Deferred ordinary shares of £ 1.00 each 979,301 979,301
979,311 979,311

Ordinary shares carry full voting, dividend and capital distribution rights but do not confer any rights on redemption. Deferred shares do not carry any voting, dividend or capital distribution rights, nor do they confer any rights on redemption.

9. Related party transactions

Transactions with the entity's directors

As at 28 February 2024, the company was due one of the shareholders £2,006,365 (2023 - £2,967,420).