Company Registration No. SC128711 (Scotland)
BANCON HOMES (DEESIDE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BANCON HOMES (DEESIDE) LIMITED
COMPANY INFORMATION
Directors
K J McColgan
A H Tweedie
Company number
SC128711
Registered office
Burnett House
Burn O'Bennie Road
Banchory
Aberdeenshire
AB31 5ZU
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
BANCON HOMES (DEESIDE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BANCON HOMES (DEESIDE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
91,197
94,125
Cash at bank and in hand
14,340
23,797
105,537
117,922
Creditors: amounts falling due within one year
4
(153,553)
(157,226)
Net liabilities
(48,016)
(39,304)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
6
(48,116)
(39,404)
Total deficit
(48,016)
(39,404)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
12/07/2024
12 July 2024
and are signed on its behalf by:
..............................
..............................
K J McColgan
A H Tweedie
Director
Director
Company Registration No. SC128711
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BANCON HOMES (DEESIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information
Bancon Homes (Deeside) Limited ("the company") is a private company limited by shares, incorporated and domiciled in Scotland. The company's registered office and trading address is Burnett House, Burn O'Bennie Road, Banchory, AB31 5ZU. The principal activities of the company and the nature of its operations continued to be that of house building. The company's registered number is SC128711.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption available in Section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions entered into between two or more wholly owned members of a group.
1.2
Going concern
At the year-end, the company has net liabilities of £48k (2023: £39k) and incurred a loss in the period to 31 March 2024 of £9k (2023: loss of £23k). Included within creditors are amounts due to fellow subsidiaries of £153k (2023: £156k). The parent company, Bancon Developments Holdings Limited, has confirmed that immediate repayment of this amount will not be sought for a period of at least 12 months from signature of these financial statements, as required to maintain the company's going concern applicability and that financial support from the group will be available to the company as required.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This incorporates consideration of the future trading forecasts coupled with the group banking facilities. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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BANCON HOMES (DEESIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (continued)
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, amounts due from group undertakings 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. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the instrument to the net carrying amount on initial recognition. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and amounts due to group undertakings, 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.
Basic financial liabilities are subsequently carried at amortised cost, using the effective interest rate method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 is provided, using the full liability method, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. The deferred tax position is calculated using the rates enacted or substantially enacted at the balance sheet date. Tax losses are surrendered or claimed in the form of group relief with consideration being received or paid accordingly. The group relief amount is recorded separately within the debtors and creditors amounts in the balance sheet, as applicable, and is calculated by applying the tax rate enacted or substantively enacted at the balance sheet date to the loss amount.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
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BANCON HOMES (DEESIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Employees
The company has no employees (2023: nil) other than the directors. No remuneration was paid to the directors during the year for services provided to the company as they were remunerated through other group companies.
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
243
149
Amounts owed by group undertakings
90,903
93,297
Other debtors
51
679
91,197
94,125
Amounts due from group undertakings are unsecured, have no fixed repayment terms and do not bear interest.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
250
1,552
Amounts owed to group undertakings
153,303
155,674
Other creditors
-
-
153,553
157,226
Amounts due to group undertakings have no fixed repayment terms and do not bear interest.
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
The share capital account records the nominal value of shares issued. The ordinary shares carry equal voting rights and no right to fixed income.
6
Reserves
The company's profit and loss reserve represents the cumulative historic profits and losses, net of dividends and other adjustments.
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BANCON HOMES (DEESIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Stephen McIlwaine.
The auditor was Johnston Carmichael LLP.
8
Financial commitments, guarantees and contingent liabilities
All group companies are party to a cross-company guarantee in respect of bank facilities offered to Bancon Developments Holdings Limited group.
9
Controlling party
The immediate parent undertaking is Bancon Group Limited, a company registered in Scotland.  The directors regard J C A Burnett of Leys and his family to be the ultimate controlling party by virtue of their individual shareholdings in Bancon Developments Holdings Limited.
Bancon Developments Holdings Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 March 2024. The consolidated financial statements of Bancon Developments Holdings Limited are available from UK Companies House.
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