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REGISTERED NUMBER: SC040121 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Balmadies Estate Limited

Balmadies Estate Limited (Registered number: SC040121)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Balmadies Estate Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J C Osborne
J R Osborne
N G Osborne
C G Osborne



SECRETARY: MBM Secretarial Services Ltd



REGISTERED OFFICE: c/o J C Osborne Esq
Bell Ingram
Manor Street
Forfar
Angus
DD8 1EX



REGISTERED NUMBER: SC040121 (Scotland)



ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG



BANKERS: Bank of Scotland
72 West High Street
Forfar
DD8 2TD



SOLICITORS: Murray Beith Murray WS
3 Glenfinlas Street
Edinburgh
EH3 6AQ

Balmadies Estate Limited (Registered number: SC040121)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,984 500
Investment property 5 4,848,746 4,848,746
4,859,730 4,849,246

CURRENT ASSETS
Debtors 6 303,199 295,216
Cash at bank 25,380 28,212
328,579 323,428
CREDITORS
Amounts falling due within one year 7 4,678 3,039
NET CURRENT ASSETS 323,901 320,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,183,631

5,169,635

PROVISIONS FOR LIABILITIES 8 1,134,912 1,136,112
NET ASSETS 4,048,719 4,033,523

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Fair value reserve 3,601,873 3,603,073
Retained earnings 376,846 360,450
SHAREHOLDERS' FUNDS 4,048,719 4,033,523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:



J C Osborne - Director


Balmadies Estate Limited (Registered number: SC040121)

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

1. STATUTORY INFORMATION

Balmadies Estate Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represent the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

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

Freehold property - 2% per annum
Improvements to property - 5% per annum
Plant and machinery - 20% per annum
Fixture and fittings - 20% per annum

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.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investment property
Investment properties are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Balmadies Estate Limited (Registered number: SC040121)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 7,045 4,448 11,493
Additions 10,734 - 10,734
At 31 March 2024 17,779 4,448 22,227
DEPRECIATION
At 1 April 2023 7,045 3,948 10,993
Charge for year - 250 250
At 31 March 2024 7,045 4,198 11,243
NET BOOK VALUE
At 31 March 2024 10,734 250 10,984
At 31 March 2023 - 500 500

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,848,746
NET BOOK VALUE
At 31 March 2024 4,848,746
At 31 March 2023 4,848,746

Balmadies Estate Limited (Registered number: SC040121)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 4,739,923
Cost 108,823
4,848,746

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 166,016 166,016
Aggregate depreciation (47,127 ) (47,127 )

Investment property was valued on an open market basis on 31 March 2024 by J. Osborne, director .

6. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 600 -
Other debtors 7,495 11,437
8,095 11,437

Amounts falling due after more than one year:
Other debtors 295,104 283,779

Aggregate amounts 303,199 295,216

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 2,035 -
Other creditors 2,643 3,039
4,678 3,039

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax provision 1,134,912 1,136,112

Deferred
tax
£   
Balance at 1 April 2023 1,136,112
Provided during year (1,200 )
Balance at 31 March 2024 1,134,912

Balmadies Estate Limited (Registered number: SC040121)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J C Osborne
Balance outstanding at start of year 4,655 2,255
Amounts advanced - 2,400
Amounts repaid (3,922 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 733 4,655

10. RELATED PARTY DISCLOSURES



Related Party

Type of
Transaction

Transactions in
year

Transactions in
year
Receivable from/
(Payable to) related
party as at
Receivable from/
(Payable to) related
party as at
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £

(1) Partnership under
common control

Loan

(11,325)

(3,543)

295,104

283,779

Management 1,500 1,500 - -
charge

Rent (60,000) (60,000) - -


(1) Two directors and shareholders of Balmadies Estate Limited are also partners in the above partnership. There are no fixed terms for repayment of the above loan. Interest is charged at the Bank of England base rate.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.