Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Lady G Bullough The Earl Of Mansfield The Honourable J Murray 07/06/1990 27 November 2024 The principal activity of the Company during the financial year continued to be that of commercial property rental. SC048957 2024-03-31 SC048957 bus:Director3 2024-03-31 SC048957 2023-03-31 SC048957 core:CurrentFinancialInstruments 2024-03-31 SC048957 core:CurrentFinancialInstruments 2023-03-31 SC048957 core:ShareCapital 2024-03-31 SC048957 core:ShareCapital 2023-03-31 SC048957 core:RevaluationReserve 2024-03-31 SC048957 core:RevaluationReserve 2023-03-31 SC048957 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC048957 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC048957 core:OtherPropertyPlantEquipment 2023-03-31 SC048957 core:OtherPropertyPlantEquipment 2024-03-31 SC048957 core:CostValuation 2023-03-31 SC048957 core:CostValuation 2024-03-31 SC048957 2022-03-31 SC048957 bus:OrdinaryShareClass1 2024-03-31 SC048957 bus:OrdinaryShareClass2 2024-03-31 SC048957 core:WithinOneYear 2024-03-31 SC048957 core:WithinOneYear 2023-03-31 SC048957 core:BetweenOneFiveYears 2024-03-31 SC048957 core:BetweenOneFiveYears 2023-03-31 SC048957 core:MoreThanFiveYears 2024-03-31 SC048957 core:MoreThanFiveYears 2023-03-31 SC048957 2023-04-01 2024-03-31 SC048957 bus:FilletedAccounts 2023-04-01 2024-03-31 SC048957 bus:SmallEntities 2023-04-01 2024-03-31 SC048957 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC048957 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC048957 bus:Director1 2023-04-01 2024-03-31 SC048957 bus:Director2 2023-04-01 2024-03-31 SC048957 bus:Director3 2023-04-01 2024-03-31 SC048957 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC048957 2022-04-01 2023-03-31 SC048957 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC048957 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC048957 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC048957 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC048957 (Scotland)

BALFORMO ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

BALFORMO ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

BALFORMO ENTERPRISES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
BALFORMO ENTERPRISES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 7,800,000 7,800,000
Investments 5 125,000 125,000
7,925,000 7,925,000
Current assets
Debtors 6 181,966 172,322
Cash at bank and in hand 7 881,443 795,156
1,063,409 967,478
Creditors: amounts falling due within one year 8 ( 238,902) ( 59,857)
Net current assets 824,507 907,621
Total assets less current liabilities 8,749,507 8,832,621
Provision for liabilities 9, 10 ( 1,477,584) ( 1,504,606)
Net assets 7,271,923 7,328,015
Capital and reserves
Called-up share capital 11 47,002 47,002
Revaluation reserve 4,815,519 4,815,519
Profit and loss account 2,409,402 2,465,494
Total shareholders' funds 7,271,923 7,328,015

For the financial year ending 31 March 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 Balformo Enterprises Limited (registered number: SC048957) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

The Honourable J Murray
Director
BALFORMO ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
BALFORMO ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Balformo Enterprises 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 Suite 2, Ground Floor Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 £.

Turnover

Turnover represents rents receivable net of VAT.

Rental income is recognised on a straight line basis over the term of the lease.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 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.

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, 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
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.

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 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).

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.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 649 649
At 31 March 2024 649 649
Accumulated depreciation
At 01 April 2023 649 649
At 31 March 2024 649 649
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 7,800,000
As at 31 March 2024 7,800,000

Valuation

The fair value of the investment property is on the basis of a valuation carried out on 8 March 2022 by external valuers, Galbraith . The valuation was made on an open market value basis.

The directors consider this to be a true reflection of the fair value of the investment property at 31 March 2024.

5. Fixed asset investments

2024 2023
£ £
Other investments and loans 125,000 125,000

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 125,000 125,000
At 31 March 2024 125,000 125,000
Carrying value at 31 March 2024 125,000 125,000
Carrying value at 31 March 2023 125,000 125,000

6. Debtors

2024 2023
£ £
Trade debtors 6,821 6,000
Other debtors 175,145 166,322
181,966 172,322

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 881,443 795,156

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,886 9,143
Corporation tax 19,080 13,044
Other taxation and social security 75,430 11,764
Other creditors 134,506 25,906
238,902 59,857

9. Provision for liabilities

2024 2023
£ £
Deferred tax 1,477,584 1,504,606

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,504,606) ( 1,493,183)
Credited/(charged) to the Profit and Loss Account 27,022 ( 11,423)
At the end of financial year ( 1,477,584) ( 1,504,606)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,000 A ordinary shares of £ 1.00 each 5,000 5,000
42,002 Ordinary shares of £ 1.00 each 42,002 42,002
47,002 47,002

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 13,279 10,052
between one and five years 49,796 40,206
after five years 0 7,539
63,075 57,797