REGISTERED NUMBER: |
Balvernie Ltd |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
REGISTERED NUMBER: |
Balvernie Ltd |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
Balvernie Ltd (Registered number: 10171433) |
Contents of the Financial Statements |
for the Year Ended 31st May 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Balvernie Ltd |
Company Information |
for the Year Ended 31st May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
48 Arwenack Street |
Falmouth |
Cornwall |
TR11 3JH |
Balvernie Ltd (Registered number: 10171433) |
Statement of Financial Position |
31st May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
Balvernie Ltd (Registered number: 10171433) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
Balvernie Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements cover an individual entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Fixed asset investments |
Fixed asset investments consists of listed securities of individual companies, investment trusts and exchange traded funds. Fixed asset investments are measured at fair value at the statement of financial position date. |
Fair value is based on the quoted market price in an active market. Fair value adjustments arising from a difference between the cost and current market price of the securities are recognised in profit or loss at the valuation date.. |
Balvernie Ltd (Registered number: 10171433) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, loans from other related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments, discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Going concern |
At the year end the company had net current liabilities and net liabilities and is reliant on the continued support of the directors. These financial statements have been prepared on the going concern basis and the directors believe this is appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st June 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Balvernie Ltd (Registered number: 10171433) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31st May 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2021 | (12,250 | ) |
Valuation in 2022 | (189,109 | ) |
Valuation in 2023 | (59,930 | ) |
Valuation in 2024 | 79,306 |
Cost | 747,485 |
565,502 |
If the listed investments had not been revalued they would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 747,485 | 742,550 |
Listed investments were valued on an open market basis on 31st May 2024 by Hargreaves Lansdown . |
The profit on revaluation of listed investments of £79,306 has been recognised in the income statement. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within other creditors above are the directors loan accounts totalling £896,828. There is no intention to repay these amounts within one year and will be repaid as and when cash flow allows. |