Bain Investment Trust Company Limited |
Registered number: |
SC021206 |
Balance Sheet |
as at 31 December 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investment property |
3 |
|
|
621,500 |
|
|
621,500 |
|
Current assets |
Debtors |
4 |
|
2,418 |
|
|
2,119 |
Cash at bank and in hand |
|
|
46,806 |
|
|
61,628 |
|
|
|
49,224 |
|
|
63,747 |
|
Creditors: amounts falling due within one year |
5 |
|
(36,402) |
|
|
(58,210) |
|
Net current assets |
|
|
|
12,822 |
|
|
5,537 |
|
Total assets less current liabilities |
|
|
|
634,322 |
|
|
627,037 |
|
|
Provisions for liabilities |
|
|
|
(52,767) |
|
|
(52,767) |
|
|
Net assets |
|
|
|
581,555 |
|
|
574,270 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
500 |
|
|
500 |
Share premium |
|
|
|
1,298 |
|
|
1,298 |
Profit and loss account |
|
|
|
579,757 |
|
|
572,472 |
|
Shareholders' funds |
|
|
|
581,555 |
|
|
574,270 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr William Andrew Strathdee Gordon |
Director |
Approved by the board on 6 March 2025 |
|
Bain Investment Trust Company Limited |
Notes to the Accounts |
for the year ended 31 December 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the rental agreement. |
|
|
Investment property |
|
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined anually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
|
|
|
|
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Investment properties |
|
|
|
|
|
|
|
|
Total |
£ |
|
Cost |
|
At 1 January 2024 |
621,500 |
|
At 31 December 2024 |
621,500 |
|
|
|
|
|
|
|
|
|
|
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The directors are satisfied that the financial statements reflect the fair value of the investment property at 31 December 2024. |
|
There has been no valuation of investment property by an independent valuer. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
1,713 |
|
1,713 |
|
Prepayments |
|
|
|
|
705 |
|
406 |
|
|
|
|
|
|
2,418 |
|
2,119 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
15,552 |
|
19,154 |
|
Other creditors |
20,850 |
|
39,056 |
|
|
|
|
|
|
36,402 |
|
58,210 |
|
|
|
|
|
|
|
|
|
|
6 |
Related party transactions |
|
|
Creditors include the following amounts which are owed to individuals who were directors of the company during the year: |
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
Mr W A S Gordon |
|
|
|
|
5,600 |
|
10,620 |
|
Ms L A Gordon |
|
|
|
|
2,200 |
|
15,720 |
|
Mr W F Gordon |
|
|
|
|
4,700 |
|
6,220 |
|
|
|
|
|
|
|
12,500 |
|
32,560 |
|
|
|
|
|
|
|
|
|
|
The maximum balance outstanding during the year amounted to £32,560. |
|
The directors current accounts are repayable on demand. |
|
|
7 |
Other information |
|
|
Bain Investment Trust Company Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
The Mount |
|
29 Craigmillar Avenue |
|
Milngavie |
|
Glasgow |
|
G62 8AX |