Registered number
SC021206
Bain Investment Trust Company Limited
Unaudited Filleted Accounts
31 December 2024
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
Bain Investment Trust Company Limited SC021206 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts July 2024 Mr William Andrew Strathdee Gordon No description of principal activity SC021206 2023-01-01 2023-12-31 SC021206 core:WithinOneYear 2023-12-31 SC021206 core:ShareCapital 2023-12-31 SC021206 core:SharePremium 2023-12-31 SC021206 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC021206 bus:Director1 1 2023-12-31 SC021206 bus:Director2 1 2023-12-31 SC021206 bus:Director3 1 2023-12-31 SC021206 2024-01-01 2024-12-31 SC021206 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC021206 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC021206 bus:Director40 2024-01-01 2024-12-31 SC021206 1 2024-01-01 2024-12-31 SC021206 2 2024-01-01 2024-12-31 SC021206 countries:Scotland 2024-01-01 2024-12-31 SC021206 bus:FRS102 2024-01-01 2024-12-31 SC021206 bus:FilletedAccounts 2024-01-01 2024-12-31 SC021206 2024-12-31 SC021206 core:WithinOneYear 2024-12-31 SC021206 core:ShareCapital 2024-12-31 SC021206 core:SharePremium 2024-12-31 SC021206 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC021206 bus:Director1 1 2024-12-31 SC021206 bus:Director2 1 2024-12-31 SC021206 bus:Director3 1 2024-12-31 SC021206 2023-12-31 iso4217:GBP xbrli:pure