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REGISTERED NUMBER: SC049521 (Scotland)















Balgreen Motor Works Limited

Abridged Unaudited Financial Statements for the Year Ended 30 November 2024






Balgreen Motor Works Limited (Registered number: SC049521)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Balgreen Motor Works Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: R A Sharp
D R Sharp





SECRETARY: R A Sharp





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
EH1 2BD





REGISTERED NUMBER: SC049521 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Balgreen Motor Works Limited (Registered number: SC049521)

Abridged Statement of Financial Position
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 232 273
Investment property 5 375,000 375,000
375,232 375,273

CURRENT ASSETS
Cash at bank 114,918 94,813

CREDITORS
Amounts falling due within one year 19,192 14,800
NET CURRENT ASSETS 95,726 80,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

470,958

455,286

PROVISIONS FOR LIABILITIES 6 55,620 55,620
NET ASSETS 415,338 399,666

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 7 410,338 394,666
SHAREHOLDERS' FUNDS 415,338 399,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 November 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:





R A Sharp - Director


Balgreen Motor Works Limited (Registered number: SC049521)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Balgreen Motor Works 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 15% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.


Balgreen Motor Works Limited (Registered number: SC049521)

Notes to the Financial Statements - continued
for the Year Ended 30 November 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 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

Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Comprehensive Income in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 December 2023
and 30 November 2024 14,461
DEPRECIATION
At 1 December 2023 14,188
Charge for year 41
At 30 November 2024 14,229
NET BOOK VALUE
At 30 November 2024 232
At 30 November 2023 273


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 375,000
NET BOOK VALUE
At 30 November 2024 375,000
At 30 November 2023 375,000

The investment property was revalued by the directors on 30 November 2017 at open market value. If the properties had not been included at valuation these would have been included at historic cost of £34,000.

The directors are of the opinion that the 2017 valuation represents a fair current value for the investment properties.

Balgreen Motor Works Limited (Registered number: SC049521)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 55,620 55,620

Deferred
tax
£   
Balance at 1 December 2023 55,620
Balance at 30 November 2024 55,620

7. RESERVES

Retained earnings are analysed as follows:



30.11.23


30.11.22
£ £
Distributable109,28694,562

Non-Distributable

285,380


285,380
Total94,666379,942

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
R A Sharp
Balance outstanding at start of year (6,919 ) (11,978 )
Amounts advanced 7,834 17,059
Amounts repaid (12,000 ) (12,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (11,085 ) (6,919 )

9. RELATED PARTY DISCLOSURES

The company received rent of £30,000 from MSL (Scotland) Ltd, a company in which D R Sharp is a director.