Company Registration No. 12889991 (England and Wales)
Ballycool Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Ballycool Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Ballycool Limited
Statement of financial position
As at 30 September 2024
30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
228,300
43,254
Current assets
Debtors
4
10,175
80,519
Cash at bank and in hand
4,764
101,670
14,939
182,189
Creditors: amounts falling due within one year
5
(63,471)
(50,585)
Net current (liabilities)/assets
(48,532)
131,604
Total assets less current liabilities
179,768
174,858
Provisions for liabilities
(724)
(1,229)
Net assets
179,044
173,629
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
179,043
173,628
Total equity
179,044
173,629
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Ballycool Limited
Statement of financial position (continued)
As at 30 September 2024
30 September 2024
2
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Christopher Travers
Director
Company Registration No. 12889991
Ballycool Limited
Notes to the financial statements
For the year ended 30 September 2024
3
1
Accounting policies
Company information
Ballycool Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eastfield Farm, Wolfs Lane, Chawton, Alton, England, GU34 3HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable from management consultancy services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
2% straight line
Fixtures and fittings
10% straight line
Equipment
25% straight line
Motor vehicles
25% straight line
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ballycool Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Ballycool Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Tenant's improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
24,333
20,939
45,272
Additions
189,332
2,063
191,395
At 30 September 2024
213,665
23,002
236,667
Depreciation and impairment
At 1 October 2023
2,018
2,018
Depreciation charged in the year
1,424
4,925
6,349
At 30 September 2024
1,424
6,943
8,367
Carrying amount
At 30 September 2024
212,241
16,059
228,300
At 30 September 2023
24,333
18,921
43,254
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,175
80,519
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
58,265
39,992
Other creditors
5,206
10,593
63,471
50,585
Ballycool Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
102,499
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £55,344 (2023 - £61,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan
-
79,249
102,934
(174,854)
7,329
79,249
102,934
(174,854)
7,329