BALAPAN (INVESTMENTS) LIMITED
13367109
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MHA
12 CARDEN PLACE
ABERDEEN
AB10 1UR
BALAPAN (INVESTMENTS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BALAPAN (INVESTMENTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
37,857,232
34,773,329
Current assets
Debtors
7
308,512
7,367
Cash at bank and in hand
6,128,562
3,458,390
6,437,074
3,465,757
Creditors: amounts falling due within one year
8
(550,446)
(589,138)
Net current assets
5,886,628
2,876,619
Total assets less current liabilities
43,743,860
37,649,948
Provisions for liabilities
(1,783,000)
(729,000)
Net assets
41,960,860
36,920,948
Capital and reserves
Called up share capital
9
30,991,654
30,991,654
Other reserves
10
6,035,290
6,035,290
Profit and loss reserves
4,933,916
(105,996)
Total equity
41,960,860
36,920,948

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he 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.

The financial statements were approved and signed by the director and authorised for issue on 3 September 2025
E T Salvesen
Director
Company registration number 13367109 (England and Wales)
BALAPAN (INVESTMENTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Non distributable reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
30,991,654
-
(2,169,269)
28,822,385
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,063,273
2,063,273
Other movements
-
6,035,290
-
6,035,290
Balance at 31 December 2023
30,991,654
6,035,290
(105,996)
36,920,948
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
5,039,912
5,039,912
Balance at 31 December 2024
30,991,654
6,035,290
4,933,916
41,960,860
BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Balapan (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 17A Curzon Street, London, England, W1J 5HS.

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 a mounts 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 income from investments, net of any tax suffered. Revenue is recognised as a debtor when the company is entitled to receipt.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Listed i nvestments that have a readily identifiable market value a re included at that closing market value, deemed to be fair value, at the balance sheet date. Any realised and unrealised gains and losses on revaluation or disposals are recognised in the profit and loss account.

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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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 sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Non Distributable Reserves

The non-distributable reserve represents an uplift in value of the company's original investment portfolio as outlined in note 12 below. This reserve cannot be distributed

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the director the key judgement area in the preparation of the financial statements is the impairment of the unlisted investments.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
38,370
34,000
Adjustments in respect of prior periods
10,071
1,773
Total current tax
48,441
35,773
Deferred tax
Origination and reversal of timing differences
1,054,000
678,000
Total tax charge
1,102,441
713,773
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
37,857,232
34,773,329
Fixed asset investments revalued

Listed investments of £33,146,705 (2023 - £28,155,573) are included at fair value reflecting the market value of those listed investments at year end on the relevant securities market. The historical cost of those listed investments is £26,020,292 (2023 - £25,604,588).

Investments in funds of £4,459,497 (2023 - £4,811,464) have been recorded at their net asset value at the balance sheet date. The historical cost of those investments is £4,369,985 (2023 - £3,637,977).

Fixed asset investments not carried at market value

The unlisted investments in private limited companies recorded within fixed asset investments were not actively traded. Th os e unlisted investment s have been recorded at cost of £501,917 (202 3: £1,806,292) less impairment of £250,958 (2023 - £nil).

Unlisted investments include an investment (cost less impairment) of £250,958 in a private company which is developing new farming technology. The company is still in the start-up phase and is loss-making, which would not be uncommon for start ups in the early stages of development. Nevertheless, the business plan did envisage initial losses with the expectation that the entity would achieve a breakeven position and, ultimately, profitability in subsequent years. It is anticipated that the private company being invested in will look to acquire finance to facilitate scale up of its activities and achieve profitability going forward. This will not take place until later in 2025.

The director has considered the carrying value of the investment and reviewed for any potential impairment. Whilst the director has confidence in the future of the investment and the carrying value in the financial statements as at 31 December 2024, the director acknowledges that there is a material uncertainty with regards to the carrying value of this investment given its nature, as described above.

BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
34,773,329
Additions
4,936,924
Valuation changes
3,448,659
Gain on foreign exchange movements
(2,330)
Impairments
(250,958)
Disposals
(5,048,392)
At 31 December 2024
37,857,232
Carrying amount
At 31 December 2024
37,857,232
At 31 December 2023
34,773,329
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
37,606,274
32,967,036
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
303,464
-
0
Other debtors
5,048
7,367
308,512
7,367
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
34,000
Other creditors
550,446
555,138
550,446
589,138
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,991,654
30,991,654
30,991,654
30,991,654
BALAPAN (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Non distributable reserves
2024
2023
£
£
At the beginning of the year
6,035,290
-
Other movements
-
6,035,290
At the end of the year
6,035,290
6,035,290

During the year to 31 December 2023, £6,035,290, previously included within creditors, was reclassified as a non-distributable reserve. This was agreed by the company director to correct the level of non-distributable reserves that should have been created when the investment portfolio of predecessor company Findrack (Investments) Limited was transferred in 2021. This reclassification was agreed in October 2023 and subsequently documented in the company's statutory records.

11
Capital commitments

At the period end Balapan Investments Limited had outstanding capital commitments of £3,345,577 (2023: £2,953,637) in relation to the company’s unlisted investments.

12
Related party transactions
Transactions with related parties

At the year end a balance of £517,206 (2023 - £517,206) was due to Findrack (Investments) Limited and is included within other creditors.

13
Ultimate controlling party

The ultimate controlling party of the company is E T Salvesen.

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