Balcon Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC283990 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

BALCON LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Wilson

REGISTERED OFFICE:

Langfield House

Golf Course Road

Balmore

Torrance

Glasgow

G64 4AW

REGISTERED NUMBER:

SC283990 (Scotland)

ACCOUNTANTS:

D S Anderson

Chartered Accountant

DS Anderson & Co

62 Townhead

Kirkintilloch

Glasgow

G66 1NZ

FIXED ASSETS

Tangible assets

4

110,376

104,202

CURRENT ASSETS

Stocks

1,551

3,674

Debtors

55,718

136,446

Cash at bank

139,914

165,730

197,183

305,850

CREDITORS

Amounts falling due within one year

(23,141

)

(78,552

)

NET CURRENT ASSETS

174,042

227,298

TOTAL ASSETS LESS CURRENT LIABILITIES

284,418

331,500

CREDITORS

Amounts falling due after more than one year

(17,500

)

(27,500

)

PROVISIONS FOR LIABILITIES

5

(20,971

)

(19,798

)

NET ASSETS

245,947

284,202

CAPITAL AND RESERVES

Called up share capital

6

4

4

Retained earnings

245,943

284,198

SHAREHOLDERS' FUNDS

245,947

284,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Balance Sheet for the year ended 31 August 2023 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 director and authorised for issue on 15 February 2024 and were signed by:

C Wilson - Director

1.	STATUTORY INFORMATION

Balcon 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Tangible fixed assets

Depreciation has been provided at the following annual rates in order to write off each asset over its useful life:-

Vehicles, Plant & Machinery &

Computer Equipment - 25% on reducing balance

The assets residual values, useful lives and depreciation methods are reviewed annually and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable , payable.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Contributions payable to the controlling director's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Amounts recoverable on contracts, which are included in debtors, are stated at cost plus attributable profit less any foreseeable losses. The profit on each individual contract is the lower of earned to date and that forecast at completion. Payments received on account are deducted from amounts recoverable on contracts. Such amounts which have been received and exceed amounts recoverable are included in creditors.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2022

244,497

Additions

93,881

Disposals

(113,494

)

At 31 August 2023

224,884

DEPRECIATION

At 1 September 2022

140,295

Charge for year

30,991

Eliminated on disposal

(56,778

)

At 31 August 2023

114,508

NET BOOK VALUE

At 31 August 2023

110,376

At 31 August 2022

104,202

5.	PROVISIONS FOR LIABILITIES

31.8.23

31.8.22

£

£

Deferred tax

20,971

19,798

Deferred

tax

£

Balance at 1 September 2022

19,798

Charge to Income Statement during year

1,173

Balance at 31 August 2023

20,971

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.23

31.8.22

value:

£

£

4

Ordinary

£1

4

4

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23

31.8.22

£

£

C Wilson

Balance outstanding at start of year

(4,036

)

(429

)

Amounts advanced

16,841

10,115

Amounts repaid

(14,333

)

(13,722

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,528

)

(4,036

)