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Registered number: 11719839
BALLIE LTD
AUDITED
PAGES FOR FILING WITH REGISTRAR
FOR THE PERIOD ENDED 27 DECEMBER 2020
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BALLIE LTD
REGISTERED NUMBER: 11719839
BALANCE SHEET
AS AT 27 DECEMBER 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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BALLIE LTD
REGISTERED NUMBER: 11719839
BALANCE SHEET (CONTINUED)
AS AT 27 DECEMBER 2020
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2021.
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Morwenna Armstrong
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The notes on pages 3 to 16 form part of these financial statements.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
Ballie Ltd is a private limited company, registered in the United Kingdom, domiciled in England and Wales. The registered office address is Hyde Park House, 5 Manfred Road, London, SW15 2RS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has made a loss for the period of £1,411,312 and has net assets of £204,690 at the balance sheet date. The financial statements have been prepared on a going concern basis. The director's have carried out a review of the cash needs of the business for a period in excess of the next 12 months and is satisfied that there will be sufficient resources to meet any reasonably foreseeable requirements. Accordingly, it is appropriate to apply the going concern basis in preparing these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, 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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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Provisions for liabilities
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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 profit or loss 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.
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 creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the period was 61 (2019 - 62).
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Charge for the period on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Charge for the period on owned assets
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Investments in subsidiary companies
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Finished goods and goods for resale
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Authorised, allotted, called up and fully paid
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3,843,284 (2019 - 3,843,280) Ordinary A shares of £0.001 each
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1,996,644 (2019 - 1,996,644) Ordinary B shares of £1.000 each
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503,356 (2019 - 503,356) Ordinary C shares of £0.001 each
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A contingent liability with regards to the lease dilapidation provision has been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the directors do not expect this to represent a significant cost to the company.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
The company contributes into a defined benefit pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost for the period amounted to £20,695 (2019: £9,486). At the balance sheet date the company owed £987 (2019: £3,289) to the scheme.
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Commitments under operating leases
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At 27 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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As at the period end, included within other creditors are amounts of £73,030 (2019: £223,041), £22,098 (2019: £22,098) and £74,096 (2019: £Nil) owed to M Armstrong, G Armstrong and N Campbell, directors of the company.
Also included within creditors is an amount of £1,130,019 (2019: £1,147,121) owed to BallieBallerson London Ltd.
There is no interest accruing on these balances and no strict repayment terms in place.
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BALLIE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Post balance sheet events
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The Company continues to monitor the effects of COVID-19 outbreak which has been declared as a pandemic by the World Health Organization. The outbreak has not only prompted widespread health concerns, but has caused recent deteriorations in global market conditions. The eventual outcome is highly uncertain and is largely dependent on how successful authorities are at containing and managing the outbreak.
The Board of Directors considers the emergence of the COVID-19 coronavirus pandemic to be a non-adjusting post balance sheet event and hence any future impact is likely to be in connection with the assessment of the fair value of assets and liabilities affected, in future periods investments at future valuation dates.
After the year end, on 23 February 2021, Ballie SD Limited, a subsidiary of the company, appointed a liquidator. The process had not been finalised at the date of signing these accounts. Following the decision to liquidate Ballie SD Limited, the assets relating to this closure have been adjusted for in these financial statements.
There are no other significant subsequent events that need to be disclosed or reflected in the annual accounts.
The ultimate controlling parties are M Armstrong and G Armstrong, directors and shareholders of the company.
Under Companies Act, s.405, the company is exempt from preparing consolidated accounts.
The auditors' report on the financial statements for the period ended 27 December 2020 was unqualified.
The audit report was signed on 30 September 2021 by Mr Matthew Wyatt (Senior Statutory Auditor) on behalf of Wellers.
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