Balmangan AD Limited - Period Ending 2020-12-31

Balmangan AD Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2

Balmangan AD Limited

(Registration number: SC481706)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	697,100	746,084
Current assets
Debtors	5	63,211	90,217
Cash at bank and in hand		42,364	42,820
		105,575	133,037
Creditors: Amounts falling due within one year	6	(228,066)	(150,744)
Net current liabilities		(122,491)	(17,707)
Total assets less current liabilities		574,609	728,377
Creditors: Amounts falling due after more than one year	6	(1,014,072)	(1,026,408)
Net liabilities		(439,463)	(298,031)
Capital and reserves
Allotted, called up and fully paid share capital		1,000	1,000
Profit and loss account		(440,463)	(299,031)
Total equity		(439,463)	(298,031)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 August 2021 and signed on its behalf by:
 

.........................................

M Hornhuber

Director

Balmangan AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The principal place of business is:
Balmangan Farm
Dundrennan
KIRKCUDBRIGHT
DG6 4QP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern
As a result of losses incurred and the net liabilities position of the company at 31 December 2020, the going concern assumption and the ability to continue to trade is largely dependent on the provision of continued financial support by way of loans from shareholders, Biogest4farmers Beteiligungs GmbH and BIOGEST Invest S.A.S. Both shareholders have provided confirmations pertaining to the provision of continued support and non-withdrawal of loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its shareholders, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 August 2021 was Martin S Ward, who signed for and on behalf of Dodd & Co Limited.

Balmangan AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5%, 12.5% and 25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Balmangan AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

Balmangan AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2020	952,254	952,254
At 31 December 2020	952,254	952,254
Depreciation
At 1 January 2020	206,170	206,170
Charge for the year	48,984	48,984
At 31 December 2020	255,154	255,154
Carrying amount
At 31 December 2020	697,100	697,100
At 31 December 2019	746,084	746,084

5

Debtors

	2020 £	2019 £
Trade debtors	252	252
Other debtors	62,959	89,965
	63,211	90,217

Balmangan AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)

6

Creditors

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	25	16,665
Trade creditors		113,822	30,260
Amounts owed to group undertakings and undertakings in which the company has a participating interest		109,550	99,719
Other creditors		4,669	4,100
		228,066	150,744
Due after one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,014,072	1,026,408

	2020 £	2019 £
After more than five years by instalments	592,687	653,453
	592,687	653,453

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	-	1,158
Other borrowings	25	15,507
	25	16,665

8	Non adjusting events after the financial period

On 25 March 2021, Biogest4farmers Beteiligungs GmbH disposed of a proportion of its shareholding in Balmangan AD Limited to BIOGEST Invest S.A.S.

9	Parent and ultimate parent undertaking

At 31 December 2020, the company's immediate parent was Biogas4farmers Beteiligungs GmbH, incorporated in Austria, and the ultimate parent was Alpex Beteiligungs GmbH, incorporated in Austria.
 
On 25 March 2021, Biogest4farmers Beteiligungs GmbH disposed of a proportion of its shareholding in Balmangan AD Limited to BIOGEST Invest S.A.S. From this date there is no immediate or ultimate controlling party.