The basic recipe will work fine. However, important parts are missing. You must very thoroughly disinfect the bottle and all other equipment so other bad bacteria can't get a foothold. You must leave a lot of room at the top of the bottle because when fermentation begins it will foam and will overflow, creating a real mess. The balloon needs a pinhole -- air won't leak in, but as the balloon gets pressure and starts to blow up, the CO2 is released. That is why a balloon is so excellent at making wine; it is a cheap, effective one way valve with that pinhole. Without the hole, the balloon will eventually either pop or get pushed off the jar.