Registration number:
Phil Saunders Associates Limited
for the
Year Ended 31 October 2020
Phil Saunders Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Phil Saunders Associates Limited
Company Information
Directors |
PJ Saunders Ms TPJ Salvidge |
Company secretary |
Ms TPJ Salvidge |
Registered office |
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Accountants |
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Phil Saunders Associates Limited
(Registration number: 04543703)
Balance Sheet as at 31 October 2020
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Phil Saunders Associates Limited
(Registration number: 04543703)
Balance Sheet as at 31 October 2020
For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 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
Director
Phil Saunders Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
These financial statements were authorised for issue by the
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.
The presentation currency of the financial statements is Pound Sterling (£). All amounts are rounded to the nearest pound.
Covid-19
COVID-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern. Management expect that COVID-19 may have a small impact in relation to expected future performance due to increased costs associated with operating in a COVID-safe environment and a short term reduction in future asset valuations.
Phil Saunders Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
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Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future.
The directors have considered the net liabilities position and the obligations of the company to ensure that the business can continue in operational existence for the foreseeable future.
They have confirmed their approval to adopt the going concern basis for preparing the accounts.
The assumptions the directors have made in reaching this conclusion may be summarised as
follows:
- Included in the company's creditors is a figure of £16,716 which relates to the amount owed to the directors at year end.
On the basis of the above, and all other information available, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Phil Saunders Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
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Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Furniture, fittings and equipment |
25% reducing balance/ 33% on cost |
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Phil Saunders Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 November 2019 |
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At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
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Charge for the year |
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At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Debtors |
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2019 |
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Trade debtors |
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Prepayments |
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Phil Saunders Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Accruals |
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Other creditors |
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