Company Registration No. 11671084 (England and Wales)
David Docherty Associates Limited
Unaudited Financial Statements
For the year ended 30 November 2020
Pages for filing with registrar
David Docherty Associates Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
David Docherty Associates Limited
Balance Sheet
As at 30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
-
1,500
Cash at bank and in hand
62,806
41,388
62,806
42,888
Creditors: amounts falling due within one year
4
(7,697)
(11,114)
Net current assets
55,109
31,774
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
55,108
31,773
Total equity
55,109
31,774
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 April 2021
Mr D Docherty
Director
Company Registration No. 11671084
David Docherty Associates Limited
Notes to the Financial Statements
For the year ended 30 November 2020
- 2 -
1
Accounting policies
Company information
David Docherty Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Serge Hill, Serge Hill Lane, Bedmond, Herts, WD5 0RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
for
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
David Docherty Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2020
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11
and
Section 12
of
FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present
fair
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price
and are subsequently carried at amortised cost using the effective interest method
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present
fair
value of the future receipts discounted at a market rate of interest
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
-
1,500
David Docherty Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2020
- 4 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
5,943
7,922
Other creditors
1,754
3,192
7,697
11,114