Company Registration No. SC382298 (Scotland)
FLEMING PROPERTY SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
FLEMING PROPERTY SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FLEMING PROPERTY SOLUTIONS LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
1,166
Tangible assets
4
786
1,509
786
2,675
Current assets
Debtors
5
292
-
Cash at bank and in hand
42
6
334
6
Creditors: amounts falling due within one year
6
(38,507)
(23,048)
Net current liabilities
(38,173)
(23,042)
Total assets less current liabilities
(37,387)
(20,367)
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
(37,397)
(20,377)
Total equity
(37,387)
(20,367)
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 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 30 January 2020
Miss L A Fleming
Director
Company Registration No. SC382298
FLEMING PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Fleming Property Solutions Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
66 Tay Street, Perth, PH2 8RA.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis as the director consider
true
s
it appropriate to do so. In coming to this conclusion the director confirm
s
that
she
will continue to support the company for at least twelve months following the date of approval of these accounts.
She
also confirm
s
that
she
will not seek repayment of the director
'
s loan balance until all other creditors have been met.
1.3
Turnover
Turnover
represents amounts receivable for property consultancy services.
Revenue is recognised on the accruals basis.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Know how
33% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
FLEMING PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include
deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 bank balances, are measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
are
recognised at transaction
price.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less
.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
FLEMING PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Intangible fixed assets
Know how
£
Cost
At 1 April 2018 and 31 March 2019
3,500
Amortisation and impairment
At 1 April 2018
2,334
Amortisation charged for the year
1,166
At 31 March 2019
3,500
Carrying amount
At 31 March 2019
-
At 31 March 2018
1,166
FLEMING PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018 and 31 March 2019
2,510
Depreciation and impairment
At 1 April 2018
1,001
Depreciation charged in the year
723
At 31 March 2019
1,724
Carrying amount
At 31 March 2019
786
At 31 March 2018
1,509
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
292
-
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
480
Other creditors
38,507
22,568
38,507
23,048
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary 'A' shares of £1 each
10
10
The loan account is unsecured, interest free and repayable on demand.
FLEMING PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Key management personnel
22,067
21,128