Company Registration No. SC451423 (Scotland)
AG ASHURNASIRPAL CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
AG ASHURNASIRPAL CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
3 - 4
Notes to the financial statements
5 - 7
AG ASHURNASIRPAL CONSULTANTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 1 -
The director presents his annual report and financial statements for the year ended 30 June 2021.
Principal activities
The principal activity of the company continued to be that of banking consultancy.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr S Atkinson
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S Atkinson
Director
16 June 2022
AG ASHURNASIRPAL CONSULTANTS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF AG ASHURNASIRPAL CONSULTANTS LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AG Ashurnasirpal Consultants Limited for the year ended 30 June 2021 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of AG Ashurnasirpal Consultants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of AG Ashurnasirpal Consultants Limited and state those matters that we have agreed to state to the Board of Directors of AG Ashurnasirpal Consultants Limited, as a body, in this report in accordance with the requirements of the
Institute of Chartered Accountants of Scotland
as
detailed at https://www.icas.com/FrameworkforthePreparationofAccounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AG Ashurnasirpal Consultants Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that AG Ashurnasirpal Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of AG Ashurnasirpal Consultants Limited. You consider that AG Ashurnasirpal Consultants Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AG Ashurnasirpal Consultants Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M&S Accountancy and Taxation Ltd
Chartered Tax Advisers And Accountants
Unit 26
Dunfermline Business Centre
Izatt Avenue
Dunfermline
Fife
Scotland
KY11 3BZ
16 June 2022
AG ASHURNASIRPAL CONSULTANTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2021
30 June 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
155
Current assets
Debtors
56
Cash at bank and in hand
82,328
82,971
82,328
83,027
Creditors: amounts falling due within one year
(14,010)
(12,302)
Net current assets
68,318
70,725
Total assets less current liabilities
68,319
70,880
Provisions for liabilities
(30)
Net assets
68,319
70,850
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
68,309
70,840
Total equity
68,319
70,850
AG ASHURNASIRPAL CONSULTANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2021
30 June 2021
- 4 -
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 June 2021 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 16 June 2022
Mr S Atkinson
Director
Company Registration No. SC451423
AG ASHURNASIRPAL CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
1
Accounting policies
Company information
AG Ashurnasirpal Consultants Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
22 St Margaret's Well, Dunfermline, Fife, KY12 0HZ.
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 goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Computer equipment
25% 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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
AG ASHURNASIRPAL CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 6 -
1.5
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
2
AG ASHURNASIRPAL CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
3
Tangible fixed assets
Total
£
Cost
At 1 July 2020 and 30 June 2021
617
Depreciation and impairment
At 1 July 2020
462
Depreciation charged in the year
154
At 30 June 2021
616
Carrying amount
At 30 June 2021
1
At 30 June 2020
155
4
Directors' transactions
Dividends totalling £0 (2020 - £5,900) were paid in the year in respect of shares held by the company's directors.