Company Registration No. SC455599 (Scotland)
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,540
898
Current assets
Debtors
4
7,702
7,683
Cash at bank and in hand
45,396
38,608
53,098
46,291
Creditors: amounts falling due within one year
5
(17,230)
(14,544)
Net current assets
35,868
31,747
Total assets less current liabilities
84,408
32,645
Creditors: amounts falling due after more than one year
6
(35,917)
-
Net assets
48,491
32,645
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
48,489
32,643
Total equity
48,491
32,645
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2020 and are signed on its behalf by:
D M BURNSIDE
D M Burnside
Director
Company Registration No. SC455599
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Burnside Legal Services (Aberdeen) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
31 Albert Terrace, Aberdeen, AB10 1XY.
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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
, 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.
1.4
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:
Office equipment
3 years straight line
Motor vehicles
4 years 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
.
1.5
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.
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
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.
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2
).
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
3
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2018
3,550
-
3,550
Additions
2,891
50,080
52,971
At 31 July 2019
6,441
50,080
56,521
Depreciation and impairment
At 1 August 2018
2,652
-
2,652
Depreciation charged in the year
1,156
4,173
5,329
At 31 July 2019
3,808
4,173
7,981
Carrying amount
At 31 July 2019
2,633
45,907
48,540
At 31 July 2018
898
-
898
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
6,067
3,569
Other debtors
1,635
4,114
7,702
7,683
5
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
4,365
1,012
Other creditors
12,865
13,532
17,230
14,544
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
35,917
-
BURNSIDE LEGAL SERVICES (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
7
Related party transactions
Transactions
During the current year, the company made advances to the director of £10,000. Credits of £
9
72 were received by the company, resulting in a balance at the year end of £
1,3
26 due by the company (2018 - £10,354 due by the company).
There are no set repayment terms, nor is interest charged on the loan.