Company Registration No. SC530455 (Scotland)
WEST REGENT ACCOUNTANTS & CO LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
WEST REGENT ACCOUNTANTS & CO LTD
COMPANY INFORMATION
Director
Mr Imran Shah
Company number
SC530455
Registered office
70 West Regent Street
Glasgow
Scotland
G2 2QZ
Accountants
West Regent Accountants and Company FCPA
70 West Regent Street
Glasgow
Scotland
G2 2QZ
Business address
70 West Regent Street
Glasgow
Scotland
G2 2QZ
WEST REGENT ACCOUNTANTS & CO LTD
CONTENTS
Page
Director's report
1
Profit and loss account
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
WEST REGENT ACCOUNTANTS & CO LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company continued to be that of providing accountancy and taxation services.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr Imran Shah
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 Imran Shah
Director
31 March 2021
WEST REGENT ACCOUNTANTS & CO LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
2020
2019
Notes
£
£
Profit before taxation
-
-
Tax on profit
5
-
-
Profit for the financial year
-
-
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WEST REGENT ACCOUNTANTS & CO LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
2020
2019
£
£
Loss for the year
-
-
Other comprehensive income
-
-
Total comprehensive income for the year
-
-
WEST REGENT ACCOUNTANTS & CO LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 4 -
2020
2019
Notes
£
£
£
£
Current assets
Cash at bank and in hand
100
100
Net current assets
100
100
Capital and reserves
Called up share capital
6
100
100
For the financial year ended 31 March 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 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 31 March 2021
Mr Imran Shah
Director
Company Registration No. SC530455
WEST REGENT ACCOUNTANTS & CO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
Share capital
£
Balance at 1 April 2018
100
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
Balance at 31 March 2019
100
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
Balance at 31 March 2020
100
Difference - opening bal of PY less adjusted closing bal of PPY
100
WEST REGENT ACCOUNTANTS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
1
Accounting policies
Company information
West Regent Accountants & Co Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
70 West Regent Street, Glasgow, Scotland, G2 2QZ.
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.
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 director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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.
1.4
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
WEST REGENT ACCOUNTANTS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2020
2019
Operating profit for the year is stated after charging:
£
£
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
3
2
5
Taxation
WEST REGENT ACCOUNTANTS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Taxation
(Continued)
- 8 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
-
-
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2019: 0%)
-
-
Taxation charge in the financial statements
-
-
6
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100