Company Registration No. SC575638 (Scotland)
SECONDPERSPECTIVE LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
SECONDPERSPECTIVE LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SECONDPERSPECTIVE LTD.
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,271
-
Tangible assets
4
635
-
3,906
-
Current assets
Debtors
5
8,933
-
Cash at bank and in hand
35,392
100
44,325
100
Creditors: amounts falling due within one year
6
(85,165)
-
Net current (liabilities)/assets
(40,840)
100
Total assets less current liabilities
(36,934)
100
Capital and reserves
Called up share capital
7
100
100
Equity reserve
8,414
-
Profit and loss reserves
(45,448)
-
Total equity
(36,934)
100
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 30 September 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 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 by the board of directors and authorised for issue on 24 September 2020 and are signed on its behalf by:
Mr A J D Birks
Director
Company Registration No. SC575638
SECONDPERSPECTIVE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information
SecondPerspective Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
PO Box SUJIBFR, Biocity Scotland, Bo’Ness Road, Motherwell, United Kingdom, ML1 5UH.
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
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
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:
Trademarks
Straightline - 10%
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:
Fixtures and fittings
Straightline - 20%
Computers
Straightline - 33%
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 and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Any impairment loss is recognised immediately in profit or loss.
SECONDPERSPECTIVE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors' loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost 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 Income and Retained Earnings.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.7
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 1).
SECONDPERSPECTIVE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
3
Intangible fixed assets
Trademarks
£
Cost
At 1 October 2018
-
Additions
3,635
At 30 September 2019
3,635
Amortisation and impairment
At 1 October 2018
-
Amortisation charged for the year
364
At 30 September 2019
364
Carrying amount
At 30 September 2019
3,271
At 30 September 2018
-
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2018
-
-
-
Additions
117
807
924
At 30 September 2019
117
807
924
Depreciation and impairment
At 1 October 2018
-
-
-
Depreciation charged in the year
23
266
289
At 30 September 2019
23
266
289
Carrying amount
At 30 September 2019
94
541
635
At 30 September 2018
-
-
-
SECONDPERSPECTIVE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
6,641
-
Prepayments and accrued income
2,292
-
8,933
-
6
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Convertible loans
82,224
-
Corporation tax
1,075
-
Accruals and deferred income
1,866
-
85,165
-
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
8
Directors' transactions
During the year, the company advanced £3,954 to a director and received repayments of £647. At the year end the balance due from the director was £3,307.