Company Registration No. SC058014 (Scotland)
ALAN STEEL (ASSET MANAGEMENT) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
ALAN STEEL (ASSET MANAGEMENT) LIMITED
COMPANY INFORMATION
Directors
A M Steel
S Forbes
F Steel
S Wilson
Secretary
F Steel
Company number
SC058014
Registered office
Nobel House
Blackness Road
Linlithgow
West Lothian
EH49 7HU
Auditor
Geoghegans
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
ALAN STEEL (ASSET MANAGEMENT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ALAN STEEL (ASSET MANAGEMENT) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
104,247
88,023
Investment property
4
105,000
98,000
Investments
5
103,817
101,017
313,064
287,040
Current assets
Debtors
7
829,490
683,864
Cash at bank and in hand
2,742,727
2,797,319
3,572,217
3,481,183
Creditors: amounts falling due within one year
8
(1,135,514)
(1,458,718)
Net current assets
2,436,703
2,022,465
Total assets less current liabilities
2,749,767
2,309,505
Capital and reserves
Called up share capital
9
87,000
87,000
Share premium account
48,000
48,000
Capital redemption reserve
10,000
10,000
Profit and loss reserves
2,604,767
2,164,505
Total equity
2,749,767
2,309,505
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 13 January 2021 and are signed on its behalf by:
A M Steel
S Forbes
Director
Director
Company Registration No. SC058014
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
Alan Steel (Asset Management) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Nobel House, Blackness Road, Linlithgow, West Lothian, EH49 7HU.
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.
The company has taken advantage of the exemption under section
398
of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Fees are
credited to the profit and loss account as follows:-
i) Renewal
adviser fees
are
credited on an accruals basis once the amounts due are known.
ii) Initial
adviser fees
are
credited when
payments are made
direct to the
provider
.
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:
Leasehold land and buildings
4% Straight line
Furniture and equipment
15-25% Straight line
Motor vehicles
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
.
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as
at
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Listed investments are stated at market value, with changes in market value being credited or charged to the profit and loss account.
1.6
Cash at bank and in hand
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.
1.7
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.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.8
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.
1.9
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.
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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.
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.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
42
42
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2019
72,802
164,265
237,067
Additions
-
56,807
56,807
Disposals
-
(51,379)
(51,379)
At 30 September 2020
72,802
169,693
242,495
Depreciation and impairment
At 1 October 2019
39,413
109,631
149,044
Depreciation charged in the year
2,912
37,671
40,583
Eliminated in respect of disposals
-
(51,379)
(51,379)
At 30 September 2020
42,325
95,923
138,248
Carrying amount
At 30 September 2020
30,477
73,770
104,247
At 30 September 2019
33,389
54,634
88,023
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 6 -
4
Investment property
2020
£
Fair value
At 1 October 2019
98,000
Revaluations
7,000
At 30 September 2020
105,000
Following a property revaluation, t
he directors believe that there has been
an increase
in the open market value of the property during the year.
5
Fixed asset investments
2020
2019
£
£
Investments
103,817
101,017
Movements in fixed asset investments
Shares in group undertakings
Listed investments
Total
£
£
£
Cost or valuation
At 1 October 2019
2
101,015
101,017
Valuation changes
-
2,800
2,800
At 30 September 2020
2
103,815
103,817
Carrying amount
At 30 September 2020
2
103,815
103,817
At 30 September 2019
2
101,015
101,017
6
Subsidiaries
Details of the company's subsidiaries at 30 September 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
ASAM Trustees Limited
1
Dormant
Ordinary
100.00
Registered Office addresses:
1
Nobel House, Blackness Road, Linlithgow, West Lothian, EH49 7HU
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
488,577
435,261
Other debtors
317,874
225,564
806,451
660,825
Amounts falling due after one year:
Other debtors
23,039
23,039
Total debtors
829,490
683,864
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
50,431
25,922
Corporation tax
146,564
139,218
Other taxation and social security
177,098
207,371
Other creditors
761,421
1,086,207
1,135,514
1,458,718
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
87,000 Ordinary shares of £1 each
87,000
87,000
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Iain Binnie.
The auditor was Geoghegans.
ALAN STEEL (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 8 -
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £
480,000
(201
9
: £
22,187
).
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of tangible fixed assets
-
36,120
13
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
2020-09-30
2019-10-01
false
13 January 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
A M Steel
S Forbes
S Forbes
S Wilson
S Wilson
F Steel
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