ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

INSPIRED WEALTH PLANNING LIMITED - Company Information

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Caseware UK (AP4) 2018.0.111 2018.0.111 2018-07-312018-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-08-01 SC321098 2017-08-01 2018-07-31 SC321098 2016-08-01 2017-07-31 SC321098 2018-07-31 SC321098 2017-07-31 SC321098 c:Director2 2017-08-01 2018-07-31 SC321098 c:Director3 2017-08-01 2018-07-31 SC321098 c:Director4 2017-08-01 2018-07-31 SC321098 c:RegisteredOffice 2017-08-01 2018-07-31 SC321098 d:FurnitureFittings 2017-08-01 2018-07-31 SC321098 d:OfficeEquipment 2017-08-01 2018-07-31 SC321098 d:CurrentFinancialInstruments 2017-07-31 SC321098 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 SC321098 d:ShareCapital 2018-07-31 SC321098 d:ShareCapital 2017-07-31 SC321098 d:RetainedEarningsAccumulatedLosses 2018-07-31 SC321098 d:RetainedEarningsAccumulatedLosses 2017-07-31 SC321098 c:FRS102 2017-08-01 2018-07-31 SC321098 c:AuditExempt-NoAccountantsReport 2017-08-01 2018-07-31 SC321098 c:FullAccounts 2017-08-01 2018-07-31 SC321098 c:PrivateLimitedCompanyLtd 2017-08-01 2018-07-31 iso4217:GBP xbrli:pure
Registered number: SC321098










FRASER JAMES PARTNERSHIP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
 
FRASER JAMES PARTNERSHIP LTD
 

COMPANY INFORMATION


Directors
Mr R Smith 
Mr R Fletcher 
Mr A Kerr 




Registered number
SC321098



Registered office
13 Bon Accord Crescent

Aberdeen

AB11 6DE




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH




 
FRASER JAMES PARTNERSHIP LTD
REGISTERED NUMBER: SC321098

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2018

2018
2017
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
-
6,286

Cash at bank and in hand
  
21
2,203

  
21
8,489

Creditors: amounts falling due within one year
 5 
-
(6,286)

Net current assets
  
 
 
21
 
 
2,203

Total assets less current liabilities
  
21
2,203

  

Net assets
  
21
2,203


Capital and reserves
  

Called up share capital 
 6 
20
20

Profit and loss account
  
1
2,183

  
21
2,203


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2019.




Mr A Kerr
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
FRASER JAMES PARTNERSHIP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

1.


General information

The Company is limited by shares and incorporated in Scotland with registration number SC321098. The address of the registered office is 13 Bon Accord Crescent, Aberdeen, AB11 6DE.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 2
 
FRASER JAMES PARTNERSHIP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 5).

Page 3
 
FRASER JAMES PARTNERSHIP LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

4.


Debtors

2018
2017
£
£


Amounts owed by group undertakings
-
6,286

-
6,286



5.


Creditors: Amounts falling due within one year

2018
2017
£
£

Other taxation and social security
-
6,286

-
6,286



6.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



20 Ordinary shares of £1.00 each
20
20



Page 4