North East Financial Planning Ltd Filleted accounts for Companies House (small and micro)

NORTH EAST FINANCIAL PLANNING LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC494982

NORTH EAST FINANCIAL PLANNING LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2020

NORTH EAST FINANCIAL PLANNING LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2020

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

NORTH EAST FINANCIAL PLANNING LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr DJ MacDonald
	Mr D Norvell

Registered office	The Park House Business Centre
	South Street
	Elgin
	Moray
	IV30 1JB

Accountants	Ritsons
	Chartered Accountants
	1a Cluny Square
	Buckie
	Moray
	AB56 1AH

NORTH EAST FINANCIAL PLANNING LTD

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORTH EAST FINANCIAL PLANNING LTD

YEAR ENDED 31 JANUARY 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of North East Financial Planning Ltd for the year ended 31 January 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of North East Financial Planning Ltd, as a body, in accordance with the terms of our engagement letter dated 23 February 2015. Our work has been undertaken solely to prepare for your approval the financial statements of North East Financial Planning Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North East Financial Planning Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that North East Financial Planning Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of North East Financial Planning Ltd. You consider that North East Financial Planning Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of North East Financial Planning Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ritsons Chartered Accountants

1a Cluny Square Buckie Moray AB56 1AH

NORTH EAST FINANCIAL PLANNING LTD

STATEMENT OF FINANCIAL POSITION

31 January 2020

	2020	2019
Note	£	£

FIXED ASSETS

Tangible assets	5	2,571	3,024

CURRENT ASSETS

Debtors	6	–	5,961
Cash at bank and in hand		67,308	63,160
		--------	--------
		67,308	69,121

CREDITORS: amounts falling due within one year	7	24,374	22,552
		--------	--------
NET CURRENT ASSETS		42,934	46,569
		--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES		45,505	49,593

CREDITORS: amounts falling due after more than one year	8	8,000	8,000
		--------	--------
NET ASSETS		37,505	41,593
		--------	--------

CAPITAL AND RESERVES

Called up share capital	200	200
Profit and loss account	37,305	41,393
	--------	--------
SHAREHOLDERS FUNDS	37,505	41,593
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NORTH EAST FINANCIAL PLANNING LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 3 March 2020 , and are signed on behalf of the board by:

Mr DJ MacDonald	Mr D Norvell
Director	Director

Company registration number: SC494982

NORTH EAST FINANCIAL PLANNING LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Park House Business Centre, South Street, Elgin, IV30 1JB, Moray.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost less depreciation and impairment.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Financial instruments

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 entity after deducting all of its financial liabilities.

Liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Staff numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 5 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 February 2019 and 31 January 2020	200	4,929	5,129
	----	-------	-------
Depreciation
At 1 February 2019	78	2,027	2,105
Charge for the year	18	435	453
	----	-------	-------
At 31 January 2020	96	2,462	2,558
	----	-------	-------
Carrying amount
At 31 January 2020	104	2,467	2,571
	----	-------	-------
At 31 January 2019	122	2,902	3,024
	----	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	–	5,769
Other debtors	–	192
	----	-------
	–	5,961
	----	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	400
Corporation tax	22,982	20,799
Social security and other taxes	192	153
Other creditors	1,200	1,200
	--------	--------
	24,374	22,552
	--------	--------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	8,000	8,000
	-------	-------

9. Related party transactions

During the year the company paid dividends of £72,216 (2019: £66,700) to the directors.