Futurity Financial Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC413426 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Futurity Financial Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Hand

Mrs S J Hand

REGISTERED OFFICE:

35 Learmonth Crescent

Edinburgh

Edinburgh

EH4 1DD

REGISTERED NUMBER:

SC413426 (Scotland)

ACCOUNTANTS:

Helen Lowe Ltd

17-21 East Mayfield

Edinburgh

EH9 1SE

FIXED ASSETS

Intangible assets

4

20,000

30,000

Tangible assets

5

5,957

7,008

25,957

37,008

CURRENT ASSETS

Debtors

6

20,755

58,060

Cash at bank

10,880

20,473

31,635

78,533

CREDITORS

Amounts falling due within one year

7

22,860

70,649

NET CURRENT ASSETS

8,775

7,884

TOTAL ASSETS LESS CURRENT LIABILITIES

34,732

44,892

PROVISIONS FOR LIABILITIES

214

131

NET ASSETS

34,518

44,761

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

34,418

44,661

SHAREHOLDERS' FUNDS

34,518

44,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2020 and were signed on its behalf by:

D Hand - Director

1.	STATUTORY INFORMATION

Futurity Financial Services Ltd is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

and 31 May 2020

100,000

AMORTISATION

At 1 June 2019

70,000

Charge for year

10,000

At 31 May 2020

80,000

NET BOOK VALUE

At 31 May 2020

20,000

At 31 May 2019

30,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

and 31 May 2020

16,487

DEPRECIATION

At 1 June 2019

9,479

Charge for year

1,051

At 31 May 2020

10,530

NET BOOK VALUE

At 31 May 2020

5,957

At 31 May 2019

7,008

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

20,755

25,886

Other debtors

-

32,174

20,755

58,060

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Taxation and social security

12,226

18,436

Other creditors

10,634

52,213

22,860

70,649

8.	RELATED PARTY DISCLOSURES