Forty Two Financial Planning Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC294648 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

FORTY TWO FINANCIAL PLANNING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Gow

K Mackie

A G Robertson

SECRETARY:

Shepherd & Wedderburn Secretaries Ltd

REGISTERED OFFICE:

2 Rubislaw Terrace

Aberdeen

United Kingdom

Aberdeenshire

AB10 1XE

BUSINESS ADDRESS:

1st Floor

Lochinch House

86 Drumbreck Road

Glasgow

G41 4SN

REGISTERED NUMBER:

SC294648 (Scotland)

AUDITORS:

McLay, McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St. Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Intangible assets

4

-

16,130

Tangible assets

5

1,860

2,098

1,860

18,228

CURRENT ASSETS

Debtors

6

88,159

31,749

Cash at bank and in hand

33,226

80,604

121,385

112,353

CREDITORS

Amounts falling due within one year

7

22,516

36,327

NET CURRENT ASSETS

98,869

76,026

TOTAL ASSETS LESS CURRENT LIABILITIES

100,729

94,254

PROVISIONS FOR LIABILITIES

8

353

534

NET ASSETS

100,376

93,720

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

80,376

73,720

100,376

93,720

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 27 May 2020 and were signed on its behalf by:

A G Robertson - Director

1.	STATUTORY INFORMATION

Forty Two Financial Planning Limited 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 2014, is being amortised evenly over its estimated useful life of five 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

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Going concern

The company is a member of a group which finances its activities with the assistance of long term loans.

The directors have prepared prudent financial projections which take account of the uncertainties in future

trading performance.These demonstrate that the group should be able to operate and comply with the financial

covenants and conditions of the facilities.

After making enquiries the directors have an expectation that the company has adequate resources to continue in

operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on

the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2018

and 31 October 2019

107,537

AMORTISATION

At 1 November 2018

91,407

Charge for year

16,130

At 31 October 2019

107,537

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

16,130

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

6,078

Additions

1,006

At 31 October 2019

7,084

DEPRECIATION

At 1 November 2018

3,980

Charge for year

1,244

At 31 October 2019

5,224

NET BOOK VALUE

At 31 October 2019

1,860

At 31 October 2018

2,098

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Amounts owed by group undertakings

50,000

-

Other debtors

38,159

31,749

88,159

31,749

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade creditors

1

-

Taxation and social security

19,015

31,327

Other creditors

3,500

5,000

22,516

36,327

8.	PROVISIONS FOR LIABILITIES

31.10.19

31.10.18

£

£

Deferred tax

353

534

Deferred

tax

£

Balance at 1 November 2018

534

Provided during year

(181

)

Balance at 31 October 2019

353

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

George Macshannon (Senior Statutory Auditor)

for and on behalf of McLay, McAlister & McGibbon LLP

10.	POST BALANCE SHEET EVENTS

The Covid 19 pandemic represents a significant event for the company since the end of the financial year. This is

a non adjusting event which is likely to have an impact on the company's income in the financial year to 31

October 2020.