Ferguson Financial Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC209790 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

FERGUSON FINANCIAL MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

M D Ferguson

AS McCormick

SECRETARY:

AS McCormick

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

Strathclyde

G3 7NY

REGISTERED NUMBER:

SC209790 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

BANKERS:

The Royal Bank of Scotland plc

Glasgow City (B) Branch

10 Gordon Street

Glasgow

G1 3PL

FIXED ASSETS

Tangible assets

4

686

913

CURRENT ASSETS

Debtors

5

13,886

3,242

Cash at bank

220,796

179,880

234,682

183,122

CREDITORS

Amounts falling due within one year

6

48,061

45,440

NET CURRENT ASSETS

186,621

137,682

TOTAL ASSETS LESS CURRENT LIABILITIES

187,307

138,595

PROVISIONS FOR LIABILITIES

7

102

145

NET ASSETS

187,205

138,450

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

8

9,900

9,900

Retained earnings

8

177,205

128,450

SHAREHOLDERS' FUNDS

187,205

138,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 28 July 2020 and were signed on its behalf by:

M D Ferguson - Director

1.	STATUTORY INFORMATION

Ferguson Financial Management 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.

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

amounts in these financial statements are rounded to the nearest £.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset for which the estimates of future

cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than it's carrying amount,

the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating

unit) is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does

not exceed the carrying amount that would have been determined had no impairment loss been recognised for the

asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss

is treated as a revaluation surplus.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2018

and 31 October 2019

1,409

6,973

8,382

DEPRECIATION

At 1 November 2018

1,271

6,198

7,469

Charge for year

34

193

227

At 31 October 2019

1,305

6,391

7,696

NET BOOK VALUE

At 31 October 2019

104

582

686

At 31 October 2018

138

775

913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Prepayments

13,886

3,242

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Tax

45,348

41,081

Social security and other taxes

785

776

Trade creditors

728

2,383

Accrued expenses

1,200

1,200

48,061

45,440

7.	PROVISIONS FOR LIABILITIES

31.10.19

31.10.18

£

£

Deferred tax

102

145

Deferred

tax

£

Balance at 1 November 2018

145

Credit to Income Statement during year

(43

)

Balance at 31 October 2019

102

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 November 2018

128,450

9,900

138,350

Profit for the year

184,401

184,401

Dividends

(135,646

)

(135,646

)

At 31 October 2019

177,205

9,900

187,105

9.	RELATED PARTY DISCLOSURES

During the year payments totalling £7,920.00 were paid to RT Properties Ltd for rent. Andrew McCormick is a

director of this company.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M D Ferguson.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ferguson Financial Management Limited for the year ended 31 October 2019 which comprise the

Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Ferguson Financial Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ferguson Financial Management Limited and state those matters that we have agreed to state to the Board of Directors of Ferguson Financial Management Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ferguson Financial Management Limited 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 Ferguson Financial Management Limited. You consider that Ferguson Financial Management Limited 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 Ferguson Financial Management Limited. 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.

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

28 July 2020