McFie Consultancy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC537058

MCFIE CONSULTANCY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Page

Balance Sheet

1

Notes to the Financial Statements

2

CURRENT ASSETS

Debtors

4

-

504

Cash at bank

35,269

16,220

35,269

16,724

CREDITORS

Amounts falling due within one year

5

8,405

4,775

NET CURRENT ASSETS

26,864

11,949

TOTAL ASSETS LESS CURRENT LIABILITIES

26,864

11,949

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

26,863

11,948

SHAREHOLDERS' FUNDS

26,864

11,949

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2020 and were signed on its behalf by:

Ms C M McFie - Director

1.	STATUTORY INFORMATION

McFie Consultancy Ltd is a private company, limited by shares, registered in Scotland. The registered office is

Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

and the Companies Act 2006. There were no material departures from that standard. The financial statements have

been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis. The validity of this is dependent on the

financial performance of the company following the restrictions and other conditions placed throughout the UK due

to the Covid 19 pandemic, including the recoverability of debtors and the continued support of creditors. After due

consideration, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements.

The directors consider there are no such significant judgements.

Turnover

Turnover comprises the net invoiced cost of services and recharged expenses during the year, excluding value added

tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the

service have been passed to the buyer.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities like other accounts receivable and payable and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the

future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable or receivable within one year, typically other debtors and other creditors, are measured, initially and

subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of

impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable,

are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all

timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are

recognised only to the extent that the directors consider that it is more likely than not that there will be suitable

taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred

taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the

timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of

a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation

can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the

obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

-

504

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

3,978

2,578

Other creditors

4,427

2,197

8,405

4,775

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and

31 March 2019:

2020

2019

£

£

Ms C M McFie

Balance outstanding at start of year

504

(3,273

)

Amounts advanced

-

5,963

Amounts repaid

(2,735

)

(2,186

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,231

)

504

The loan is interest free, unsecured and repayable on demand.