Finance Advice Centre Ltd
Finance Advice Centre Ltd
Registered number: 08948140
Financial Statements
For The Year Ended
31 March 2020
ADS Accountancy Limited
Bezant House Bradgate Park View
Chellaston
Derby
DE73 5UH
Finance Advice Centre Ltd
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—4 |
Finance Advice Centre Ltd
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
08948140
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 186,099 | 276,909 | |||
Page 1
Finance Advice Centre Ltd
Balance Sheet (continued)
As at
31 March 2020
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Finance Advice Centre Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 16 (2019: 16)
Page 3
Finance Advice Centre Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| Director's loan account | - | 3 | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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7.
General Information
Finance Advice Centre Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08948140
. The registered office is Chatsworth House Prime Business Centre, Raynesway, Derby, Derbyshire, DE21 7SR.
Page 4