ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ARMSTRONG ADVISORY LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2020-03-312020-03-31true2019-04-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10768051 2019-04-01 2020-03-31 10768051 2018-04-01 2019-03-31 10768051 2020-03-31 10768051 2019-03-31 10768051 c:Director1 2019-04-01 2020-03-31 10768051 d:CurrentFinancialInstruments 2020-03-31 10768051 d:CurrentFinancialInstruments 2019-03-31 10768051 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 10768051 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 10768051 d:ShareCapital 2020-03-31 10768051 d:ShareCapital 2019-03-31 10768051 d:RetainedEarningsAccumulatedLosses 2020-03-31 10768051 d:RetainedEarningsAccumulatedLosses 2019-03-31 10768051 c:FRS102 2019-04-01 2020-03-31 10768051 c:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 10768051 c:FullAccounts 2019-04-01 2020-03-31 10768051 c:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 10768051 2 2019-04-01 2020-03-31 iso4217:GBP xbrli:pure

Registered number: 10768051









ARMSTRONG ADVISORY LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020
 
ARMSTRONG ADVISORY LIMITED
REGISTERED NUMBER: 10768051

BALANCE SHEET
AS AT 31 MARCH 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
16,705
10,578

Cash at bank and in hand
 5 
150
206

  
16,855
10,784

Creditors: amounts falling due within one year
 6 
(16,670)
(10,556)

Net current assets
  
 
 
185
 
 
228

Total assets less current liabilities
  
185
228

  

Net assets
  
185
228


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
85
128

  
185
228


Page 1
 
ARMSTRONG ADVISORY LIMITED
REGISTERED NUMBER: 10768051
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Armstrong
Director

Date: 19 November 2020

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
ARMSTRONG ADVISORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1.


General information

Armstrong Advisory Limited is a private company limited by shares. The company is incorporated in England and Wales and its registered office address is Aston House, Cornwall Avenue, London, United Kingdom, N3 1LF. The company registration number is 10768051.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 3
 
ARMSTRONG ADVISORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).


4.


Debtors

2020
2019
£
£


Other debtors
16,705
10,578

16,705
10,578


Page 4
 
ARMSTRONG ADVISORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

5.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
150
206

Less: bank overdrafts
(265)
-

(115)
206



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Bank overdrafts
265
-

Corporation tax
14,605
9,356

Accruals and deferred income
1,800
1,200

16,670
10,556



7.


Transactions with directors

Included in other debtors is £704 (2019: £10,578) due from the director. This loan is unsecured, interest free and is repayable on demand. During the year, dividends of £37,200 (2019: £25,000) were paid to the director.


8.


Controlling party

The controlling party is the director by virtue of his shareholding.

 
Page 5