Edinburgh Intelligent Mortgage Advice Ltd. - Period Ending 2020-09-30

Edinburgh Intelligent Mortgage Advice Ltd.

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7
Accountants' Report	8

Edinburgh Intelligent Mortgage Advice Ltd.

Company Information

Directors

Mr Geoffrey Robb Mr Alasdair Robb

Company secretary

Mr Geoffrey Robb

Registered office

10 Croall Place Edinburgh EH7 4LT

Accountants

Yates & Co CA Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Edinburgh Intelligent Mortgage Advice Ltd.

(Registration number: SC212602)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	-	66
Current assets
Debtors	6	5,002	180,976
Cash at bank and in hand		2	1,954
		5,004	182,930
Creditors: Amounts falling due within one year	7	(3,157)	(6,075)
Net current assets		1,847	176,855
Total assets less current liabilities		1,847	176,921
Creditors: Amounts falling due after more than one year	7	-	(140,954)
Net assets		1,847	35,967
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,747	35,867
Shareholders' funds		1,847	35,967

For the financial period ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 November 2020 and signed on its behalf by:
 

.........................................

Mr Alasdair Robb
Director

Edinburgh Intelligent Mortgage Advice Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 April 2019 to 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	Reducing balance at 25%
Office equipment	Cost at 33%

Edinburgh Intelligent Mortgage Advice Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 April 2019 to 30 September 2020

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 
 

3	Employees and Directors

The average number of persons employed by the company (including directors) during the period, was 2 (2019 - 2).

Directors' remuneration

The directors' remuneration for the period was as follows:

	2020 £	2019 £
Remuneration	-	7,900

4

Taxation

The tax charge on the profit for the year was as follows:
 

	1 April 2019 to 30 September 2020  £	Year ended 31 March 2019  £
UK corporation tax	1,477	(2,777)
Tax on profit	1,477	(2,777)

Edinburgh Intelligent Mortgage Advice Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 April 2019 to 30 September 2020

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2019	8,127	1,438	9,565
Disposals	(8,127)	(1,438)	(9,565)
At 30 September 2020	-	-	-
Depreciation
At 1 April 2019	8,061	1,438	9,499
Eliminated on disposal	(8,061)	(1,438)	(9,499)
At 30 September 2020	-	-	-
Carrying amount
At 30 September 2020	-	-	-
At 31 March 2019	66	-	66

6

Debtors

	2020 £	2019 £
Other debtors	5,002	180,976
	5,002	180,976

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Taxation and social security	1,477	-
Other creditors	1,680	6,075
	3,157	6,075

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	-	140,954

Edinburgh Intelligent Mortgage Advice Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 April 2019 to 30 September 2020

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	-	140,954

9	Related party transactions

Transactions with directors Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2020	At 1 April 2019 £	Advances to directors £	At 30 September 2020 £
Mr Geoffrey Robb
Loan	-	2,291	2,291
Mr Alasdair Robb
Loan	-	2,710	2,710

Edinburgh Intelligent Mortgage Advice Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 April 2019 to 30 September 2020

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

	1 April 2019 to 30 September 2020  £	Year ended 31 March 2019  £
Mr Alasdair Robb	-	2,000
Mr Geoffrey Robb	-	1,999
	-	3,999

The maximum balance outstanding during the year amounted to £3,999.

The directors current accounts are repayable on demand.

Loans to related parties
The directors, Mr Alasdair Robb and Mr Geoffrey Robb, are also directors of Robb Commercial Property Ltd. Included in other debtors is a loan to Robb Commercial Properties Ltd amounting to £nil (2019: £178,199).

The above loan is repayable on demand.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Edinburgh Intelligent Mortgage Advice Ltd.
for the Period Ended 30 September 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edinburgh Intelligent Mortgage Advice Ltd. for the period ended 30 September 2020 as set out on pages 2 to 7 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 Edinburgh Intelligent Mortgage Advice Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Edinburgh Intelligent Mortgage Advice Ltd. and state those matters that we have agreed to state to the Board of Directors of Edinburgh Intelligent Mortgage Advice Ltd., 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 Edinburgh Intelligent Mortgage Advice Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Edinburgh Intelligent Mortgage Advice Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Edinburgh Intelligent Mortgage Advice Ltd.. You consider that Edinburgh Intelligent Mortgage Advice Ltd. is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Edinburgh Intelligent Mortgage Advice Ltd.. 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

23 November 2020