Tax Guidance Limited Filleted accounts for Companies House (small and micro)

TAX GUIDANCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03006683

Tax Guidance Limited

Filleted Unaudited Financial Statements

31 January 2020

Tax Guidance Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		884	884

Current assets

Debtors	7	56,848	56,894
Cash at bank and in hand		42,497	39,520
		---------	---------
		99,345	96,414

Creditors: amounts falling due within one year	8	10,115		10,263
		---------		---------
Net current assets			89,230	86,151
			---------	---------
Total assets less current liabilities			90,114	87,035

Provisions

Taxation including deferred tax	74	74
	---------	---------
Net assets	90,040	86,961
	---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	89,840	86,761
	---------	---------
Shareholders funds	90,040	86,961
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Tax Guidance Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 10 December 2020 , and are signed on behalf of the board by:

Mr I J Grant

Director

Company registration number: 03006683

Tax Guidance Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Park Place, Leeds, LS1 2RX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill Amortisation	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2019 and 31 January 2020	21,025
	---------
Amortisation
At 1 February 2019 and 31 January 2020	21,025
	---------
Carrying amount
At 31 January 2020	–
	---------
At 31 January 2019	–
	---------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 February 2019 and 31 January 2020	11,696	11,696
	---------	---------
Depreciation
At 1 February 2019 and 31 January 2020	10,812	10,812
	---------	---------
Carrying amount
At 31 January 2020	884	884
	---------	---------
At 31 January 2019	884	884
	---------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	30,325	30,380
Other debtors	26,523	26,514
	---------	---------
	56,848	56,894
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	997	646
Corporation tax	721	573
Social security and other taxes	7,797	9,044
Other creditors	600	–
	---------	---------
	10,115	10,263
	---------	---------

9. Directors' advances, credits and guarantees

Included in other debtors is an amount owed to the Company of £1,699 (2019: £210) due from the Directors.

10. Related party transactions

During the year dividends were paid to Mr I J Grant , company director and shareholder amounting to £Nil (2019 £Nil). Dividends were paid to Mrs D S Grant, a shareholder and related party to Mr I J Grant of £Nil (2019 £19,000). Included within debtors at the year-end is a balance of £24,824 (2019 £26,303.92) due from Grants Chartered Accountants. Mr I J Grant and Mr J M Grant are partners of Grants Chartered Accountants. Mr J M Grant passed away on 19th April 2020. Sales The company has made provision for sub-contracted tax services to Grants Chartered Accountants to the value of £20,000 (2019 £20,000) during the year. Expenses The company incurred the following expenses which were charged by Grants Chartered Accountants:- Rent £7,200 (2019 £7,200) Rates £3,000 (2019 £3,000) Management charges £8,400 (2019 £8,400) Total £18,600 (2019 £18,600) No further transactions with related parties were undertaken such as are required to be disclosed.

11. Control

The company was under the control of Mr I J Grant throughout the current and previous year.