Flagship Financial Consultants Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04145382 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

FLAGSHIP FINANCIAL CONSULTANTS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P I Radley

SECRETARY:

Mrs L M Radley

REGISTERED OFFICE:

Bramble Park

Coombe Hill Road

East Grinstead

West Sussex

RH19 4LY

REGISTERED NUMBER:

04145382 (England and Wales)

ACCOUNTANTS:

Barber & Company

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Intangible assets

4

-

5,093

Property, plant and equipment

5

21,296

28,395

21,296

33,488

CURRENT ASSETS

Debtors

6

98,801

80,566

Cash at bank

4,979

3,320

103,780

83,886

CREDITORS

Amounts falling due within one year

7

81,654

71,472

NET CURRENT ASSETS

22,126

12,414

TOTAL ASSETS LESS CURRENT LIABILITIES

43,422

45,902

PROVISIONS FOR LIABILITIES

8

1,013

401

NET ASSETS

42,409

45,501

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

42,309

45,401

SHAREHOLDERS' FUNDS

42,409

45,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2021 and were signed by:

P I Radley - Director

1.	STATUTORY INFORMATION

Flagship Financial Consultants Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Improvements

-

10% on cost

Fixtures, fittings & equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

and 31 January 2021

101,862

AMORTISATION

At 1 February 2020

96,769

Amortisation for year

5,093

At 31 January 2021

101,862

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

5,093

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures,

Freehold

fittings

Improvements

& equipment

Totals

£

£

£

COST

At 1 February 2020

and 31 January 2021

55,629

105,759

161,388

DEPRECIATION

At 1 February 2020

35,440

97,553

132,993

Charge for year

5,047

2,052

7,099

At 31 January 2021

40,487

99,605

140,092

NET BOOK VALUE

At 31 January 2021

15,142

6,154

21,296

At 31 January 2020

20,189

8,206

28,395

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

88,821

71,820

Prepayments and accrued income

9,980

8,746

98,801

80,566

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Corporation Tax

77,975

67,850

Social security and other taxes

509

517

Accruals and deferred income

3,170

3,105

81,654

71,472

8.	PROVISIONS FOR LIABILITIES

31.1.21

31.1.20

£

£

Deferred taxation provision

1,013

401

Deferred

tax

£

Balance at 1 February 2020

401

Provided during year

612

Balance at 31 January 2021

1,013

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 February 2020

45,401

Profit for the year

318,908

Dividends

(322,000

)

At 31 January 2021

42,309

11.	RELATED PARTY DISCLOSURES

During the year under review the company was under the control of Mr P Radley, its sole director and beneficial owner of a majority interest in the equity share capital of the company.