Fernhill Systems (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC446400 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

FERNHILL SYSTEMS (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Dr M Anwar

REGISTERED OFFICE:

28/3 Saughton Road

Edinburgh

EH11 3PT

REGISTERED NUMBER:

SC446400 (Scotland)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Tangible assets

4

4,353

2,776

Investment property

5

1,765,000

1,100,000

1,769,353

1,102,776

CURRENT ASSETS

Debtors

6

1,101,723

1,098,018

Cash at bank

1,680,822

2,691,562

2,782,545

3,789,580

CREDITORS

Amounts falling due within one year

7

623,465

939,924

NET CURRENT ASSETS

2,159,080

2,849,656

TOTAL ASSETS LESS CURRENT LIABILITIES

3,928,433

3,952,432

PROVISIONS FOR LIABILITIES

8

8,285

5,580

NET ASSETS

3,920,148

3,946,852

CAPITAL AND RESERVES

Called up share capital

6

6

Other reserves

56,822

49,975

Retained earnings

3,863,320

3,896,871

3,920,148

3,946,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 April 2021 and were signed by:

Dr M Anwar - Director

1.	STATUTORY INFORMATION

Fernhill Systems (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 May 2019

-

6,242

6,242

Additions

925

2,103

3,028

At 30 April 2020

925

8,345

9,270

DEPRECIATION

At 1 May 2019

-

3,466

3,466

Charge for year

231

1,220

1,451

At 30 April 2020

231

4,686

4,917

NET BOOK VALUE

At 30 April 2020

694

3,659

4,353

At 30 April 2019

-

2,776

2,776

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

1,100,000

Additions

655,803

Revaluations

9,197

At 30 April 2020

1,765,000

NET BOOK VALUE

At 30 April 2020

1,765,000

At 30 April 2019

1,100,000

Fair value at 30 April 2020 is represented by:

£

Valuation in 2020

1,765,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

258,278

256,528

Amounts due from related

undertaking

19,435

17,174

Directors' loan accounts

824,010

824,316

1,101,723

1,098,018

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

7,710

690

Taxation and social security

602,129

914,805

Other creditors

13,626

24,429

623,465

939,924

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

8,285

5,580

Deferred

tax

£

Balance at 1 May 2019

5,580

Fixed asset timing difference

355

Gain on investment properties

2,350

Balance at 30 April 2020

8,285

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2020 and 30 April 2019:

2020

2019

£

£

Dr M Anwar

Balance outstanding at start of year

824,316

790,440

Amounts advanced

29,547

598,083

Amounts repaid

(29,853

)

(564,207

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

824,010

824,316