Morrison Financial Services Ltd. - Accounts to registrar (filleted) - small 18.2
Morrison Financial Services Ltd. - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Morrison Financial Services Ltd. |
| Financial Statements |
| for the Year Ended 30th June 2020 |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Contents of the Financial Statements |
| for the year ended 30th June 2020 |
| Page |
| Company information | 1 |
| Balance sheet | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 7 |
| Morrison Financial Services Ltd. |
| Company Information |
| for the year ended 30th June 2020 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Academy House |
| Shedden Park Road |
| Kelso |
| Roxburghshire |
| TD5 7AL |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Balance Sheet |
| 30th June 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| Shareholders' funds |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Balance Sheet - continued |
| 30th June 2020 |
| The directors acknowledge their 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. |
| 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 Board of Directors and authorised for issue on |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Notes to the Financial Statements |
| for the year ended 30th June 2020 |
| 1. | Statutory information |
| Morrison Financial Services Ltd. is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents commission earned, excluding value added tax, on general and life insurance business written during the period. |
| Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. |
| Goodwill |
| Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years. |
| 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 |
| Equipment | - |
| Fixtures and fittings | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals and directors' loans. |
| Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Notes to the Financial Statements - continued |
| for the year ended 30th June 2020 |
| 2. | Accounting policies - continued |
| 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 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. |
| Leasing |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
| 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. |
| Retentions |
| Retentions, disclosed as long-term debtors, represent deductions from commissions due to the company, by Positive Solutions (Financial Services) Limited, on general and life insurance policies, at varying rates to cover any contingencies that may arise in respect of any claw-backs on commissions already paid. |
| Provisions |
| Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted bases. |
| Employee benefits |
| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
| Going concern |
| The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Notes to the Financial Statements - continued |
| for the year ended 30th June 2020 |
| 4. | Intangible fixed assets |
| Goodwill |
| £ |
| Cost |
| At 1st July 2019 |
| and 30th June 2020 |
| Amortisation |
| At 1st July 2019 |
| Amortisation for year |
| At 30th June 2020 |
| Net book value |
| At 30th June 2020 |
| At 30th June 2019 |
| 5. | Tangible fixed assets |
| Fixtures |
| and |
| Equipment | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1st July 2019 |
| Additions |
| At 30th June 2020 |
| Depreciation |
| At 1st July 2019 |
| Charge for year |
| At 30th June 2020 |
| Net book value |
| At 30th June 2020 |
| At 30th June 2019 |
| 6. | Debtors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Morrison Financial Services Ltd. (Registered number: SC286460) |
| Notes to the Financial Statements - continued |
| for the year ended 30th June 2020 |
| 7. | Creditors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 30th June 2020 and 30th June 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This loan is unsecured and repayable on demand. Interest has been charged at the official rates published by HMRC. |