Finance Planning Surveying Services Limited Filleted accounts for Companies House (small and micro)

FINANCE PLANNING SURVEYING SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04465925

Finance Planning Surveying Services Limited

Filleted Unaudited Abridged Financial Statements

31 December 2021

Finance Planning Surveying Services Limited

Abridged Financial Statements

Year ended 31 December 2021

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Finance Planning Surveying Services Limited

Abridged Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		11,689	8,946

Current assets

Debtors	566,775	469,371
Cash at bank and in hand	8,406	82,866
	----------	----------
	575,181	552,237

Creditors: amounts falling due within one year	526,757		399,851
	----------		----------
Net current assets		48,424	152,386
		---------	----------
Total assets less current liabilities		60,113	161,332

Creditors: amounts falling due after more than one year		23,750	71,250

Provisions

Taxation including deferred tax	2,220	1,520
	---------	----------
Net assets	34,143	88,562
	---------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	34,141	88,560
	---------	---------
Shareholders funds	34,143	88,562
	---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 abridged 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 abridged financial statements .

Finance Planning Surveying Services Limited

Abridged Statement of Financial Position (continued)

31 December 2021

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 9 August 2022 , and are signed on behalf of the board by:

T.S. McCutcheon

Director

Company registration number: 04465925

Finance Planning Surveying Services Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

2. Statement of compliance

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

Revenue recognition

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

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:

	Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 18 (2020: 18 ).

5. Tangible assets

	£
Cost
At 1 January 2021	45,625
Additions	4,287
	---------
At 31 December 2021	49,912
	---------
Depreciation
At 1 January 2021	36,679
Charge for the year	1,544
	---------
At 31 December 2021	38,223
	---------
Carrying amount
At 31 December 2021	11,689
	---------
At 31 December 2020	8,946
	---------

6. Directors' advances, credits and guarantees

At 1 January 2021 each of the directors had an interest free loan from the company of £42,500. The maximum amount outstanding on each of these loans during the year was £47,500. The loans were repaid on 6th April 2021. Between 1 May 2021 and 31 December 2021 the directors each received a further interest free loan of £5,000 from the company. The maximum amount outstanding during the year, on each of these loans, was £5,000. The loans were repaid on 6 April 2022.

7. Related party transactions

During the year the directors received dividends of £95,000 (2020-£nil). Creditors include an interest free loan of £271,112 (2020 - £6,540) from The Finance Planning Group Limited, a company under the control of T S McCutcheon and his immediate family. There is no fixed repayment date for this loan. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.