F E C Moffat Limited - Period Ending 2021-12-31

F E C Moffat Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

F E C Moffat Limited

Balance Sheet

31 December 2021

	Note	2021 £	2020 £
Fixed assets
Investments	4	136,000	136,000
Current assets
Debtors	5	1,559,184	1,328,792
Cash at bank and in hand		566	3,549
		1,559,750	1,332,341
Creditors: Amounts falling due within one year	6	(81,548)	(92,033)
Net current assets		1,478,202	1,240,308
Net assets		1,614,202	1,376,308
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		1,614,201	1,376,307
Shareholders' funds		1,614,202	1,376,308

F E C Moffat Limited

Balance Sheet

31 December 2021

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 September 2022
 

......................................... F E C Moffat Director

Company Registration Number: 06030794

F E C Moffat Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/O Timms Solicitors
St Michael's
Queen Street
Derby
DE1 3SU
United Kingdom

These financial statements were authorised for issue by the director on 29 September 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the company's share of the profits from the partnership Timms Solicitors.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investment in partnership represents capital paid into the partnership of which the company is a partner, in accordance with the terms of appointment.

F E C Moffat Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

F E C Moffat Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

4	Investments

	2021 £	2020 £
Investment in partnership	136,000	136,000

Investment in partnership	£
Cost or valuation
At 1 January 2021	136,000
Provision
Carrying amount
At 31 December 2021	136,000
At 31 December 2020	136,000

5

Debtors

	2021 £	2020 £
Other debtors	1,559,184	1,328,792
	1,559,184	1,328,792

F E C Moffat Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Corporation tax	74,171	91,241
Accruals and deferred income	7,377	792
	81,548	92,033

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

8	Related party transactions

Advances to directors

2021	At 1 January 2021 £	Advances to director £	Repayments by director £	At 31 December 2021 £
F E C Moffat
Loan with company	79,813	232,974	(80,108)	232,679
	79,813	232,974	(80,108)	232,679

2020	At 1 January 2020 £	Advances to director £	Repayments by director £	At 31 December 2020 £
F E C Moffat
Loan with company	61,101	80,412	(61,700)	79,813
	61,101	80,412	(61,700)	79,813