Phil Anderson Financial Services Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC409185 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

PHIL ANDERSON FINANCIAL SERVICES LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Anderson

REGISTERED OFFICE:

117 Ness Circle

Ellon

AB41 9BU

REGISTERED NUMBER:

SC409185 (Scotland)

ACCOUNTANTS:

Fyfe Moir & Associates

1st Floor, 5 Abercrombie Crt

Prospect Road,

Westhill

Aberdeenshire

Grampian

AB32 6FE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

15,610

12,091

15,610

12,091

CURRENT ASSETS

Debtors

6

65,139

94,209

Cash at bank

174,195

58,151

239,334

152,360

CREDITORS

Amounts falling due within one year

7

106,582

55,413

NET CURRENT ASSETS

132,752

96,947

TOTAL ASSETS LESS CURRENT LIABILITIES

148,362

109,038

PROVISIONS FOR LIABILITIES

8

2,966

2,297

NET ASSETS

145,396

106,741

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

145,296

106,641

SHAREHOLDERS' FUNDS

145,396

106,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 1 July 2021 and were signed by:

P Anderson - Director

1.	STATUTORY INFORMATION

Phil Anderson Financial Services Ltd. 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of eight 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

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

Improvements to property

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

20% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 4 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

100

AMORTISATION

At 1 November 2019

and 31 October 2020

100

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2019

13,475

6,724

21,359

41,558

Additions

-

7,550

1,981

9,531

At 31 October 2020

13,475

14,274

23,340

51,089

DEPRECIATION

At 1 November 2019

12,625

3,908

12,934

29,467

Charge for year

850

3,080

2,082

6,012

At 31 October 2020

13,475

6,988

15,016

35,479

NET BOOK VALUE

At 31 October 2020

-

7,286

8,324

15,610

At 31 October 2019

850

2,816

8,425

12,091

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Prepayments and accrued income

65,139

94,209

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

874

1,533

Tax

33,781

37,899

Social security and other taxes

10,581

10,584

Other creditors

5,338

-

Directors' current accounts

2,938

2,262

Accrued expenses

3,070

3,135

106,582

55,413

8.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

2,966

2,297

Deferred

tax

£

Balance at 1 November 2019

2,297

movement in year

669

Balance at 31 October 2020

2,966