Advocate Finance Limited
Advocate Finance Limited
Registered number: 05579380
Financial Statements
For The Year Ended
31 March 2021
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Advocate Finance Limited
Financial Statements
For The Year Ended
31 March 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—6 |
Advocate Finance Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
05579380
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Investments | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 299,566 | 295,929 | |||
Advocate Finance Limited
Balance Sheet (continued)
As at
31 March 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Advocate Finance Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
Goodwill is not subject to an annual depreciation charge. The value of goodwill is reviewed at the end of each financial period and an amortisiation charge is applied if necessary.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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1.5.
Taxation
Income tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2020: 6)
Advocate Finance Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Net Book Value | |||
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4.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
| As at
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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5.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Rent deposit |
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| Sundry debtors |
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| Director's loan account |
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Advocate Finance Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
6.
Current Asset Investments
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Unlisted investments | 148,000 | 167,000 | |
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7.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security | - |
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| Pension creditor |
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| Accruals and deferred income |
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| Director's loan account | - |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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10.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr David Tonks |
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The above loan is unsecured and repayable on demand. Interest has been charged on the loan at the rate of 2.25% per annum.
11.
General Information
Advocate Finance Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05579380
. The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.