Stewart IFA Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC234873 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

STEWART IFA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

N C Stewart MLIA (dip)

SECRETARY:

J F Stewart

REGISTERED OFFICE:

5 Windsor Place

Main Street

Bridge of Weir

Renfrewshire

PA11 3AF

REGISTERED NUMBER:

SC234873 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

The Royal Bank of Scotland plc

Paisley Chief Office

1 Moncrieff Street

Paisley

PA1 2AW

FIXED ASSETS

Intangible assets

5

1

1

Tangible assets

6

219,588

225,251

219,589

225,252

CURRENT ASSETS

Debtors

7

189,729

192,479

Cash at bank

855,079

582,678

1,044,808

775,157

CREDITORS

Amounts falling due within one year

8

123,910

109,559

NET CURRENT ASSETS

920,898

665,598

TOTAL ASSETS LESS CURRENT LIABILITIES

1,140,487

890,850

CREDITORS

Amounts falling due after more than one year

9

28,417

50,000

NET ASSETS

1,112,070

840,850

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,111,970

840,750

SHAREHOLDERS' FUNDS

1,112,070

840,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 13 April 2022 and were signed by:

N C Stewart MLIA (dip) - Director

1.	STATUTORY INFORMATION

Stewart IFA Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from financial services supplied by the company.

Turnover is measured at the fair value of financial services supplied and is recognised at the point the company obtains the right to consideration.

Goodwill

Goodwill, being the amount attributable to the acquisition of a connected business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

30,131

AMORTISATION

At 1 September 2020

and 31 August 2021

30,130

NET BOOK VALUE

At 31 August 2021

1

At 31 August 2020

1

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2020

and 31 August 2021

283,130

11,222

294,352

DEPRECIATION

At 1 September 2020

57,880

11,221

69,101

Charge for year

5,663

-

5,663

At 31 August 2021

63,543

11,221

74,764

NET BOOK VALUE

At 31 August 2021

219,587

1

219,588

At 31 August 2020

225,250

1

225,251

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/21

31/8/20

£

£

Other debtors

189,729

192,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/21

31/8/20

£

£

Bank loans and overdrafts

9,805

-

Taxation and social security

86,567

72,549

Other creditors

27,538

37,010

123,910

109,559

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/21

31/8/20

£

£

Bank loans

28,417

50,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/21

31/8/20

£

£

Bank loans

38,222

50,000

The bank loan is supported by a 100% guarantee from the UK Government.

11.	RELATED PARTY DISCLOSURES

The company operates a loan account with the director, N C Stewart MLIA (dip).

During the year, the director was repaid loans totalling £8,542 by the company. At the year end, the balance due to the director was £1,481 (2020 - £10,023). There are no fixed repayment terms and no interest is charged.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stewart IFA Limited for the year ended 31 August 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Stewart IFA Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stewart IFA Limited and state those matters that we have agreed to state to the director of Stewart IFA Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Stewart IFA Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stewart IFA Limited. You consider that Stewart IFA Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Stewart IFA Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

13 April 2022