Morrison Financial Services Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC286460 (Scotland)

Morrison Financial Services Ltd

Previously known as

Phoenix Independent Financial Advisers

Limited

Abbreviated Accounts

for the Year Ended 30th June 2016

Page

Company information

1

Abbreviated balance sheet

2

to

3

Notes to the abbreviated accounts

4

to

5

Director:

D Morrison

Secretary:

Mrs C S Morrison

Registered office:

51 Horsemarket

Kelso

Roxburghshire

TD5 7AA

Registered number:

SC286460 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

2

1,452

1,815

Tangible assets

3

1,817

1,699

3,269

3,514

Current assets

Debtors

4

10,229

11,703

Cash at bank

6,368

3,892

16,597

15,595

Creditors

Amounts falling due within one year

5,795

5,248

Net current assets

10,802

10,347

Total assets less current liabilities

14,071

13,861

Provisions for liabilities

363

340

Net assets

13,708

13,521

Capital and reserves

Called up share capital

5

750

Profit and loss account

12,958

12,771

Shareholders' funds

13,708

13,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 24th March 2017 and were signed by:

D Morrison - Director

1.	Accounting policies

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents commission earned, excluding value added tax, on general and life insurance

business written during the period.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of

10 years.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the

lease term.

Retentions

Retentions, disclosed as long-term debtors, represent deductions from commissions due to the

company, by Positive Solutions (Financial Services) Limited, on general and life insurance policies, at

varying rates to cover any contingencies that may arise in respect of any claw-backs on commissions

already paid.

2.	Intangible fixed assets

Total

£

Cost

At 1st July 2015

and 30th June 2016

3,630

Amortisation

At 1st July 2015

1,815

Amortisation for year

363

At 30th June 2016

2,178

Net book value

At 30th June 2016

1,452

At 30th June 2015

1,815

3.	Tangible fixed assets

Total

£

Cost

At 1st July 2015

1,938

Additions

298

At 30th June 2016

2,236

Depreciation

At 1st July 2015

239

Charge for year

180

At 30th June 2016

419

Net book value

At 30th June 2016

1,817

At 30th June 2015

1,699

4.

Debtors: amounts falling due after more than one year

The aggregate total of debtors falling due after more than one year is £ 600 (2015 - £ 2,887 )

5.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

750

Ordinary

£1

750

6.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30th June 2016 and

30th June 2015:

2016

2015

£

D Morrison

Balance outstanding at start of year

6,354

6,104

Amounts advanced

16,144

25,355

Amounts repaid

(15,633

)

(25,105

)

Balance outstanding at end of year

6,865

6,354

This loan is unsecured and repayable on demand. Interest has been charged at the official rates

published by HMRC.