Forty Two Financial Planning Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC294648 (Scotland)

FORTY TWO FINANCIAL PLANNING LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Dick

REGISTERED OFFICE:

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

REGISTERED NUMBER:

SC294648 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Intangible assets

4

50,192

71,691

Tangible assets

5

2,418

8,150

52,610

79,841

CURRENT ASSETS

Debtors

6

30,671

27,128

Cash at bank and in hand

94,567

112,617

125,238

139,745

CREDITORS

Amounts falling due within one year

7

21,166

32,002

NET CURRENT ASSETS

104,072

107,743

TOTAL ASSETS LESS CURRENT LIABILITIES

156,682

187,584

CAPITAL AND RESERVES

Called up share capital

113,276

113,276

Retained earnings

43,406

74,308

SHAREHOLDERS' FUNDS

156,682

187,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 6th July 2017 and were signed by:

A Dick - Director

1.	STATUTORY INFORMATION

Forty Two Financial Planning 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 2014, is being amortised evenly over its estimated useful life of five 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 20% on cost

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

107,537

AMORTISATION

At 1st April 2016

35,846

Charge for year

21,499

At 31st March 2017

57,345

NET BOOK VALUE

At 31st March 2017

50,192

At 31st March 2016

71,691

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

12,666

Disposals

(8,347

)

At 31st March 2017

4,319

DEPRECIATION

At 1st April 2016

4,516

Charge for year

864

Eliminated on disposal

(3,479

)

At 31st March 2017

1,901

NET BOOK VALUE

At 31st March 2017

2,418

At 31st March 2016

8,150

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2016

8,347

Disposals

(8,347

)

At 31st March 2017

-

DEPRECIATION

At 1st April 2016

3,479

Eliminated on disposal

(3,479

)

At 31st March 2017

-

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

4,868

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

30,671

27,128

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

575

Taxation and social security

19,612

28,389

Other creditors

1,554

3,038

21,166

32,002

8.	RELATED PARTY DISCLOSURES

Mr A Dick has loaned the company £1,554 (2016: £3,368) interest free. There are no set terms of repayment.