Year Ended
Registration number:
Finlay Jones Associates Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Finlay Jones Associates Ltd
Company Information
Director |
Mr D F H Jones |
Registered office |
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Accountants |
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Finlay Jones Associates Ltd
Balance Sheet
31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Finlay Jones Associates Ltd
Balance Sheet
31 March 2022
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07661499
Finlay Jones Associates Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 Section 1A, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director has considered the potential impact of the coronavirus pandemic on all income streams and have reviewed the level of core overheads of the business to determine if there is sufficient working captial to meet these requirements, along with scheduled borrowing repayments for a period of at least twelve months from the date of approval of these financial statements. Following this review and based on the information available to date, the director is satisfied that the company has sufficient cash balances to meet these requirements and accordingly, the director continues to adopt the going concern basis of presentation.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Finlay Jones Associates Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% per annum reducing balance |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Finlay Jones Associates Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
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2021 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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Finlay Jones Associates Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Corporation tax |
19,008 |
14,441 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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