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Financial Statements For The Year Ended 31 October 2021 |
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Fraser Spy Financial Services Limited |
REGISTERED NUMBER:
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Financial Statements For The Year Ended 31 October 2021 |
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for |
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Fraser Spy Financial Services Limited |
Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Contents of the Financial Statements |
For The Year Ended 31 October 2021 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Fraser Spy Financial Services Limited |
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Company Information |
For The Year Ended 31 October 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Abridged Statement of Financial Position |
31 October 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
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 |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Abridged Statement of Financial Position - continued |
31 October 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Notes to the Financial Statements |
For The Year Ended 31 October 2021 |
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1. | STATUTORY INFORMATION |
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Fraser Spy Financial Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents commission received and receivable from insurance companies in respect of contracts agreed prior to the balancing date. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less accumulated impairment. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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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 to the statement of comprehensive income in the period to which they relate. |
Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 October 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2020 |
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Additions |
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Disposals | ( |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 November 2020 |
and 31 October 2021 | 100 |
NET BOOK VALUE |
At 31 October 2021 | 100 |
At 31 October 2020 | 100 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: C/O Fraser Spy Financial Services Ltd, 180 Hope St, Glasgow, Scotland, G2 2UE |
Nature of business:
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Class of shares: | holding |
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Fraser Spy Financial Services Limited (Registered number: SC152046) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 October 2021 |
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6. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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7. | CONTINGENT LIABILITIES |
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The directors recognise that certain commissions received have been paid to the company on an indemnity basis. If these contracts were to be cancelled then there may be a clawback of commissions paid. Whilst it is not possible to predict the level of future cancellations, past experience and directors knowledge of the client base leads them to conclude that no provision is required in the financial statements for clawback of commissions. |