Company Registration No. SC387177 (Scotland)
Advanced Financial Planning Scotland Limited
Unaudited financial statements
for the year ended 31 March 2021
Pages for filing with registrar
Advanced Financial Planning Scotland Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Advanced Financial Planning Scotland Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advanced Financial Planning Scotland Limited for the year ended 31 March 2021 which comprise, the statement of financial position 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
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-20
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.
This report is made solely to the Board of Directors of Advanced Financial Planning Scotland Limited, as a body, in accordance with the terms of our engagement letter dated 21 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Advanced Financial Planning Scotland Limited and state those matters that we have agreed to state to the Board of Directors of Advanced Financial Planning Scotland Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advanced Financial Planning Scotland Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Advanced Financial Planning Scotland 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 Advanced Financial Planning Scotland Limited. You consider that Advanced Financial Planning Scotland 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 Advanced Financial Planning Scotland 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
20 October 2021
Advanced Financial Planning Scotland Limited
Statement of financial position
As at 31 March 2021
31 March 2021
2
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
278,970
412,000
Tangible assets
4
23,143
10,340
Investments
5
4,500
2,700
306,613
425,040
Current assets
Debtors
1,933,854
1,564,453
Cash at bank and in hand
157,612
24,550
2,091,466
1,589,003
Creditors: amounts falling due within one year
(237,314)
(222,442)
Net current assets
1,854,152
1,366,561
Total assets less current liabilities
2,160,765
1,791,601
Creditors: amounts falling due after more than one year
(173,880)
(176,161)
Provisions for liabilities
(802)
(1,965)
Net assets
1,986,083
1,613,475
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,985,883
1,613,275
Total equity
1,986,083
1,613,475
Advanced Financial Planning Scotland Limited
Statement of financial position (continued)
As at 31 March 2021
31 March 2021
3
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 October 2021
James W. Smith
Director
Company Registration No. SC387177
Advanced Financial Planning Scotland Limited
Notes to the financial statements
for the year ended 31 March 2021
4
1
Accounting policies
Company information
Advanced Financial Planning Scotland Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
20 Bon Accord Square, Aberdeen, AB11 6DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance and 33.3% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
Advanced Financial Planning Scotland Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
5
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Advanced Financial Planning Scotland Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
6
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
8
6
3
Intangible fixed assets
Total
£
Cost
At 1 April 2020
1,592,000
Additions
2,826
At 31 March 2021
1,594,826
Amortisation and impairment
At 1 April 2020
1,180,000
Amortisation charged for the year
135,856
At 31 March 2021
1,315,856
Carrying amount
At 31 March 2021
278,970
At 31 March 2020
412,000
Advanced Financial Planning Scotland Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
7
4
Tangible fixed assets
Total
£
Cost
At 1 April 2020
37,730
Additions
22,991
At 31 March 2021
60,721
Depreciation and impairment
At 1 April 2020
27,390
Depreciation charged in the year
10,188
At 31 March 2021
37,578
Carrying amount
At 31 March 2021
23,143
At 31 March 2020
10,340
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
4,500
2,700
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 April 2020
2,700
Valuation changes
1,800
At 31 March 2021
4,500
Carrying amount
At 31 March 2021
4,500
At 31 March 2020
2,700
6
Operating lease commitments
Lessee
At 31st March 2021 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £13,782 (2020 - £55,086).
Advanced Financial Planning Scotland Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
8
7
Related party transactions
During the year, £124,384 was loaned to Oakbank Homes Limited, a company in which James W. Smith is a director. No interest has been charged by the company in respect of this loan. The amount outstanding at the year end, which is classified in debtors, was £971,331 (2020 - £846,947).
Also during the year, £236,791 was loaned to Jericho Whisky Ltd, a company in which James W. Smith is a director. No interest has been charged by the company in respect of this loan. The amount outstanding at the year end, which is classified in debtors, was £896,878 (2020 - £660,087).
8
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing debit balance
£
£
£
£
James W. Smith - Director's loan
14,645
(450,706)
425,017
(11,044)
14,645
(450,706)
425,017
(11,044)
9
Parent company
James W. Smith, director, controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.