Hyslop Financial Services Limited - Filleted accounts

Hyslop Financial Services Limited - Filleted accounts


Registered number
11723308
Hyslop Financial Services Limited
Unaudited Filleted Accounts
31 December 2019
Hyslop Financial Services Limited
Registered number: 11723308
Balance Sheet
as at 31 December 2019
Notes 2019
£
Fixed assets
Tangible assets 3 1,020
Current assets
Debtors 4 97,013
Cash at bank and in hand 48,675
145,688
Creditors: amounts falling due within one year 5 (28,789)
Net current assets 116,899
Net assets 117,919
Capital and reserves
Called up share capital 2
Profit and loss account 117,917
Shareholders' funds 117,919
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sam Hyslop
Director
Approved by the board on 28 January 2020
Hyslop Financial Services Limited
Notes to the Accounts
for the period from 12 December 2018 to 31 December 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Straight line
Debtors/creditors
Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2019
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,360
At 31 December 2019 1,360
Depreciation
Charge for the period 340
At 31 December 2019 340
Net book value
At 31 December 2019 1,020
4 Debtors 2019
£
Other debtors 97,013
5 Creditors: amounts falling due within one year 2019
£
Trade creditors 841
Taxation and social security costs 27,948
28,789
6 Other information
Hyslop Financial Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Regus House
Emperor Way
Exeter
Devon
EX1 3QS
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