Financial Independent Solutions Ltd. - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC218279 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

FINANCIAL INDEPENDENT SOLUTIONS LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

M McLair

Mrs J McLair

REGISTERED OFFICE:

67 Main Street

Bothwell

Lanarkshire

G71 8ER

REGISTERED NUMBER:

SC218279 (Scotland)

ACCOUNTANTS:

J Gilmour Limited

Certified Accountants

24 Clydeview

Bothwell

Glasgow

Lanarkshire

G71 8NW

FIXED ASSETS

Tangible assets

4

228

303

CURRENT ASSETS

Debtors

5

16,141

16,140

Cash at bank

75,791

64,397

91,932

80,537

CREDITORS

Amounts falling due within one year

6

25,690

22,993

NET CURRENT ASSETS

66,242

57,544

TOTAL ASSETS LESS CURRENT LIABILITIES

66,470

57,847

PROVISIONS FOR LIABILITIES

7

43

58

NET ASSETS

66,427

57,789

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

66,327

57,689

SHAREHOLDERS' FUNDS

66,427

57,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2023 and were signed on its behalf by:

M McLair - Director

1.	STATUTORY INFORMATION

Financial Independent Solutions Ltd. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 September 2021

and 31 August 2022

9,810

DEPRECIATION

At 1 September 2021

9,507

Charge for year

75

At 31 August 2022

9,582

NET BOOK VALUE

At 31 August 2022

228

At 31 August 2021

303

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Other debtors

16,141

16,140

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Tax

24,181

20,611

Social security and other taxes

1,468

1,420

Directors' current accounts

41

41

Accrued expenses

-

921

25,690

22,993

7.	PROVISIONS FOR LIABILITIES

31.8.22

31.8.21

£

£

Deferred tax

Accelerated capital allowances

43

58

Deferred

tax

£

Balance at 1 September 2021

58

accelerated capital allowances

(15

)

Balance at 31 August 2022

43

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.22

31.8.21

value:

£

£

100

Ordinary

1

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2021

57,689

Profit for the year

103,028

Dividends

(94,390

)

At 31 August 2022

66,327

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2022 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

J Gilmour Limited

Certified Accountants

24 Clydeview

Bothwell

Glasgow

Lanarkshire

G71 8NW

19 January 2023