Faulkner Consulting Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC480809

FAULKNER CONSULTING LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

CURRENT ASSETS

Debtors

4

60,340

62,340

Cash at bank

2,261

2,412

62,601

64,752

CREDITORS

Amounts falling due within one year

5

(49,965

)

(44,117

)

NET CURRENT ASSETS

12,636

20,635

TOTAL ASSETS LESS CURRENT LIABILITIES

12,636

20,635

CREDITORS

Amounts falling due after more than one year

6

(11,759

)

(16,681

)

NET ASSETS

877

3,954

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

777

3,854

SHAREHOLDERS' FUNDS

877

3,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:

S Faulkner - Director

1.	STATUTORY INFORMATION

Faulkner Consulting Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is 11 Knoweholm, Doonfoot, Ayr KA7 4HB.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net invoiced sales of services, excluding Value Added Tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the services have been passed to the customer.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recorded at transaction value and subsequently measured at their settlement value.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

60,340

62,340

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

4,843

4,764

Taxation and social security

12,021

15,399

Other creditors

33,101

23,954

49,965

44,117

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

11,759

16,681

7.	RELATED PARTY DISCLOSURES

Included in creditors is an amount of £33,101 (2022 - £ 23,954) due to the directors. The loan is interest free and repayable on demand.