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COMPANY REGISTRATION NUMBER: SC386912
Philip Tervit Consulting Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2021
Philip Tervit Consulting Limited
Statement of Financial Position
31 October 2021
2021
2020
Note
£
£
Current assets
Cash at bank and in hand
33,315
33,314
Creditors: amounts falling due within one year
4
4,422
657
--------
--------
Net current assets
28,893
32,657
--------
--------
Total assets less current liabilities
28,893
32,657
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
28,793
32,557
--------
--------
Shareholders funds
28,893
32,657
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr P. A. Tervit
Director
Company registration number: SC386912
Philip Tervit Consulting Limited
Notes to the Financial Statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Greenbank Crescent, Edinburgh, EH10 5SG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
221
Other creditors
4,422
436
-------
----
4,422
657
-------
----
5. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P. A. Tervit
( 436)
( 3,986)
( 4,422)
----
-------
-------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P. A. Tervit
2,877
( 3,313)
( 436)
-------
-------
----
6. Related party transactions
During the year the directors received £3,500 (2020 £3,300) of dividends in aggregate. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.