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Registration number: 07955004

Financial Search Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2022 to 31 December 2022

 

Financial Search Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Financial Search Limited

Company Information

Director

Zaki Garkal Ahmed

Registered office

30 Moorgate
London
EC2R 6DN

Accountants

Carbon Accountancy Limited
80-83 Long Lane
London
EC1A 9ET

 

Financial Search Limited

(Registration number: 07955004)
Balance Sheet as at 31 December 2022

Note

2022
£

2022
£

Fixed assets

 

Tangible assets

4

409,006

409,696

Current assets

 

Debtors

5

117,150

162,051

Cash at bank and in hand

 

22,922

37,311

 

140,072

199,362

Creditors: Amounts falling due within one year

6

(40,933)

(67,530)

Net current assets

 

99,139

131,832

Net assets

 

508,145

541,528

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

508,045

541,428

Shareholders' funds

 

508,145

541,528

For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2023
 

.........................................
Zaki Garkal Ahmed
Director

 

Financial Search Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 Moorgate
London
EC2R 6DN

These financial statements were authorised for issue by the director on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Financial Search Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Long leasehold property

Fair value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Financial Search Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 December 2022

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 March 2022

408,176

4,593

412,769

At 31 December 2022

408,176

4,593

412,769

Depreciation

At 1 March 2022

-

3,073

3,073

Charge for the period

-

690

690

At 31 December 2022

-

3,763

3,763

Carrying amount

At 31 December 2022

408,176

830

409,006

At 28 February 2022

408,176

1,520

409,696

Included within the net book value of land and buildings above is £408,176 (2022 - £408,176) in respect of long leasehold land and buildings.
 

5

Debtors

2022
£

2022
£

Trade debtors

-

57,600

Other debtors

117,150

74,451

Accrued income

-

30,000

117,150

162,051

 

Financial Search Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2022
£

Due within one year

 

Social security and other taxes

 

9,929

13,106

Accruals

 

2,750

2,500

Income tax liability

28,254

51,924

 

40,933

67,530

7

Share capital

Allotted, called up and fully paid shares

 

2022

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with other related parties

Zaki Garkal Ahmed
(Director)

At the balance sheet date, amount due from director was £117,149 (2022: £74,451). Company has charged interest on the loan. The amount was repaid within nine months after the year end.