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REGISTERED NUMBER: SC303141 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

ADVANCED FINANCIAL STRATEGIES LIMITED

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ADVANCED FINANCIAL STRATEGIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Anne Clark
Kenneth S Morrison



REGISTERED OFFICE: 15 Glasgow Road
Paisley
Renfrewshire
PA1 3QS



REGISTERED NUMBER: SC303141 (Scotland)



ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT



BANKERS: The Royal Bank of Scotland plc
10 Gordon Street
Glasgow
G1 3PL

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,224 78,524
Investments 5 100,000 90,000
193,224 168,524

CURRENT ASSETS
Debtors 6 195,034 23,234
Cash at bank 81,300 104,644
276,334 127,878
CREDITORS
Amounts falling due within one year 7 366,697 63,506
NET CURRENT (LIABILITIES)/ASSETS (90,363 ) 64,372
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,861

232,896

CREDITORS
Amounts falling due after more than one
year

8

30,865

9,586
NET ASSETS 71,996 223,310

CAPITAL AND RESERVES
Called up share capital 557 875
Capital redemption reserve 443 125
Retained earnings 70,996 222,310
SHAREHOLDERS' FUNDS 71,996 223,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


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 30 September 2023 and were signed on its behalf by:




Anne Clark - Director



Kenneth S Morrison - Director


ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Advanced Financial Strategies Limited 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.

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


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.

Rendering of services
Turnover from the rendering of services, namely the provision of financial advice, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 15% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Investments
Investments are shown at cost. Provisions for permanent diminution in the value of investments are charged in the income statement.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 186,443 1,766 36,784 10,233 235,226
Additions - - 44,460 - 44,460
Disposals - - (36,784 ) - (36,784 )
At 31 May 2023 186,443 1,766 44,460 10,233 242,902
DEPRECIATION
At 1 June 2022 107,925 1,765 36,783 10,229 156,702
Charge for year 18,644 - 11,115 - 29,759
Eliminated on disposal - - (36,783 ) - (36,783 )
At 31 May 2023 126,569 1,765 11,115 10,229 149,678
NET BOOK VALUE
At 31 May 2023 59,874 1 33,345 4 93,224
At 31 May 2022 78,518 1 1 4 78,524

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022 36,784
Additions 44,460
Disposals (36,784 )
At 31 May 2023 44,460
DEPRECIATION
At 1 June 2022 36,783
Charge for year 11,115
Eliminated on disposal (36,783 )
At 31 May 2023 11,115
NET BOOK VALUE
At 31 May 2023 33,345
At 31 May 2022 1

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2022 90,000
Additions 10,000
At 31 May 2023 100,000
NET BOOK VALUE
At 31 May 2023 100,000
At 31 May 2022 90,000

6. DEBTORS
31.5.23 31.5.22
£    £   
Amounts falling due within one year:
Trade debtors 10,915 12,234
Other debtors 31,000 11,000
41,915 23,234

ADVANCED FINANCIAL STRATEGIES LIMITED (REGISTERED NUMBER: SC303141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. DEBTORS - continued
31.5.23 31.5.22
£    £   
Amounts falling due after more than one year:
Prepayments and accrued income 153,119 -

Aggregate amounts 195,034 23,234

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 5,483 5,006
Corporation tax 188,881 54,809
P.A.Y.E. and N.I.C. 1,797 1,002
Other creditors 140,118 1,136
Directors' loan 8,312 -
Accrued charges 22,106 1,553
366,697 63,506

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 30,865 9,586

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Hire purchase contracts 36,348 14,592

Hire purchase contracts are secured on the assets to which they relate.

10. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £8,312.