IRIS Accounts Production v24.1.9.2 SC347357 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3473572023-02-28SC3473572024-02-29SC3473572023-03-012024-02-29SC3473572021-02-28SC3473572021-03-012023-02-28SC3473572023-02-28SC347357ns15:Scotland2023-03-012024-02-29SC347357ns14:PoundSterling2023-03-012024-02-29SC347357ns10:Director12023-03-012024-02-29SC347357ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC347357ns10:SmallEntities2023-03-012024-02-29SC347357ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC347357ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC347357ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC347357ns10:FullAccounts2023-03-012024-02-29SC34735712023-03-012024-02-29SC347357ns10:Director22023-03-012024-02-29SC347357ns10:RegisteredOffice2023-03-012024-02-29SC347357ns5:CurrentFinancialInstruments2024-02-29SC347357ns5:CurrentFinancialInstruments2023-02-28SC347357ns5:Non-currentFinancialInstruments2024-02-29SC347357ns5:Non-currentFinancialInstruments2023-02-28SC347357ns5:ShareCapital2024-02-29SC347357ns5:ShareCapital2023-02-28SC347357ns5:CapitalRedemptionReserve2024-02-29SC347357ns5:CapitalRedemptionReserve2023-02-28SC347357ns5:RetainedEarningsAccumulatedLosses2024-02-29SC347357ns5:RetainedEarningsAccumulatedLosses2023-02-28SC347357ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC347357ns5:IntangibleAssetsOtherThanGoodwill2023-02-28SC347357ns5:IntangibleAssetsOtherThanGoodwill2024-02-29SC347357ns5:IntangibleAssetsOtherThanGoodwill2023-02-28SC347357ns5:PlantMachinery2023-02-28SC347357ns5:PlantMachinery2023-03-012024-02-29SC347357ns5:PlantMachinery2024-02-29SC347357ns5:PlantMachinery2023-02-28SC347357ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC347357ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC347357ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-29SC347357ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC347357ns5:AdditionsToInvestments2024-02-29SC347357ns5:CostValuation2024-02-29SC347357ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC347357ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC347357ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC347357ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC347357ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-29SC347357ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-28SC347357ns5:HirePurchaseContracts2024-02-29SC347357ns5:HirePurchaseContracts2023-02-28SC347357ns5:Secured2024-02-29SC347357ns5:Secured2023-02-28SC347357ns5:DeferredTaxation2023-02-28SC347357ns5:DeferredTaxation2023-03-012024-02-29SC347357ns5:DeferredTaxation2024-02-29
REGISTERED NUMBER: SC347357 (Scotland)

















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Family & Business Assurance (Services)
Limited
T/A
FAB Assurance

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Family & Business Assurance (Services)
Limited
T/A FAB Assurance

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A C Campbell
A C G Campbell





REGISTERED OFFICE: Forth House
28 Rutland Square
Edinburgh
EH1 2BW





REGISTERED NUMBER: SC347357 (Scotland)





ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 17,257 23,882
Investments 6 55,000 -
72,257 23,882

CURRENT ASSETS
Stocks 700 700
Debtors 7 19,107 32,918
Cash at bank 46,619 126,709
66,426 160,327
CREDITORS
Amounts falling due within one year 8 76,595 89,602
NET CURRENT (LIABILITIES)/ASSETS (10,169 ) 70,725
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,088

94,607

CREDITORS
Amounts falling due after more than one
year

9

(11,830

)

(22,794

)

PROVISIONS FOR LIABILITIES 12 (188 ) (564 )
NET ASSETS 50,070 71,249

CAPITAL AND RESERVES
Called up share capital 101 101
Capital redemption reserve 1 1
Retained earnings 49,968 71,147
50,070 71,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Statement of Financial Position - continued
29 February 2024


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 10 April 2024 and were signed on its behalf by:





A C Campbell - Director


Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Family & Business Assurance (Services) 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. Turnover is attributable to the company's principal activity of independent financial advisors.

Intangible assets
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Amortisation is calculated, using the straight line method, to amortise the depreciable amount of the assets to their residual values over their estimated useful lives as follows.

Computer Software - 3 years on cost

Amortisation and impairment losses are charged to the Income Statement within administrative expenses.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the intangible assets, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The loss is recognised immediately in the Income Statement.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet. 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Fixed asset investments
Fixed asset investments are included in the company's Statement of Financial Position at cost less any amounts written off for permanent diminution in value.

At the end of each reporting period, investments are assessed for objective evidence of impairment. If objective evidence is found, an impairment loss is recognised in the Income Statement.

On disposal of an investment, the difference between the disposal proceeds and the carrying amount of the investment is recognised in the Income Statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 2,340
AMORTISATION
At 1 March 2023
and 29 February 2024 2,340
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 29,172
DEPRECIATION
At 1 March 2023 5,290
Charge for year 6,625
At 29 February 2024 11,915
NET BOOK VALUE
At 29 February 2024 17,257
At 28 February 2023 23,882

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 23,240
DEPRECIATION
At 1 March 2023 2,324
Charge for year 4,648
At 29 February 2024 6,972
NET BOOK VALUE
At 29 February 2024 16,268
At 28 February 2023 20,916

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 55,000
At 29 February 2024 55,000
NET BOOK VALUE
At 29 February 2024 55,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,607 30,618
Other debtors 2,500 2,300
19,107 32,918

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,537 7,238
Hire purchase contracts (see note 10) 3,128 3,128
Taxation and social security 3,867 17,741
Other creditors 62,063 61,495
76,595 89,602

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,749 11,585
Hire purchase contracts (see note 10) 8,081 11,209
11,830 22,794

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 3,128 3,128
Between one and five years 8,081 11,209
11,209 14,337

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 11,286 18,823

The bank loan for The Royal Bank of Scotland PLC is secured by a floating charge over all company assets.

Family & Business Assurance (Services)
Limited (Registered number: SC347357)
T/A FAB Assurance

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 188 564

Deferred
tax
£   
Balance at 1 March 2023 564
Credit to Income Statement during year (376 )
Balance at 29 February 2024 188

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £27,000 (2023 - £19,600) were paid to the directors .