Company registration number SC418885 (Scotland)
Ferguson Law Financial Services Ltd
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with registrar
Ferguson Law Financial Services Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Ferguson Law Financial Services Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ferguson Law Financial Services Ltd for the year ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Ferguson Law Financial Services Ltd, as a body, in accordance with the terms of our engagement letter dated 29 March 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Ferguson Law Financial Services Ltd and state those matters that we have agreed to state to the board of directors of Ferguson Law Financial Services Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ferguson Law Financial Services Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Ferguson Law Financial Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ferguson Law Financial Services Ltd. You consider that Ferguson Law Financial Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ferguson Law Financial Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
5 August 2024
Ferguson Law Financial Services Ltd
Statement of financial position
as at 31 May 2024
31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
930
480
Investments
4
90,757
80,869
91,687
81,349
Current assets
Stocks
100
100
Debtors
37,157
10,330
Cash at bank and in hand
340,238
298,483
377,495
308,913
Creditors: amounts falling due within one year
(59,097)
(45,610)
Net current assets
318,398
263,303
Total assets less current liabilities
410,085
344,652
Provisions for liabilities
(13,919)
(9,622)
Net assets
396,166
335,030
Capital and reserves
Called up share capital
100
100
Revaluation reserve
46,280
40,631
Profit and loss reserves
349,786
294,299
Total equity
396,166
335,030
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
Ferguson Law Financial Services Ltd
Statement of financial position (continued)
as at 31 May 2024
31 May 2024
3
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Zander Milne
Director
Company Registration No. SC418885
Ferguson Law Financial Services Ltd
Notes to the financial statements
for the year ended 31 May 2024
4
1
Accounting policies
Company information
Ferguson Law Financial Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is Inverden House, 1 Queens Lane North, Aberdeen, AB15 4DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts and comprises commissions earned in the year as per insurer records and fees for work carried out in the year on a non-commission basis.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 and 5 years straight line
Tenant's Improvements
3 years straight line
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Ferguson Law Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
5
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amount payable by the company to the fund in respect of the year.
2
Intangible fixed assets
Total
£
Cost
At 1 June 2023 and 31 May 2024
80,200
Amortisation and impairment
At 1 June 2023 and 31 May 2024
80,200
Carrying amount
At 31 May 2024
At 31 May 2023
Ferguson Law Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
6
3
Tangible fixed assets
Total
£
Cost
At 1 June 2023
11,540
Additions
996
At 31 May 2024
12,536
Depreciation and impairment
At 1 June 2023
11,060
Depreciation charged in the year
546
At 31 May 2024
11,606
Carrying amount
At 31 May 2024
930
At 31 May 2023
480
4
Fixed asset investments
2024
2023
£
£
Investments
90,757
80,869
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 June 2023
80,869
Additions
318
Valuation changes
9,825
Disposals
(255)
At 31 May 2024
90,757
Carrying amount
At 31 May 2024
90,757
At 31 May 2023
80,869