Registered number
SC362302
Advanced Asset Consultants Limited
Filleted Accounts
31 December 2023
Advanced Asset Consultants Limited
Registered number: SC362302
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,071 23,046
Current assets
Debtors 4 354,465 248,318
Cash at bank and in hand 622 622
355,087 248,940
Creditors: amounts falling due within one year 5 (243,695) (197,201)
Net current assets 111,392 51,739
Total assets less current liabilities 128,463 74,785
Creditors: amounts falling due after more than one year 6 (14,167) (26,061)
Net assets 114,296 48,724
Capital and reserves
Called up share capital 300 300
Profit and loss account 113,996 48,424
Shareholders' funds 114,296 48,724
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Lynch
Director
Approved by the board on 6 August 2024
Advanced Asset Consultants Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes commission and fees eraned from the services of advising and arranging investment advice and ancilliary services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Office Equipmemt over 7 years
I.T. Equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 121,086
At 31 December 2023 121,086
Depreciation
At 1 January 2023 98,040
Charge for the year 5,975
At 31 December 2023 104,015
Net book value
At 31 December 2023 17,071
At 31 December 2022 23,046
4 Debtors 2023 2022
£ £
Trade debtors 274,284 238,444
Other debtors 80,181 9,874
354,465 248,318
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 78,856 82,741
Obligations under finance lease and hire purchase contracts 2,066 2,066
Trade creditors 8,326 8,326
Taxation and social security costs 108,438 52,462
Other creditors 46,009 51,606
243,695 197,201
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance lease and hire purchase contracts - 1,894
14,167 26,061
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 68,856 72,241
Bank borrowings are secured by floating charge over the company assets.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 48,000 48,000
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D McConnell
[Loan 1] 1,892 - - 1,892
1,892 - - 1,892
10 Related party transactions
During the year commissions were paid to Siverburn Investments Ltd in the sum of £92,900 and £38,000 to Ardmore Consultants Ltd. These companies are owned and controlled by D McConnell and K Lynch respectively. No balances were outstanding at the year end.
11 Controlling party
The company is under the control of the Directors, with no single overall controlling party.
12 Other information
Advanced Asset Consultants Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Tay House
300 Bath Street
Glasgow
G2 4JR
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