Company registration number:
SC276614
Saorsa Financial Services Limited
Unaudited filleted financial statements
31 March 2024
Saorsa Financial Services Limited
Contents
Statement of financial position
Notes to the financial statements
Saorsa Financial Services Limited
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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|
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Debtors |
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4 |
- |
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561 |
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Cash at bank and in hand |
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60,776 |
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68,655 |
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_______ |
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_______ |
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60,776 |
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69,216 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
36,055) |
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(
46,565) |
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_______ |
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_______ |
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Net current assets |
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24,721 |
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22,651 |
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_______ |
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_______ |
Total assets less current liabilities |
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24,721 |
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22,651 |
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_______ |
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_______ |
Net assets |
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24,721 |
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22,651 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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6 |
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|
750 |
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|
750 |
Profit and loss account |
|
7 |
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23,971 |
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21,901 |
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_______ |
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_______ |
Shareholders funds |
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24,721 |
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22,651 |
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_______ |
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_______ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
John Johnstone
Director
Company registration number:
SC276614
Saorsa Financial Services Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 43 Kippielaw Road, Easthouses, Dalkeith, Midlothian, EH22 4HZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short term highly liquid investments.
Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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- |
561 |
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_______ |
_______ |
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5.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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28,618 |
22,335 |
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Corporation tax |
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5,316 |
3,986 |
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Other creditors |
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2,121 |
20,244 |
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_______ |
_______ |
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36,055 |
46,565 |
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_______ |
_______ |
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6.
Called up share capital
Issued, called up and fully paid
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Founder A Ordinary shares of £
0.10 each |
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5,500 |
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550 |
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5,500 |
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550 |
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Founder B Ordinary shares of £
0.10 each |
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2,000 |
|
200 |
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2,000 |
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200 |
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_______ |
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_______ |
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_______ |
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_______ |
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7,500 |
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750 |
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7,500 |
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750 |
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_______ |
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_______ |
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_______ |
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_______ |
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7.
Reserves
The profit and loss account reserve comprises of the cumulative profit and loss trading results less any dividends distributed to shareholders.