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ADVANCED FINANCIAL STRATEGIES LIMITED

Registered Number
SC303141
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

ADVANCED FINANCIAL STRATEGIES LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

CLARK, Anne
MORRISON, Kenneth Stuart

Registered Address

15 Glasgow Road
Paisley
PA1 3QS

Registered Number

SC303141 (Scotland)
ADVANCED FINANCIAL STRATEGIES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets363,46593,224
Investments429,846100,000
93,311193,224
Current assets
Debtors5,666,897195,034
Cash at bank and on hand150,93081,300
217,827276,334
Creditors amounts falling due within one year7(193,958)(366,697)
Net current assets (liabilities)23,869(90,363)
Total assets less current liabilities117,180102,861
Creditors amounts falling due after one year8(25,382)(30,865)
Net assets91,79871,996
Capital and reserves
Called up share capital557557
Other reserves443443
Profit and loss account90,79870,996
Shareholders' funds91,79871,996
The financial statements were approved and authorised for issue by the Board of Directors on 26 August 2024, and are signed on its behalf by:
CLARK, Anne
Director
MORRISON, Kenneth Stuart
Director

Registered Company No. SC303141
ADVANCED FINANCIAL STRATEGIES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the service.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings10
Fixtures and fittings15
Vehicles25
Office Equipment15
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 June 23186,44344,4601,76610,233242,902
At 31 May 24186,44344,4601,76610,233242,902
Depreciation and impairment
At 01 June 23126,56911,1151,76510,229149,678
Charge for year18,64411,115--29,759
At 31 May 24145,21322,2301,76510,229179,437
Net book value
At 31 May 2441,23022,2301463,465
At 31 May 2359,87433,3451493,224
Included in the net book value of £63,465 is £44,460 relating to assets held under hire purchase agreements.
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 June 23100,000100,000
Revaluations95,72695,726
Disposals14,12014,120
Transfers(180,000)(180,000)
At 31 May 2429,84629,846
Net book value
At 31 May 2429,84629,846
At 31 May 23100,000100,000

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables12,88410,915
Other debtors31,00031,000
Prepayments and accrued income23,013153,119
Total66,897195,034
6.Debtors: amounts due after one year
7.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties118,9488,312
Taxation and social security64,094190,678
Finance lease and HP contracts5,4835,483
Other creditors1,149140,118
Accrued liabilities and deferred income4,28422,106
Total193,958366,697
8.Creditors: amounts due after one year

2024

2023

££
Other creditors25,38230,865
Total25,38230,865
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts25,38230,865
10.Related party transactions
During the year, the company received an interest free loan from the directors amounting to £118,948 (2023 : £8,312).