REGISTERED NUMBER: SC496302 (Scotland)

ABERDEEN MORTGAGE COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

Chartered Accountants' Report

7

DIRECTOR:

D S Kennedy

REGISTERED OFFICE:

1st Floor

207 Bath Street

Glasgow

G2 4HZ

REGISTERED NUMBER:

SC496302 (Scotland)

ACCOUNTANTS:

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

FIXED ASSETS

Tangible assets

4

441

659

CURRENT ASSETS

Debtors

5

106,280

116,108

Cash at bank and in hand

20,254

32,630

126,534

148,738

CREDITORS

Amounts falling due within one year

6

94,221

100,292

NET CURRENT ASSETS

32,313

48,446

TOTAL ASSETS LESS CURRENT LIABILITIES

32,754

49,105

PROVISIONS FOR LIABILITIES

7

84

132

NET ASSETS

32,670

48,973

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

32,668

48,971

SHAREHOLDERS' FUNDS

32,670

48,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 18 April 2018 and were signed by:

D S Kennedy - Director

1.	STATUTORY INFORMATION

Aberdeen Mortgage Company Limited is a private company, limited by shares, registered in Scotland. The

company's registered number is SC496302 and its registered office address is 1st Floor 207 Bath Street Glasgow

G2 4HZ.

The nature of the company's operations and its principal activity for the year under review are set out in the

Director's Report on page 2.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary

amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending

on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life

cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as

future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a

decision made on possible impairment. Factors taken into consideration in reaching such a decision include the

economic viability and expected future financial performance of the asset and where it is a component of a larger

cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to

be sold, or where stock is sold post year end at a loss.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to

receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria

must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of

the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due;

- the costs incurred can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 '

Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the

instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transactions costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the Company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks

and other short-term liquid investments with original maturities of three months or less.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described

below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after

initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an

asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine

reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event

occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 August 2016

and 31 July 2017

867

DEPRECIATION

At 1 August 2016

208

Charge for year

218

At 31 July 2017

426

NET BOOK VALUE

At 31 July 2017

441

At 31 July 2016

659

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

59,295

70,763

Associated company loans

46,983

45,343

Other debtors

2

2

106,280

116,108

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

9,949

1,953

Corporation tax

15,583

27,187

Social security and other taxes

1,140

724

Other creditors

20,000

20,000

Directors' current accounts

50

50

Accrued expenses

47,499

50,378

94,221

100,292

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

84

132

Deferred

tax

£

Balance at 1 August 2016

132

Provided during year

(48

)

Balance at 31 July 2017

84

8.	RELATED PARTY DISCLOSURES

During the year the company advanced a loan to its associated company, Lifetime Planning Holdings Limited.

The balance due by Lifetime Planning Holdings Limited at 31 July 2017 was £42,987 (2016 - £41,372).

During the year the company advanced a loan to its associated company, Lifetime Planning Limited. The balance

due by Lifetime Planning Limited at 31 July 2017 was £3,993 ( 2016 - £3,971).

9.	FIRST YEAR ADOPTION

The adoption of FRS 102 has had no impact on the opening financial position of the company.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Aberdeen Mortgage Company Ltd for the year ended 31 July 2017 which comprise the Statement

of Income and Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Aberdeen Mortgage Company Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aberdeen Mortgage Company Ltd and state those matters that we have agreed to state to the director of Aberdeen Mortgage Company Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Aberdeen Mortgage Company 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 Aberdeen Mortgage Company Ltd. You consider that Aberdeen Mortgage Company 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 Aberdeen Mortgage Company 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.

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

18 April 2018