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COMPANY REGISTRATION NUMBER: SC672495
Calton Wealth Management Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Calton Wealth Management Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
38,222
12,292
Current assets
Debtors
6
128,025
15,262
Cash at bank and in hand
148,294
49,135
---------
--------
276,319
64,397
Creditors: amounts falling due within one year
7
323,687
28,897
---------
--------
Net current (liabilities)/assets
( 47,368)
35,500
--------
--------
Total assets less current liabilities
( 9,146)
47,792
Creditors: amounts falling due after more than one year
8
5,000
-------
--------
Net (liabilities)/assets
( 9,146)
42,792
-------
--------
Capital and reserves
Called up share capital
10
130
130
Share premium account
215,026
215,026
Profit and loss account
( 224,302)
( 172,364)
---------
---------
Shareholders (deficit)/funds
( 9,146)
42,792
---------
---------
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.
For the year ending 30 November 2023 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 were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr T W Ham
Director
Company registration number: SC672495
Calton Wealth Management Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Rutland Square, Edinburgh, EH1 2AS, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. At the balance sheet date, the Company is in a net liabilities position, however, the directors have assurance that the working capital needs of the business can be met through investments received in the following year and participator loans due by the company will not be requested ahead of other creditors. The directors are also content that the company can meet the capital adequacy obligations required by the FCA. The Company is able to meet its other obligations as they fall due, and on that basis the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is derived mainly from planning fees, charges on the value of amount invested and ongoing fees for the management and advisory services provided on investments. Revenue from planning fees is recognised on the date the agreement has been reached with a client. Revenue from charges on the value of amount invested is recognised on the date the investment is made. The charge is a percentage of the invested amount. Revenue from ongoing fees is recognised by reference to the percentage of the investment value at the end of the reporting period.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 assets, which include trade and other debtors and cash at bank 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. Basic financial liabilities, which include trade and other creditors, and bank loans and overdrafts 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2022
6,410
12,014
18,424
Additions
32,587
32,587
--------
--------
--------
At 30 November 2023
38,997
12,014
51,011
--------
--------
--------
Depreciation
At 1 December 2022
1,936
4,196
6,132
Charge for the year
2,919
3,738
6,657
--------
--------
--------
At 30 November 2023
4,855
7,934
12,789
--------
--------
--------
Carrying amount
At 30 November 2023
34,142
4,080
38,222
--------
--------
--------
At 30 November 2022
4,474
7,818
12,292
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,562
4,100
Other debtors
121,463
11,162
---------
--------
128,025
15,262
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,036
Amounts owed to group undertakings
144,665
Social security and other taxes
11,351
10,448
Other creditors
145,635
18,449
---------
--------
323,687
28,897
---------
--------
Included in other debtors and other creditors is an amount of £14,480 which relates to Maggies Ball .
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,000
----
-------
9. Deferred tax
There is an unrecognised deferred tax asset of £42,147 (2022: £38,584), primarily in respect of tax losses.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.10 each
1,300
130
1,300
130
-------
----
-------
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
75,617
24,000
Later than 1 year and not later than 5 years
190,852
72,000
---------
--------
266,469
96,000
---------
--------
12. Directors' advances, credits and guarantees
During the year, the company operated a director's loan account with Thomas Ham, director. The total amount advanced during the year was £43,105 (2022: £3,390). An amount of £43,375 (2022: £3,390) was due from the director to the company at the year end. Interest was charged on this loan at HMRC's approved interest rate.
13. Related party transactions
During the year the company entered into transactions with Gameplan Wealth Management limited, partly owned by a director of this Company. (Has significant influence or control, >25% but less than 50%). The Company received income of £28,049 (2022: £20,290) The Company paid expenses of £23,870 (2022: £21,835))