Company registration number SC181744 (Scotland)
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
15,865
Tangible assets
4
-
0
4,744
-
0
20,609
Current assets
Debtors
5
25,000
231,203
Creditors: amounts falling due within one year
6
-
0
(3,500)
Net current assets
25,000
227,703
Total assets less current liabilities
25,000
248,312
Provisions for liabilities
-
0
(2,014)
Net assets
25,000
246,298
Capital and reserves
Called up share capital
7
500
500
Share premium account
24,500
24,500
Profit and loss reserves
-
0
221,298
Total equity
25,000
246,298

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
T D Bremner
Director
Company registration number SC181744 (Scotland)
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Focus Financial Management (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Gresham Chambers, 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

As the intention is to strike off the company as soon as practicably possible, the closing balance sheet has been prepared on a net realisable value basis. There is no material impact on the closing balance sheet as a result of the change in the basis of preparation. The principal accounting policies adopted are set out below.

At 31 January 2024 the parent company was Intelligent Capital Holdings Limited, a company registered in Scotland with their registered office being Gresham Chambers 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.

 

On 8 April 2024 the ultimate parent company became Canaccord Genuity Group Inc.

1.2
Going concern

As the intention is to strike off the company as soon as practicably possible, the Directors have determined that the Company does not meet the criteria for a going concern and so the going concern assumption is no longer appropriate. Accordingly, these financial statements have been prepared on an other than going concern basis.

1.3
Turnover

Turnover represents commission and fees earned.

1.4
Intangible fixed assets - goodwill

Intangible assets are measured at cost less any accumulated amortisation and impairment losses. Goodwill represents the amount paid in connection with the acquisition of a business in 2015. It is currently being amortised evenly over its expected useful life of 10 years. Goodwill was transferred to a fellow subsidiary on the 1 February 2023.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% reducing balance
Fixtures and fittings
15% reducing balance
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

 

Tangible fixed assets were transferred to a fellow subsidiary on 1 February 2023.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Debtors

Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023
230,197
Transfers
(230,197)
At 31 January 2024
-
0
Amortisation and impairment
At 1 February 2023
214,332
Transfers
(214,332)
At 31 January 2024
-
0
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
15,865
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
54,402
Transfers
(54,402)
At 31 January 2024
-
0
Depreciation and impairment
At 1 February 2023
49,658
Transfers
(49,658)
At 31 January 2024
-
0
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
4,744
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25,000
188,795
Other debtors
-
0
28,273
25,000
217,068
Amounts falling due after more than one year:
Other debtors
-
0
14,135
Total debtors
25,000
231,203
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
-
0
3,500
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
8
Financial commitments, guarantees and contingent liabilities

At 31 January 2024 the company was party to a cross corporate guarantee between Intelligent Capital Holdings Limited, Intelligent Capital Group Limited, Intelligent Capital Ltd, and First Financial Consulting Ltd. The guarantees and securities were against the sums drawn down, lent or otherwise utilised under the terms of the credit facilities offered to Focus Financial Management (Scotland) Limited, or any of the above companies, by Clydesdale Bank PLC. This charge was satisfied on 11 April 2024.

9
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

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