IRIS Accounts Production v24.1.4.33 SC445032 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4450322023-03-31SC4450322024-03-31SC4450322023-04-012024-03-31SC4450322022-03-31SC4450322022-04-012023-03-31SC4450322023-03-31SC445032ns15:Scotland2023-04-012024-03-31SC445032ns14:PoundSterling2023-04-012024-03-31SC445032ns10:Director12023-04-012024-03-31SC445032ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC445032ns10:SmallEntities2023-04-012024-03-31SC445032ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31SC445032ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC445032ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC445032ns10:FullAccounts2023-04-012024-03-31SC44503212023-04-012024-03-31SC445032ns10:OrdinaryShareClass12023-04-012024-03-31SC445032ns10:OrdinaryShareClass22023-04-012024-03-31SC445032ns10:OrdinaryShareClass32023-04-012024-03-31SC445032ns10:Director22023-04-012024-03-31SC445032ns10:Director32023-04-012024-03-31SC445032ns10:Director42023-04-012024-03-31SC445032ns10:Director52023-04-012024-03-31SC445032ns10:RegisteredOffice2023-04-012024-03-31SC445032ns5:CurrentFinancialInstruments2024-03-31SC445032ns5:CurrentFinancialInstruments2023-03-31SC445032ns5:Non-currentFinancialInstruments2024-03-31SC445032ns5:Non-currentFinancialInstruments2023-03-31SC445032ns5:ShareCapital2024-03-31SC445032ns5:ShareCapital2023-03-31SC445032ns5:RetainedEarningsAccumulatedLosses2024-03-31SC445032ns5:RetainedEarningsAccumulatedLosses2023-03-31SC445032ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC445032ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-31SC445032ns5:ComputerSoftware2023-04-012024-03-31SC445032ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-31SC445032ns5:ComputerSoftware2023-03-31SC445032ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-31SC445032ns5:ComputerSoftware2024-03-31SC445032ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-31SC445032ns5:ComputerSoftware2023-03-31SC445032ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-31SC445032ns5:LeaseholdImprovements2023-03-31SC445032ns5:FurnitureFittings2023-03-31SC445032ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-31SC445032ns5:LeaseholdImprovements2023-04-012024-03-31SC445032ns5:FurnitureFittings2023-04-012024-03-31SC445032ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-31SC445032ns5:LeaseholdImprovements2024-03-31SC445032ns5:FurnitureFittings2024-03-31SC445032ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-31SC445032ns5:LeaseholdImprovements2023-03-31SC445032ns5:FurnitureFittings2023-03-31SC445032ns5:MotorVehicles2023-03-31SC445032ns5:ComputerEquipment2023-03-31SC445032ns5:MotorVehicles2023-04-012024-03-31SC445032ns5:ComputerEquipment2023-04-012024-03-31SC445032ns5:MotorVehicles2024-03-31SC445032ns5:ComputerEquipment2024-03-31SC445032ns5:MotorVehicles2023-03-31SC445032ns5:ComputerEquipment2023-03-31SC445032ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC445032ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC445032ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-31SC445032ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-31SC445032ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31SC445032ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31SC445032ns5:Secured2024-03-31SC445032ns5:Secured2023-03-31SC445032ns10:OrdinaryShareClass12024-03-31SC445032ns10:OrdinaryShareClass22024-03-31SC445032ns10:OrdinaryShareClass32024-03-31SC445032ns10:Director222023-03-31SC445032ns10:Director222022-03-31SC445032ns10:Director222023-04-012024-03-31SC445032ns10:Director222022-04-012023-03-31SC445032ns10:Director222024-03-31SC445032ns10:Director222023-03-31
REGISTERED NUMBER: SC445032 (Scotland)









MURPHY WEALTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


MURPHY WEALTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: A V Murphy
F Frew
N Law
B Murphy
J C Moran





REGISTERED OFFICE: 8th Floor
149 St Vincent Street,
Glasgow
G2 5NW





REGISTERED NUMBER: SC445032 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MURPHY WEALTH LIMITED

The following reproduces the text of the report prepared for the directors 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 Directors 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 Murphy Wealth Limited for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Murphy Wealth Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Murphy Wealth Limited and state those matters that we have agreed to state to the Board of Directors of Murphy Wealth Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Murphy Wealth Limited 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 Murphy Wealth Limited. You consider that Murphy Wealth Limited 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 Murphy Wealth Limited. 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.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


16th September 2024

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,757 29,097
Tangible assets 5 102,154 130,727
127,911 159,824

CURRENT ASSETS
Debtors 6 1,356,361 1,132,875
Cash at bank 291,822 126,094
1,648,183 1,258,969
CREDITORS
Amounts falling due within one year 7 671,157 482,114
NET CURRENT ASSETS 977,026 776,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,104,937

936,679

CREDITORS
Amounts falling due after more than one
year

8

(116,853

)

(202,896

)

PROVISIONS FOR LIABILITIES (31,978 ) (30,993 )
NET ASSETS 956,106 702,790

CAPITAL AND RESERVES
Called up share capital 11 101 101
Retained earnings 956,005 702,689
SHAREHOLDERS' FUNDS 956,106 702,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 16th September 2024 and were signed on its behalf by:





J C Moran - Director


MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Murphy Wealth Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover comprises commission income and fees received and receivable for the year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website & Branding are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset typeDepreciation rate

Short leasehold10% straight line
Improvements to property25% reducing balance
Motor vehicles10% - 25% straight line
Fixtures & Fittings15% reducing balance
Computer Equipment33% straight line

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Website & Computer
Branding software Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 37,205 12,270 49,475
AMORTISATION
At 1st April 2023 8,108 12,270 20,378
Amortisation for year 3,340 - 3,340
At 31st March 2024 11,448 12,270 23,718
NET BOOK VALUE
At 31st March 2024 25,757 - 25,757
At 31st March 2023 29,097 - 29,097

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1st April 2023
and 31st March 2024 28,332 14,367 21,375
DEPRECIATION
At 1st April 2023 14,166 10,958 11,633
Charge for year 2,833 852 1,461
At 31st March 2024 16,999 11,810 13,094
NET BOOK VALUE
At 31st March 2024 11,333 2,557 8,281
At 31st March 2023 14,166 3,409 9,742

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 105,652 63,814 233,540
DEPRECIATION
At 1st April 2023 18,503 47,553 102,813
Charge for year 13,852 9,575 28,573
At 31st March 2024 32,355 57,128 131,386
NET BOOK VALUE
At 31st March 2024 73,297 6,686 102,154
At 31st March 2023 87,149 16,261 130,727

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 750 -
Amounts owed by group undertakings 983,026 787,423
Other debtors 372,585 345,452
1,356,361 1,132,875

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 9) 50,000 50,000
Hire purchase contracts 12,793 10,173
Trade creditors 55,663 38,572
Amounts owed to group undertakings 330,622 190,941
Taxation and social security 180,456 144,405
Other creditors 41,623 48,023
671,157 482,114

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 54,167 104,167
Hire purchase contracts 62,686 75,479
Other creditors - 23,250
116,853 202,896

9. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000
Other loans 23,250 31,000
73,250 81,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 54,167 50,000
Other loans - 1-2 years - 23,250
54,167 73,250

Amounts falling due between two and five years:
Bank loans - 2-5 years - 54,167

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 104,167 154,167
Other loans 23,250 54,250
Hire purchase contracts 75,479 85,652
202,896 294,069

The bank overdraft and bank loan are secured by a bond and floating charge over the assets of the company.

Included above in other loans is a loan from the Murphy Wealth Limited Pension Scheme which is secured by a first fixed security over 3,500 ordinary shares in Murphy Group Scotland Limited, the ultimate parent company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
49 Ordinary A £1 49 49
51 Ordinary B £1 51 51
1 Ordinary C £1 1 1
101 101

12. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £373,219 (2023: £499,495).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
£    £   
A V Murphy
Balance outstanding at start of year 138,420 127,430
Amounts advanced 219,083 208,073
Amounts repaid (194,895 ) (197,083 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 162,608 138,420

Directors loans are interest fee and have no fixed repayment terms.

MURPHY WEALTH LIMITED (REGISTERED NUMBER: SC445032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

14. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Murphy Wealth Group Limited. Murphy Wealth Group Limited is itself a wholly owned subsidiary of Murphy Group Scotland Limited. The director, Adrian Murphy, is the
majority shareholder of Murphy Group Scotland Limited and he is therefore considered to be the ultimate
controlling party.

Murphy Group Scotland Limited is a company registered in Scotland and its company number is SC578017. Its registered office is 8th Floor, Sutherland House, 149 St Vincent Street, Glasgow, G2 5NW