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REGISTERED NUMBER: SC526289 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Lomond Wealth Management Ltd

Lomond Wealth Management Ltd (Registered number: SC526289)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Lomond Wealth Management Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D J Fish
S E Lafferty





REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA





REGISTERED NUMBER: SC526289 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Lomond Wealth Management Ltd (Registered number: SC526289)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 600 2,400
Tangible assets 6 124,128 144,841
Investments 7 1,258,302 1,258,302
1,383,030 1,405,543

CURRENT ASSETS
Debtors 8 4,615 2,189
Cash at bank 357,123 259,730
361,738 261,919
CREDITORS
Amounts falling due within one year 9 339,803 239,503
NET CURRENT ASSETS 21,935 22,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,404,965

1,427,959

CREDITORS
Amounts falling due after more than one
year

10

(92,154

)

(101,146

)

PROVISIONS FOR LIABILITIES (31,182 ) (27,976 )
NET ASSETS 1,281,629 1,298,837

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,281,529 1,298,737
SHAREHOLDERS' FUNDS 1,281,629 1,298,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Lomond Wealth Management Ltd (Registered number: SC526289)

Balance Sheet - continued
29 February 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 24 September 2024 and were signed on its behalf by:





D J Fish - Director


Lomond Wealth Management Ltd (Registered number: SC526289)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Lomond Wealth Management Ltd 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from commission earned by the company during the period.

Turnover is measured at the fair value of commissions received, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Lomond Wealth Management Ltd (Registered number: SC526289)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 7,200
AMORTISATION
At 1 March 2023 4,800
Charge for year 1,800
At 29 February 2024 6,600
NET BOOK VALUE
At 29 February 2024 600
At 28 February 2023 2,400

Lomond Wealth Management Ltd (Registered number: SC526289)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 213,868
Additions 4,143
At 29 February 2024 218,011
DEPRECIATION
At 1 March 2023 69,027
Charge for year 24,856
At 29 February 2024 93,883
NET BOOK VALUE
At 29 February 2024 124,128
At 28 February 2023 144,841

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 167,194
DEPRECIATION
At 1 March 2023 23,991
Charge for year 23,990
At 29 February 2024 47,981
NET BOOK VALUE
At 29 February 2024 119,213
At 28 February 2023 143,203

Lomond Wealth Management Ltd (Registered number: SC526289)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 March 2023
and 29 February 2024 1,258,302
NET BOOK VALUE
At 29 February 2024 1,258,302
At 28 February 2023 1,258,302

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,615 2,189

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 19,313 29,635
Trade creditors - 1,589
Amounts owed to group undertakings 202,636 102,636
Taxation and social security 108,010 92,718
Other creditors 9,844 12,925
339,803 239,503

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 92,154 101,146

11. PENSION COMMITMENTS

Included within other creditors are contributions totalling £399 (2023 - £2,660) which were due to the pension scheme at the year end.

Lomond Wealth Management Ltd (Registered number: SC526289)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. RELATED PARTY DISCLOSURES

The company operates loan accounts with the director D J Fish.

During the year the company repaid loans to the director totally £58, at the year end, the balance due to the director was £137 (2023: £195). There are no fixed repayment terms and no interest was charged.

Lomond Financial Management Group Ltd

Lomond Wealth Management Ltd is the immediate parent company of Lomond Financial Management Group Ltd. During the year, the company charged management fees of £247,450 (2023: £157,161) to Lomond Financial Management Group Ltd.

The balance due to Lomond Financial Management Group Ltd at the year end was £202,636 (2023: £102,636). This balance is unsecured, interest free and has no fixed repayment terms.

Semple Buchan Financial Management Ltd

A company where D J Fish is also a director.

During the year the company advanced loans to Semple Buchan Financial Management Ltd totally £1,668. At the year end, the balance due to the company was £3,108 (2023: £1,440). This balance is unsecured, interest free and has no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lomond Wealth Management Ltd

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 Lomond Wealth Management Ltd for the year ended 29 February 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 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 Board of Directors of Lomond Wealth Management Ltd, 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 Lomond Wealth Management Ltd and state those matters that we have agreed to state to the Board of Directors of Lomond Wealth Management Ltd, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lomond Wealth Management 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 Lomond Wealth Management Ltd. You consider that Lomond Wealth Management 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 Lomond Wealth Management 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.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


24 September 2024