Company registration number SC334469 (Scotland)
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
94,005
115,928
Tangible assets
5
95,208
108,133
Investments
6
7,476
7,476
196,689
231,537
Current assets
Debtors
7
101,224
78,766
Cash at bank and in hand
187,672
178,702
288,896
257,468
Creditors: amounts falling due within one year
8
(103,185)
(121,185)
Net current assets
185,711
136,283
Total assets less current liabilities
382,400
367,820
Creditors: amounts falling due after more than one year
9
-
0
(4,705)
Provisions for liabilities
(23,453)
(26,719)
Net assets
358,947
336,396
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
358,846
336,295
Total equity
358,947
336,396

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
Stuart McLean
Director
Company registration number SC334469 (Scotland)
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

McLean & Partners Wealth Management Ltd is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of consideration received or receivable for the provision of wealth management services, excluding discounts. Income is recognised when the amount of revenue can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008 and further client purchases. This is being amortised over it's useful life (3 - 20 years).

 

1.4
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:

Plant and equipment
20% straight line
Computers
25% straight line
Motor vehicles
10% straight line

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.

1.5
Fixed asset investments

Fixed assets investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

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.

MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 the profit and loss account.

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.

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.

MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
5
4
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
463,706
Additions
1,298
At 31 March 2024
465,004
Amortisation and impairment
At 1 April 2023
347,778
Amortisation charged for the year
23,221
At 31 March 2024
370,999
Carrying amount
At 31 March 2024
94,005
At 31 March 2023
115,928
MCLEAN & PARTNERS WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
116,527
Depreciation and impairment
At 1 April 2023
8,394
Depreciation charged in the year
12,925
At 31 March 2024
21,319
Carrying amount
At 31 March 2024
95,208
At 31 March 2023
108,133
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
7,476
7,476
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
101,224
78,766
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
11,120
Taxation and social security
93,703
84,889
Other creditors
9,482
25,176
103,185
121,185
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
4,705
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