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REGISTERED NUMBER: SC502234 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CHRIS NESS WEALTH MANAGEMENT LTD

CHRIS NESS WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC502234)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CHRIS NESS WEALTH MANAGEMENT LTD

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTOR: C Ness



SECRETARY: Mrs S McEwan



REGISTERED OFFICE: 29 Hopetoun Terrace
Gullane
East Lothian
EH31 2DD



REGISTERED NUMBER: SC502234 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: Bank of Scotland plc
47 High Street
Dalkeith
Midlothian
EH22 1JA

CHRIS NESS WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC502234)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 29,009 41,847
Tangible assets 5 304 672
29,313 42,519

CURRENT ASSETS
Debtors 6 3,808 4,211
Prepayments and accrued income 14,260 10,916
Cash at bank 21,888 25,384
39,956 40,511
CREDITORS
Amounts falling due within one year 7 33,989 32,913
NET CURRENT ASSETS 5,967 7,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,280

50,117

CREDITORS
Amounts falling due after more than one year 8 12,639 25,990
NET ASSETS 22,641 24,127

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 22,541 24,027
SHAREHOLDERS' FUNDS 22,641 24,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 23 September 2024 and were signed by:





C Ness - Director


CHRIS NESS WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC502234)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024


1. STATUTORY INFORMATION

Chris Ness 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 financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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 consists of the sales value, excluding VAT, of work undertaken in the period falling within the company's ordinary activities to supply services to third parties.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Financial instruments
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 128,376
AMORTISATION
At 1 May 2023 86,529
Charge for year 12,838
At 30 April 2024 99,367
NET BOOK VALUE
At 30 April 2024 29,009
At 30 April 2023 41,847

CHRIS NESS WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC502234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 5,090
Disposals (3,190 )
At 30 April 2024 1,900
DEPRECIATION
At 1 May 2023 4,418
Charge for year 368
Eliminated on disposal (3,190 )
At 30 April 2024 1,596
NET BOOK VALUE
At 30 April 2024 304
At 30 April 2023 672

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,808 3,617
Other debtors - 594
3,808 4,211

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 16,376 15,285
Other creditors 17,613 17,628
33,989 32,913

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 12,639 25,990

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 25,990 39,340

Interest is charged on these loans at 3.5% over The Bank of England base rate. The company has granted a security over the assets and undertakings of the company in respect of these loans. The director has provided personal guarantees.

CHRIS NESS WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC502234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


10. BOUNCE BACK LOAN SCHEME

The company borrowed £20,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5% and the loan is repayable by installments as detailed below.

2024 2023
£    £   
< 1 year 2,501 2,500
2-5 years 2,707 5,208
> 5 years - -
5,208 7,708