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REGISTERED NUMBER: SC734078 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

HONEST WEALTH MANAGEMENT LTD

HONEST WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC734078)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HONEST WEALTH MANAGEMENT LTD

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTOR: G P Millward



REGISTERED OFFICE: 5 Tesla Place
Motherwell
Lanarkshire
ML1 2FU



REGISTERED NUMBER: SC734078 (Scotland)



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



BANKERS: Starling Bank
7TH Floor
Norfolk House
31 St James'S Square
London
SW1Y 4JR

HONEST WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC734078)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,844 3,466

CURRENT ASSETS
Debtors 5 4,655 6,955
Cash at bank 32,509 20,634
37,164 27,589
CREDITORS
Amounts falling due within one year 6 17,345 35,571
NET CURRENT ASSETS/(LIABILITIES) 19,819 (7,982 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,663

(4,516

)

PROVISIONS FOR LIABILITIES 731 -
NET ASSETS/(LIABILITIES) 22,932 (4,516 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 12,932 (14,516 )
22,932 (4,516 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 13 February 2025 and were signed by:





G P Millward - Director


HONEST WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC734078)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Honest 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 of work undertaken in the period falling within the company's ordinary activities to supply services to third parties.

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 - 20% on cost and 10% on 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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

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 2 (2023 - 1 ) .

HONEST WEALTH MANAGEMENT LTD (REGISTERED NUMBER: SC734078)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 4,126
Additions 1,172
At 31 May 2024 5,298
DEPRECIATION
At 1 June 2023 660
Charge for year 794
At 31 May 2024 1,454
NET BOOK VALUE
At 31 May 2024 3,844
At 31 May 2023 3,466

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,311 1,341
Other debtors 1,344 5,614
4,655 6,955

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 6,002 463
Other creditors 11,343 35,108
17,345 35,571