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Registered number: SC597534









MACBETH CURRIE FINANCIAL SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: SC597534

BALANCE SHEET
AS AT 31 MAY 2024

31 May
As restated
31 March
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
110,744
160,892

Tangible assets
 5 
728
1,640

  
111,472
162,532

Current assets
  

Debtors: amounts falling due after more than one year
 6 
66,317
-

Debtors: amounts falling due within one year
 6 
30,770
68,729

Cash at bank and in hand
 7 
67,775
34,749

  
164,862
103,478

Creditors: amounts falling due within one year
 8 
(41,876)
(38,420)

Net current assets
  
 
 
122,986
 
 
65,058

Total assets less current liabilities
  
234,458
227,590

Creditors: amounts falling due after more than one year
 9 
(20,908)
(43,425)

  

Net assets
  
213,550
184,165


Capital and reserves
  

Called up share capital 
  
4,000
4,000

Profit and loss account
  
209,550
180,165

  
213,550
184,165

Page 1

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: SC597534
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



D A Nichol
Director

Date: 19 February 2025

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Macbeth Currie Financial Services 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 financial statements are presented in Pounds Sterling (£), rounded to the nearest £1.
The financial information for the current period represents the fourteen months from 1 April 2023 to 31 May 2024. The previous financial period represents the year to 31 March 2023 and thus is not entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Having reviewed the company’s results for the period, its financial forecast and expected cashflows, the directors are of the opinion the Company has adequate resources available to it to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt a going concern basis in preparing the financial statements for the period ended 31 May 2024.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Page 4

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 6

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees



The average monthly number of employees, including directors, during the period was 4 (2023 - 4).

Page 7

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 April 2023
329,548



At 31 May 2024

329,548



Amortisation


At 1 April 2023 (as restated)
168,656


Charge for the period on owned assets
50,149



At 31 May 2024

218,805



Net book value



At 31 May 2024
110,743



At 31 March 2023 (as restated)
160,892



Page 8

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

5.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 April 2023
4,629



At 31 May 2024

4,629



Depreciation


At 1 April 2023
2,989


Charge for the period on owned assets
912



At 31 May 2024

3,901



Net book value



At 31 May 2024
728



At 31 March 2023
1,640


6.


Debtors

31 May
31 March
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
66,317
-

66,317
-


31 May
31 March
2024
2023
£
£

Due within one year

Trade debtors
20,962
66,641

Other debtors
2,500
-

Prepayments and accrued income
7,308
2,088

30,770
68,729

Page 9

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

7.


Cash and cash equivalents

31 May
31 March
2024
2023
£
£

Cash at bank and in hand
67,775
34,749

67,775
34,749



8.


Creditors: Amounts falling due within one year

31 May
31 March
2024
2023
£
£

Bank loans
19,300
19,300

Trade creditors
290
290

Corporation tax
-
17,397

Other taxation and social security
1,170
1,393

Other creditors
5,395
40

Accruals and deferred income
15,721
-

41,876
38,420



9.


Creditors: Amounts falling due after more than one year

31 May
31 March
2024
2023
£
£

Bank loans
20,908
43,425

20,908
43,425




Page 10

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

10.


Loans


Analysis of the maturity of loans is given below:


31 May
31 March
2024
2023
£
£

Amounts falling due within one year

Bank loans
19,300
19,300


19,300
19,300


Amounts falling due 2-5 years

Bank loans
20,908
43,425


20,908
43,425


40,208
62,725



11.


Prior year adjustment

The prior period adjustment at 31 March 2023 reduced the surplus in retained earnings to £180,165 and decreased the intangible fixed assets net book value to £160,892. The adjustment was made to correct the amortisation charge.


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £44,668 (2023 - £40,977). Contributions were payable to the fund amounting to £444 (2023 - £Nil) at the balance sheet.


13.


Related party transactions

The Company has taken advantage of exemptions available in Section 33 Related Party Disclosures of FRS 102 from disclosing transactions with wholly owned members of the group.

Page 11

 
MACBETH CURRIE FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

14.


Controlling party

The immediate parent company is BIDCO MCFS Limited.
The smallest and largest group in which the results of the company are included are the consolidated financial statements of Fusion Asset Management (Services) Limited whose registered office is 2 Queen Anne's Gate Buildings, 22 Dartmouth Street, London, England, SW1H 9BP and these can be obtained from Companies House.


15.


Auditors' information

The auditors' report on the financial statements for the period ended 31 May 2024 was unqualified.

The audit report was signed on 19 February 2025 by Christopher Taylor FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 12