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COMPANY REGISTRATION NUMBER: SC541701
Morrison Personalised Wealth Management Ltd
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Morrison Personalised Wealth Management Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
3,408
Current assets
Debtors
5
8,825
94,962
Investments
6
21,172
Cash at bank and in hand
15,007
20,343
--------
---------
23,832
136,477
Creditors: amounts falling due within one year
7
28,039
38,374
--------
---------
Net current (liabilities)/assets
( 4,207)
98,103
-------
---------
Total assets less current liabilities
( 4,207)
101,511
Creditors: amounts falling due after more than one year
8
16,773
Provisions
852
-------
---------
Net (liabilities)/assets
( 4,207)
83,886
-------
---------
Capital and reserves
Called up share capital
9
4,100
4,100
Profit and loss account
( 8,307)
79,786
-------
--------
Shareholders (deficit)/funds
( 4,207)
83,886
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
Mr T W Ham
Director
Company registration number: SC541701
Morrison Personalised Wealth Management Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Rutland Square, Edinburgh, EH1 2AS, Scotland.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The company ceased trading on 31 October 2023 and the intention of the director is to wind up the Company within the next 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a basis other than that of the going concern basis. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, net of discounts and of Value Added Tax. Revenue is derived mainly from planning fees, charges on the value of amount invested and ongoing fees for the management and advisory services provided on investments. Revenue from planning fees is recognised on the date the agreement has been reached with a client. Revenue from charges on the value if amount invested is recognised on the date the investment is made. The charge is a percentage of the invested amount. Revenue from ongoing feeds is recognised by reference to the percentage of the investment value at the end of the reporting period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
33% straight line
Investment bonds
Investment bonds are recorded at their fair value, with movements recorded in the income statement in the period in which they occur.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
6,719
1,053
4,216
11,988
Additions
335
335
Disposals
( 6,719)
( 1,053)
( 4,551)
( 12,323)
-------
-------
-------
--------
At 29 February 2024
-------
-------
-------
--------
Depreciation
At 1 March 2023
6,397
242
1,941
8,580
Charge for the year
188
154
1,043
1,385
Disposals
( 6,585)
( 396)
( 2,984)
( 9,965)
-------
-------
-------
--------
At 29 February 2024
-------
-------
-------
--------
Carrying amount
At 29 February 2024
-------
-------
-------
--------
At 28 February 2023
322
811
2,275
3,408
-------
-------
-------
--------
5. Debtors
2024
2023
£
£
Other debtors
8,825
94,962
-------
--------
6. Investments
2024
2023
£
£
Investments
21,172
----
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,143
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,544
Corporation tax
16,785
24,436
Amex - MPW Mgmt Ltd
7,795
Other creditors
7,710
--------
--------
28,039
38,374
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,773
----
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4,100
4,100
4,100
4,100
-------
-------
-------
-------
10. Director's advances, credits and guarantees
Included in debtors at the year end 2023 was £92,583 due to a former director.
11. Related party transactions
At the year-end the company owed £3,545 to Calton Wealth Management Limited. Mr T W Ham , director, is also a director of Calton Wealth Management Limited. The loan is repayable on demand and no interest was charged in the period.
12. Controlling party
The Calton Holding Group Limited is the immediate and ultimate parent of Morrison Personalised Wealth Management Limited from 1 November 2023. No group financial statements are prepared.