Company registration number SC449521 (Scotland)
Mathieson Financial Services Ltd
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with registrar
Mathieson Financial Services Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Mathieson Financial Services Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mathieson Financial Services Ltd for the year ended 30 September 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Mathieson Financial Services Ltd, as a body, in accordance with the terms of our engagement letter dated 22 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Mathieson Financial Services Ltd and state those matters that we have agreed to state to the board of directors of Mathieson Financial Services Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mathieson Financial Services Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mathieson Financial Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mathieson Financial Services Ltd. You consider that Mathieson Financial Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mathieson Financial Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
27 March 2025
Mathieson Financial Services Ltd
Statement of financial position
as at 30 September 2024
2
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
212,192
265,346
Tangible assets
4
404,999
414,445
Investments
5
7,296
8,270
624,487
688,061
Current assets
Debtors
139,878
69,892
Cash at bank and in hand
86,461
32,175
226,339
102,067
Creditors: amounts falling due within one year
(230,974)
(199,943)
Net current liabilities
(4,635)
(97,876)
Total assets less current liabilities
619,852
590,185
Creditors: amounts falling due after more than one year
(451,239)
(452,983)
Provisions for liabilities
(16,273)
(3,606)
Net assets
152,340
133,596
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
152,330
133,586
Total equity
152,340
133,596
Mathieson Financial Services Ltd
Statement of financial position (continued)
as at 30 September 2024
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Steven Mathieson
Director
Company registration number SC449521 (Scotland)
Mathieson Financial Services Ltd
Notes to the financial statements
for the year ended 30 September 2024
4
1
Accounting policies
Company information
Mathieson Financial Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is 45 West High Street, Inverurie, Aberdeenshire, AB51 3QQ.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 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:
Freehold land and buildings
2% straight line
Fixtures and fittings
15% & 20% reducing balance & 33.3% 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
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Mathieson Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2024
1
Accounting policies (continued)
5
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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 income statement 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 income statement, 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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
Mathieson Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2024
6
3
Intangible fixed assets
Total
£
Cost
At 1 October 2023 and 30 September 2024
738,637
Amortisation and impairment
At 1 October 2023
473,291
Amortisation charged for the year
53,154
At 30 September 2024
526,445
Carrying amount
At 30 September 2024
212,192
At 30 September 2023
265,346
4
Tangible fixed assets
Total
£
Cost
At 1 October 2023
452,014
Additions
6,176
At 30 September 2024
458,190
Depreciation and impairment
At 1 October 2023
37,569
Depreciation charged in the year
15,622
At 30 September 2024
53,191
Carrying amount
At 30 September 2024
404,999
At 30 September 2023
414,445
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
7,296
8,270
Mathieson Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2024
5
Fixed asset investments (continued)
7
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
8,270
Valuation changes
(974)
At 30 September 2024
7,296
Carrying amount
At 30 September 2024
7,296
At 30 September 2023
8,270
Mathieson Financial Services Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2024
8
6
Operating lease commitments
At 30th September 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £12,856 (2023 - £3,424).
7
Directors' transactions
During the year the directors' entered into the following credits with the company:
Description
Opening debit balance
Closing debit balance
£
£
Steven Mathieson - Director's Loan
(21,798)
(21,798)
(21,798)
(21,798)
8
Prior period adjustment
A previous disposal of goodwill had been incorrectly calculated, the amendment to that calculation has resulted in the restatement of amortisation of the remaining goodwill, over the subsequent years.
Adjustments to equity
1 October
30 September
2022
2023
£
£
Adjustments to prior year
Recalculation of historic disposal of goodwill and subsequent amortisation of the remaining goodwill.
(59,098)
(66,406)
Analysis of the effect upon equity
Profit and loss reserves
(59,098)
(66,406)