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Registration number: SC574312

JP Maxwell Wealth Management Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

JP Maxwell Wealth Management Ltd

Contents

Directors' Report

1

Statement of Income and Retained Earnings

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 7

Accountants' Report

8

Detailed Income Statement

9 to 10

 

JP Maxwell Wealth Management Ltd

Directors' Report for the Year Ended 31 August 2024

The Directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the Company

The Directors who held office during the year were as follows:

Mrs SK McCrudden

Mr SW McCrudden

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mrs SK McCrudden
Director

.........................................
Mr SW McCrudden
Director

 

JP Maxwell Wealth Management Ltd

Statement of Income and Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

263,567

254,504

Administrative expenses

 

(169,699)

(142,750)

Operating profit

 

93,868

111,754

Other interest receivable and similar income

 

20

-

 

20

-

Profit before tax

93,888

111,754

Taxation

 

(22,956)

(22,783)

Profit for the financial year

 

70,932

88,971

Retained earnings brought forward

 

217,222

181,242

Dividends paid

 

(49,992)

(52,992)

Retained earnings carried forward

 

238,162

217,221

 

JP Maxwell Wealth Management Ltd

(Registration number: SC574312)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,462

23,569

Current assets

 

Debtors

5

-

6,069

Cash at bank and in hand

 

237,818

211,946

 

237,818

218,015

Creditors: Amounts falling due within one year

6

(25,018)

(24,263)

Net current assets

 

212,800

193,752

Net assets

 

238,262

217,321

Capital and reserves

 

Called up share capital

100

100

Retained earnings

238,162

217,221

Shareholders' funds

 

238,262

217,321

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mrs SK McCrudden
Director

.........................................
Mr SW McCrudden
Director

 

JP Maxwell Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
8 Balmossie Road
Broughty Ferry
Dundee
DD5 3GF

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

JP Maxwell Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 2).

 

JP Maxwell Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

34,796

34,796

Additions

5,797

5,797

At 31 August 2024

40,593

40,593

Depreciation

At 1 September 2023

11,227

11,227

Charge for the year

3,904

3,904

At 31 August 2024

15,131

15,131

Carrying amount

At 31 August 2024

25,462

25,462

At 31 August 2023

23,569

23,569

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

6,069

 

-

6,069

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

23,770

22,895

Accruals and deferred income

1,248

1,368

25,018

24,263

 

JP Maxwell Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £499.92 (2023 - £529.92) per each Ordinary share

49,992

52,992

 

 
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
JP Maxwell Wealth Management Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JP Maxwell Wealth Management Ltd for the year ended 31 August 2024 as set out on pages 2 to 7 from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/ accountspreparationguidance.

This report is made solely to the Board of Directors of JP Maxwell Wealth Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of JP Maxwell Wealth Management Ltd and state those matters that we have agreed to state to the Board of Directors of JP Maxwell Wealth Management Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants for Scotland as detailed at www.icas.com/ accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JP Maxwell Wealth Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that JP Maxwell Wealth Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of JP Maxwell Wealth Management Ltd. You consider that JP Maxwell Wealth Management 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 accounts of JP Maxwell Wealth Management 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 accounts.





Walker Dunnett & Co
29 Commercial Street
Dundee
DD1 3DG

11 March 2025

 

JP Maxwell Wealth Management Ltd

Detailed Income Statement for the Year Ended 31 August 2024

2024
£

2023
£

   

Turnover

JPM Financial Fee

66,115

72,965

Transaction

133,485

130,334

Other Income - Fees

63,967

51,205

263,567

254,504

   

Employment costs

Wages and salaries (excluding directors)

(25,100)

(35,921)

Staff NIC (Employers)

(445)

134

Directors remuneration

(12,570)

(12,570)

Directors NIC (Employers)

-

136

Staff pensions (Defined contribution)

-

(253)

Directors pensions (Other)

(7,410)

(7,260)

Staff welfare

(850)

-

(46,375)

(55,734)

   

Establishment costs

Water rates

(861)

(1,133)

Insurance

(1,695)

(1,937)

Repairs and maintenance

(44,237)

(10,622)

(46,793)

(13,692)

   

General administrative expenses

Computer software and maintenance costs

(1,088)

(2,931)

Printing, postage and stationery

(5,518)

(3,023)

Trade subscriptions

(10,051)

(11,755)

Charitable donations

(300)

(322)

Lease of motor vehicles (Operating leases)

(11,567)

(11,975)

Sundry expenses

(34)

(82)

Motor expenses

(5,157)

(6,575)

Travel and subsistence

(12,724)

(9,254)

Advertising

(500)

(1,355)

Staff entertaining (allowable for tax)

(3,242)

(1,053)

Customer entertaining (disallowable for tax)

(8,782)

(7,377)

Accountancy fees

(1,790)

(1,704)

Consultancy fees

(10,535)

(12,860)

Legal and professional fees

(1,264)

(456)

(72,552)

(70,722)

 

JP Maxwell Wealth Management Ltd

Detailed Income Statement for the Year Ended 31 August 2024

2024
£

2023
£

   

Finance charges

Bank charges

(144)

(141)

Credit card charges

69

(12)

(75)

(153)

   

Depreciation costs

Depreciation of office equipment (owned)

(3,904)

(2,449)

   

Other interest receivable and similar income

Other interest receivable

20

-