Registration number:
JP Maxwell Wealth Management Ltd
for the Year Ended 31 August 2024
JP Maxwell Wealth Management Ltd
Contents
Directors' Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
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Detailed Income Statement |
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:
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
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JP Maxwell Wealth Management Ltd
Statement of Income and Retained Earnings for the Year Ended 31 August 2024
Note |
2024 |
2023 |
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Turnover |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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- |
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20 |
- |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
217,222 |
181,242 |
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Dividends paid |
( |
( |
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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 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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JP Maxwell Wealth Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The Company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
JP Maxwell Wealth Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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JP Maxwell Wealth Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Dividends |
Final dividends paid
2024 |
2023 |
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Final dividend of £ |
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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.
Dundee
DD1 3DG
JP Maxwell Wealth Management Ltd
Detailed Income Statement for the Year Ended 31 August 2024
2024 |
2023 |
Turnover |
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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 |
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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 |
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Water rates |
(861) |
(1,133) |
Insurance |
(1,695) |
(1,937) |
Repairs and maintenance |
(44,237) |
(10,622) |
(46,793) |
(13,692) |
General administrative expenses |
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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 |
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Bank charges |
(144) |
(141) |
Credit card charges |
69 |
(12) |
(75) |
(153) |
Depreciation costs |
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Depreciation of office equipment (owned) |
(3,904) |
(2,449) |
Other interest receivable and similar income |
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Other interest receivable |
20 |
- |