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REGISTERED NUMBER: SC225764















MARTIN AITKEN FINANCIAL SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 40,286 22,250
Debtors 4 667,204 224,032
Cash at bank 375,672 153,467
1,083,162 399,749
CREDITORS
Amounts falling due within one year 5 (200,810 ) (69,472 )
NET CURRENT ASSETS 882,352 330,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

882,352

330,277

CREDITORS
Amounts falling due after more than one year 6 (260,093 ) -
NET ASSETS 622,259 330,277

CAPITAL AND RESERVES
Called up share capital 13,515 13,515
Retained earnings 608,744 316,762
SHAREHOLDERS' FUNDS 622,259 330,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

BALANCE SHEET - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:




M L Tenby - Director



E F C Dyer - Director


MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Martin Aitken Financial Services Limited is a private company, limited by shares, registered in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents commission and fees, net of value added tax, in respect of the provision of services in line with the company's principal activity. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the customer.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,199 -
Amounts owed by group undertakings 535,278 136,033
Other debtors 130,727 87,999
667,204 224,032

MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,142 34,869
Amounts owed to associates 921 -
Taxation and social security 90,616 16,468
Other creditors 104,131 18,135
200,810 69,472

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 260,093 -

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,517 7,552
Between one and five years - 2,517
2,517 10,069

8. OTHER FINANCIAL COMMITMENTS

The company has commitments to two individuals, over 4 and 5 years respectively, fully guaranteed by the holding company. The nature of the payments is that sums are recognised as they fall due.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
G McGarvie
Balance outstanding at start of year 74,992 (10,017 )
Amounts advanced 88,452 113,705
Amounts repaid (71,085 ) (28,696 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 92,359 74,992

Sums due to the company accrued interest of £1,811 (2023 £1,470) with no fixed term of repayment.

MARTIN AITKEN FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: SC225764)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

10. PARENT COMPANY

The company is a subsidiary of Martin Aitken & Co Ltd. The registered address of the holding company is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.