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Registration number: SC699896

Filsell Wealth Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Filsell Wealth Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

Accountants' Report

12

 

Filsell Wealth Ltd

Company Information

Director

Mrs Tara Samantha Harris Bradshaw

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Filsell Wealth Ltd

(Registration number: SC699896)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

3,638,374

3,638,374

Tangible assets

5

46,639

104,103

 

3,685,013

3,742,477

Current assets

 

Debtors

6

105,692

103,088

Cash at bank and in hand

 

115,972

13

 

221,664

103,101

Creditors: Amounts falling due within one year

7

(194,622)

(141,418)

Net current assets/(liabilities)

 

27,042

(38,317)

Total assets less current liabilities

 

3,712,055

3,704,160

Creditors: Amounts falling due after more than one year

7

(30,555)

(78,641)

Provisions for liabilities

(10,261)

(22,903)

Net assets

 

3,671,239

3,602,616

Capital and reserves

 

Called up share capital

9

2,247,823

2,444,763

Capital redemption reserve

196,940

509,524

Merger relief reserve

-

624,265

Retained earnings

1,226,476

24,064

Shareholders' funds

 

3,671,239

3,602,616

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 May 2025
 

 

Filsell Wealth Ltd

(Registration number: SC699896)
Balance Sheet as at 31 March 2025

.........................................
Mrs Tara Samantha Harris Bradshaw
Director

 

Filsell Wealth Ltd

Statement of Changes in Equity for the Year Ended 31 March 2025

Share capital
£

Capital redemption reserve
£

Merger relief reserve
£

Retained earnings
£

At 1 April 2024

2,444,763

509,524

624,265

24,064

Profit for the year

-

-

-

348,730

Other comprehensive income

-

-

(624,265)

936,850

Total comprehensive income

-

-

(624,265)

1,285,580

Dividends

-

-

-

(83,168)

Transfers

(196,940)

-

-

-

Other capital redemption reserve movements

-

(312,584)

-

-

At 31 March 2025

2,247,823

196,940

-

1,226,476

Total
£

At 1 April 2024

3,602,616

Profit for the year

348,730

Other comprehensive income

312,585

Total comprehensive income

661,315

Dividends

(83,168)

Transfers

(196,940)

Other capital redemption reserve movements

(312,584)

At 31 March 2025

3,671,239

Share capital
£

Capital redemption reserve
£

Merger relief reserve
£

Retained earnings
£

At 1 June 2023

2,691,702

262,585

665,335

243,325

Profit for the year

-

-

-

19,608

Other comprehensive income

-

-

(41,070)

(205,869)

Total comprehensive income

-

-

(41,070)

(186,261)

Dividends

-

-

-

(33,000)

Transfers

(246,939)

-

-

-

Other capital redemption reserve movements

-

246,939

-

-

At 31 March 2024

2,444,763

509,524

624,265

24,064

 

Filsell Wealth Ltd

Statement of Changes in Equity for the Year Ended 31 March 2025

Total
£

At 1 June 2023

3,862,947

Profit for the year

19,608

Other comprehensive income

(246,939)

Total comprehensive income

(227,331)

Dividends

(33,000)

Transfers

(246,939)

Other capital redemption reserve movements

246,939

At 31 March 2024

3,602,616

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

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.

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 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.

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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Motor vehicles

25 % reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Goodwill amortisation will be reviewed annually to assess whether it is required. This will be carried out by means of a valuation each year.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, 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

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 7 (2024 - 7).

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

4,308,601

4,308,601

At 31 March 2025

4,308,601

4,308,601

Amortisation

At 1 April 2024

670,227

670,227

At 31 March 2025

670,227

670,227

Carrying amount

At 31 March 2025

3,638,374

3,638,374

At 31 March 2024

3,638,374

3,638,374

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

1,531

13,491

135,017

150,039

Additions

484

249

-

733

Disposals

-

-

(79,731)

(79,731)

At 31 March 2025

2,015

13,740

55,286

71,041

Depreciation

At 1 April 2024

925

5,716

(39,295)

(32,654)

Charge for the year

504

3,435

13,822

17,761

Eliminated on disposal

-

-

39,295

39,295

At 31 March 2025

1,429

9,151

13,822

24,402

Carrying amount

At 31 March 2025

586

4,589

41,464

46,639

At 31 March 2024

606

7,775

95,722

104,103

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current

2025
£

2024
£

Prepayments

65,390

62,787

Other debtors

40,302

40,301

 

105,692

103,088

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

6,255

59,814

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

100

100

Taxation and social security

 

162,232

77,218

Other creditors

 

26,035

4,286

 

194,622

141,418

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

30,555

78,641

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

30,555

78,641

Current loans and borrowings

2025
£

2024
£

Bank overdrafts

-

35,685

Hire purchase contracts

6,255

24,129

6,255

59,814

 

Filsell Wealth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

A Ordinary shares of £1 each

150

150

150

150

B Ordinary shares of £1 each

50

50

50

50

C Ordinary shares of £1 each

1

1

1

1

Preference shares of £1 each

2,247,622

2,247,622

2,444,562

2,444,562

2,247,823

2,247,823

2,444,763

2,444,763

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

Year ended 31 March 2025
 £

1 June 2023 to 31 March 2024
 £

Mrs T Bradshaw

19,773

144

 

19,773

144

The maximum balance outstanding during the year amounted to £19,773.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Filsell Wealth Ltd
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Filsell Wealth Ltd for the year ended 31 March 2025 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Filsell Wealth 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 Filsell Wealth Ltd and state those matters that we have agreed to state to the Board of Directors of Filsell Wealth Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Filsell Wealth Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Filsell Wealth 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 Filsell Wealth Ltd. You consider that Filsell Wealth 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 Filsell Wealth 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.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

7 May 2025