Company Registration No. SC455814 (Scotland)
Thomson Wealth Management Ltd
Unaudited financial statements
for the year ended 31 August 2024
Thomson Wealth Management Ltd
Unaudited financial statements
Contents
Thomson Wealth Management Ltd
Company Information
for the year ended 31 August 2024
Directors
Mr Paul Moore
Ms Sonya Peace
Mr Keith Thomson
Company Number
SC455814 (Scotland)
Registered Office
First Floor, The Connal Building
34 West George Street
Glasgow
G2 1DA
Scotland
Accountants
F & R Watson Accountants Limited
16 Kirk Brae
Maybole
KA19 7ER
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Thomson 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
Thomson Wealth Management Ltd for the year ended
31 August 2024 as set out on pages
5 -
9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Thomson Wealth Management Ltd, as a body, in accordance with the terms of our engagement letter dated 20 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of Thomson Wealth Management Ltd and state those matters that we have agreed to state to the Board of Directors of Thomson Wealth Management Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thomson 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 Thomson 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 Thomson Wealth Management Ltd. You consider that Thomson 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 Thomson 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.
F & R Watson Accountants Limited
Chartered Certified Accountants
16 Kirk Brae
Maybole
KA19 7ER
28 May 2025
Thomson Wealth Management Ltd
Statement of financial position
as at 31 August 2024
Intangible assets
-
14,098
Tangible assets
50,489
58,357
Cash at bank and in hand
149,170
110,293
Creditors: amounts falling due within one year
(129,104)
(94,900)
Net current assets
61,648
35,367
Total assets less current liabilities
112,137
107,822
Provisions for liabilities
Deferred tax
(11,577)
(19,453)
Called up share capital
700
700
Profit and loss account
99,860
87,669
Shareholders' funds
100,560
88,369
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by
Mr Keith Thomson
Director
Company Registration No. SC455814
Thomson Wealth Management Ltd
Notes to the Accounts
for the year ended 31 August 2024
Thomson Wealth Management Ltd is a private company, limited by shares, registered in Scotland, registration number SC455814. The registered office is First Floor, The Connal Building, 34 West George Street, Glasgow, G2 1DA, Scotland.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the twelve months following the approval of the financial statements.
Turnover is measured at the fair value of the consideration received or receivable for goods and services, excluding discounts, rebates, value added tax and other sales taxes.
Intangible fixed assets (including purchased goodwill) are included at cost less accumulated amortisation and accumulated impairment losses.
All intangible assets are considered to have a finite useful life with zero residual value. Amortisation is provided on the following basis:
Goodwill - 3 years straight line
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Thomson Wealth Management Ltd
Notes to the Accounts
for the year ended 31 August 2024
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
Financial assets are measured at cost less any provision for impairment. Financial liabilities are measured at principal capital amounts outstanding at the period end.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company also contributes to the personal pension schemes of the directors. The contributions are recognised as an expense in the profit and loss account when paid.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
3
Intangible fixed assets
Goodwill
At 1 September 2023
56,400
At 1 September 2023
42,302
Charge for the year
14,098
Thomson Wealth Management Ltd
Notes to the Accounts
for the year ended 31 August 2024
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2023
98,368
4,313
12,578
115,259
At 31 August 2024
98,368
5,038
12,578
115,984
At 1 September 2023
44,592
3,600
8,710
56,902
Charge for the year
7,296
329
968
8,593
At 31 August 2024
51,888
3,929
9,678
65,495
At 31 August 2024
46,480
1,109
2,900
50,489
At 31 August 2023
53,776
713
3,868
58,357
Amounts falling due within one year
Accrued income and prepayments
17,869
19,974
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
116,356
77,980
Other creditors
4,561
9,448
Loans from directors
2,075
2,252
The company operated a defined contribution pension scheme that was open to all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date, there were outstanding contributions of £4,432 (2023: £4,245) due to the fund. They are included in creditors due within one year.
Thomson Wealth Management Ltd
Notes to the Accounts
for the year ended 31 August 2024
8
Operating lease commitments
2024
2023
At 31 August 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
13,000
13,000
Later than one year and not later than five years
26,000
39,000
The parent undertaking is PKS Holdings Ltd, a company registered in Scotland. The company's registered office is First Floor, The Connal Building, 34 West George St, Glasgow, G2 1DA. In the opinion of the directors there is no ultimate controlling party.
10
Post balance sheet events
On 28 January 2025, the company purchased an electric motor vehicle for £89,050. On 11 April 2025, the company acquired another electric motor vehicle for £99,365. £65,615 of this has been financed by a hire purchase agreement, repayable over three years. On 6 May 2025, the company disposed of an electric motor vehicle for £8,700.
11
Average number of employees
During the year the average number of employees was 7 (2023: 5).