Medici Advisors Ltd SC359705 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is financial advisors. Digita Accounts Production Advanced 6.30.9574.0 true true SC359705 2024-03-01 2025-02-28 SC359705 2025-02-28 SC359705 core:OtherReservesSubtotal 2025-02-28 SC359705 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC359705 core:ShareCapital 2025-02-28 SC359705 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2025-02-28 SC359705 core:CurrentFinancialInstruments 2025-02-28 SC359705 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 SC359705 core:FurnitureFittingsToolsEquipment 2025-02-28 SC359705 core:LandBuildings 2025-02-28 SC359705 core:MotorVehicles 2025-02-28 SC359705 bus:SmallEntities 2024-03-01 2025-02-28 SC359705 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC359705 bus:FilletedAccounts 2024-03-01 2025-02-28 SC359705 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 SC359705 bus:RegisteredOffice 2024-03-01 2025-02-28 SC359705 bus:Director2 2024-03-01 2025-02-28 SC359705 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC359705 core:ComputerEquipment 2024-03-01 2025-02-28 SC359705 core:FurnitureFittings 2024-03-01 2025-02-28 SC359705 core:FurnitureFittingsToolsEquipment 2024-03-01 2025-02-28 SC359705 core:LandBuildings 2024-03-01 2025-02-28 SC359705 core:LeaseholdImprovements 2024-03-01 2025-02-28 SC359705 core:MotorVehicles 2024-03-01 2025-02-28 SC359705 countries:Scotland 2024-03-01 2025-02-28 SC359705 2024-02-29 SC359705 core:FurnitureFittingsToolsEquipment 2024-02-29 SC359705 core:LandBuildings 2024-02-29 SC359705 core:MotorVehicles 2024-02-29 SC359705 2023-03-01 2024-02-29 SC359705 2024-02-29 SC359705 core:OtherReservesSubtotal 2024-02-29 SC359705 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC359705 core:ShareCapital 2024-02-29 SC359705 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-02-29 SC359705 core:CurrentFinancialInstruments 2024-02-29 SC359705 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC359705 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2024-02-29 SC359705 core:FurnitureFittingsToolsEquipment 2024-02-29 SC359705 core:LandBuildings 2024-02-29 SC359705 core:MotorVehicles 2024-02-29 SC359705 core:PreviouslyStatedAmount 2024-02-29 iso4217:GBP xbrli:pure

Registration number: SC359705

Medici Advisors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Medici Advisors Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Medici Advisors Ltd

(Registration number: SC359705)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

6,465

15,689

Other financial assets

5

1,729

-

 

8,194

15,689

Current assets

 

Debtors

6

15,000

16,279

Cash at bank and in hand

 

152,499

167,550

 

167,499

183,829

Creditors: Amounts falling due within one year

7

(27,282)

(30,122)

Net current assets

 

140,217

153,707

Total assets less current liabilities

 

148,411

169,396

Provisions for liabilities

(225)

(1,947)

Net assets

 

148,186

167,449

Capital and reserves

 

Called up share capital

25,500

25,500

Other reserves

(271)

-

Retained earnings

122,957

141,949

Shareholders' funds

 

148,186

167,449

For the financial year ending 28 February 2025 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

.........................................
Edward Raymond Morgan
Director

 

Medici Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
50 Inverleith Row
Edinburgh
EH3 5PX
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

 

Medici Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

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

Computer equipment

33.3% straight line

Fixtures and fittings

20% straight line

Property improvements

Nil

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Medici Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 3).

 

Medici Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

5,444

30,806

29,270

65,520

Additions

-

1,137

-

1,137

Disposals

-

-

(29,270)

(29,270)

At 28 February 2025

5,444

31,943

-

37,387

Depreciation

At 1 March 2024

-

30,806

19,025

49,831

Charge for the year

-

116

4,392

4,508

Eliminated on disposal

-

-

(23,417)

(23,417)

At 28 February 2025

-

30,922

-

30,922

Carrying amount

At 28 February 2025

5,444

1,021

-

6,465

At 29 February 2024

5,444

-

10,245

15,689

Included within the net book value of land and buildings above is £5,444 (2024 - £5,444) in respect of short leasehold land and buildings.
 

5

Other financial assets (current and non-current)

2025
£

2024
£

Non-current financial assets

Financial assets at fair value through profit and loss

1,729

-

6

Debtors

2025
£

2024
£

Other debtors

15,000

16,279

15,000

16,279

 

Medici Advisors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

8

-

16,453

Directors loan

618

616

Taxation and social security

 

4,037

5,542

Other creditors

 

22,627

7,511

 

27,282

30,122

8

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

HP and finance lease liability

-

16,453