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No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC203271
2023-10-01
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COMPANY REGISTRATION NUMBER:
SC203271
|
Seven Street Wealth Ltd formerly t/a Chiene + Tait Financial Planning Ltd |
|
|
Filleted Unaudited Financial Statements |
|
|
Seven Street Wealth Ltd formerly t/a Chiene + Tait Financial Planning Ltd |
|
Year ended 30 September 2024
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
2 to 5 |
|
|
|
Seven Street Wealth Ltd formerly t/a Chiene + Tait Financial Planning Ltd |
|
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
|
23,777 |
16,169 |
|
|
|
|
|
Current assets
|
Debtors |
6 |
187,964 |
|
183,382 |
|
Cash at bank and in hand |
458,336 |
|
207,619 |
|
--------- |
|
--------- |
|
646,300 |
|
391,001 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
250,880 |
|
198,710 |
|
--------- |
|
--------- |
|
Net current assets |
|
395,420 |
192,291 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
419,197 |
208,460 |
|
|
|
|
|
|
Provisions |
|
4,941 |
3,068 |
|
|
--------- |
--------- |
|
Net assets |
|
414,256 |
205,392 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
8,500 |
8,500 |
|
Capital redemption reserve |
|
1,500 |
1,500 |
|
Profit and loss account |
|
404,256 |
195,392 |
|
|
--------- |
--------- |
|
Shareholders funds |
|
414,256 |
205,392 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2025
, and are signed on behalf of the board by:
Company registration number:
SC203271
|
Seven Street Wealth Ltd formerly t/a Chiene + Tait Financial Planning Ltd |
|
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16 Alva Street, Edinburgh, EH2 4QG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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 concerned basis. The Directors have assessed the Company's ability to continue as a going concern and has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover comprises the fees and commissions, net of clawbacks and commission payable, receivable in respect of services supplied by the company. Income is recognised over the period in which fees and commission are earned.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The company has adopted a £750 capitalisation policy during the year and have applied this methodology prospectively.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer equipment |
- |
33% straight line |
|
Fixtures & fittings |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2023:
13
).
5.
Tangible assets
|
Computer equipment |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
At 1 October 2023 |
52,387 |
27,475 |
79,862 |
|
Additions |
14,060 |
3,086 |
17,146 |
|
-------- |
-------- |
-------- |
|
At 30 September 2024 |
66,447 |
30,561 |
97,008 |
|
-------- |
-------- |
-------- |
|
Depreciation |
|
|
|
|
At 1 October 2023 |
40,596 |
23,097 |
63,693 |
|
Charge for the year |
7,674 |
1,864 |
9,538 |
|
-------- |
-------- |
-------- |
|
At 30 September 2024 |
48,270 |
24,961 |
73,231 |
|
-------- |
-------- |
-------- |
|
Carrying amount |
|
|
|
|
At 30 September 2024 |
18,177 |
5,600 |
23,777 |
|
-------- |
-------- |
-------- |
|
At 30 September 2023 |
11,791 |
4,378 |
16,169 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
Trade debtors |
83,862 |
61,595 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
13,899 |
– |
|
Other debtors |
90,203 |
121,787 |
|
--------- |
--------- |
|
187,964 |
183,382 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
Trade creditors |
8,983 |
99,295 |
|
Corporation tax |
146,177 |
25,604 |
|
Social security and other taxes |
67,624 |
46,878 |
|
Other creditors |
28,096 |
26,933 |
|
--------- |
--------- |
|
250,880 |
198,710 |
|
--------- |
--------- |
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
Not later than 1 year |
72,500 |
72,500 |
|
Later than 1 year and not later than 5 years |
193,333 |
265,833 |
|
--------- |
--------- |
|
265,833 |
338,333 |
|
--------- |
--------- |
|
|
|
9.
Pension commitments
The pension cost charge for the year was £17,365 (2023: £7,631). At the year end, outstanding pension contributions payable by the company amounted to £3,994 (2023: £3,769).
10.
Related party transactions
The company is owed £13,899 from Mardon Wealth Ltd at 30 September 2024 (2023:NIL).
11.
Controlling party
The company is a wholly owned subsidiary of
Mardon Wealth Ltd
(S760619), a company registered in Scotland, whose registered office is 16 Alva Street, Edinburgh,EH2 4QG, Edinburgh.