Milecross Financial (Scotland) Ltd 31/12/2024 iXBRL

Company registration number: SC634752

Milecross Financial (Scotland) Ltd

Filleted financial statements

31 December 2024

Milecross Financial (Scotland) Ltd

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

Milecross Financial (Scotland) Ltd

Directors and other information


	Directors	Paul Dalzell
		Elizabeth Dalzell
		Chris Thorndycraft


	Company number	SC634752


	Registered office	Unit 36 Coatbridge Business Park
		204 Main Street
		Coatbridge
		ML5 3RB


	Auditor	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Santander
		Bootle
		Merseyside
		L30 4GB

Milecross Financial (Scotland) Ltd

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Milecross Financial (Scotland) Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1,702,599		1,966,834
Tangible assets	6	30,316		12,681
		_______		_______
			1,732,915		1,979,515

Current assets
Debtors	7	194,956		142,420
Cash at bank and in hand		242,105		83,252
		_______		_______
		437,061		225,672
Creditors: amounts falling due
within one year	8	( 774,094)		( 647,875)
		_______		_______
Net current liabilities			( 337,033)		( 422,203)
			_______		_______
Total assets less current liabilities			1,395,882		1,557,312

Creditors: amounts falling due
after more than one year	9		( 338,000)		( 449,000)
			_______		_______
Net assets			1,057,882		1,108,312
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			1,057,881		1,108,311
			_______		_______
Shareholders funds			1,057,882		1,108,312
			_______		_______

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:

Paul Dalzell

Director

Company registration number: SC634752

Milecross Financial (Scotland) Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 36 Coatbridge Business Park, 204 Main Street, Coatbridge, ML5 3RB. Principle activity: activities of financial advisors and brokers

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Fittings fixtures and equipment	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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 payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 in finance costs 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 9 (2023: 7 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024	2,985,000	2,985,000
Additions	376,280	376,280
	_______	_______
At 31 December 2024	3,361,280	3,361,280
	_______	_______
Amortisation
At 1 January 2024	1,018,166	1,018,166
Charge for the year	640,515	640,515
	_______	_______
At 31 December 2024	1,658,681	1,658,681
	_______	_______
Carrying amount
At 31 December 2024	1,702,599	1,702,599
	_______	_______
At 31 December 2023	1,966,834	1,966,834
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024	17,248	17,248
Additions	23,855	23,855
	_______	_______
At 31 December 2024	41,103	41,103
	_______	_______
Depreciation
At 1 January 2024	4,567	4,567
Charge for the year	6,220	6,220
	_______	_______
At 31 December 2024	10,787	10,787
	_______	_______
Carrying amount
At 31 December 2024	30,316	30,316
	_______	_______
At 31 December 2023	12,681	12,681
	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	91,991	82,808
Other debtors	102,965	59,612
	_______	_______
	194,956	142,420
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	-	45,095
Trade creditors	67,173	6,243
Amounts owed to group undertakings and undertakings in which the company has a participating interest	137,843	33,573
Corporation tax	191,366	129,305
Social security and other taxes	5,372	7,089
Other creditors	372,340	426,570
	_______	_______
	774,094	647,875
	_______	_______

Bank overdrafts and loans are secured on the following: Bond & Floating charge where floating charge covers all the property or undertaking of the company

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	338,000	449,000
	_______	_______

10. Limitation of auditors liability

The company has entered into a liability limitation agreement with the company's auditor which was approved on 23 January 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

11. Summary audit opinion

The auditor's report dated 30 April 2025 was unqualified.

The senior statutory auditor was Eoin McMullan, ACA for and on behalf of Hill Vellacott

12. Related party transactions

Milecross Financial Solutions Limited owns 100% of the shares in Milecross Financial (Scotland) Ltd . At the balance sheet date the company owed £137,843 (2023: £33,573) to Milecross Financial Solutions Limited.

13. Controlling party

The ultimate controlling party is Milecross Financial Solutions Limited.