REGISTERED NUMBER: SC383253 (Scotland)

Financial Statements

For The Year Ended 31 December 2024

for

Srb Wealth Management Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S R Brough

Mr M Brough

SECRETARY:

Miss C Brough

REGISTERED OFFICE:

91 Alexander Street

Airdrie

ML6 0BD

REGISTERED NUMBER:

SC383253 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

BANKERS:

The Royal Bank of Scotland

Palace Towers

Hamilton

ML3 6AD

FIXED ASSETS

Intangible assets

4

3,039,733

2,996,299

Tangible assets

5

42,454

53,485

3,082,187

3,049,784

CURRENT ASSETS

Debtors

6

182,175

73,837

Cash at bank

14,809

29,468

196,984

103,305

CREDITORS

Amounts falling due within one year

7

1,135,667

558,418

NET CURRENT LIABILITIES

(938,683

)

(455,113

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,143,504

2,594,671

CREDITORS

Amounts falling due after more than one year

8

(2,119,698

)

(2,564,922

)

PROVISIONS FOR LIABILITIES

10

(10,614

)

(2,055

)

NET ASSETS

13,192

27,694

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

13,092

27,594

13,192

27,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:

Mr S R Brough - Director

1.	STATUTORY INFORMATION

Srb Wealth Management Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's presentational currency is pounds sterling.

Significant judgements and estimates

The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

Tangible fixed assets and goodwill are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from agreement to provide investment services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the agreement.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses, is being amortised evenly of its estimated useful life of 15 years.

Goodwill represents payments made to acquire other investment management businesses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

At each reporting date fixed assets and goodwill are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Other items

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

3,822,039

Additions

339,128

At 31 December 2024

4,161,167

AMORTISATION

At 1 January 2024

825,740

Charge for year

295,694

At 31 December 2024

1,121,434

NET BOOK VALUE

At 31 December 2024

3,039,733

At 31 December 2023

2,996,299

An independent valuation on the company's goodwill estimated the market value to be £5,909,640.

Goodwill has been valued at cost in the accounts.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

99,040

DEPRECIATION

At 1 January 2024

45,555

Charge for year

11,031

At 31 December 2024

56,586

NET BOOK VALUE

At 31 December 2024

42,454

At 31 December 2023

53,485

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

100,432

73,837

Other debtors

81,743

-

182,175

73,837

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other loans

899,721

450,785

Tax

158,535

1,112

Social security and other taxes

8,830

23,038

Accrued expenses

68,581

83,483

1,135,667

558,418

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other loans - 1-2 years

323,721

450,785

Other loans - 2-5 years

971,162

1,352,355

Other loans more 5yrs instal

824,815

761,782

2,119,698

2,564,922

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

824,815

761,782

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Other loans

3,019,419

3,015,707

The other loans are secured by floating charge over the assets of the company plus directors personal guarantee.

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

10,614

2,055

Deferred

tax

£

Balance at 1 January 2024

2,055

Accelerated Capital Allowances

8,559

Balance at 31 December 2024

10,614

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mr S R Brough

Balance outstanding at start of year

-

35,000

Amounts advanced

78,323

-

Amounts repaid

-

(35,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,323

-

Included within other debtors due within 1 year is an amount of £78,323 due from Mr S Brough, director. This loan was repaid in Feb 2025.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £71,490 were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S R Brough.