REGISTERED NUMBER: SC626642 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2025

for

Financial Succession Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

Mrs Joanne Knox

Mr Alan Robert Knox

REGISTERED OFFICE:

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

REGISTERED NUMBER:

SC626642 (Scotland)

ACCOUNTANTS:

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

FIXED ASSETS

Intangible assets

4

860,207

1,007,316

Tangible assets

5

6,881

8,194

867,088

1,015,510

CURRENT ASSETS

Debtors

6

236,558

230,000

Cash at bank and in hand

224,465

94,423

461,023

324,423

CREDITORS

Amounts falling due within one year

7

268,230

338,473

NET CURRENT ASSETS/(LIABILITIES)

192,793

(14,050

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,059,881

1,001,460

CREDITORS

Amounts falling due after more than one year

8

-

(63,864

)

PROVISIONS FOR LIABILITIES

(1,720

)

(1,996

)

NET ASSETS

1,058,161

935,600

CAPITAL AND RESERVES

Called up share capital

4,802

4,802

Retained earnings

1,053,359

930,798

1,058,161

935,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 18 June 2025 and were signed on its behalf by:

Mr Alan Robert Knox - Director

Mrs Joanne Knox - Director

1.	STATUTORY INFORMATION

Financial Succession Limited 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

33% on cost and 15% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST OR VALUATION

At 1 May 2024

and 30 April 2025

1,471,092

AMORTISATION

At 1 May 2024

463,776

Charge for year

147,109

At 30 April 2025

610,885

NET BOOK VALUE

At 30 April 2025

860,207

At 30 April 2024

1,007,316

Cost or valuation at 30 April 2025 is represented by:

Goodwill

£

Valuation in 2021

2,000,000

Valuation in 2024

(528,908

)

1,471,092

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2024

and 30 April 2025

11,433

DEPRECIATION

At 1 May 2024

3,239

Charge for year

1,313

At 30 April 2025

4,552

NET BOOK VALUE

At 30 April 2025

6,881

At 30 April 2024

8,194

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Amounts owed by participating interests

236,558

230,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade creditors

-

4,103

Taxation and social security

201,357

252,389

Other creditors

66,873

81,981

268,230

338,473

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.25

30.4.24

£

£

Other Creditors

-

63,864

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 April 2025 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

18 June 2025