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Registration number: 09141516

Mount Stuart Wealth Management Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Mount Stuart Wealth Management Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 10

Mount Stuart Wealth Management Ltd

Company Information

Director | Mr C A Rees

Registered office | Midway House Herrick Way Staverton Cheltenham England GL51 6TQ

Accountants | Harbour Key Limited Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Mount Stuart Wealth Management Ltd

(Registration number: 09141516)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 3,034,639 | 3,513,124
Tangible assets | 5 | 3,329 | 4,265
|  | 3,037,968 | 3,517,389
Current assets |  |  |
Debtors | 6 | 90,576 | 107,807
Cash at bank and in hand |  | 915,372 | 592,544
|  | 1,005,948 | 700,351
Creditors: Amounts falling due within one year | 10 | (664,112) | (690,872)
Net current assets |  | 341,836 | 9,479
Total assets less current liabilities |  | 3,379,804 | 3,526,868
Creditors: Amounts falling due after more than one year | 10 | (2,102,545) | (2,518,512)
Provisions for liabilities |  | - | (721)
Net assets |  | 1,277,259 | 1,007,635
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Retained earnings |  | 1,277,159 | 1,007,535
Shareholders' funds |  | 1,277,259 | 1,007,635

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Mount Stuart Wealth Management Ltd

(Registration number: 09141516)
Balance Sheet as at 31 December 2025

Approved and authorised by the director on 2 June 2026

......................................... Mr C A Rees Director

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the director on 2 June 2026.

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.
The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
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.

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.

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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
Equipment | 33% straight line
Fixtures & fittings | 20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years/20 years 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 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.

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2024 - 7).

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2025 | 7,095,583 | 7,095,583
Additions acquired separately | 8,447 | 8,447
At 31 December 2025 | 7,104,030 | 7,104,030
Amortisation
At 1 January 2025 | 3,582,459 | 3,582,459
Amortisation charge | 486,932 | 486,932
At 31 December 2025 | 4,069,391 | 4,069,391
Carrying amount
At 31 December 2025 | 3,034,639 | 3,034,639
At 31 December 2024 | 3,513,124 | 3,513,124

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 24,710 | 24,710
Additions | 1,781 | 1,781
At 31 December 2025 | 26,491 | 26,491
Depreciation
At 1 January 2025 | 20,445 | 20,445
Charge for the year | 2,717 | 2,717
At 31 December 2025 | 23,162 | 23,162
Carrying amount
At 31 December 2025 | 3,329 | 3,329
At 31 December 2024 | 4,265 | 4,265

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 90,473 | 107,127
Prepayments | 103 | 180
Other debtors | - | 500
| 90,576 | 107,807

7 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 2,102,545 | 2,518,512

Current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 414,093 | 413,902

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

The director has provided a personal guarantee against the loans noted above. The loans are also secured on the goodwill to which they relate.

8 | Share capital

Share options
Options were granted on 21 June 2021 under an approved option scheme, an Enterprise Management Incentives (EMI) scheme, over the company's A Ordinary shares of £0.001 each. All options are exercisable at £1.695 per share. The value of the options exercised will be charged as an expense to the profit and loss.
The movements of the share options are as follows:

| 2024 |  | 2023
| £ |  | £
Outstanding at the start of the period | 3,093 |  | 3,093
Issued during the period | - |  | -
Exercised during the period | - |  | -
Lapsed during the period | - |  | -
| 3,093 |  | 3,093

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 9,760 | 9,544
Later than one year and not later than five years | 8,133 | 17,503
| 17,893 | 27,047

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,634 (2024 - £15,727).

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

10 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts | 7 | 414,093 | 413,902
Trade creditors |  | 1,482 | 7,285
Social security and other taxes |  | 9 | 9
Other creditors | 11 | 248,528 | 269,676
|  | 664,112 | 690,872

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 7 | 2,102,545 | 2,518,512

| 2025 £ | 2024 £
Due after more than five years |  |
After more than five years by instalments | 485,115 | 662,902

| - | -

Included within loans is deferred consideration totalling £656,000 (2024: £656,000).

11 | Related party transactions

Transactions with the director

At the balance sheet date, the company owed the director £5,242 (2024: £20,190). There are no repayment terms or interest charged on the outstanding balance.