Milecross Financial (Scotland) Ltd 31/12/2025 iXBRL

Company registration number: SC634752

Milecross Financial (Scotland) Ltd

Filleted financial statements

31 December 2025

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	(Resigned 13 June 2025)
	Chris Thorndycraft	(Resigned 30 January 2026)
	Aidan Chavasse	(Appointed 6 June 2025)
	Michael Graham	(Appointed 30 March 2026)


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 2025

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 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1,110,176		1,702,599
Tangible assets	6	21,104		30,316
Investments	7	985,319		-
		_______		_______
			2,116,599		1,732,915

Current assets
Debtors	8	276,809		194,956
Cash at bank and in hand		174,366		242,105
		_______		_______
		451,175		437,061
Creditors: amounts falling due
within one year	9	( 1,186,918)		( 774,094)
		_______		_______
Net current liabilities			( 735,743)		( 337,033)
			_______		_______
Total assets less current liabilities			1,380,856		1,395,882

Creditors: amounts falling due
after more than one year	10		( 397,213)		( 338,000)
			_______		_______
Net assets			983,643		1,057,882
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			983,642		1,057,881
			_______		_______
Shareholders funds			983,643		1,057,882
			_______		_______

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 22 September 2026 , and are signed on behalf of the board by:

Michael Graham

Director

Company registration number: SC634752

Milecross Financial (Scotland) Ltd

Notes to the financial statements

Year ended 31 December 2025

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.

Disclosure exemptions

The company is a subsidiary undertaking of Openwork Partnership LLP and is included in the consolidated financial statements of Openwork Partnership LLP. Principle place of business: Auckland House, Lydiard Fields, Swindon, England, SN5 8UB.The company has therefore taken advantage of the exemption from preparing group financial statements under Section 400 of the Companies Act 2006. The consolidated financial statements of Openwork Partnership LLP are available to the public.

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 (2024: 9 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2025 and 31 December 2025	3,361,280	3,361,280
	_______	_______
Amortisation
At 1 January 2025	1,658,681	1,658,681
Charge for the year	592,423	592,423
	_______	_______
At 31 December 2025	2,251,104	2,251,104
	_______	_______
Carrying amount
At 31 December 2025	1,110,176	1,110,176
	_______	_______
At 31 December 2024	1,702,599	1,702,599
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2025	41,103	41,103
Additions	1,902	1,902
	_______	_______
At 31 December 2025	43,005	43,005
	_______	_______
Depreciation
At 1 January 2025	10,787	10,787
Charge for the year	11,114	11,114
	_______	_______
At 31 December 2025	21,901	21,901
	_______	_______
Carrying amount
At 31 December 2025	21,104	21,104
	_______	_______
At 31 December 2024	30,316	30,316
	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2025	-	-
Additions	985,319	985,319
	_______	_______
At 31 December 2025	985,319	985,319
	_______	_______
Impairment
At 1 January 2025 and 31 December 2025	-	-
	_______	_______
Carrying amount
At 31 December 2025	985,319	985,319
	_______	_______
At 31 December 2024	-	-
	_______	_______

8. Debtors

	2025	2024
	£	£
Trade debtors	129,560	91,991
Other debtors	147,249	102,965
	_______	_______
	276,809	194,956
	_______	_______

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	124,717	67,173
Amounts owed to group undertakings and undertakings in which the company has a participating interest	139,442	137,843
Corporation tax	83,115	191,366
Social security and other taxes	8,513	5,372
Other creditors	831,131	372,340
	_______	_______
	1,186,918	774,094
	_______	_______

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

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

	2025	2024
	£	£
Other creditors	397,213	338,000
	_______	_______

11. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	56,160	56,160
Later than 1 year and not later than 5 years	17,760	73,920
	_______	_______
	73,920	130,080
	_______	_______

12. Limitation of auditors liability

The company has entered into a liability limitation agreement with the company's auditor which was approved on 15 January 2026. 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.

13. Summary audit opinion

The auditor's report dated 22 September 2026 was unqualified.

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

14. 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 £139,442 (2024: £137,843) to Milecross Financial Solutions Limited. Milecross Financial (Scotland) Ltd . owns 51% of the shares in MJA Edinburgh Ltd.At the balance sheet date the company owed £162,577 to MJA Edinburgh Ltd.

15. Controlling party

The previous ultimate controlling party was Paul Dalzell until 6 June 2025, from this date the ultimatecontrolling party is Openwork Partnership LLP.Registered office: Auckland House, Lydiard Fields, Swindon, England, SN5 8UB