Company registration number SC181744 (Scotland)
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
15,865
31,765
Tangible assets
4
4,744
5,818
20,609
37,583
Current assets
Debtors
5
231,203
248,709
Cash at bank and in hand
1,782
231,203
250,491
Creditors: amounts falling due within one year
6
(3,500)
(13,502)
Net current assets
227,703
236,989
Total assets less current liabilities
248,312
274,572
Provisions for liabilities
(2,014)
(2,418)
Net assets
246,298
272,154
Capital and reserves
Called up share capital
7
500
500
Share premium account
24,500
24,500
Profit and loss reserves
221,298
247,154
Total equity
246,298
272,154
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2023 and are signed on its behalf by:
A G Manson
Director
Company Registration No. SC181744
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Focus Financial Management (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Gresham Chambers, 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The parent company is Intelligent Capital Holdings Limited, a company registered in Scotland with their registered office being Gresham Chambers 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.
1.2
Going concern
At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents commission and fees earned.
1.4
Intangible fixed assets - goodwill
Intangible assets are measured at cost less any accumulated amortisation and impairment losses. Goodwill represents the amount paid in connection with the acquisition of a business in 2015. It is currently being amortised evenly over its expected useful life of 10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
230,197
Amortisation and impairment
At 1 February 2022
198,432
Amortisation charged for the year
15,900
At 31 January 2023
214,332
Carrying amount
At 31 January 2023
15,865
At 31 January 2022
31,765
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
54,402
Depreciation and impairment
At 1 February 2022
48,584
Depreciation charged in the year
1,074
At 31 January 2023
49,658
Carrying amount
At 31 January 2023
4,744
At 31 January 2022
5,818
FOCUS FINANCIAL MANAGEMENT (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
188,795
174,225
Other debtors
28,273
28,273
Prepayments and accrued income
3,805
217,068
206,303
Amounts falling due after more than one year:
Other debtors
14,135
42,406
Total debtors
231,203
248,709
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,550
Other creditors
3,500
11,952
3,500
13,502
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
8
Financial commitments, guarantees and contingent liabilities
The company is party to a cross corporate guarantee between Intelligent Capital Holdings Limited, Intelligent Capital Group Limited, Intelligent Capital Ltd, Intelligent Portfolios Limited and First Financial Consulting Ltd. The guarantees and securities are against the sums drawn down, lent or otherwise utilised under the terms of the credit facilities offered to Focus Financial Management (Scotland) Limited, or any of the above companies, by Clydesdale Bank PLC.
9
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.