Company Registration No. 05643024 (England and Wales)
GILBERT WEALTH LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
GILBERT WEALTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GILBERT WEALTH LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
324,000
366,000
Tangible assets
5
3,910
5,017
327,910
371,017
Current assets
Debtors
6
108,276
205,121
Cash at bank and in hand
62,276
118,050
170,552
323,171
Creditors: amounts falling due within one year
7
(294,129)
(448,014)
Net current liabilities
(123,577)
(124,843)
Total assets less current liabilities
204,333
246,174
Creditors: amounts falling due after more than one year
8
(18,961)
(98,042)
Provisions for liabilities
(11,743)
(988)
Net assets
173,629
147,144
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
173,529
147,044
Total equity
173,629
147,144

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 30 April 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.

GILBERT WEALTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
J Gilbert
Director
Company Registration No. 05643024
GILBERT WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Gilbert Wealth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newstead House, Pelham Road, Nottingham, NG5 1AP.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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:

Fixtures, fittings & equipment
25% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GILBERT WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

GILBERT WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
10
GILBERT WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
528,150
Amortisation and impairment
At 1 May 2022
162,150
Amortisation charged for the year
42,000
At 30 April 2023
204,150
Carrying amount
At 30 April 2023
324,000
At 30 April 2022
366,000
5
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 May 2022
33,557
Additions
186
At 30 April 2023
33,743
Depreciation and impairment
At 1 May 2022
28,540
Depreciation charged in the year
1,293
At 30 April 2023
29,833
Carrying amount
At 30 April 2023
3,910
At 30 April 2022
5,017
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
108,276
205,121
GILBERT WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,040
38,906
Taxation and social security
105,500
126,347
Other creditors
177,589
282,761
294,129
448,014
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,961
98,042
2023-04-302022-05-01false15 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityJonathan GilbertMr Jonathan PashleyJ Gilbert056430242022-05-012023-04-30056430242023-04-30056430242022-04-3005643024core:Goodwill2023-04-3005643024core:Goodwill2022-04-3005643024core:FurnitureFittings2023-04-3005643024core:FurnitureFittings2022-04-3005643024core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3005643024core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3005643024core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3005643024core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-3005643024core:CurrentFinancialInstruments2023-04-3005643024core:CurrentFinancialInstruments2022-04-3005643024core:ShareCapital2023-04-3005643024core:ShareCapital2022-04-3005643024core:RetainedEarningsAccumulatedLosses2023-04-3005643024core:RetainedEarningsAccumulatedLosses2022-04-3005643024bus:CompanySecretaryDirector12022-05-012023-04-3005643024core:Goodwill2022-05-012023-04-3005643024core:FurnitureFittings2022-05-012023-04-30056430242021-05-012022-04-3005643024core:Goodwill2022-04-3005643024core:FurnitureFittings2022-04-3005643024core:WithinOneYear2023-04-3005643024core:WithinOneYear2022-04-3005643024core:Non-currentFinancialInstruments2023-04-3005643024core:Non-currentFinancialInstruments2022-04-3005643024bus:PrivateLimitedCompanyLtd2022-05-012023-04-3005643024bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3005643024bus:FRS1022022-05-012023-04-3005643024bus:AuditExemptWithAccountantsReport2022-05-012023-04-3005643024bus:Director12022-05-012023-04-3005643024bus:Director22022-05-012023-04-3005643024bus:CompanySecretary12022-05-012023-04-3005643024bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP