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Registration number: 09141516

Mount Stuart Wealth Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

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
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 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,020,525

4,327,829

Tangible assets

5

3,785

4,371

 

4,024,310

4,332,200

Current assets

 

Debtors

6

94,105

57,106

Cash at bank and in hand

 

314,860

682,678

 

408,965

739,784

Creditors: Amounts falling due within one year

7

(633,823)

(803,061)

Net current liabilities

 

(224,858)

(63,277)

Total assets less current liabilities

 

3,799,452

4,268,923

Creditors: Amounts falling due after more than one year

7

(3,097,921)

(3,387,765)

Provisions for liabilities

(353)

(498)

Net assets

 

701,178

880,660

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

701,078

880,560

Shareholders' funds

 

701,178

880,660

For the financial year ending 31 December 2023 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 2023

Approved and authorised by the director on 6 March 2024
 

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

 

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 6 March 2024.

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 2023

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 2023

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 8 (2022 - 8).

 

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

6,948,090

6,948,090

Additions acquired separately

180,744

180,744

At 31 December 2023

7,128,834

7,128,834

Amortisation

At 1 January 2023

2,620,261

2,620,261

Amortisation charge

488,048

488,048

At 31 December 2023

3,108,309

3,108,309

Carrying amount

At 31 December 2023

4,020,525

4,020,525

At 31 December 2022

4,327,829

4,327,829

 

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

19,084

19,084

Additions

2,156

2,156

At 31 December 2023

21,240

21,240

Depreciation

At 1 January 2023

14,713

14,713

Charge for the year

2,742

2,742

At 31 December 2023

17,455

17,455

Carrying amount

At 31 December 2023

3,785

3,785

At 31 December 2022

4,371

4,371

6

Debtors

Current

2023
£

2022
£

Trade debtors

87,228

56,768

Prepayments

877

338

Other debtors

6,000

-

 

94,105

57,106

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

444,944

438,975

Trade creditors

 

32,558

7,944

Other creditors

 

156,321

356,142

 

633,823

803,061

Included within loans is deferred consideration totalling £33,407 (2022: £40,000).

 

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,097,921

3,387,765

2023
£

2022
£

Due after more than five years

After more than five years by instalments

1,291,773

1,163,677

-

-

Included within loans is deferred consideration totalling £656,000 (2022: £656,000).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,097,921

3,387,765

2023
£

2022
£

Current loans and borrowings

Other borrowings

444,944

438,975

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

9

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:

2023

2022

£

£

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

 

Mount Stuart Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with the director

At the balance sheet date, the company owed the director £16,920 (2022: £12,251). There are no repayment terms or interest charged on the outstanding balance.