Registered number
12341149
Brightside Wealth Management Limited
Filleted Accounts
31 December 2023
Brightside Wealth Management Limited
Registered number: 12341149
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,890,320 2,389,050
Tangible assets 4 10,460 12,719
1,900,780 2,401,769
Current assets
Debtors 5 73,736 81,980
Cash at bank and in hand 292,725 252,307
366,461 334,287
Creditors: amounts falling due within one year 6 (436,907) (415,629)
Net current liabilities (70,446) (81,342)
Total assets less current liabilities 1,830,334 2,320,427
Creditors: amounts falling due after more than one year 7 (1,757,072) (2,259,145)
Provisions for liabilities (2,678) (2,417)
Net assets 70,584 58,865
Capital and reserves
Called up share capital 500 500
Profit and loss account 70,084 58,365
Shareholders' funds 70,584 58,865
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K Kent
Director
Approved by the board on 27 March 2024
Brightside Wealth Management Limited
Notes to the Accounts
for the period from 1 November 2022 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 2,583,695
Disposals (232,333)
At 31 December 2023 2,351,362
Amortisation
At 1 November 2022 194,645
Provided during the period 266,397
At 31 December 2023 461,042
Net book value
At 31 December 2023 1,890,320
At 31 October 2022 2,389,050
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 20,088
Additions 4,022
At 31 December 2023 24,110
Depreciation
At 1 November 2022 7,369
Charge for the period 6,281
At 31 December 2023 13,650
Net book value
At 31 December 2023 10,460
At 31 October 2022 12,719
5 Debtors 2023 2022
£ £
Trade debtors 49,723 72,971
Other debtors 24,013 9,009
73,736 81,980
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 239,319 211,977
Taxation and social security costs 117,993 71,842
Directors' loan account 76,361 128,800
Other creditors 3,234 3,010
436,907 415,629
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,757,072 1,829,685
Other creditors - 429,460
1,757,072 2,259,145
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,196,594 1,002,863
9 Controlling party
In the opinion of the directors Mr K Kent is the company's controlling party by virtue of his shareholding in the company.
10 Other information
Brightside Wealth Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Finborough Road
Stowmarket
Suffolk
IP14 1PN
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