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REGISTERED NUMBER: 11643649 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SMITHSON WEALTH MANAGEMENT LIMITED

SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITHSON WEALTH MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: Mr. G Smithson



REGISTERED OFFICE: Suite 1.6 Howard House Commercial Centre
Howard Street
North Shields
NE30 1AR



REGISTERED NUMBER: 11643649 (England and Wales)



ACCOUNTANTS: Read, Milburn & Co
71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



BANKERS: Lloyds Bank plc
Cardinal Place
98 Victoria Street
London
SW1E 5JL

SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 85,200
Tangible assets 5 540 721
540 85,921

CURRENT ASSETS
Debtors 6 33,903 31,231
Cash at bank 556 2,425
34,459 33,656
CREDITORS
Amounts falling due within one year 7 100,209 26,898
NET CURRENT (LIABILITIES)/ASSETS (65,750 ) 6,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

(65,210

)

92,679

CREDITORS
Amounts falling due after more than one
year

8

206,649

383,756
NET LIABILITIES (271,859 ) (291,077 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (271,959 ) (291,177 )
(271,859 ) (291,077 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 July 2024 and were signed by:





Mr. G Smithson - Director


SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Smithson Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 rendering of services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangibles are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Financial instruments
All financial assets and financial liabilities of the company qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 10,000 415,997 425,997
AMORTISATION
At 1 November 2022 8,000 332,797 340,797
Charge for year 2,000 83,200 85,200
At 31 October 2023 10,000 415,997 425,997
NET BOOK VALUE
At 31 October 2023 - - -
At 31 October 2022 2,000 83,200 85,200

SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 2,366
DEPRECIATION
At 1 November 2022 1,645
Charge for year 181
At 31 October 2023 1,826
NET BOOK VALUE
At 31 October 2023 540
At 31 October 2022 721

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,517 31,231
Other debtors 25,386 -
33,903 31,231

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,005 10,000
Trade creditors - 260
Taxation and social security 30,234 4,231
Other creditors 9,970 12,407
100,209 26,898

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 206,649 383,756

SMITHSON WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 11643649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 33,334 -

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr. G Smithson
Balance outstanding at start of year (12,406 ) (6,898 )
Amounts advanced 44,886 -
Amounts repaid (7,094 ) (5,508 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,386 (12,406 )