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REGISTERED NUMBER: 11633718 (England and Wales)














Unaudited Financial Statements for the Year Ended 31 October 2023

for

MCQUEEN WEALTH MANAGEMENT LTD

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)






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


MCQUEEN WEALTH MANAGEMENT LTD

Company Information
for the year ended 31 OCTOBER 2023







DIRECTORS: C McQueen
K L Powell





REGISTERED OFFICE: 1 Near Birch Road
Houlton
Rugby
CV23 1DY





REGISTERED NUMBER: 11633718 (England and Wales)





ACCOUNTANT: Elsby & Co
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 456,311 537,083
Tangible assets 5 2,557 2,910
458,868 539,993

CURRENT ASSETS
Stocks 21,339 -
Debtors 6 15,705 17,216
Cash at bank 4,165 50,073
41,209 67,289
CREDITORS
Amounts falling due within one year 7 118,989 120,537
NET CURRENT LIABILITIES (77,780 ) (53,248 )
TOTAL ASSETS LESS CURRENT LIABILITIES 381,088 486,745

CREDITORS
Amounts falling due after more than one
year

8

380,853

486,425
NET ASSETS 235 320

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 135 220
SHAREHOLDERS' FUNDS 235 320

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 directors acknowledge their 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.

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





C McQueen - Director


MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

Notes to the Financial Statements
for the year ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

McQueen Wealth Management Ltd 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a client base is being amortised evenly over its estimated useful life of ten 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.

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
Computer equipment - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing
stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

Notes to the Financial Statements - continued
for the year ended 31 OCTOBER 2023

3. EMPLOYEES

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST OR VALUATION
At 1 November 2022 755,391
Disposals (8,022 )
At 31 October 2023 747,369
AMORTISATION
At 1 November 2022 218,308
Amortisation for year 74,737
Eliminated on disposal (1,987 )
At 31 October 2023 291,058
NET BOOK VALUE
At 31 October 2023 456,311
At 31 October 2022 537,083

Cost or valuation at 31 October 2023 is represented by:

Goodwill
£   
Valuation in 2019 471,190
Valuation in 2020 (24,897 )
Valuation in 2021 309,098
Valuation in 2023 (8,022 )
747,369

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

Notes to the Financial Statements - continued
for the year ended 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 438 5,002 5,440
Additions - 499 499
At 31 October 2023 438 5,501 5,939
DEPRECIATION
At 1 November 2022 300 2,230 2,530
Charge for year 34 818 852
At 31 October 2023 334 3,048 3,382
NET BOOK VALUE
At 31 October 2023 104 2,453 2,557
At 31 October 2022 138 2,772 2,910

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,642 11,932
Other debtors 13,063 5,284
15,705 17,216

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 81,816 58,964
Taxation and social security 34,083 37,397
Other creditors 3,090 24,176
118,989 120,537

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 380,853 486,425

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 70,090 191,622

MCQUEEN WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 11633718)

Notes to the Financial Statements - continued
for the year ended 31 OCTOBER 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

10. DIRECTORS' 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
£    £   
C McQueen
Balance outstanding at start of year (20,817 ) (17,426 )
Amounts advanced 108,324 104,280
Amounts repaid (74,693 ) (107,671 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,814 (20,817 )

Interest was charged on this balance at a rate of 2.25%. There are no fixed terms for repayment.