Registration number:
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
for the Year Ended 30 November 2023
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Contents
Company Information |
|
Accountants' Report |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Company Information
Director |
J Plevin |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
for the Year Ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Morton Miller Wealth Management Limited (previously Pentran Trading Limited) for the year ended 30 November 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Morton Miller Wealth Management Limited (previously Pentran Trading Limited), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Morton Miller Wealth Management Limited (previously Pentran Trading Limited) and state those matters that we have agreed to state to the Board of Directors of Morton Miller Wealth Management Limited (previously Pentran Trading Limited), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morton Miller Wealth Management Limited (previously Pentran Trading Limited) and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Morton Miller Wealth Management Limited (previously Pentran Trading Limited) has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Morton Miller Wealth Management Limited (previously Pentran Trading Limited). You consider that Morton Miller Wealth Management Limited (previously Pentran Trading Limited) is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Morton Miller Wealth Management Limited (previously Pentran Trading Limited). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
306 High Street
Croydon
Surrey
CR0 1NG
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
(Registration number: 06750846)
Statement of Financial Position as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
354,807 |
346,859 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
20 |
20 |
|
Revaluation reserve |
104,807 |
96,859 |
|
Retained earnings |
474,891 |
458,349 |
|
Shareholders' funds |
579,718 |
555,228 |
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
(Registration number: 06750846)
Statement of Financial Position as at 30 November 2023 (continued)
For the financial year ending 30 November 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 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 Income Statement.
Approved and authorised by the
|
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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 presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
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.
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Fixture & fittings |
25% on RBM |
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.
Financial instruments
Classification
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 December 2022 |
|
|
Additions |
|
|
At 30 November 2023 |
|
|
Depreciation |
||
At 1 December 2022 |
|
|
Charge for the year |
|
|
At 30 November 2023 |
|
|
Carrying amount |
||
At 30 November 2023 |
|
|
At 30 November 2022 |
|
|
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Fixed asset investments |
Listed investments |
Total |
|
Fixed asset investments |
||
Cost or valuation |
||
At 1 December 2022 |
346,859 |
346,859 |
Revaluations |
7,948 |
7,948 |
At 30 November 2023 |
354,807 |
354,807 |
Impairment |
||
Carrying amount |
||
At 30 November 2023 |
|
354,807 |
Listed |
|
Cost |
250,000 |
Fair value adjustment in 2014 |
11,472 |
Fair value adjustment in 2015 |
1,830 |
Fair value adjustment in 2016 |
7,344 |
Fair value adjustment in 2017 |
8,703 |
Fair value adjustment in 2018 |
5,335 |
Fair value adjustment in 2019 |
4,304 |
Fair value adjustment in 2020 |
8,519 |
Fair value adjustment in 2021 |
32,542 |
Fair value adjustment in 2022 |
16,810 |
Fair value adjustment in 2023 |
7,948 |
354,807 |
The investments comprise of onshore bonds, the market value of which as at 30th November 2023 amounted to £354,807 (2022 - £346,859). The change in market value is disclosed in the statement of total recognised gains and losses.
Morton Miller Wealth Management Limited (previously Pentran Trading Limited)
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)
Debtors |
Current |
2023 |
2022 |
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|