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Registered number: 09746771
Tony Fenton & Sons Wealth Management Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Turnerwarran
Glanford House
Bridge Street
Brigg
North Lincolnshire
DN20 8NF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09746771
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,400 12,600
Tangible Assets 5 12,908 16,779
21,308 29,379
CURRENT ASSETS
Debtors 6 15,410 16,330
Cash at bank and in hand 207,025 319,505
222,435 335,835
Creditors: Amounts Falling Due Within One Year 7 (146,047 ) (121,569 )
NET CURRENT ASSETS (LIABILITIES) 76,388 214,266
TOTAL ASSETS LESS CURRENT LIABILITIES 97,696 243,645
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,227 ) (3,277 )
NET ASSETS 94,469 240,368
CAPITAL AND RESERVES
Called up share capital 8 100 100
Share premium account 31,900 31,900
Profit and Loss Account 62,469 208,368
SHAREHOLDERS' FUNDS 94,469 240,368
Page 1
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anthony Fenton
Director
02/02/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tony Fenton & Sons Wealth Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09746771 . The registered office is 29 Market Place , Caistor , Lincolnshire , LN7 6QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 42,000
As at 31 December 2023 42,000
Amortisation
As at 1 January 2023 29,400
Provided during the period 4,200
As at 31 December 2023 33,600
Net Book Value
As at 31 December 2023 8,400
As at 1 January 2023 12,600
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 24,925
Additions 398
As at 31 December 2023 25,323
Depreciation
As at 1 January 2023 8,146
Provided during the period 4,269
As at 31 December 2023 12,415
Net Book Value
As at 31 December 2023 12,908
As at 1 January 2023 16,779
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 13,406 11,721
Prepayments and accrued income 1,807 1,759
Other debtors 92 15
Director's loan account 105 2,835
15,410 16,330
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,318 898
Corporation tax 138,114 111,698
Shareholder account 801 349
Accruals and deferred income 3,313 3,288
Director's loan account 2,501 5,336
146,047 121,569
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5