5 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 37,949 6,165 44,114 28,343 2,905 31,248 12,866 9,606 1,856 1,088 2,944 xbrli:pure xbrli:shares iso4217:GBP 08416853 2023-03-01 2023-11-30 08416853 2023-11-30 08416853 2023-02-28 08416853 2022-03-01 2023-02-28 08416853 2023-02-28 08416853 core:NetGoodwill 2023-03-01 2023-11-30 08416853 core:FurnitureFittings 2023-03-01 2023-11-30 08416853 bus:OrdinaryShareClass1 2023-03-01 2023-11-30 08416853 bus:Director1 2023-03-01 2023-11-30 08416853 core:WithinOneYear 2023-11-30 08416853 core:WithinOneYear 2023-02-28 08416853 core:NetGoodwill 2023-02-28 08416853 core:NetGoodwill 2023-11-30 08416853 core:FurnitureFittings 2023-02-28 08416853 core:FurnitureFittings 2023-11-30 08416853 core:DeferredTaxation 2023-03-01 2023-11-30 08416853 core:AfterOneYear 2023-11-30 08416853 core:AfterOneYear 2023-02-28 08416853 core:ShareCapital 2023-11-30 08416853 core:ShareCapital 2023-02-28 08416853 core:RetainedEarningsAccumulatedLosses 2023-11-30 08416853 core:RetainedEarningsAccumulatedLosses 2023-02-28 08416853 core:BetweenOneFiveYears 2023-11-30 08416853 core:BetweenOneFiveYears 2023-02-28 08416853 core:AcceleratedTaxDepreciationDeferredTax 2023-11-30 08416853 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08416853 core:RetirementBenefitObligationsDeferredTax 2023-11-30 08416853 core:FurnitureFittings 2023-02-28 08416853 core:DeferredTaxation 2023-02-28 08416853 core:DeferredTaxation 2023-11-30 08416853 bus:SmallEntities 2023-03-01 2023-11-30 08416853 bus:AuditExemptWithAccountantsReport 2023-03-01 2023-11-30 08416853 bus:FullAccounts 2023-03-01 2023-11-30 08416853 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2023-11-30 08416853 bus:PrivateLimitedCompanyLtd 2023-03-01 2023-11-30 08416853 bus:OrdinaryShareClass1 2023-11-30 08416853 bus:OrdinaryShareClass1 2023-02-28 08416853 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-01 2023-11-30 08416853 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-11-30 08416853 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-28 08416853 1 2023-03-01 2023-11-30
COMPANY REGISTRATION NUMBER: 08416853
GLENNAN WEALTH MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
GLENNAN WEALTH MANAGEMENT LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 MARCH 2023 TO 30 NOVEMBER 2023
Contents
Pages
Statement of financial position 1 to 2
Notes to the financial statements 3 to 7
GLENNAN WEALTH MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
30 Nov 23
28 Feb 23
Note
£
£
Fixed assets
Intangible assets
5
449
Tangible assets
6
12,866
9,606
------------
------------
12,866
10,055
Current assets
Debtors
7
117,406
134,091
Cash at bank and in hand
144,557
259,177
------------
------------
261,963
393,268
Creditors: amounts falling due within one year
8
( 95,976)
( 264,261)
------------
------------
Net current assets
165,987
129,007
------------
------------
Total assets less current liabilities
178,853
139,062
Creditors: amounts falling due after more than one year
9
( 13,329)
( 51,587)
Provisions
Taxation including deferred tax
10
( 2,944)
( 1,856)
------------
------------
Net assets
162,580
85,619
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
162,480
85,519
------------
------------
Shareholders funds
162,580
85,619
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLENNAN WEALTH MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
S J Cocking
Director
Company registration number: 08416853
GLENNAN WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MARCH 2023 TO 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 08416853 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The company's principal place of business is 114 Wellington Street, Leeds, LS1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Personalised number plates
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2023: 5 ).
5. Intangible assets
Goodwill
Personalised number plates
Total
£
£
£
Cost
At 1 March 2023 and 30 November 2023
435,000
499
435,499
------------
------------
------------
Amortisation
At 1 March 2023
435,000
50
435,050
Charge for the period
449
449
------------
------------
------------
At 30 November 2023
435,000
499
435,499
------------
------------
------------
Carrying amount
At 30 November 2023
------------
------------
------------
At 28 February 2023
449
449
------------
------------
------------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 March 2023
37,949
37,949
Additions
6,165
6,165
------------
------------
At 30 November 2023
44,114
44,114
------------
------------
Depreciation
At 1 March 2023
28,343
28,343
Charge for the period
2,905
2,905
------------
------------
At 30 November 2023
31,248
31,248
------------
------------
Carrying amount
At 30 November 2023
12,866
12,866
------------
------------
At 28 February 2023
9,606
9,606
------------
------------
7. Debtors
30 Nov 23
28 Feb 23
£
£
Trade debtors
59,808
55,000
Prepayments and accrued income
5,107
27,542
Director's loan account
52,491
51,549
------------
------------
117,406
134,091
------------
------------
8. Creditors: amounts falling due within one year
30 Nov 23
28 Feb 23
£
£
Bank loans and overdrafts
50,456
47,210
Trade creditors
552
566
Amounts owed to group undertakings
86,095
Accruals and deferred income
14,508
4,251
Corporation tax
15,829
110,537
Social security and other taxes
14,543
15,584
Other creditors
88
18
------------
------------
95,976
264,261
------------
------------
A charge is held over the assets of the company in support of a loan made by a third party to Glennan Wealth Management Holdings Limited.
9. Creditors: amounts falling due after more than one year
30 Nov 23
28 Feb 23
£
£
Bank loans and overdrafts
13,329
51,587
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 March 2023
1,856
Additions
1,088
------------
At 30 November 2023
2,944
------------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Nov 23
28 Feb 23
£
£
Included in provisions (note 10)
2,944
1,856
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Nov 23
28 Feb 23
£
£
Accelerated capital allowances
2,966
1,856
Pension plan obligations
( 22)
------------
------------
2,944
1,856
------------
------------
12. Called up share capital
Issued, called up and fully paid
30 Nov 23
28 Feb 23
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Nov 23
28 Feb 23
£
£
Later than 1 year and not later than 5 years
22,813
36,423
------------
------------
14. Related party transactions
The director's loan account included in debtors above of £52,491 (February 2023: £51,549) is unsecured, repayable on demand and interest has been charged on the outstanding balance at 2.5% pa. The loan was subsequently settled after the period end.
15. Controlling party
The company is a wholly owned subsidiary of Glennan Wealth Management Holdings Limited. This company is controlled by L C Glennan.