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REGISTERED NUMBER: 09838318 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Mitchell Wealth Management Limited

Mitchell Wealth Management Limited (Registered number: 09838318)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 7

Mitchell Wealth Management Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: C Mitchell





REGISTERED OFFICE: 8 Arena Park
Tarn Lane
Leeds
West Yorkshire
LS17 9BF





REGISTERED NUMBER: 09838318 (England and Wales)





ACCOUNTANTS: Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ

Mitchell Wealth Management Limited (Registered number: 09838318)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,143,348 1,192,556
Tangible assets 5 58,908 70,508
1,202,256 1,263,064

CURRENT ASSETS
Debtors 6 89,812 87,041
Cash at bank 64,922 108,239
154,734 195,280
CREDITORS
Amounts falling due within one year 7 284,183 347,370
NET CURRENT LIABILITIES (129,449 ) (152,090 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,072,807

1,110,974

CREDITORS
Amounts falling due after more than one
year

8

(798,536

)

(766,001

)

PROVISIONS FOR LIABILITIES (5,674 ) (6,586 )
NET ASSETS 268,597 338,387

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 268,497 338,287
SHAREHOLDERS' FUNDS 268,597 338,387

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 30 August 2024 and were signed by:





C Mitchell - Director


Mitchell Wealth Management Limited (Registered number: 09838318)

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

1. STATUTORY INFORMATION

Mitchell 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Mitchell Wealth Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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

Given the nature of the business the director is able to reliably estimate the useful life of the goodwill and feels the above period is appropriate.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

Mitchell Wealth Management Limited (Registered number: 09838318)

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

2. ACCOUNTING POLICIES - continued

Current asset investments
Current asset investments held on a recognised investment exchange are stated at fair value at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,476,248
AMORTISATION
At 1 January 2023 283,692
Charge for year 49,208
At 31 December 2023 332,900
NET BOOK VALUE
At 31 December 2023 1,143,348
At 31 December 2022 1,192,556

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 25,589 53,858 16,772 96,219
Additions 643 - 5,354 5,997
At 31 December 2023 26,232 53,858 22,126 102,216
DEPRECIATION
At 1 January 2023 4,470 8,976 12,265 25,711
Charge for year 3,240 11,220 3,137 17,597
At 31 December 2023 7,710 20,196 15,402 43,308
NET BOOK VALUE
At 31 December 2023 18,522 33,662 6,724 58,908
At 31 December 2022 21,119 44,882 4,507 70,508

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 89,768 62,246
Other debtors 44 24,795
89,812 87,041

Mitchell Wealth Management Limited (Registered number: 09838318)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 63,225 168,138
Hire purchase contracts 6,776 6,776
Taxation and social security 47,845 80,468
Other creditors 166,337 91,988
284,183 347,370

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 763,182 723,871
Hire purchase contracts 35,354 42,130
798,536 766,001

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 516,061 121,999

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 7,565 -
Bank loans 55,660 168,138
63,225 168,138

Amounts falling due between two and five years:
Bank loans - 2-5 years 247,121 601,872

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 516,061 121,999

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft 7,565 -
Bank loans 818,842 892,009
Hire purchase contracts 42,130 48,906
868,537 940,915

Hire purchase is secured over the asset being financed.

Mitchell Wealth Management Limited (Registered number: 09838318)

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

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.12.23 31.12.22
£    £   
C Mitchell
Balance outstanding at start of year 24,660 53,419
Amounts advanced 39,935 -
Amounts repaid (64,595 ) (28,759 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 24,660

Accountants' Report to the Director
on the Unaudited Financial Statements of
Mitchell Wealth Management Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mitchell Wealth Management Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Mitchell Wealth Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mitchell Wealth Management Limited and state those matters that we have agreed to state to the director of Mitchell Wealth Management Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mitchell Wealth Management Limited and its director for our work or for this report.

It is your duty to ensure that Mitchell Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mitchell Wealth Management Limited. You consider that Mitchell Wealth Management 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 financial statements of Mitchell Wealth Management 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 financial statements.






Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ


30 August 2024