IRIS Accounts Production v24.2.0.383 09191588 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh091915882022-12-31091915882023-12-31091915882023-01-012023-12-31091915882021-12-31091915882022-01-012022-12-31091915882022-12-3109191588ns15:EnglandWales2023-01-012023-12-3109191588ns14:PoundSterling2023-01-012023-12-3109191588ns10:Director12023-01-012023-12-3109191588ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109191588ns10:SmallEntities2023-01-012023-12-3109191588ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3109191588ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109191588ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109191588ns10:FullAccounts2023-01-012023-12-310919158812023-01-012023-12-3109191588ns10:Director22023-01-012023-12-3109191588ns10:RegisteredOffice2023-01-012023-12-3109191588ns5:CurrentFinancialInstruments2023-12-3109191588ns5:CurrentFinancialInstruments2022-12-3109191588ns5:Non-currentFinancialInstruments2023-12-3109191588ns5:Non-currentFinancialInstruments2022-12-3109191588ns5:ShareCapital2023-12-3109191588ns5:ShareCapital2022-12-3109191588ns5:CapitalRedemptionReserve2023-12-3109191588ns5:CapitalRedemptionReserve2022-12-3109191588ns5:RetainedEarningsAccumulatedLosses2023-12-3109191588ns5:RetainedEarningsAccumulatedLosses2022-12-3109191588ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109191588ns5:PlantMachinery2023-01-012023-12-3109191588ns5:NetGoodwill2022-12-3109191588ns5:NetGoodwill2023-01-012023-12-3109191588ns5:NetGoodwill2023-12-3109191588ns5:NetGoodwill2022-12-3109191588ns5:PlantMachinery2022-12-3109191588ns5:PlantMachinery2023-12-3109191588ns5:PlantMachinery2022-12-3109191588ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3109191588ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3109191588ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3109191588ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3109191588ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109191588ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109191588ns5:CurrentFinancialInstruments2023-01-012023-12-3109191588ns5:Non-currentFinancialInstruments2023-01-012023-12-3109191588ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109191588ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109191588ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3109191588ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3109191588ns5:HirePurchaseContracts2023-12-3109191588ns5:HirePurchaseContracts2022-12-3109191588ns5:WithinOneYear2023-12-3109191588ns5:WithinOneYear2022-12-3109191588ns5:BetweenOneFiveYears2023-12-3109191588ns5:BetweenOneFiveYears2022-12-3109191588ns5:AllPeriods2023-12-3109191588ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 09191588 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Thomas & Young Wealth Management Ltd

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thomas & Young Wealth Management Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr D P Young
Mrs L Wall





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: Risby Business Park
Newmarket Road
Risby
Bury St. Edmunds
IP28 6RD





REGISTERED NUMBER: 09191588 (England and Wales)

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 308,461 154,087
Tangible assets 6 117,683 137,838
426,144 291,925

CURRENT ASSETS
Debtors 7 109,278 189,717
Cash at bank 181,507 174,601
290,785 364,318
CREDITORS
Amounts falling due within one year 8 136,047 148,063
NET CURRENT ASSETS 154,738 216,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

580,882

508,180

CREDITORS
Amounts falling due after more than one
year

9

(400,331

)

(317,872

)

PROVISIONS FOR LIABILITIES (4,880 ) (9,437 )
NET ASSETS 175,671 180,871

CAPITAL AND RESERVES
Called up share capital 83 83
Capital redemption reserve 17 17
Retained earnings 175,571 180,771
SHAREHOLDERS' FUNDS 175,671 180,871

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Balance Sheet - continued
31 December 2023


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 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.

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 Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr D P Young - Director


Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Thomas & Young 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised 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.


Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 329,527
Additions 46,430
At 31 December 2023 375,957
AMORTISATION
At 1 January 2023 175,440
Charge for year (107,944 )
At 31 December 2023 67,496
NET BOOK VALUE
At 31 December 2023 308,461
At 31 December 2022 154,087

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 239,026
Additions 23,485
Disposals (19,380 )
At 31 December 2023 243,131
DEPRECIATION
At 1 January 2023 101,188
Charge for year 39,232
Eliminated on disposal (14,972 )
At 31 December 2023 125,448
NET BOOK VALUE
At 31 December 2023 117,683
At 31 December 2022 137,838

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 106,478
DEPRECIATION
At 1 January 2023 26,620
Charge for year 19,965
At 31 December 2023 46,585
NET BOOK VALUE
At 31 December 2023 59,893
At 31 December 2022 79,858

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 55,139 110,414
Amounts owed by group undertakings 910 910
Other debtors 53,229 78,393
109,278 189,717

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within other debtors is a balance of £7,979 (2022 - £6,488) in relation to prepayments, a balance of £39,677 (2022 - £70,025) in relation to directors' loan accounts, a balance of £4,173 (2022 - £480) in relation to Taxes and a balance of £1,400 (2022 - £1,400) in relation to deposits.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,197 -
Hire purchase contracts (see note 10) 15,552 11,410
Trade creditors 8,652 12,109
Taxation and social security 18,358 58,214
Other creditors 87,288 66,330
136,047 148,063

Included within other creditors is an amount of £1,996 (2022 - £19,861) in relation to accruals, an amount of £59,942 (2022 - £39,953) in relation to other loans, an amount of £15,279 (2022 - £nil) in relation to net pay, an amount of £929 (2022 - £733) in relation to pensions payable, an amount of £4,583 (2022 - £3,945) in relation to credit cards and an amount of £4,559 (2022 - £1,838) in relation to other creditors.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 34,937 -
Hire purchase contracts (see note 10) 76,476 90,376
Other creditors 288,918 227,496
400,331 317,872

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,849 -
Other loans more 5yrs instal 35,591 67,028
45,440 67,028

Other creditors above includes other loans of £288,918 (2022 - £227,496).

Thomas & Young Wealth Management Ltd (Registered number: 09191588)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,552 11,410
Between one and five years 76,476 90,376
92,028 101,786

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,500 15,500
Between one and five years 2,583 18,083
18,083 33,583

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company continued to provide an interest-bearing loan to its director. Amounts advanced to the director totalled £96,007 (2022 - £224,064), amounts repaid to the company totalled £1 (227,112 - £197,360) and interest charged on the loan at a rate of 3.3% totalled £757 (2022 - £1,196). The balance owed to the company at the year end totalled £39,677 (2022 - £70,025) and is repayable on demand.