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Registration number: 06532938

Mercer & Associates Wealth Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mercer & Associates Wealth Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mercer & Associates Wealth Management Ltd

Company Information

Directors

Mr D Mercer

Mrs R A Mercer

Registered office

Heritage Place
1-2 Grosvenor Court
Foregate Street
CHESTER
CH1 1HG

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Mercer & Associates Wealth Management Ltd

(Registration number: 06532938)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

13,299

17,732

Current assets

 

Debtors

7

946,419

792,109

Cash at bank and in hand

 

252

185

 

946,671

792,294

Creditors: Amounts falling due within one year

8

(250,205)

(316,444)

Net current assets

 

696,466

475,850

Total assets less current liabilities

 

709,765

493,582

Creditors: Amounts falling due after more than one year

8

(108,343)

(179,525)

Provisions for liabilities

(3,325)

(4,227)

Net assets

 

598,097

309,830

Capital and reserves

 

Called up share capital

1

1

Retained earnings

598,096

309,829

Shareholders' funds

 

598,097

309,830

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Mercer & Associates Wealth Management Ltd

(Registration number: 06532938)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Mr D Mercer
Director

.........................................
Mrs R A Mercer
Director

 

Mercer & Associates Wealth Management Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Heritage Place
1-2 Grosvenor Court
Foregate Street
CHESTER
CH1 1HG
United Kingdom

These financial statements were authorised for issue by the Board on 27 August 2024.

The principal place of business is the same as the registered office.

2

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 presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised as income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

 

Mercer & Associates Wealth Management Ltd

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

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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet 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

Other property, plant and equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mercer & Associates Wealth Management Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

Mercer & Associates Wealth Management Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,433

5,912

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

30,315

30,315

At 31 December 2023

30,315

30,315

Amortisation

At 1 January 2023

30,315

30,315

At 31 December 2023

30,315

30,315

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

127,336

7,746

135,082

At 31 December 2023

127,336

7,746

135,082

Depreciation

At 1 January 2023

109,981

7,369

117,350

Charge for the year

4,339

94

4,433

At 31 December 2023

114,320

7,463

121,783

Carrying amount

At 31 December 2023

13,016

283

13,299

At 31 December 2022

17,355

377

17,732

 

Mercer & Associates Wealth Management Ltd

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

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

30,852

73,286

Other debtors

10

911,478

716,662

Prepayments

 

4,089

2,161

 

946,419

792,109

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

73,788

96,202

Trade creditors

 

2,355

238

Taxation and social security

 

3,032

3,315

Other creditors

 

171,030

216,689

 

250,205

316,444

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

108,343

179,525

 

Mercer & Associates Wealth Management Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,500

27,500

Other borrowings

90,843

152,025

108,343

179,525

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

2,611

25,008

Other borrowings

61,177

61,194

73,788

96,202

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Repayable on demand

370,879

179,381

(871)

549,389

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Repayable on demand

246,543

372,529

(248,193)

370,879

         
       

 

Summary of transactions with other related parties

Included in other debtors is a balance of £207,304 (2022: £223,914) due from a company in which a director is also a director and shareholder. The balance is repayable on demand and interest free.