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REGISTERED NUMBER: 04164888 (England and Wales)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 June 2024

for

S G Wealth Management Limited

S G Wealth Management Limited (Registered number: 04164888)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


S G Wealth Management Limited

Company Information
for the Year Ended 30 June 2024







Directors: Mr A C Wood
Mr H J Gaskin
Mr D J Tooley
Mrs F Kemp



Registered office: 53-57 St Martin's Lane
Norwich
Norfolk
NR3 3SA



Registered number: 04164888 (England and Wales)



Auditors: Stephenson Smart (East Anglia) Limited
East Coast House
Galahad Road
Gorleston
Great Yarmouth
Norfolk
NR31 7RU



Bankers: Santander UK Plc
Administration Team
301 St Vincent Street
Glasgow
G2 5HN

S G Wealth Management Limited (Registered number: 04164888)

Strategic Report
for the Year Ended 30 June 2024


The directors present their strategic report for the year ended 30 June 2024.

Introduction
The principal activity of the company during the year was the provision of financial planning advice with investment and insurance intermediation to both private clients, and corporate clients around their workplace pensions and benefits.

Strategy

The company aims to provide high quality independent planning and advice services to clients focussed in East Anglia, but also on a national basis where relevant. Turnover and profits have been squeezed in recent years due to unhelpful market tailwinds and rising costs outside of our control, coupled with a lack of clear focus on delivering growth. Going forward significant work is being undertaken to deliver a platform to build growth using our existing resource base, to enable a growth in turnover and expansion of profit multiples, in a sustainable manner.

Objectives
The company will look to retain existing clients and associated assets and revenue by providing best in class service as well as aim to add c£15m of net new private client assets over the financial year ahead, with an increase in this annual growth thereafter once the platform can support it. Corporate revenues aim to increase by c10% from the previous year's target.

The company will look to complete on a Management Buy-Out by the end of the first Quarter 2025 to provide long-term certainty for staff and clients.

Review of business
The financial year 23/24 was a solid period for the SG Wealth Management Limited. Income increased to £3,092,522 (from £3,023,773) and profit before tax increased to £442,697 (from £326,162) with a reduction in expenditure. Investment markets provided a positive tailwind for portfolios and Private Client fee levels, with our Corporate Services also outperforming expectations.The company had several challenges that meant growth of new Private Client numbers was slightly lower than targeted, principally through resource being taken by a major project to re-contract all Private Clients to new terms and investment propositions (involving external partners), to improve their outcomes in terms of lower costs and offer a robust platform for future growth going forward. Tragically Managing Director Stephen Girling passed away unexpectedly in December 2023, and whilst our business reliance was reassuringly strong, this also proved disruptive to normal operations for a period of time.

Principal risks and uncertainties
As ever, due to the linkage of our principle income stream to investment markets which are inherently volatile in nature, this remains a key risk which we maintain resources and reserves against. Economic and market factors have been a positive force over the year, but we are aware how quickly and unexpectedly this can turn. Our regulator, the Financial Conduct Authority, is placing enhanced demands on firms such as ours to demonstrate the value of advice and ongoing services where there has been less scrutiny in the past. This is an industry trend and is in focus of both clients and claims firms, helping people claim fees back where service has not been provided in the past. We are confident we continue to demonstrate our value to clients, as highlighted through our "transition" project to all clients, and we have invested significant resource in reviewing compliance standards and processes to ensure we safeguard against this and other emerging risks.


S G Wealth Management Limited (Registered number: 04164888)

Strategic Report
for the Year Ended 30 June 2024

Future outlook
The company will continue to work to grow the business sustainably and securely, securing the future for staff, clients and shareholders. The industry continues to face regulatory and technological headwinds, but we are confident the quality team in place will continue to evolve the business to cope with emerging risks and threats.

On behalf of the board:





Mr H J Gaskin - Director


10 October 2024

S G Wealth Management Limited (Registered number: 04164888)

Directors' Report
for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

Directors
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr A C Wood
Mr H J Gaskin

Other changes in directors holding office are as follows:

Mr S M Girling - deceased 16 December 2023
Mr D J Tooley - appointed 27 February 2024
Mrs F Kemp - appointed 27 February 2024

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


S G Wealth Management Limited (Registered number: 04164888)

Directors' Report
for the Year Ended 30 June 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





Mr H J Gaskin - Director


10 October 2024

Report of the Independent Auditors to the Members of
S G Wealth Management Limited


Opinion
We have audited the financial statements of S G Wealth Management Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
S G Wealth Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
S G Wealth Management Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered, based on our knowledge of the trading environment and structure of the company, areas in which the threat of material misstatement exists concerning irregularity . Irregularities, including fraud, were considered at length throughout our audit work including as part of our communication with both the directors and our audit team.

We have reviewed the company's policies in adhering to laws and regulations and identified where non compliance could materially affect the financial statements and the extent to which irregularities could impact the financial statements vary considerably.

The company is subject to regulation that, in instances of non-compliance, would have a material impact on balances or disclosures within the financial statements such as fines, penalties and interest. Areas such as employment law, health and safety, GDPR and of most importance FCA regulations capital adequacy and consumer regulations. The limited procedures required to be undertaken as contained within the auditing standards did not identify any areas of non-compliance.

The company is also subject to regulations that, in instances of non-compliance, would have a material impact on balances or disclosures within the financial statements, such as fines, penalties and interest. Area such as employment law compliance, Health and Safety or GDPR. The limited procedures required to be undertaken as contained within the auditing standards did not identify any areas of non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
S G Wealth Management Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Henry Pettitt FCA (Senior Statutory Auditor)
for and on behalf of Stephenson Smart (East Anglia) Limited
East Coast House
Galahad Road
Gorleston
Great Yarmouth
Norfolk
NR31 7RU

10 October 2024

S G Wealth Management Limited (Registered number: 04164888)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £ £

Turnover 3,092,522 3,023,773

Administrative expenses (2,702,819 ) (2,721,266 )
389,703 302,507

Other operating income 8,790 7,200
Operating profit 4 398,493 309,707

Interest receivable and similar income 44,204 16,455
Profit before taxation 442,697 326,162

Tax on profit 5 (111,002 ) (76,293 )
Profit for the financial year 331,695 249,869

S G Wealth Management Limited (Registered number: 04164888)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £ £

Profit for the year 331,695 249,869


Other comprehensive income - -
Total comprehensive income for the year 331,695 249,869

S G Wealth Management Limited (Registered number: 04164888)

Balance Sheet
30 June 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 28,515 33,227
28,515 33,227

Current assets
Debtors 8 199,954 236,044
Cash at bank and in hand 1,308,725 953,287
1,508,679 1,189,331
Creditors
Amounts falling due within one year 9 (433,282 ) (402,998 )
Net current assets 1,075,397 786,333
Total assets less current liabilities 1,103,912 819,560

Provisions for liabilities 11 (2,512 ) -
Net assets 1,101,400 819,560

Capital and reserves
Called up share capital 12 18,478 18,478
Share premium 13 113,414 113,414
Retained earnings 13 969,508 687,668
1,101,400 819,560

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





Mr H J Gaskin - Director


S G Wealth Management Limited (Registered number: 04164888)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 July 2022 18,478 584,299 113,414 716,191

Changes in equity
Profit for the year - 249,869 - 249,869
Total comprehensive income - 249,869 - 249,869
Dividends - (146,500 ) - (146,500 )
Balance at 30 June 2023 18,478 687,668 113,414 819,560

Changes in equity
Profit for the year - 331,695 - 331,695
Total comprehensive income - 331,695 - 331,695
Dividends - (49,855 ) - (49,855 )
Balance at 30 June 2024 18,478 969,508 113,414 1,101,400

S G Wealth Management Limited (Registered number: 04164888)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 441,720 169,075
Tax paid (67,466 ) (92,610 )
Net cash from operating activities 374,254 76,465

Cash flows from investing activities
Purchase of tangible fixed assets (13,832 ) (4,369 )
Sale of tangible fixed assets 667 -
Interest received 44,204 16,455
Net cash from investing activities 31,039 12,086

Cash flows from financing activities
Equity dividends paid (49,855 ) (146,500 )
Net cash from financing activities (49,855 ) (146,500 )

Increase/(decrease) in cash and cash equivalents 355,438 (57,949 )
Cash and cash equivalents at beginning of
year

2

953,287

1,011,236

Cash and cash equivalents at end of year 2 1,308,725 953,287

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 442,697 326,162
Depreciation charges 17,687 16,175
Loss on disposal of fixed assets 189 -
Finance income (44,204 ) (16,455 )
416,369 325,882
Decrease/(increase) in trade and other debtors 34,705 (2,566 )
Decrease in trade and other creditors (9,354 ) (154,241 )
Cash generated from operations 441,720 169,075

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£ £
Cash and cash equivalents 1,308,725 953,287
Year ended 30 June 2023
30.6.23 1.7.22
£ £
Cash and cash equivalents 953,287 1,011,236


3. Analysis of changes in net funds

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 953,287 355,438 1,308,725
953,287 355,438 1,308,725
Total 953,287 355,438 1,308,725

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at fair value of the consideration received excluding discounts, rebates, value added tax and other taxes for services rendered. Services and turnover received or receivable are segregated into one of two types; Fees and Commission.

Fee income is recognised at the inception of contracts recorded or advice provided at the agreed rate payable by the client for the recommended service or advice. Annual fees are recognised 12 months from the inception of services to clients.

Commission income is recognised at agreed rates for products recommended and external services used. Income is recognised when commission payouts fall due on a contract by contract basis.

Intangible assets
Intangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated amortised and impairment losses. Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation 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:

Goodwill - 20% on cost

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. Accounting policies - continued

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Plant and machinery etc - 25% on cost

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

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. Accounting policies - continued
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.

Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprise of cash in bank and cash in hand

3. Employees and directors
2024 2023
£ £
Wages and salaries 1,825,575 1,734,594
Social security costs 186,626 154,857
Other pension costs 92,155 188,461
2,104,356 2,077,912

The average number of employees during the year was as follows:
2024 2023

Sales and administration 36 32
Directors 3 3
39 35

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. Employees and directors - continued

2024 2023
£ £
Directors' remuneration 309,716 206,140
Directors' pension contributions to money purchase schemes 11,985 58,890

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 162,537 167,633
Pension contributions to money purchase schemes 7,532 8,890

4. Operating profit

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 17,688 16,175

5. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 107,104 67,466
Over/under provision of tax - (4,306 )
Total current tax 107,104 63,160

Deferred tax 3,898 13,133
Tax on profit 111,002 76,293

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023
and 30 June 2024 44,763
Amortisation
At 1 July 2023
and 30 June 2024 44,763
Net book value
At 30 June 2024 -
At 30 June 2023 -

7. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 July 2023 119,078
Additions 13,832
Disposals (906 )
At 30 June 2024 132,004
Depreciation
At 1 July 2023 85,851
Charge for year 17,688
Eliminated on disposal (50 )
At 30 June 2024 103,489
Net book value
At 30 June 2024 28,515
At 30 June 2023 33,227

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


8. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 65,617 98,903
Other debtors 13 13
Deferred tax asset - 1,386
Prepayments 80,393 85,013
Accrued income 53,931 50,729
199,954 236,044

9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 13,511 15,294
Tax 107,104 67,466
Social security and other taxes 42,225 35,802
VAT 28,989 40,634
Other creditors 3,101 21,372
Deferred income - 15,355
Accrued expenses 238,352 207,075
433,282 402,998

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 68,500 68,500
Between one and five years 274,000 274,000
In more than five years 18,667 87,167
361,167 429,667

11. Provisions for liabilities
2024
£
Deferred tax
Accelerated capital allowances 2,512

Deferred tax
£
Balance at 1 July 2023 (1,386 )
Charge to Income Statement during year 3,898
Balance at 30 June 2024 2,512

S G Wealth Management Limited (Registered number: 04164888)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


12. Called up share capital

Allotted, issued and fully paid
Number: Class: 2024 2023
£    £   
7,162 Ordinary A of £1 7,162 7,162
7,162 Ordinary B of £1 7,162 7,162
1,847 Ordinary C of £1 1,847 1,847
2,307 Ordinary D of £1 2,307 2,307
18,478 18,478


13. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 July 2023 687,668 113,414 801,082
Profit for the year 331,695 331,695
Dividends (49,855 ) (49,855 )
At 30 June 2024 969,508 113,414 1,082,922

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

14. Related party disclosures

During the year the company paid rent of £56,000 (2023 - £54,667) in respect of property owned by a pension scheme controlled by one of its former directors and ultimate controlling party.

At the year end the company was owed £13 (2023 - £13) from related parties.

15. Ultimate controlling party

The controlling party is SGW Group Holdings Ltd.

The ultimate controlling party is The executors of Mr S M Girling (Deceased).