Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08915614 2023-04-01 2024-03-31 08915614 2022-04-01 2023-03-31 08915614 2024-03-31 08915614 2023-03-31 08915614 c:Director1 2023-04-01 2024-03-31 08915614 d:MotorVehicles 2023-04-01 2024-03-31 08915614 d:MotorVehicles 2024-03-31 08915614 d:MotorVehicles 2023-03-31 08915614 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08915614 d:FurnitureFittings 2023-04-01 2024-03-31 08915614 d:FurnitureFittings 2024-03-31 08915614 d:FurnitureFittings 2023-03-31 08915614 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08915614 d:OfficeEquipment 2023-04-01 2024-03-31 08915614 d:OfficeEquipment 2024-03-31 08915614 d:OfficeEquipment 2023-03-31 08915614 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08915614 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08915614 d:Goodwill 2023-04-01 2024-03-31 08915614 d:Goodwill 2024-03-31 08915614 d:Goodwill 2023-03-31 08915614 d:CurrentFinancialInstruments 2024-03-31 08915614 d:CurrentFinancialInstruments 2023-03-31 08915614 d:Non-currentFinancialInstruments 2024-03-31 08915614 d:Non-currentFinancialInstruments 2023-03-31 08915614 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08915614 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08915614 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08915614 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08915614 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08915614 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08915614 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08915614 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08915614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 08915614 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 08915614 d:ShareCapital 2024-03-31 08915614 d:ShareCapital 2023-03-31 08915614 d:RetainedEarningsAccumulatedLosses 2024-03-31 08915614 d:RetainedEarningsAccumulatedLosses 2023-03-31 08915614 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08915614 c:OrdinaryShareClass1 2024-03-31 08915614 c:OrdinaryShareClass1 2023-03-31 08915614 c:FRS102 2023-04-01 2024-03-31 08915614 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08915614 c:FullAccounts 2023-04-01 2024-03-31 08915614 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08915614 2 2023-04-01 2024-03-31 08915614 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08915614 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08915614










MCG WEALTH LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MCG WEALTH LTD
REGISTERED NUMBER: 08915614

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1,791

Tangible assets
 5 
14,873
28,033

Investments
  
10
10

  
14,883
29,834

Current assets
  

Debtors: amounts falling due within one year
 6 
910,130
754,232

Cash at bank and in hand
 7 
1,005
6,480

  
911,135
760,712

Creditors: amounts falling due within one year
 8 
(161,320)
(131,059)

Net current assets
  
 
 
749,815
 
 
629,653

Total assets less current liabilities
  
764,698
659,487

Creditors: amounts falling due after more than one year
 9 
(39,132)
(60,472)

  

Net assets
  
725,566
599,015


Capital and reserves
  

Called up share capital 
 11 
10
10

Profit and loss account
  
725,556
599,005

  
725,566
599,015



 
MCG WEALTH LTD
REGISTERED NUMBER: 08915614
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr B McGuigan
Director

Date: 29 October 2024

The notes on  form part of these financial statements.


 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MCG Wealth Ltd is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 22A Victoria Road, Hale, Altrincham, Cheshire, WA15 9AD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
593,572



At 31 March 2024

593,572



Amortisation


At 1 April 2023
591,781


Charge for the year on owned assets
1,791



At 31 March 2024

593,572



Net book value



At 31 March 2024
-



At 31 March 2023
1,791




 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
49,667
8,076
5,079
62,822


Additions
-
-
1,398
1,398



At 31 March 2024

49,667
8,076
6,477
64,220



Depreciation


At 1 April 2023
24,835
6,825
3,130
34,790


Charge for the year on owned assets
12,417
521
1,619
14,557



At 31 March 2024

37,252
7,346
4,749
49,347



Net book value



At 31 March 2024
12,415
730
1,728
14,873



At 31 March 2023
24,833
1,251
1,949
28,033


6.


Debtors

2024
2023
£
£


Trade debtors
33,579
35,274

Other debtors
875,991
718,618

Prepayments and accrued income
560
340

910,130
754,232



 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,005
6,480

1,005
6,480



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
21,300
21,300

Trade creditors
10,049
5,986

Taxation and social security
123,843
97,793

Other creditors
2,903
3,142

Accruals and deferred income
3,225
2,838

161,320
131,059



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
39,132
60,472

39,132
60,472



 
MCG WEALTH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
21,300
21,300


21,300
21,300

Amounts falling due 1-2 years

Bank loans
21,300
21,300


21,300
21,300

Amounts falling due 2-5 years

Bank loans
3,625
8,083


3,625
8,083

Amounts falling due after more than 5 years

Bank loans
14,207
31,089

14,207
31,089

60,432
81,772



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 (2023 - 10) Ordinary shares of £1.00 each
10
10



12.


Transactions with directors

Included within other debtors is a loan to the director totalling £678,701 (2023: £564,001). Interest has been charged on the overdrawn balance at the official rate of 2.5%.