Company registration number 08003844 (England and Wales)
MATTHEW WILKES WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MATTHEW WILKES WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MATTHEW WILKES WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08003844)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
45,175
89,985
Tangible assets
4
37,941
50,309
83,116
140,294
Current assets
Debtors
5
48,516
55,747
Cash at bank and in hand
31,289
43,269
79,805
99,016
Creditors: amounts falling due within one year
6
(78,698)
(60,449)
Net current assets
1,107
38,567
Total assets less current liabilities
84,223
178,861
Creditors: amounts falling due after more than one year
7
(38,620)
(97,764)
Provisions for liabilities
(9,188)
(12,780)
Net assets
36,415
68,317
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
36,315
68,217
Total equity
36,415
68,317

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MATTHEW WILKES WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08003844)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Mr M Wilkes
Mrs R Wilkes
Director
Director
MATTHEW WILKES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Matthew Wilkes Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Fernbank Close, Chatham, Kent, ME5 9NH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover 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:

1.4
Intangible fixed assets - goodwill

Goodwill represents the amount paid in connection with the acquisition of a business in 2012, and client bases in 2014, 2015, 2019, 2020 and 2021. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

MATTHEW WILKES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
MATTHEW WILKES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
432,673
Amortisation and impairment
At 1 April 2023
342,688
Amortisation charged for the year
44,810
At 31 March 2024
387,498
Carrying amount
At 31 March 2024
45,175
At 31 March 2023
89,985
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,021
6,024
52,990
60,035
Additions
-
0
369
-
0
369
At 31 March 2024
1,021
6,393
52,990
60,404
Depreciation and impairment
At 1 April 2023
708
4,602
4,416
9,726
Depreciation charged in the year
78
515
12,144
12,737
At 31 March 2024
786
5,117
16,560
22,463
Carrying amount
At 31 March 2024
235
1,276
36,430
37,941
At 31 March 2023
313
1,422
48,574
50,309

At the year end, the assets held under hire purchase have a net book value of £36,431 (2023: £48,574).

MATTHEW WILKES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,157
37,527
Other debtors
17,359
18,220
48,516
55,747
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
25,239
22,405
Taxation and social security
39,771
24,508
Other creditors
13,688
13,536
78,698
60,449
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,476
58,022
Other creditors
29,144
39,742
38,620
97,764
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,598
10,598
In two to five years
29,144
39,742
39,742
50,340
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
MATTHEW WILKES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Directors' transactions

Dividends totalling £92,850 (2023 - £90,747) were paid in the year in respect of shares held by the company's directors.

As at the balance sheet date, there was an overdrawn directors' loan account balance of £7,287 (2023: £10,303). This balance is included within other debtors. Interest on this balance at 2.25% per annum is payable to the company .

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