Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseFinancial Management33truefalse 09682274 2023-04-01 2024-03-31 09682274 2022-04-01 2023-03-31 09682274 2024-03-31 09682274 2023-03-31 09682274 2022-04-01 09682274 c:Director1 2023-04-01 2024-03-31 09682274 d:FurnitureFittings 2023-04-01 2024-03-31 09682274 d:FurnitureFittings 2024-03-31 09682274 d:FurnitureFittings 2023-03-31 09682274 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09682274 d:OfficeEquipment 2023-04-01 2024-03-31 09682274 d:OfficeEquipment 2024-03-31 09682274 d:OfficeEquipment 2023-03-31 09682274 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09682274 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09682274 d:Goodwill 2023-04-01 2024-03-31 09682274 d:Goodwill 2024-03-31 09682274 d:Goodwill 2023-03-31 09682274 d:CurrentFinancialInstruments 2024-03-31 09682274 d:CurrentFinancialInstruments 2023-03-31 09682274 d:Non-currentFinancialInstruments 2024-03-31 09682274 d:Non-currentFinancialInstruments 2023-03-31 09682274 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09682274 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09682274 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09682274 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09682274 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 09682274 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 09682274 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 09682274 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 09682274 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 09682274 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 09682274 d:ShareCapital 2024-03-31 09682274 d:ShareCapital 2023-03-31 09682274 d:ShareCapital 2022-04-01 09682274 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09682274 d:RetainedEarningsAccumulatedLosses 2024-03-31 09682274 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09682274 d:RetainedEarningsAccumulatedLosses 2023-03-31 09682274 d:RetainedEarningsAccumulatedLosses 2022-04-01 09682274 c:FRS102 2023-04-01 2024-03-31 09682274 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09682274 c:FullAccounts 2023-04-01 2024-03-31 09682274 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09682274 2 2023-04-01 2024-03-31 09682274 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09682274 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 09682274


MORRIS WEALTH MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024

 
MORRIS WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER:09682274

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,137,202
1,327,911

Tangible assets
 5 
14,696
18,319

  
1,151,898
1,346,230

Current assets
  

Debtors: amounts falling due within one year
 6 
167,975
98,474

Cash at bank and in hand
 7 
74
35,328

  
168,049
133,802

Creditors: amounts falling due within one year
 8 
(517,745)
(308,650)

Net current liabilities
  
 
 
(349,696)
 
 
(174,848)

Total assets less current liabilities
  
802,202
1,171,382

Creditors: amounts falling due after more than one year
 9 
(1,010,851)
(1,165,337)

  

Net (liabilities)/assets
  
(208,649)
6,045


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(208,749)
5,945

  
(208,649)
6,045


Page 1

 
MORRIS WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER:09682274
    
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 statement of comprehensive income 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: 


Daniel Morris
Director

Date: 24 March 2025

Page 2

 
MORRIS WEALTH MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100
31,015
31,115


Comprehensive income for the year

Profit for the year
-
128,930
128,930


Contributions by and distributions to owners

Dividends: Equity capital
-
(154,000)
(154,000)



At 1 April 2023
100
5,945
6,045


Comprehensive income for the year

Loss for the year
-
(59,694)
(59,694)


Contributions by and distributions to owners

Dividends: Equity capital
-
(155,000)
(155,000)


At 31 March 2024
100
(208,749)
(208,649)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Morris Wealth Management Limited a private company, limited by shares, registered in England and Wales within the United Kingdom, company registration number 09682274. The registered office address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

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 financial statements have been prepared in £ sterling, the functional currency, rounded to the
nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis as the shareholders have committed to providing financial support as required. The going concern basis is considered by the directors to be appropriate due to the willingness and ability of the Company's investors to continue to support the Company for at least 12 months from the date of approval of the financial statements.

 
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

Interest income

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

Page 4

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
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.

Page 5

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 6

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

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 3 (2023 - 3).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
1,907,092



At 31 March 2024

1,907,092



Amortisation


At 1 April 2023
579,181


Charge for the year on owned assets
190,709



At 31 March 2024

769,890



Net book value



At 31 March 2024
1,137,202



At 31 March 2023
1,327,911



Page 8

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
29,213
15,159
44,372


Additions
151
959
1,110



At 31 March 2024

29,364
16,118
45,482



Depreciation


At 1 April 2023
18,308
7,745
26,053


Charge for the year
2,732
2,001
4,733



At 31 March 2024

21,040
9,746
30,786



Net book value



At 31 March 2024
8,324
6,372
14,696



At 31 March 2023
10,905
7,414
18,319


6.


Debtors

2024
2023
£
£


Other debtors
167,975
98,474



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
74
35,328

Less: bank overdrafts
(795)
-

(721)
35,328


Page 9

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
795
-

Other loans
170,940
165,520

Corporation tax
172,138
132,382

Other taxation and social security
-
312

Other creditors
7,309
8,576

Accruals and deferred income
166,563
1,860

517,745
308,650



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
1,010,851
1,165,337



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
170,940
165,520

Amounts falling due 1-2 years

Other loans
172,360
171,527

Amounts falling due 2-5 years

Other loans
531,629
522,083

Amounts falling due after more than 5 years

Other loans
306,862
471,727

1,181,791
1,330,857


Loans of £1,181,791 (2023 - £1,330,857) are secured on the assets of the company.

Page 10

 
MORRIS WEALTH MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,459 (2023 - £2,291) . Contributions totalling £Nil (2023 - £292) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

The Company was controlled by Daniel Morris throughout the current and previous year.
 
Page 11