REGISTERED NUMBER: 11643649 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

SMITHSON WEALTH MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr. G Smithson

REGISTERED OFFICE:

Suite 1.6 Howard House Commercial Centre

Howard Street

North Shields

NE30 1AR

REGISTERED NUMBER:

11643649 (England and Wales)

ACCOUNTANTS:

Read, Milburn & Co

71 Howard Street

North Shields

Tyne and Wear

NE30 1AF

BANKERS:

Lloyds Bank plc

Cardinal Place

98 Victoria Street

London

SW1E 5JL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

405

540

405

540

CURRENT ASSETS

Debtors

6

47,590

33,903

Cash at bank

557

556

48,147

34,459

CREDITORS

Amounts falling due within one year

7

85,039

100,209

NET CURRENT LIABILITIES

(36,892

)

(65,750

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(36,487

)

(65,210

)

CREDITORS

Amounts falling due after more than one year

8

196,071

206,649

NET LIABILITIES

(232,558

)

(271,859

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(232,658

)

(271,959

)

(232,558

)

(271,859

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 April 2025 and were signed by:

Mr. G Smithson - Director

1.	STATUTORY INFORMATION

Smithson Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangibles are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Financial instruments

All financial assets and financial liabilities of the company qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 November 2023

and 31 October 2024

10,000

415,997

425,997

AMORTISATION

At 1 November 2023

and 31 October 2024

10,000

415,997

425,997

NET BOOK VALUE

At 31 October 2024

-

-

-

At 31 October 2023

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2023

and 31 October 2024

2,366

DEPRECIATION

At 1 November 2023

1,826

Charge for year

135

At 31 October 2024

1,961

NET BOOK VALUE

At 31 October 2024

405

At 31 October 2023

540

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

19,734

8,517

Other debtors

27,856

25,386

47,590

33,903

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

22,153

60,005

Taxation and social security

9,567

30,234

Other creditors

53,319

9,970

85,039

100,209

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

196,071

206,649

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

107,459

33,334

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024

2023

£

£

Mr. G Smithson

Balance outstanding at start of year

25,386

(12,406

)

Amounts advanced

39,550

44,886

Amounts repaid

(37,080

)

(7,094

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,856

25,386