Registered number
06378309
M. G. Wealth Management Limited
Filleted Accounts
30 September 2024
M. G. Wealth Management Limited
Registered number: 06378309
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 14,572 28,212
Tangible assets 4 1,754 2,339
16,326 30,551
Current assets
Debtors 5 85,785 65,241
Cash at bank and in hand 28,670 7,858
114,455 73,099
Creditors: amounts falling due within one year 6 (116,270) (102,968)
Net current liabilities (1,815) (29,869)
Net assets 14,511 682
Capital and reserves
Called up share capital 300 300
Profit and loss account 14,211 382
Shareholders' funds 14,511 682
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Golesworthy
Director
Approved by the board on 30 November 2024
M. G. Wealth Management Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Cost
At 1 October 2023 649,269
At 30 September 2024 649,269
Amortisation
At 1 October 2023 621,057
Provided during the year 13,640
At 30 September 2024 634,697
Net book value
At 30 September 2024 14,572
At 30 September 2023 28,212
Intangible fixed assets are being written off in equal annual instalments over the estimated economic life of between 6 and 7 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 6,545
At 30 September 2024 6,545
Depreciation
At 1 October 2023 4,206
Charge for the year 585
At 30 September 2024 4,791
Net book value
At 30 September 2024 1,754
At 30 September 2023 2,339
5 Debtors 2024 2023
£ £
Trade debtors 35,944 26,033
Other debtors 49,841 39,208
85,785 65,241
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 99,742 70,484
Other creditors 16,528 32,484
116,270 102,968
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Golesworthy
Loan 1 - 2.25% p.a. interest 37,070 2,889 - 39,959
37,070 2,889 - 39,959
8 Controlling party
M. Golesworthy and S Golesworthy, the directors, are the controlling party.
9 Other information
M. G. Wealth Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Parkes & Swan Limited
The Officers' Mess
Coldstream Road
Caterham
CR3 5QX
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