9 9 Symes Wealth Management Ltd 09079947 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is wealth management and financial planning Digita Accounts Production Advanced 6.30.9574.0 true 09079947 2023-10-01 2024-09-30 09079947 2024-09-30 09079947 bus:OrdinaryShareClass1 2024-09-30 09079947 core:CurrentFinancialInstruments 2024-09-30 09079947 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09079947 core:Non-currentFinancialInstruments 2024-09-30 09079947 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 09079947 core:Goodwill 2024-09-30 09079947 core:MoreThanFiveYears 1 2024-09-30 09079947 core:FurnitureFittingsToolsEquipment 2024-09-30 09079947 core:LandBuildings 2024-09-30 09079947 core:MotorVehicles 2024-09-30 09079947 core:OtherPropertyPlantEquipment 2024-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-09-30 09079947 1 2024-09-30 09079947 2 2024-09-30 09079947 3 2024-09-30 09079947 4 2024-09-30 09079947 bus:SmallEntities 2023-10-01 2024-09-30 09079947 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09079947 bus:FilletedAccounts 2023-10-01 2024-09-30 09079947 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09079947 bus:RegisteredOffice 2023-10-01 2024-09-30 09079947 bus:Director1 2023-10-01 2024-09-30 09079947 bus:Director2 2023-10-01 2024-09-30 09079947 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 09079947 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09079947 bus:Agent1 2023-10-01 2024-09-30 09079947 core:Goodwill 2023-10-01 2024-09-30 09079947 core:FurnitureFittings 2023-10-01 2024-09-30 09079947 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 09079947 core:LandBuildings 2023-10-01 2024-09-30 09079947 core:LeaseholdImprovements 2023-10-01 2024-09-30 09079947 core:MotorVehicles 2023-10-01 2024-09-30 09079947 core:OfficeEquipment 2023-10-01 2024-09-30 09079947 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 09079947 core:PlantMachinery 2023-10-01 2024-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-10-01 2024-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases 2023-10-01 2024-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2023-10-01 2024-09-30 09079947 core:KeyManagementPersonnel 2023-10-01 2024-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 09079947 1 2023-10-01 2024-09-30 09079947 2 2023-10-01 2024-09-30 09079947 3 2023-10-01 2024-09-30 09079947 4 2023-10-01 2024-09-30 09079947 countries:EnglandWales 2023-10-01 2024-09-30 09079947 2023-09-30 09079947 core:Goodwill 2023-09-30 09079947 core:FurnitureFittingsToolsEquipment 2023-09-30 09079947 core:LandBuildings 2023-09-30 09079947 core:MotorVehicles 2023-09-30 09079947 core:OtherPropertyPlantEquipment 2023-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 09079947 2022-10-01 2023-09-30 09079947 2023-09-30 09079947 bus:OrdinaryShareClass1 2023-09-30 09079947 core:CurrentFinancialInstruments 2023-09-30 09079947 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09079947 core:Non-currentFinancialInstruments 2023-09-30 09079947 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 09079947 core:Goodwill 2023-09-30 09079947 core:MoreThanFiveYears 1 2023-09-30 09079947 core:FurnitureFittingsToolsEquipment 2023-09-30 09079947 core:LandBuildings 2023-09-30 09079947 core:MotorVehicles 2023-09-30 09079947 core:OtherPropertyPlantEquipment 2023-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 09079947 1 2023-09-30 09079947 2 2023-09-30 09079947 3 2023-09-30 09079947 4 2023-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-01 2023-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases 2022-10-01 2023-09-30 09079947 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2022-10-01 2023-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-09-30 09079947 2022-09-30 09079947 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 09079947

Symes Wealth Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Symes Wealth Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Symes Wealth Management Ltd

Company Information

Directors

Mrs Sheena Symes

Mr Scott Symes

Registered office

204A Lower Blandford Road
Broadstone
Dorset
BH18 8DP

Bankers

NatWest Bank plc
Wimborne
7 West Borough
Wimborne
Dorset
BH21 1PR

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

Symes Wealth Management Ltd

(Registration number: 09079947)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,690,269

1,773,727

Tangible assets

5

73,340

81,650

 

1,763,609

1,855,377

Current assets

 

Debtors

6

140,950

92,453

Cash at bank and in hand

 

190,707

130,484

 

331,657

222,937

Creditors: Amounts falling due within one year

7

(293,403)

(362,110)

Net current assets/(liabilities)

 

38,254

(139,173)

Total assets less current liabilities

 

1,801,863

1,716,204

Creditors: Amounts falling due after more than one year

7

(1,583,149)

(1,459,618)

Provisions for liabilities

(18,044)

(19,831)

Net assets

 

200,670

236,755

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

198,670

234,755

Shareholders' funds

 

200,670

236,755

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 June 2025 and signed on its behalf by:
 

 

Symes Wealth Management Ltd

(Registration number: 09079947)
Balance Sheet as at 30 September 2024

.........................................
Mrs Sheena Symes
Director

.........................................
Mr Scott Symes
Director

 
     
 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
204A Lower Blandford Road
Broadstone
Dorset
BH18 8DP
England

These financial statements were authorised for issue by the Board on 11 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machienery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Leasehold improvements

6 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25 years straight line

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

2,118,696

2,118,696

At 30 September 2024

2,118,696

2,118,696

Amortisation

At 1 October 2023

344,969

344,969

Amortisation charge

83,458

83,458

At 30 September 2024

428,427

428,427

Carrying amount

At 30 September 2024

1,690,269

1,690,269

At 30 September 2023

1,773,727

1,773,727

Goodwill cost consists of goodwill transfered from the sole trader business of £32,262 has been amortised over 5 years. The final amortisation charge of £6,454 relating to the goodwill is in 2019 and the carrying amount is nil.
The remaining goodwill cost of £2,086,434 is purchase goodwill which is being amortised over 25 years from the original purchase date. The amortisation charge for the year is £83,458 and the carrying amount is £1,690,269.

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

6,988

165,952

40,562

1,868

215,370

Additions

-

6,185

-

10,730

16,915

At 30 September 2024

6,988

172,137

40,562

12,598

232,285

Depreciation

At 1 October 2023

4,661

104,072

23,449

1,538

133,720

Charge for the year

1,165

17,016

4,278

2,766

25,225

At 30 September 2024

5,826

121,088

27,727

4,304

158,945

Carrying amount

At 30 September 2024

1,162

51,049

12,835

8,294

73,340

At 30 September 2023

2,327

61,880

17,113

330

81,650

Included within the net book value of land and buildings above is £1,162 (2023 - £2,327) in respect of short leasehold land and buildings.
 

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

2024
£

2023
£

Other debtors

136,416

91,577

Prepayments

4,534

876

140,950

92,453

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

162,664

143,296

Taxation and social security

 

95,940

122,390

Accruals and deferred income

 

9,588

15,122

Other creditors

 

25,211

81,302

 

293,403

362,110

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,583,149

1,459,618

2024
£

2023
£

Due after more than five years

After more than five years by instalments

867,906

625,616

-

-

Creditors include bank loans repayable by instalments of £867,906.00 (2023 - £625,616.00) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

       
 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,583,149

1,459,618

Current loans and borrowings

2024
£

2023
£

Bank borrowings

146,102

143,296

Bank overdrafts

16,562

-

162,664

143,296

Bank borrowings

Bank of Scotland Loan is denominated in GBP with a nominal interest rate of 3.50% over base rate, and the final instalment is due on 30 September 2032. The carrying amount at year end is £672,059 (2023 - £752,414).

NatWest Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.50%, and the final instalment is due on 27 September 2024. The carrying amount at year end is £Nil (2023 - £27,419).

SJP Partner Loan is denominated in GBP with a nominal interest rate of 3.50% over base rate, and the final instalment is due on 31 August 2033. The carrying amount at year end is £846,242 (2023 - £823,081).

Funding Circle Loan is denominated in GBP with a nominal interest rate of 8.8%, and the final instalment is due on 21 August 2029. The carrying amount at year end is £210,950 (2023 - £Nil).

10

Related party transactions

Summary of transactions with all entities with joint control or significant interest

Symes Property Management Ltd Rental charge for sub-letting of rental property and for hire of van.
For managment services provided relatng to the property, the vehicle and the company.

Expenditure with and payables to related parties

 

Symes Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024

Entities with joint control or significant influence
£

Rendering of services

16,000

Leases

35,000

51,000

2023

Entities with joint control or significant influence
£

Rendering of services

16,000

Leases

34,000

50,000

Loans to related parties

2024

Key management
£

Total
£

At start of period

91,577

91,577

Advanced

140,165

140,165

Repaid

(95,327)

(95,327)

At end of period

136,415

136,415

2023

Key management
£

Total
£

At start of period

46,626

46,626

Advanced

95,444

95,444

Repaid

(50,493)

(50,493)

At end of period

91,577

91,577

Terms of loans to related parties

Interest free loan to director to be repaid on 30 June 2025. This directors loan is split equally between the two directors whom are husband and wife.