Registered number
12341149
Brightside Wealth Management Limited
Filleted Accounts
31 December 2024
Brightside Wealth Management Limited
Registered number: 12341149
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,655,184 1,890,320
Tangible assets 4 9,234 10,460
1,664,418 1,900,780
Current assets
Debtors 5 134,678 73,736
Cash at bank and in hand 285,116 292,725
419,794 366,461
Creditors: amounts falling due within one year 6 (186,644) (436,907)
Net current assets/(liabilities) 233,150 (70,446)
Total assets less current liabilities 1,897,568 1,830,334
Creditors: amounts falling due after more than one year 7 (1,785,423) (1,757,072)
Provisions for liabilities (2,308) (2,678)
Net assets 109,837 70,584
Capital and reserves
Called up share capital 500 500
Profit and loss account 109,337 70,084
Shareholders' funds 109,837 70,584
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.
Mr K Kent
Director
Approved by the board on 6 August 2025
Brightside Wealth Management Limited
Notes to the Accounts
for the year ended 31 December 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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant and machinery over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 2,351,362
At 31 December 2024 2,351,362
Amortisation
At 1 January 2024 461,042
Provided during the year 235,136
At 31 December 2024 696,178
Net book value
At 31 December 2024 1,655,184
At 31 December 2023 1,890,320
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 24,110
Additions 5,880
At 31 December 2024 29,990
Depreciation
At 1 January 2024 13,650
Charge for the year 7,106
At 31 December 2024 20,756
Net book value
At 31 December 2024 9,234
At 31 December 2023 10,460
5 Debtors 2024 2023
£ £
Trade debtors 91,645 49,723
Other debtors 43,033 24,013
134,678 73,736
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 81,029 239,319
Taxation and social security costs 101,294 117,993
Directors' loan account 931 76,361
Other creditors 3,390 3,234
186,644 436,907
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,785,423 1,757,072
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 999,885 1,196,594
9 Directors' loans
During the year the company loaned £42,000 to Mr K Kent a director of the company. The loan is repayable on demand. Interest has been charged on the loan at a rate of 2.25% per annum, the total interest charge for the year being £413. At 31 December 2024 the company was owed £42,413 by Mr K Kent.
10 Controlling party
In the opinion of the directors Mr K Kent is the company's controlling party by virtue of his shareholding in the company.
11 Other information
Brightside Wealth Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Finborough Road
Stowmarket
Suffolk
IP14 1PN
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