ACCOUNTS - Final Accounts preparation

Company registration number: 08268067

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	PATTERSON WEALTH MANAGEMENT LIMITED


PATTERSON WEALTH MANAGEMENT LIMITED

COMPANY INFORMATION

Directors	Mr D P Patterson
	Mrs S Patterson


Registered number	08268067


Registered office	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


Accountants	Menzies LLP
	Chartered Accountants
	Richmond House
	Walkern Road
	Stevenage
	Hertfordshire
	SG1 3QP


PATTERSON WEALTH MANAGEMENT LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 9


PATTERSON WEALTH MANAGEMENT LIMITED REGISTERED NUMBER:08268067

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		1,342,214		1,815,355
Tangible assets	5		35,088		52,632
			1,377,302		1,867,987
Current assets
Debtors: amounts falling due within one year	6	419,183		364,061
Cash at bank and in hand		268,066		40,987
		687,249		405,048
Creditors: amounts falling due within one year	7	(415,795)		(422,454)
Net current assets/(liabilities)			271,454		(17,406)
Total assets less current liabilities			1,648,756		1,850,581
Creditors: amounts falling due after more than one year	8		(1,926,010)		(1,960,757)

Net liabilities			(277,254)		(110,176)

Capital and reserves
Called up share capital	200	200
Share premium account	199,960	199,960
Profit and loss account	(477,414)	(310,336)
	(277,254)	(110,176)

Page 1


PATTERSON WEALTH MANAGEMENT LIMITED REGISTERED NUMBER:08268067

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider 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 directors acknowledge their 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 income and retained earnings 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:

................................................

Mr D P Patterson

Director

Date: 31 October 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Patterson Wealth Management Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is disclosed on the company information page.

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 Company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

2.2

Going concern

The director has an expectation that the company has adequate resources to continue operational existence for the foreseeable future. The director considers that the company can meet its liabilities as they fall due.
The insolvent position has arisen as the goodwill is being written off over 10 years yet the economic benefit of the purchased goodwill will be realised over a much longer period.

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

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.

2.5

Borrowing costs

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

Page 3


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.7

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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

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 Statement of Income and Retained Earnings 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 4


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

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:

				Motor vehicles	-	25 reducing balance
				Computer equipment	-	4 years straight line

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.

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).

Page 5


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2024	4,735,411
	At 31 December 2024	4,735,411
	Amortisation
	At 1 January 2024	2,920,056
	Charge for the year on owned assets	473,141
	At 31 December 2024	3,393,197
	Net book value
	At 31 December 2024	1,342,214
	At 31 December 2023	1,815,355

Page 6


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Motor vehicles	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	70,176	12,642	82,818
At 31 December 2024	70,176	12,642	82,818
Depreciation
At 1 January 2024	17,544	12,642	30,186
Charge for the year on owned assets	17,544	-	17,544
At 31 December 2024	35,088	12,642	47,730
Net book value
At 31 December 2024	35,088	-	35,088
At 31 December 2023	52,632	-	52,632

Page 7


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	61,028	40,875
Other debtors	270,725	244,580
Tax recoverable	87,430	78,606
	419,183	364,061

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other loans	153,393	275,125
Trade creditors	1,528	1,357
Corporation tax	231,492	114,516
Other taxation and social security	11,478	11,936
Obligations under finance lease and hire purchase contracts	3,085	3,085
Other creditors	10,819	12,435
Accruals and deferred income	4,000	4,000
	415,795	422,454

Amounts payable under hire purchase contracts are secured against the assets concerned.

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	1,888,548	1,920,209
Net obligations under finance leases and hire purchase contracts	37,462	40,548
	1,926,010	1,960,757

At the year end, creditors of £2,041,908 (2023 - £2,195,334) were secured on the company's goodwill and any commissions payable. Of this £153,393 (2023 - £275,125) is included within creditors due within one year.
Amounts payable under hire purchase contracts are secured against the assets concerned.

Page 8


PATTERSON WEALTH MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Advances to director

		Balance as at 1.1.2024	Advances in the period	Repaid	Balance as at 31.12.2024
		£	£	£	£

	Directors loan	232,552	28,645	2,500	258,697
		232,552	28,645	2,500	258,697

The balance can be found within debtors due within one year and interest is charged at the official rate of interest in the period.

Page 9