Gerald Burns Wealth Management Limited

Contents

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

Gerald Burns Wealth Management Limited

(Registration number: 08758394)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	383,625	478,247
Tangible assets	5	-	931
		383,625	479,178
Current assets
Debtors	6	220,453	174,231
Cash at bank and in hand		149,228	144,107
		369,681	318,338
Creditors: Amounts falling due within one year	7	(317,156)	(353,593)
Net current assets/(liabilities)		52,525	(35,255)
Total assets less current liabilities		436,150	443,923
Creditors: Amounts falling due after more than one year	7	(328,912)	(438,245)
Provisions for liabilities		(466)	(233)
Net assets		106,772	5,445
Capital and reserves
Called up share capital		100	100
Profit and loss account		106,672	5,345
Shareholders' funds		106,772	5,445

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 Statement of Comprehensive Income.

Gerald Burns Wealth Management Limited

(Registration number: 08758394)
Statement of Financial Position as at 31 March 2025 (continued)

Approved and authorised by the director on 12 January 2026
 

G Burns Director

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
7 Castle Street
Bridgwater
Somerset
TA6 3DD

Principal activity

The principal activity of the company is the provision of financial services.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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
Office equipment	33% straight line

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

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.

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2024 - 4).

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	1,547,412	1,547,412
Additions acquired separately	8,436	8,436
At 31 March 2025	1,555,848	1,555,848
Amortisation
At 1 April 2024	1,069,165	1,069,165
Amortisation charge	103,058	103,058
At 31 March 2025	1,172,223	1,172,223
Carrying amount
At 31 March 2025	383,625	383,625
At 31 March 2024	478,247	478,247

5	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 April 2024	22,277	22,277
At 31 March 2025	22,277	22,277
Depreciation
At 1 April 2024	21,346	21,346
Charge for the year	931	931
At 31 March 2025	22,277	22,277
Carrying amount
At 31 March 2025	-	-
At 31 March 2024	931	931

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Debtors

	2025 £	2024 £
Trade debtors	-	4,201
Other debtors	217,203	167,530
Prepayments	3,250	2,500
	220,453	174,231

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	119,370	162,548
Trade creditors		17,336	8,133
Taxation and social security		174,162	174,041
Accruals and deferred income		5,091	7,400
Other creditors		1,197	1,471
		317,156	353,593

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	328,912	438,245

Creditors include bank loans of £nil ( 2024- £8,500) due after more than five years and repayable by instalments.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Gerald Burns Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	328,912	438,245

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	119,370	162,548

10	Related party transactions

Transactions with the director

2025	At 1 April 2024 £	Advances to director £	At 31 March 2025 £
G Burns
	125,257	37,137	162,394

2024	At 1 April 2023 £	Advances to director £	Repayments by director £	At 31 March 2024 £
G Burns
	54,887	125,257	(54,887)	125,257

Summary of transactions with other related parties

The company is an appointed representative of St. James's Place Wealth Management Plc. St. James's Place Wealth Management Plc have provided guarantees in respect of certain bank borrowings of the company.