MGB Wealth Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08159971

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

MGB WEALTH MANAGEMENT LIMITED

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

308,182

403,466

Tangible assets

5

67,098

101,330

Investments

6

100

100

375,380

504,896

Current assets

Debtors

7

131,475

225,627

Cash at bank

2,139

4,838

133,614

230,465

Creditors

Amounts falling due within one year

8

239,254

407,696

Net current liabilities

(105,640

)

(177,231

)

Total assets less current liabilities

269,740

327,665

Creditors

Amounts falling due after more than one year

9

(268,811

)

(326,581

)

Provisions for liabilities

10

(435

)

(282

)

Net assets

494

802

Capital and reserves

Called up share capital

11

150

150

Retained earnings

344

652

Shareholders' funds

494

802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

Mr M G Brunt - Director

Mrs S Brunt - Director

1.	Statutory information

MGB Wealth Management Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 08159971. The registered office is 7 - 8 Church Street, Wimborne, Dorset, BH21 1JH and business

address is Dickens House, 15 West Borough, Wimborne, Dorset, BH21 1LT.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable, in respect of wealth management services provided in the ordinary course of

business. Turnover is recognised when the services have been provided to the customer.

Goodwill

Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Over the term of the lease

Land and buildings

-

Over the term of the lease

Office equipment

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the

contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract

that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any

losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 3 (2018 - 2 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2018

and 31 March 2019

952,840

Amortisation

At 1 April 2018

549,374

Charge for year

95,284

At 31 March 2019

644,658

Net book value

At 31 March 2019

308,182

At 31 March 2018

403,466

5.	Tangible fixed assets

Long

Land and

Office

Computer

leasehold

buildings

equipment

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2018

100,864

3,387

6,044

716

111,011

Additions

-

-

-

1,567

1,567

Impairments

(34,364

)

-

-

-

(34,364

)

At 31 March 2019

66,500

3,387

6,044

2,283

78,214

Depreciation

At 1 April 2018

1,019

3,387

4,701

574

9,681

Charge for year

672

-

336

427

1,435

At 31 March 2019

1,691

3,387

5,037

1,001

11,116

Net book value

At 31 March 2019

64,809

-

1,007

1,282

67,098

At 31 March 2018

99,845

-

1,343

142

101,330

6.	Fixed asset investments

Interest

in

associate

£

Cost

At 1 April 2018

and 31 March 2019

100

Net book value

At 31 March 2019

100

At 31 March 2018

100

7.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

10,529

11,829

Directors' current accounts

90,421

213,798

Tax

29,387

-

Social security and other tax

1,138

-

131,475

225,627

8.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

57,300

45,353

Trade creditors

132

5,814

Tax

34,079

30,287

Social security and other taxes

-

136

Other creditors and accruals

142,043

320,406

Accruals and deferred income

5,700

5,700

239,254

407,696

9.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans - 1-5 years

253,919

225,662

Bank loans more 5 yr by instal

14,892

100,919

268,811

326,581

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

14,892

100,919

10.	Provisions for liabilities

2019

2018

£

£

Deferred tax

435

282

Deferred

tax

£

Balance at 1 April 2018

282

Charge to Statement of comprehensive income during year

153

Balance at 31 March 2019

435

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

150

Ordinary

£1.00

150

150

12.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2019 and 31 March 2018:

2019

2018

£

£

Mr M G Brunt and Mrs S Brunt

Balance outstanding at start of year

213,798

157,063

Amounts advanced

372,864

270,427

Amounts repaid

(496,241

)

(213,692

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,421

213,798

As at the balance sheet date the directors, Mr M Brunt and Mrs S Brunt, owed the company amounts totalling £90,421

(2018: £213,798). This amount is included within debtors at the year end. The opening balance was the maximum

outstanding balance at any point throughout the year.

13.	Ultimate controlling party

The company is controlled by the directors, Mr M Brunt and Mrs S Brunt, who between them own 100% of the issued share

capital.