Glennan Wealth Management Limited Filleted accounts for Companies House (small and micro)

Glennan Wealth Management Limited Filleted accounts for Companies House (small and micro)

GLENNAN WEALTH MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08416853
GLENNAN WEALTH MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2020
GLENNAN WEALTH MANAGEMENT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2020
Contents
Pages
Statement of financial position 1 to 2
Notes to the financial statements 3 to 6
GLENNAN WEALTH MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
5
130,500
174,000
Tangible assets
6
6,604
9,716
------------
------------
137,104
183,716
Current assets
Debtors
7
15,427
41,815
Cash at bank and in hand
88,608
69,073
------------
------------
104,035
110,888
Creditors: amounts falling due within one year
8
( 60,102)
( 70,644)
------------
------------
Net current assets
43,933
40,244
------------
------------
Total assets less current liabilities
181,037
223,960
Provisions
Taxation including deferred tax
9
–
( 131)
------------
------------
Net assets
181,037
223,829
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
180,937
223,729
------------
------------
Shareholders funds
181,037
223,829
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2020 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLENNAN WEALTH MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2020
These financial statements were approved by the board of directors and authorised for issue on 30 March 2020 , and are signed on behalf of the board by:
L C Glennan
Director
Company registration number: 08416853
GLENNAN WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2020
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 08416853 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The company's principal place of business is 114 Wellington Street, Leeds, LS1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2019 and 29 February 2020
435,000
------------
Amortisation
At 1 March 2019
261,000
Charge for the year
43,500
------------
At 29 February 2020
304,500
------------
Carrying amount
At 29 February 2020
130,500
------------
At 28 February 2019
174,000
------------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 March 2019 and 29 February 2020
25,676
11,906
37,582
------------
------------
------------
Depreciation
At 1 March 2019
22,657
5,209
27,866
Charge for the year
1,438
1,674
3,112
------------
------------
------------
At 29 February 2020
24,095
6,883
30,978
------------
------------
------------
Carrying amount
At 29 February 2020
1,581
5,023
6,604
------------
------------
------------
At 28 February 2019
3,019
6,697
9,716
------------
------------
------------
7. Debtors
2020
2019
£
£
Trade debtors
13,000
8,397
Prepayments and accrued income
1,427
13,918
Loans
1,000
19,500
------------
------------
15,427
41,815
------------
------------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,624
398
Accruals and deferred income
2,114
2,035
Corporation tax
52,535
66,389
Social security and other taxes
1,629
1,657
Director's loan account
200
165
------------
------------
60,102
70,644
------------
------------
9. Provisions
Deferred tax (note 10)
£
At 1 March 2019
131
Additions
( 131)
------------
At 29 February 2020
–
------------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020
2019
£
£
Included in provisions (note 9)
–
131
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
–
131
------------
------------
11. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
26,098
–
------------
------------
13. Related party transactions
The director's loan account of £200 (2019: £165) set out at note 10 above is unsecured, repayable on demand and currently interest free.
14. Controlling party
The company is controlled by L C Glennan .