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

REGISTERED NUMBER: 09912141 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Gannon Wealth Management Limited

Trading as

Themis Wealth Management

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs K E Gannon

REGISTERED OFFICE:

5 Stret Constantine

Newquay

Cornwall

TR7 IGH

REGISTERED NUMBER:

09912141 (England and Wales)

ACCOUNTANTS:

Sovereign Accounting Solutions

Chartered Accountants and Business Advisers

Unit 9

Moorland Road Industrial Park

Moorland Road, Indian Queens

St Columb

Cornwall

TR9 6FB

FIXED ASSETS

Tangible assets

4

39,065

44,522

CURRENT ASSETS

Debtors

5

28,936

9,082

Cash at bank

75,911

31,316

104,847

40,398

CREDITORS

Amounts falling due within one year

6

55,188

42,000

NET CURRENT ASSETS/(LIABILITIES)

49,659

(1,602

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,724

42,920

CREDITORS

Amounts falling due after more than one year

7

(43,681

)

(29,228

)

PROVISIONS FOR LIABILITIES

(7,422

)

(8,459

)

NET ASSETS

37,621

5,233

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

37,611

5,223

SHAREHOLDERS' FUNDS

37,621

5,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director on 19 January 2021 and were signed by:

Mrs K E Gannon - Director

1.	STATUTORY INFORMATION

Gannon Wealth Management Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

Straight line over the life of the lease

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 20% on reducing balance

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

1,272

63,360

64,632

Additions

-

6,490

6,490

At 31 December 2020

1,272

69,850

71,122

DEPRECIATION

At 1 January 2020

1,272

18,838

20,110

Charge for year

-

11,947

11,947

At 31 December 2020

1,272

30,785

32,057

NET BOOK VALUE

At 31 December 2020

-

39,065

39,065

At 31 December 2019

-

44,522

44,522

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

46,528

Transfer to ownership

(46,528

)

At 31 December 2020

-

DEPRECIATION

At 1 January 2020

11,632

Transfer to ownership

(11,632

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

34,896

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Other debtors

28,936

9,082

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

-

8,567

Trade creditors

3,269

-

Taxation and social security

32,173

28,732

Other creditors

19,746

4,701

55,188

42,000

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

-

29,228

Other creditors

43,681

-

43,681

29,228

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

3,527

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Hire purchase contracts

-

37,795