Thompstone Wealth Management Ltd - Filleted accounts

Thompstone Wealth Management Ltd - Filleted accounts


Registered number
09339401
Thompstone Wealth Management Ltd
Filleted Accounts
31 December 2020
Thompstone Wealth Management Ltd
Registered number: 09339401
Balance Sheet
as at 31 December 2020
Notes 2020 2019
£ £
Fixed assets
Intangible assets 3 259,857 276,954
Tangible assets 4 16,251 18,260
276,108 295,214
Current assets
Debtors 5 31,403 26,715
Cash at bank and in hand 138,441 148,597
169,844 175,312
Creditors: amounts falling due within one year 6 (24,717) (27,575)
Net current assets 145,127 147,737
Total assets less current liabilities 421,235 442,951
Creditors: amounts falling due after more than one year 7 (172,604) (172,445)
Net assets 248,631 270,506
Capital and reserves
Called up share capital 100 100
Profit and loss account 248,531 270,406
Shareholder's funds 248,631 270,506
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Neil James Thompstone
Director
Approved by the board on 14 May 2021
Thompstone Wealth Management Ltd
Notes to the Accounts
for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2020 341,926
At 31 December 2020 341,926
Amortisation
At 1 January 2020 64,972
Provided during the year 17,097
At 31 December 2020 82,069
Net book value
At 31 December 2020 259,857
At 31 December 2019 276,954
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 36,283
Additions 3,408
At 31 December 2020 39,691
Depreciation
At 1 January 2020 18,023
Charge for the year 5,417
At 31 December 2020 23,440
Net book value
At 31 December 2020 16,251
At 31 December 2019 18,260
5 Debtors 2020 2019
£ £
Trade debtors 25,245 26,715
Other debtors 6,158 -
31,403 26,715
6 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 2,550 -
Corporation tax 17,797 26,705
Other creditors 4,370 870
24,717 27,575
7 Creditors: amounts falling due after one year 2020 2019
£ £
Bank loans 161,211 172,398
Other creditors 11,393 47
172,604 172,445
8 Other information
Thompstone Wealth Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Alderwick Grove
Kings Hill
West Malling
Kent
ME19 4GB
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