MGB Wealth Management Limited - Accounts to registrar (filleted) - small 18.2
MGB Wealth Management Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
| FOR |
| MGB WEALTH MANAGEMENT LIMITED |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 3 |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| BALANCE SHEET |
| 31 MARCH 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Current assets |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| BALANCE SHEET - continued |
| 31 MARCH 2021 |
| 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 and authorised for issue on |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 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 |
| 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 |
| Long leasehold | - |
| Land and buildings | - |
| Office equipment | - |
| Computer equipment | - |
| 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 |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 4. | Intangible fixed assets |
| Goodwill |
| £ |
| Cost |
| At 1 April 2020 |
| and 31 March 2021 |
| Amortisation |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| Net book value |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | Tangible fixed assets |
| Long | Land and | Office | Computer |
| leasehold | buildings | equipment | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| Depreciation |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| Net book value |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | Fixed asset investments |
| Interest |
| in |
| associate |
| £ |
| Cost |
| At 1 April 2020 |
| and 31 March 2021 |
| Net book value |
| At 31 March 2021 |
| At 31 March 2020 |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 7. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 68,851 | 86,979 |
| Tax |
| 8. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Tax |
| Other creditors |
| Accruals and deferred income |
| 9. | Creditors: amounts falling due after more than one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 234,090 | 281,069 |
| 10. | Provisions for liabilities |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 245 | 326 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Credit to Income statement during year | ( |
) |
| Balance at 31 March 2021 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1.00 | 150 | 150 |
| MGB WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08159971) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 12. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| As at the balance sheet date the directors, Mr M Brunt and Mrs S Brunt, owed the company amounts totalling £68,851 (2020: £86,979). This amount is included within debtors at the year end. |
| 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. |