Registration number:
Gee & Watson Wealth Management Limited
for the Year Ended 31 July 2018
Whitnalls
Chartered Certified Accountants & Registered Auditors
1st Floor, Cotton House
Old Hall Street
Liverpool
L3 9TX
Gee & Watson Wealth Management Limited
Contents for the Year Ended 31 July 2018
Company Information |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Gee & Watson Wealth Management Limited
Company Information for the Year Ended 31 July 2018
Directors |
A. Cleator D.C. Beck |
Registered office |
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Bankers |
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Auditors |
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Page 1 |
Gee & Watson Wealth Management Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 2 |
Gee & Watson Wealth Management Limited
(Registration number: 01862969)
Balance Sheet as at 31 July 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
- |
1,683,856 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Gee & Watson Wealth Management Limited
(Registration number: 01862969)
Balance Sheet as at 31 July 2018
Approved and authorised by the
................................................................
A. Cleator
Director
................................................................
D.C. Beck
Director
Page 4 |
Gee & Watson Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 5 |
Gee & Watson Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to Property |
20% on reducing balance basis |
Fixtures and Fittings |
15% on reducing balance basis |
Computer Equipment |
25% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% to 20% straight line basis |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Gee & Watson Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2017 |
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Acquired through business combinations |
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At 31 July 2018 |
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Amortisation |
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At 1 August 2017 |
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Amortisation charge |
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At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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The business combination is in respect of McEwan Wallace Wealth Management Limited, and was acquired on 1st April 2018.
Tangible assets |
Furniture, fittings and equipment |
Improvements to Property |
Total |
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Cost or valuation |
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At 1 August 2017 |
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Additions |
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- |
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Acquired through business combinations |
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- |
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Disposals |
( |
- |
( |
At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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Page 7 |
Gee & Watson Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Other financial assets (current and non-current) |
2018 |
2017 |
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Non-current financial assets |
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Financial assets at cost less impairment |
- |
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Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 August 2017 |
1,683,856 |
1,683,856 |
At 31 July 2018 |
1,683,856 |
1,683,856 |
Impairment |
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At 31 March 2018 |
1,683,856 |
1,683,856 |
At 31 July 2018 |
1,683,856 |
1,683,856 |
Carrying amount |
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At 31 July 2018 |
- |
- |
Details of the investment in which the Company held 20% or more of the nominal value of any class of share capital are as follows:-
- McEwan Wallace Wealth Management Limited, holding 100% of the ordinary share capital.
As at 1st April 2018, the business of the above company was merged with Gee & Watson Wealth Management Limited. The amount paid less identifiable assets is regarded as Goodwill and reflected within note 3.
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Page 8 |
Gee & Watson Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £60,000 (2017 - £60,000).
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £120,000 (2017 - £180,000)
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 9 |