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Registration number: 07360700

Queens Square Wealth Management Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2021 to 10 December 2021

 

Queens Square Wealth Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Queens Square Wealth Management Ltd

Company Information

Directors

Mr Peter Richard Harding

Ms Clair Smith

Registered office

Tucks House
Foyle Hill
Shaftesbury
SP7 0AG

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Queens Square Wealth Management Ltd

(Registration number: 07360700)
Balance Sheet as at 10 December 2021

Note

10 December
2021
£

31 March
2021
£

Fixed assets

 

Intangible assets

4

-

562,111

Tangible assets

5

-

16,774

 

-

578,885

Current assets

 

Debtors

6

52,772

62,682

Cash at bank and in hand

 

-

272,656

 

52,772

335,338

Creditors: Amounts falling due within one year

7

(52,770)

(231,141)

Net current assets

 

2

104,197

Total assets less current liabilities

 

2

683,082

Creditors: Amounts falling due after more than one year

7

-

(411,913)

Provisions for liabilities

-

(1,526)

Net assets

 

2

269,643

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

-

269,641

Shareholders' funds

 

2

269,643

For the financial period ending 10 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Queens Square Wealth Management Ltd

(Registration number: 07360700)
Balance Sheet as at 10 December 2021

Approved and authorised by the Board on 23 June 2022 and signed on its behalf by:
 

.........................................
Mr Peter Richard Harding
Director

.........................................
Ms Clair Smith
Director

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tucks House
Foyle Hill
Shaftesbury
SP7 0AG
England

These financial statements were authorised for issue by the Board on 23 June 2022.

2

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.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

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 balance sheet 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.

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

Fixtures and fittings

20% straight line

Office equipment

20% straight line

Leasehold improvements

20% straight line

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% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after intial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and it value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2021 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

1,131,277

1,131,277

Disposals

(1,131,277)

(1,131,277)

At 10 December 2021

-

-

Amortisation

At 1 April 2021

569,166

569,166

Amortisation charge

75,118

75,118

Amortisation eliminated on disposals

(644,284)

(644,284)

At 10 December 2021

-

-

Carrying amount

At 10 December 2021

-

-

At 31 March 2021

562,111

562,111

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

5

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

13,079

6,767

28,413

48,259

Disposals

(13,079)

(6,767)

(28,413)

(48,259)

At 10 December 2021

-

-

-

-

Depreciation

At 1 April 2021

3,972

4,552

22,961

31,485

Charge for the period

1,744

456

1,783

3,983

Eliminated on disposal

(5,716)

(5,008)

(24,744)

(35,468)

At 10 December 2021

-

-

-

-

Carrying amount

At 10 December 2021

-

-

-

-

At 31 March 2021

9,107

2,215

5,452

16,774

6

Debtors

2021
£

2021
£

Trade debtors

-

61,864

Amounts owed by group undertakings and undertakings in which the company has a participating interest

52,772

-

Prepayments

-

818

52,772

62,682

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

-

117,345

Trade creditors

 

-

4,727

Taxation and social security

 

-

3,493

Other creditors

9

52,770

105,576

 

52,770

231,141

Due after one year

 

Loans and borrowings

8

-

411,913

Creditors: amounts falling due after more than one year

Note

2021
£

2021
£

Due after one year

 

Loans and borrowings

8

-

411,913

Creditors include bank loans repayable by instalments of £Nil (March 2021 - £3,333) due after more than five years.

8

Loans and borrowings

2021
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

43,333

Other borrowings

-

368,580

-

411,913

2021
£

2021
£

Current loans and borrowings

Bank borrowings

-

6,667

Other borrowings

-

110,678

-

117,345

 

Queens Square Wealth Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2021 to 10 December 2021

9

Related party transactions

Transactions with directors

At the balance sheet date, the company owed the directors £Nil (March 2021: £15,559). There are no repayment terms or interest charged on the outstanding amount.