STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
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All of the members of Sutton Park Wealth Management Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
06445365
SUTTON PARK WEALTH MANAGEMENT LIMITED |
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
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SUTTON PARK WEALTH MANAGEMENT LIMITED |
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REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
SUTTON PARK WEALTH MANAGEMENT LIMITED |
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YEAR ENDED 31 MARCH 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Sutton Park Wealth Management Limited for the year ended 31 March 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors.
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
18 August 2022
SUTTON PARK WEALTH MANAGEMENT LIMITED |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
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31 March 2022
Current assets
Debtors |
5,520 |
|
6,961 |
Cash at bank and in hand |
38,527 |
|
35,949 |
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------------ |
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------------ |
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44,047 |
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42,910 |
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|
|
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Creditors: amounts falling due within one year |
23,992 |
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31,325 |
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------------ |
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------------ |
Net current assets |
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20,055 |
11,585 |
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|
------------ |
------------ |
Total assets less current liabilities |
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20,055 |
11,585 |
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|
------------ |
------------ |
Net assets |
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20,055 |
11,585 |
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------------ |
------------ |
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|
|
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Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
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19,955 |
11,485 |
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|
------------ |
------------ |
Shareholders funds |
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20,055 |
11,585 |
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------------ |
------------ |
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
SUTTON PARK WEALTH MANAGEMENT LIMITED |
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
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31 March 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 August 2022
, and are signed on behalf of the board by:
Company registration number:
06445365
SUTTON PARK WEALTH MANAGEMENT LIMITED |
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
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YEAR ENDED 31 MARCH 2022
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of work undertaken during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures and Fittings |
- |
15% straight line |
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Computer Equipment |
- |
33% straight line |
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Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
2
(2021:
2
).
5.
Tangible Assets
|
£ |
Cost |
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At 1 April 2021 and 31 March 2022 |
3,745 |
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------------ |
Depreciation |
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At 1 April 2021 and 31 March 2022 |
3,745 |
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------------ |
Carrying amount |
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At 31 March 2022 |
– |
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------------ |
At 31 March 2021 |
– |
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------------ |
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6.
Director's Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £13,446 (2021: £20,701).
7.
Related Party Transactions
No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.