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Registration number: 08324879

J T Wealth Management Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2022

 

J T Wealth Management Limited
(Registration number: 08324879)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

J T Wealth Management Limited
(Registration number: 08324879)

Company Information

Directors

Mrs A Tipper

Mr J A Tipper

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

J T Wealth Management Limited
(Registration number: 08324879)

Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

41,854

76,881

Tangible assets

5

2,814

1,415

 

44,668

78,296

Current assets

 

Debtors

6

16,371

14,857

Cash at bank and in hand

 

82,188

37,030

 

98,559

51,887

Creditors: Amounts falling due within one year

7

(117,628)

(106,246)

Net current liabilities

 

(19,069)

(54,359)

Total assets less current liabilities

 

25,599

23,937

Creditors: Amounts falling due after more than one year

7

-

(9,880)

Provisions for liabilities

(535)

(268)

Net assets

 

25,064

13,789

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

24,964

13,689

Total equity

 

25,064

13,789

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

 

J T Wealth Management Limited
(Registration number: 08324879)

Balance Sheet as at 31 March 2022

.........................................
Mr J A Tipper
Director

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.

 

J T Wealth Management Limited
(Registration number: 08324879)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

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:

 

J T Wealth Management Limited
(Registration number: 08324879)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Computer equipment

33% straight line basis

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

Over 10 years

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise 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

 

J T Wealth Management Limited
(Registration number: 08324879)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

375,104

375,104

At 31 March 2022

375,104

375,104

Amortisation

At 1 April 2021

298,223

298,223

Amortisation charge

35,027

35,027

At 31 March 2022

333,250

333,250

Carrying amount

At 31 March 2022

41,854

41,854

At 31 March 2021

76,881

76,881

 

J T Wealth Management Limited
(Registration number: 08324879)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 April 2021

1,320

4,365

5,685

Additions

-

2,423

2,423

Disposals

-

(769)

(769)

At 31 March 2022

1,320

6,019

7,339

Depreciation

At 1 April 2021

1,320

2,950

4,270

Charge for the year

-

1,024

1,024

Eliminated on disposal

-

(769)

(769)

At 31 March 2022

1,320

3,205

4,525

Carrying amount

At 31 March 2022

-

2,814

2,814

At 31 March 2021

-

1,415

1,415

6

Debtors

2022
£

2021
£

Trade debtors

16,371

14,857

Total current trade and other debtors

16,371

14,857

7

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

10,083

24,406

Taxation and social security

 

21,483

13,197

Other creditors

 

84,600

67,088

Accrued expenses

 

1,462

1,555

 

117,628

106,246

Due after one year

 

Loans and borrowings

8

-

9,880

 

J T Wealth Management Limited
(Registration number: 08324879)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

-

9,880

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,083

24,406

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

9,880