Company Registration No. 13791744 (England and Wales)
PSR WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PSR WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr P S Rihal
(Appointed 9 December 2021)
Mrs A L Rihal
(Appointed 9 December 2021)
Company number
13791744
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
PSR WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
PSR WEALTH MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PSR WEALTH MANAGEMENT LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PSR Wealth Management Limited for the period ended 31 December 2022 which comprise, the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of PSR Wealth Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PSR Wealth Management Limited and state those matters that we have agreed to state to the Board of Directors of PSR Wealth Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PSR Wealth Management Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that PSR Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PSR Wealth Management Limited. You consider that PSR Wealth Management Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of PSR Wealth Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
27 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PSR WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
Notes
£
£
Fixed assets
Intangible assets
3
450,098
Current assets
Debtors
4
6,797
Cash at bank and in hand
11,900
18,697
Creditors: amounts falling due within one year
5
(465,905)
Net current liabilities
(447,208)
Total assets less current liabilities
2,890
Capital and reserves
Called up share capital
6
200
Profit and loss reserves
2,690
Total equity
2,890
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr P S Rihal
Director
Company Registration No. 13791744
PSR WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
PSR Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PSR WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Intangible fixed assets
Goodwill
£
Cost
At 9 December 2021
Additions
477,980
At 31 December 2022
477,980
Amortisation and impairment
At 9 December 2021
Amortisation charged for the period
27,882
At 31 December 2022
27,882
Carrying amount
At 31 December 2022
450,098
4
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
6,797
5
Creditors: amounts falling due within one year
2022
£
Trade creditors
12,437
Taxation and social security
12,970
Other creditors
440,498
465,905
PSR WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
6
Called up share capital
2022
£
Ordinary share capital
Issued and fully paid
60 Ordinary A of £1 each
60
40 Ordinary B of £1 each
40
100 Ordinary of £1 each
100
200
The following shares were allotted and fully paid for cash at par during the period:
80 Ordinary A shares of £1 each
20 Ordinary B shares of £1 each
100 Ordinary shares of £1 each
Subsequently, the company then passed a special resolution by reclassifying 20 Ordinary A £1 shares into 20 Ordinary B £1 shares. The rights and privileges attached to these shares remain unaltered.
7
Ultimate controlling party
The ultimate controlling party is Mr P S Rihal.
8
Comparatives
This is the company's first period of trade, therefore there are no comparatives.