5
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,181,440
1,181,440
1,181,440
32,081
4,022
28,059
28,059
32,081
xbrli:pure
xbrli:shares
iso4217:GBP
11297363
2022-04-01
2023-03-31
11297363
2023-03-31
11297363
2022-03-31
11297363
2021-04-01
2022-03-31
11297363
2022-03-31
11297363
core:NetGoodwill
2022-04-01
2023-03-31
11297363
bus:Director1
2022-04-01
2023-03-31
11297363
core:WithinOneYear
2023-03-31
11297363
core:WithinOneYear
2022-03-31
11297363
core:AfterOneYear
2023-03-31
11297363
core:AfterOneYear
2022-03-31
11297363
core:ShareCapital
2023-03-31
11297363
core:ShareCapital
2022-03-31
11297363
core:RetainedEarningsAccumulatedLosses
2023-03-31
11297363
core:RetainedEarningsAccumulatedLosses
2022-03-31
11297363
core:NetGoodwill
2023-03-31
11297363
core:NetGoodwill
2022-03-31
11297363
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
11297363
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-03-31
11297363
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
11297363
core:Non-currentFinancialInstruments
2023-03-31
11297363
core:Non-currentFinancialInstruments
2022-03-31
11297363
bus:SmallEntities
2022-04-01
2023-03-31
11297363
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
11297363
bus:FullAccounts
2022-04-01
2023-03-31
11297363
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
11297363
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
11297363
core:ComputerEquipment
2022-04-01
2023-03-31
11297363
core:ComputerEquipment
2022-03-31
11297363
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
11297363
core:ComputerEquipment
2023-03-31
11297363
core:FurnitureFittings
2023-03-31
11297363
core:FurnitureFittingsToolsEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
11297363
The Kennedy Wealth Management Practice Limited |
|
Filleted Unaudited Financial Statements |
|
The Kennedy Wealth Management Practice Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Intangible assets |
5 |
1,181,440 |
1,181,440 |
Tangible assets |
6 |
23,066 |
6,089 |
Investments |
7 |
28,059 |
32,081 |
|
------------ |
------------ |
|
1,232,565 |
1,219,610 |
|
|
|
|
Current assets
Debtors |
8 |
42,993 |
91,133 |
Cash at bank and in hand |
404,248 |
136,199 |
|
--------- |
--------- |
|
447,241 |
227,332 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
174,984) |
(
279,871) |
|
--------- |
--------- |
Net current assets/(liabilities) |
272,257 |
(
52,539) |
|
------------ |
------------ |
Total assets less current liabilities |
1,504,822 |
1,167,071 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
(
19,279) |
(
30,478) |
|
------------ |
------------ |
Net assets |
1,485,543 |
1,136,593 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
1,485,541 |
1,136,591 |
|
------------ |
------------ |
Shareholders funds |
1,485,543 |
1,136,593 |
|
------------ |
------------ |
|
|
|
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
The Kennedy Wealth Management Practice Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
27 October 2023
, and are signed on behalf of the board by:
Company registration number:
11297363
The Kennedy Wealth Management Practice Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office address is 5 Godalming Business Centre, Woolsack Way, Godalming, Surrey, GU7 1XW
.
2.
Statement of compliance
These 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 financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents commission receivable for financial management services rendered, stated net of discounts and of Value Added Tax. Commission received is recognised when the service has been delivered.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
|
Equipment |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Loans and receivables Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are initially recognised at fair value and are subsequently measured using the effective interest method less provision for any impairment. Financial liabilities and equity instruments Financial liabilities and equity are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Other financial liabilities (including borrowing and trade and other payables) are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.
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
5
(2022:
5
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
1,181,440 |
|
------------ |
Amortisation |
|
At 1 April 2022 and 31 March 2023 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2023 |
1,181,440 |
|
------------ |
At 31 March 2022 |
1,181,440 |
|
------------ |
|
|
6.
Tangible assets
|
Equipment |
Office addition |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 |
9,952 |
– |
9,952 |
Additions |
– |
19,465 |
19,465 |
|
------- |
-------- |
-------- |
At 31 March 2023 |
9,952 |
19,465 |
29,417 |
|
------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2022 |
3,863 |
– |
3,863 |
Charge for the year |
2,488 |
– |
2,488 |
|
------- |
-------- |
-------- |
At 31 March 2023 |
6,351 |
– |
6,351 |
|
------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2023 |
3,601 |
19,465 |
23,066 |
|
------- |
-------- |
-------- |
At 31 March 2022 |
6,089 |
– |
6,089 |
|
------- |
-------- |
-------- |
|
|
|
|
7.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 April 2022 |
32,081 |
Additions |
(
4,022) |
|
-------- |
At 31 March 2023 |
28,059 |
|
-------- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 March 2023 |
28,059 |
|
-------- |
At 31 March 2022 |
32,081 |
|
-------- |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
42,993 |
91,133 |
|
-------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
51,519 |
50,586 |
Trade creditors |
13,010 |
7,321 |
Corporation tax |
101,318 |
94,940 |
Social security and other taxes |
2,720 |
6,720 |
Other creditors |
6,417 |
120,304 |
|
--------- |
--------- |
|
174,984 |
279,871 |
|
--------- |
--------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
19,279 |
30,478 |
|
-------- |
-------- |
|
|
|
11.
Other financial commitments
As at 31 March 2022 the company had no capital commitments or contracts for capital expenditure in place in the period.
12.
Related party transactions
During the period a total of £119,895 (2022: £173,567) loans were repaid to the directors in the period. At the year end a balance of £346(2022 £120,241) was due to directors from the business and is shown in the directors' loan account. No other transactions were undertaken with related parties such as are required to be disclosed under FRS 102 1A.