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Registration number: 02473769

Bowmore Wealth Group Limited

Consolidated Financial Statements

for the Year Ended 30 June 2023

 

Bowmore Wealth Group Limited

Contents

Company Information

1

Consolidated Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 13

 

Bowmore Wealth Group Limited

Company Information

Directors

Mr M W Incledon

Ms G Millen

Mr O J Webster-Smith

Company secretary

Mr M W Incledon

Registered office

Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

 

Bowmore Wealth Group Limited

(Registration number: 02473769)
Consolidated Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,293,945

3,396,148

Tangible assets

5

49,604

55,179

Investments

6

247,733

252,362

 

3,591,282

3,703,689

Current assets

 

Debtors

7

899,435

964,484

Cash at bank and in hand

 

1,267,155

1,218,015

 

2,166,590

2,182,499

Creditors: Amounts falling due within one year

9

(650,775)

(1,324,958)

Net current assets

 

1,515,815

857,541

Total assets less current liabilities

 

5,107,097

4,561,230

Creditors: Amounts falling due after more than one year

9

(168,850)

(229,729)

Provisions for liabilities

(1,905)

(1,842)

Net assets

 

4,936,342

4,329,659

Capital and reserves

 

Called up share capital

10

100,000

100,000

Share premium reserve

3,380,900

3,380,900

Capital redemption reserve

36,842

36,842

Retained earnings

1,418,600

811,917

Equity attributable to owners of the company

 

4,936,342

4,329,659

Shareholders' funds

 

4,936,342

4,329,659

For the financial year ending 30 June 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 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.

 

Bowmore Wealth Group Limited

(Registration number: 02473769)
Consolidated Balance Sheet as at 30 June 2023

For the financial period ending 30 June 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 it's 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 November 2023 and signed on its behalf by:
 

.........................................
Mr M W Incledon
Company secretary and director

.........................................
Ms G Millen
Director

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

These financial statements were authorised for issue by the Board on 9 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023.

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

The consolidated financial statements present the results of the company and it's own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

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 & fittings

33% straight line basis

Fixtures & equipment

25% straight line basis

Office equipment

33% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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

Development costs

33% straight line

Goodwill on subsidiaries

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

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.

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

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.

3

Staff costs

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

26

27

26

27

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

4,055,722

5,600

4,061,322

Additions acquired separately

-

33,137

33,137

At 30 June 2023

4,055,722

38,737

4,094,459

Amortisation

At 1 July 2022

659,574

5,600

665,174

Amortisation charge

132,026

3,314

135,340

At 30 June 2023

791,600

8,914

800,514

Carrying amount

At 30 June 2023

3,264,122

29,823

3,293,945

At 30 June 2022

3,396,148

-

3,396,148

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

37,146

128,820

165,966

Additions

-

3,431

3,431

At 30 June 2023

37,146

132,251

169,397

Depreciation

At 1 July 2022

-

110,787

110,787

Charge for the year

-

9,006

9,006

At 30 June 2023

-

119,793

119,793

Carrying amount

At 30 June 2023

37,146

12,458

49,604

At 30 June 2022

37,146

18,033

55,179

Included within the net book value of land and buildings above is £37,146 (2022 - £37,146) in respect of short leasehold land and buildings.
 

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Investments

Group

Details of undertakings

2023
£

2022
£

Investments in subsidiaries

247,733

252,362

Subsidiaries

£

Cost or valuation

At 1 July 2022

247,733

Provision

Carrying amount

At 30 June 2023

247,733

At 30 June 2022

252,362

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Richard Wells Financial Services Ltd

Suite 5 Farleigh House Farleigh Court
Old Weston Road
Flax Bourton, Bristol
BS48 1UR

Ordinary A Shares

100%

100%

 

England and Wales

     

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Subsidiary undertakings

Richard Wells Financial Services Ltd

The principal activity of Richard Wells Financial Services Ltd is Life insurance

7

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Trade debtors

761,753

763,779

761,753

763,779

Other debtors

8,640

18,240

8,640

18,240

Prepayments

129,042

182,465

129,042

182,465

 

899,435

964,484

899,435

964,484

8

Cash and cash equivalents

 

Group

2023
£

2022
£

Cash on hand

504

505

Cash at bank

1,266,647

1,217,507

Short-term deposits

4

3

1,267,155

1,218,015

9

Creditors

   

Group

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

64,848

68,802

trade creditors

 

120,634

225,784

Amounts due to related parties

467

467

Social security and other taxes

 

99,237

172,043

Outstanding defined contribution pension costs

 

2,390

2,892

Other payables

 

126,042

487,259

Accruals

 

51,570

246,980

Income tax liability

185,587

120,731

 

650,775

1,324,958

Due after one year

 

Loans and borrowings

11

168,850

229,729

 

Bowmore Wealth Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

1,000,000

100,000

1,000,000

100,000

         

11

Loans and borrowings

 

Group

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

168,850

229,729

 

Group

2023
£

2022
£

Current loans and borrowings

Bank borrowings

64,848

68,802

Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented it's own Statement of Comprehensive Income in these financial statements.