12 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-22 Sage Accounts Production Advanced 2021 - FRS102_2021 4,697,548 53,635 4,643,913 464,391 464,391 4,179,522 43,610 43,610 14,537 14,537 29,073 xbrli:pure xbrli:shares iso4217:GBP 13933721 2022-02-22 2023-03-31 13933721 2023-03-31 13933721 core:NetGoodwill 2022-02-22 2023-03-31 13933721 bus:LeadAgentIfApplicable 2022-02-22 2023-03-31 13933721 bus:Director1 2022-02-22 2023-03-31 13933721 core:NetGoodwill 2023-03-31 13933721 core:WithinOneYear 2023-03-31 13933721 core:AfterOneYear 2023-03-31 13933721 core:ShareCapital 2023-03-31 13933721 core:RetainedEarningsAccumulatedLosses 2023-03-31 13933721 bus:Director1 2023-03-31 13933721 bus:SmallEntities 2022-02-22 2023-03-31 13933721 bus:AuditExemptWithAccountantsReport 2022-02-22 2023-03-31 13933721 bus:FullAccounts 2022-02-22 2023-03-31 13933721 bus:SmallCompaniesRegimeForAccounts 2022-02-22 2023-03-31 13933721 bus:PrivateLimitedCompanyLtd 2022-02-22 2023-03-31 13933721 core:OfficeEquipment 2022-02-22 2023-03-31 13933721 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 13933721
Sean Downs Wealth Management Limited
Filleted Unaudited Financial Statements
31 March 2023
Sean Downs Wealth Management Limited
Financial Statements
Period from 22 February 2022 to 31 March 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
Sean Downs Wealth Management Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sean Downs Wealth Management Limited
Period from 22 February 2022 to 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sean Downs Wealth Management Limited for the period ended 31 March 2023, 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sean Downs Wealth Management Limited in accordance with the terms of our engagement letter dated 19 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Sean Downs Wealth Management Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sean Downs Wealth Management Limited and its director for our work or for this report.
It is your duty to ensure that Sean Downs 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 loss of Sean Downs Wealth Management Limited. You consider that Sean Downs 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 Sean Downs 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.
MILLER DAVIES LLP Chartered Accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
16 November 2023
Sean Downs Wealth Management Limited
Balance Sheet
31 March 2023
31 Mar 23
Note
£
Fixed assets
Intangible assets
5
4,179,522
Tangible assets
6
29,073
------------
4,208,595
Current assets
Debtors
7
113,334
Investments
8
134
Cash at bank and in hand
100,716
---------
214,184
Creditors: amounts falling due within one year
9
1,031,603
------------
Net current liabilities
817,419
------------
Total assets less current liabilities
3,391,176
Creditors: amounts falling due after more than one year
10
2,075,575
------------
Net assets
1,315,601
------------
Capital and reserves
Called up share capital
200
Profit and loss account
1,315,401
------------
Shareholders funds
1,315,601
------------
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 profit and loss account has not been delivered.
For the period ending 31 March 2023 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 financial statements for the period 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 financial statements .
Sean Downs Wealth Management Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr S Downs
Director
Company registration number: 13933721
Sean Downs Wealth Management Limited
Notes to the Financial Statements
Period from 22 February 2022 to 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 is Mereworth Business Centre, Danns Lane, Wateringbury, Kent, ME18 5LW.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. 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 amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Office Equipment
-
33% straight line
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 liabilities and equity instruments 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 entity after deducting all of its financial 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 period amounted to 12 .
5. Intangible assets
Goodwill
£
Cost
Additions
4,697,548
Disposals
( 53,635)
------------
At 31 March 2023
4,643,913
------------
Amortisation
Charge for the period
464,391
------------
At 31 March 2023
464,391
------------
Carrying amount
At 31 March 2023
4,179,522
------------
6. Tangible assets
Equipment
£
Cost
At 22 February 2022
Additions
43,610
--------
At 31 March 2023
43,610
--------
Depreciation
At 22 February 2022
Charge for the period
14,537
--------
At 31 March 2023
14,537
--------
Carrying amount
At 31 March 2023
29,073
--------
7. Debtors
31 Mar 23
£
Trade debtors
104,767
Other debtors
8,567
---------
113,334
---------
8. Investments
31 Mar 23
£
Investments in group undertakings
134
----
9. Creditors: amounts falling due within one year
31 Mar 23
£
Bank loans and overdrafts
272,479
Corporation tax
39,660
Social security and other taxes
30,193
Other creditors
689,271
------------
1,031,603
------------
10. Creditors: amounts falling due after more than one year
31 Mar 23
£
Bank loans and overdrafts
2,075,575
------------
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
31 Mar 23
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
205,483
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
3,034,230
------------
12. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Mar 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S Downs
( 45,538)
( 45,538)
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