REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
HJP Wealth Management Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
HJP Wealth Management Limited |
HJP Wealth Management Limited (Registered number: 10490173) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Statement of Financial Position | 5 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
HJP Wealth Management Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HJP Wealth Management Limited (Registered number: 10490173) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of financial advice, regulated by the Financial Conduct Authority. |
DIRECTORS |
The directors shown below have held office during the whole of the financial period to the date of signing the financial statements; |
DJ Barratt |
YM Bavin |
E George |
GJ Lynch |
RAC Phillips |
GR Watt |
E George resigned as a Director on 31st March 2023, prior to the date of this report. |
DONATIONS AND EXPENDITURE |
CHARITABLE DONATIONS |
A total of £3,205 was donated to the following Charitable causes during the financial period; |
£ |
St James's Place Charitable Foundation 3,205 |
This report has been prepared in accordance with section 415A of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
HJP Wealth Management Limited (Registered number: 10490173) |
Income Statement |
for the Year Ended 31 December 2022 |
Period |
1.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
as | restated |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
370,767 | 252,999 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
HJP Wealth Management Limited (Registered number: 10490173) |
Other Comprehensive Income |
for the Year Ended 31 December 2022 |
Period |
1.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
as | restated |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
HJP Wealth Management Limited (Registered number: 10490173) |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( | ) | ( | ) |
( | ) | ( | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HJP Wealth Management Limited (Registered number: 10490173) |
Statement of Financial Position - continued |
31 December 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HJP Wealth Management Limited (Registered number: 10490173) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | ( | ) | ( | ) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2021 | ( | ) | ( | ) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 | ( | ) | ( | ) |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
HJP Wealth Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
As at 31st December 2022, the company had net liabilities of £302,924 (2021 - £512,355) and net current assets of £248,289 (2021 - £435,235). After reviewing the company's forecast and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going-concern basis in preparing its financial statements. |
Change in Accounting Period |
Due to a change in the financial year-end the 2021 accounts represent a 9 month period compared to the full 12 months accounts for 2022. |
Changes in accounting policies |
During the process of preparing the financial statements for the year ended 31 December 2022 the directors reviewed the company's revenue recognition policy in connection with one if its revenue streams and concluded that no legal or constructive entitlement exists to accrue income before the date at which it falls due and is collectible in cash. Accordingly, a change in accounting policy has been applied such that all income is recognised when entitlement to payment falls due, and no accrual is made to recognise income billable annually in arrears. |
Details of the impact of this change for the current and prior period can be found in note 5. |
Turnover |
Revenue represents fees and commission receivable relating to advice provided on financial products during the year, net of any value added tax. Revenue is recognised on an accruals basis. |
Goodwill |
Goodwill relates to the purchase of Client banks. This is recorded at cost and amortised over an expected useful life of three years. |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held under finance lease, over the lease term which ever is the shorter. |
Tangible fixed assets are assessed for indicators of impairment at the end of each reporting period. If there is an indication of possible impairment and the recoverable amount is lower than the carrying amount, the carrying amount is reduced to its recoverable amount with the impairment loss recognised in the Income statement. |
Plant & Machinery 25%, |
Fixtures & Fittings 20% |
Computer Equipment 33%. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade debtors |
Trade Debtors are amounts due from clients for services conducted in the normal course of business. Trade debtors are recognised initially at transaction price. They are subsequently measured at amortised cost using the effective interest rate method, less provision for any impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to recover all amounts due, according to the original terms. |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors |
Trade Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business activities. Trade Creditors are classified as current liabilities if the company does not have an unconditional right at the end of the reporting period to defer settlement for at least 12 months after the reporting date. If there is an unconditional right to defer settlement for at least 12 month after the reporting date, they are reported as non current liabilities. Trade Creditors are recognised initially at the transaction cost 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. They are subsequently carried at amortised cost, with the difference between the proceeds net of transaction costs and the amount due on redemption being recocgnised as a charge to the profit and loss account over the duration of the loan period. |
Interest 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 a period of 12 months after the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | PRIOR YEAR ADJUSTMENT |
As disclosed in note 2, during the process of preparing the financial statements for the year ended 31 December 2022 the directors reviewed the company's revenue recognition policy and concluded that this should be changed such that revenue is no longer accrued in connection with certain income streams. Accordingly, a change in accounting policy has been applied such that all income is recognised when entitlement to payment falls due, rather than accruing evenly over the course of each 12 month period. This has resulted in the reversal of accrued income retrospectively which has impacted the company's financial statements as follows: |
Year ended 31 December 2022 Period ended 31 December 2021 |
As stated under previous policy | Impact on current period | As stated under new policy | As stated under previous policy | Impact on prior period | As stated under new policy |
Turnover | 2,936.603 | (4,413) | 2,932,190 | 2,154,341 | (157,360) | 1,996,981 |
Taxation charge | 62,145 | 18,817 | 80,962 | 48,154 | 19,024 | 67,178 |
Profit before tax | 294,806 | (4,413) | 290,393 | 401,826 | (157,360) | 244,466 |
Debtors | 1,077,361 | (662,387) | 414,974 | 1,076,614 | (625,165) | 451,449 |
Creditors (due within one year) | (778,032) | 62,145 | (715,887) | (691,644) | 48,156 | (643,488) |
Retained Earnings | 297,125 | (600,149) | (303,024) | 64,554 | (577,008) | (512,454) |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Trade debtors |
Other Debtors | 22,714 | 22,714 |
Corporation Tax Owed |
Deferred tax | 43,619 | 124,582 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Other loans (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 584 | 95 |
Directors' loan accounts | 147,774 | 147,774 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Other loans (see note 10) |
Directors' loan accounts | 209,346 | 357,120 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
Amounts falling due within one year or on demand: |
Other loans |
HJP Wealth Management Limited (Registered number: 10490173) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | LOANS - continued |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
11. | FINANCIAL INSTRUMENTS |
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from third parties, related parties and investments in ordinary shares. |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account. |