IRIS Accounts Productionv22.1.0.62810490173Board of Directors1.1.2231.12.2231.12.22falsetruefalsefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure104901732021-12-31104901732022-12-31104901732022-01-012022-12-31104901732021-03-31104901732021-04-012021-12-31104901732021-12-3110490173ns16:EnglandWales2022-01-012022-12-3110490173ns15:PoundSterling2022-01-012022-12-3110490173ns11:Director12022-01-012022-12-3110490173ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3110490173ns11:SmallEntities2022-01-012022-12-3110490173ns11:AuditExempt-NoAccountantsReport2022-01-012022-12-3110490173ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3110490173ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110490173ns11:FullAccounts2022-01-012022-12-311049017312022-01-012022-12-3110490173ns11:Director22022-01-012022-12-3110490173ns11:Director32022-01-012022-12-3110490173ns11:Director52022-01-012022-12-3110490173ns11:Director62022-01-012022-12-3110490173ns11:RegisteredOffice2022-01-012022-12-3110490173ns6:CurrentFinancialInstruments2022-12-3110490173ns6:CurrentFinancialInstruments2021-12-3110490173ns6:Non-currentFinancialInstruments2022-12-3110490173ns6:Non-currentFinancialInstruments2021-12-3110490173ns6:ShareCapital2022-12-3110490173ns6:ShareCapital2021-12-3110490173ns6:RetainedEarningsAccumulatedLosses2022-12-3110490173ns6:RetainedEarningsAccumulatedLosses2021-12-3110490173ns6:ShareCapital2021-03-3110490173ns6:RetainedEarningsAccumulatedLosses2021-03-3110490173ns6:RetainedEarningsAccumulatedLosses2021-04-012021-12-3110490173ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110490173ns6:NetGoodwill2022-01-012022-12-3110490173ns6:NetGoodwill2021-12-3110490173ns6:NetGoodwill2022-12-3110490173ns6:NetGoodwill2021-12-3110490173ns6:FurnitureFittings2021-12-3110490173ns6:ComputerEquipment2021-12-3110490173ns6:FurnitureFittings2022-01-012022-12-3110490173ns6:ComputerEquipment2022-01-012022-12-3110490173ns6:FurnitureFittings2022-12-3110490173ns6:ComputerEquipment2022-12-3110490173ns6:FurnitureFittings2021-12-3110490173ns6:ComputerEquipment2021-12-3110490173ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3110490173ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3110490173ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-12-3110490173ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-12-31

REGISTERED NUMBER: 10490173 (England and Wales)
















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:

D J Barratt


Ms Y M Bavin


G J Lynch


R A C Phillips


G R Watt







REGISTERED OFFICE:

176 South Street


Dorking


RH4 2ES







REGISTERED NUMBER:

10490173 (England and Wales)







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:






G J Lynch - Director



12 November 2023


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

2,932,190


1,996,981




Administrative expenses

2,561,423


1,743,982



370,767


252,999




Other operating income

705


20,511



OPERATING PROFIT

371,472


273,510





Interest payable and similar

expenses

81,080


29,041



PROFIT BEFORE TAXATION

290,392


244,469




Tax on profit

80,962


67,178



PROFIT FOR THE FINANCIAL YEAR

209,430


177,291




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

209,430


177,291





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

209,430


177,291




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

10,419


14,625



Tangible assets

6

14,605


20,892



25,024


35,517




CURRENT ASSETS

Debtors

7

414,974


451,449



Cash at bank and in hand

549,202


627,275



964,176


1,078,724



CREDITORS

Amounts falling due within one year

8

715,887


643,488



NET CURRENT ASSETS

248,289


435,236



TOTAL ASSETS LESS CURRENT

LIABILITIES

273,313


470,753




CREDITORS

Amounts falling due after more than

one year

9

576,237


983,107



NET LIABILITIES

(302,924

)

(512,354

)



CAPITAL AND RESERVES

Called up share capital

100


100



Retained earnings

(303,024

)

(512,454

)


(302,924

)

(512,354

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.  


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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 section 1A - Small Entities.


The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2023 and were signed on its behalf by:






G J Lynch - Director



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

100


(689,745

)

(689,645

)



Changes in equity

Total comprehensive income

-


177,291


177,291



Balance at 31 December 2021

100


(512,454

)

(512,354

)



Changes in equity

Total comprehensive income

-


209,430


209,430



Balance at 31 December 2022

100


(303,024

)

(302,924

)



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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



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 26 (2021 - 28 - 9 month period ) .


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
Turnover2,936.603(4,413)2,932,1902,154,341(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
Debtors1,077,361(662,387)414,9741,076,614(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

49,285




Additions

5,878




At 31 December 2022

55,163




AMORTISATION


At 1 January 2022

34,660




Charge for year

10,084




At 31 December 2022

44,744




NET BOOK VALUE


At 31 December 2022

10,419




At 31 December 2021

14,625




6.

TANGIBLE FIXED ASSETS


Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2022

2,725


97,014


99,739




Additions

-


7,953


7,953




At 31 December 2022

2,725


104,967


107,692




DEPRECIATION


At 1 January 2022

489


78,358


78,847




Charge for year

42


14,198


14,240




At 31 December 2022

531


92,556


93,087




NET BOOK VALUE


At 31 December 2022

2,194


12,411


14,605




At 31 December 2021

2,236


18,656


20,892




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

258,547


975




Other Debtors

22,714


22,714




Corporation Tax Owed

48,154


-




Deferred tax

43,619


124,582




Prepayments and accrued income

41,940


303,178



414,974


451,449




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.22


31.12.21


as

restated


£   

£   



Other loans (see note 10)

259,029


259,029




Trade creditors

48,817


12,898




Tax

383


-




Social security and other taxes

44,939


48,977




VAT

584


95




Directors' loan accounts

147,774


147,774




Accrued expenses

214,361


174,715



715,887


643,488




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR



31.12.22


31.12.21





£   

£   



Other loans (see note 10)

366,891


625,987




Directors' loan accounts

209,346


357,120



576,237


983,107




10.

LOANS



An analysis of the maturity of loans is given below:



Amounts falling due within one year or on demand:


Other loans

259,029


259,029




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

366,891


625,987




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.