Registered number
04193875
London Private Wealth Ltd
Filleted Accounts
28 February 2023
London Private Wealth Ltd
Registered number: 04193875
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 213,808 81,451
Tangible assets 4 - 237
Investments 5 1 1
213,809 81,689
Current assets
Debtors 6 415,699 568,042
Cash at bank and in hand 808,022 995,598
1,223,721 1,563,640
Creditors: amounts falling due within one year 7 (266,395) (208,001)
Net current assets 957,326 1,355,639
Total assets less current liabilities 1,171,135 1,437,328
Creditors: amounts falling due after more than one year 8 (335,481) (422,994)
Net assets 835,654 1,014,334
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 834,654 1,013,334
Shareholders' funds 835,654 1,014,334
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Lans
Director
Approved by the board on 29 November 2023
London Private Wealth Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 101,813
Additions 152,721
At 28 February 2023 254,534
Amortisation
At 1 March 2022 20,362
Provided during the year 20,364
At 28 February 2023 40,726
Net book value
At 28 February 2023 213,808
At 28 February 2022 81,451
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 4,272
At 28 February 2023 4,272
Depreciation
At 1 March 2022 4,035
Charge for the year 237
At 28 February 2023 4,272
Net book value
At 28 February 2023 -
At 28 February 2022 237
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2022 1
At 28 February 2023 1
6 Debtors 2023 2022
£ £
Trade debtors 6,954 5,416
Amounts owed by group undertakings and undertakings in which the company has a participating interest 388,659 394,312
Other debtors 20,086 168,314
415,699 568,042
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,000 35,000
Trade creditors 6,632 8,186
Taxation and social security costs 70,762 69,012
Other creditors 159,001 95,803
266,395 208,001
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 135,481 159,361
Other creditors 200,000 263,633
335,481 422,994
9 Other information
London Private Wealth Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tay House
23 Enterprise Way
London
SW18 1FZ
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