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Registration number: 07052258

Lothbury Wealth Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

Pages for Filing with Registrar

 

Lothbury Wealth Management Limited

(Registration number: 07052258)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

828

1,892

Current assets

 

Debtors

6

235,839

200,875

Cash at bank and in hand

 

86,235

128,479

 

322,074

329,354

Creditors: Amounts falling due within one year

7

(21,794)

(20,187)

Net current assets

 

300,280

309,167

Total assets less current liabilities

 

301,108

311,059

Creditors: Amounts falling due after more than one year

7

(33,318)

(40,239)

Net assets

 

267,790

270,820

Capital and reserves

 

Called up share capital

5

5

Retained earnings

267,785

270,815

Shareholders' funds

 

267,790

270,820

 

Lothbury Wealth Management Limited

(Registration number: 07052258)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the director on 29 November 2023
 

.........................................

A R Clements
Director

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

Principal activity

The principal activity of the Company is that of providing financial services.

The address of its registered office is:
8 Laurence Pountney Hill
London
EC4R 0BE
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of 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.

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

25% straight line

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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 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.

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of
ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the
balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A
corresponding liability is recognised for the lower of the fair value of the leased asset and the present
value of the minimum lease payments in the balance sheet. Lease payments are apportioned between
the reduction of the lease liability and finance charges in the income statement so as to achieve a
constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.
Payments under operating leases are charged to profit or loss on a straight line basis over the period
of the lease.

Lease incentives received to enter into an operating lease are credited to profit and loss, to reduce the
lease expense, on a straight line basis over the period of the lease.

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.

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 3 (2022 - 3).

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

6,883

6,883

Disposals

(856)

(856)

At 28 February 2023

6,027

6,027

Depreciation

At 1 March 2022

4,991

4,991

Charge for the year

469

469

Eliminated on disposal

(261)

(261)

At 28 February 2023

5,199

5,199

Carrying amount

At 28 February 2023

828

828

At 28 February 2022

1,892

1,892

6

Debtors

2023
£

2022
£

Trade debtors

942

19,414

Amounts owed by group undertakings

223,338

168,168

Prepayments

-

1,734

Other debtors

11,559

11,559

235,839

200,875

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

10,021

10,907

Trade creditors

2,660

2,297

Amounts owed to group undertakings

400

-

Taxation and social security

2,713

4,401

Other creditors

6,000

2,582

21,794

20,187

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans and overdrafts

33,318

40,239

8

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

9

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

13,200

15,840

Later than one year and not later than five years

-

13,200

13,200

29,040

 

Lothbury Wealth Management Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

The company has taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose transactions between the company and its parent company.