REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
EGR WEALTH LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
EGR WEALTH LIMITED |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
EGR WEALTH LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
STRATEGIC REPORT |
For The Year Ended 30 SEPTEMBER 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
The principal activity of the company is that of wealth management. The company is regulated by the Financial Conduct Authority ("FCA"). |
The company has reported a profit before tax of £14,248 (2022: £87,584) on revenues of £311,232 (2022: £429,444). |
During the year, the company continued to work on wealth management and the development of discretionary managed portfolios and growing the number of clients using these services. The company no longer provides corporate finance and corporate broking activities to clients. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principle risks facing the business include: |
Economic outlook: |
Future performance is to a certain extent dependant on market conditions, which directly affect revenue, and the health of the UK economy. However, the company has a low-cost base and is well placed to take advantage of future revenue opportunities. |
Reputational risk: |
One of the greatest risk to the company could come from the loss of reputation; however, new business activities are rigorously scrutinised, new clients are thoroughly checked out before taking on, and day to day processes are closely monitored by management. |
Operational risk: |
The company could suffer from failed internal process or external failures in systems making it difficult to operate; however, the company does not currently handle client money and IT operations are outsourced to an external |
contractor with a disaster recovery plan in place. |
Regulatory risk: |
The company's activities are monitored by the FCA. Risk of changes to the regulatory regime and complying with FCA information requests could cause increased costs of insurance premiums, compliance or additional need for capital. However, management has good experience at managing these risks. |
KEY PERFORMANCE INDICATORS |
The directors consider the following as the key performance indicators of the company: |
Description | 2023 | 2022 | Change (%) |
Turnover | £311,232 | £429,444 | -28% |
Gross profit | £222,765 | £305,956 | -27% |
Gross profit margin | 72% | 71% | 1% |
Profit/ (loss) before tax | £14,248 | £87,584 | -84% |
Net assets | £296,291 | £200,325 | 47% |
ON BEHALF OF THE BOARD: |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
REPORT OF THE DIRECTORS |
For The Year Ended 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The company's financial instruments comprise: |
- Cash, short term debtors and creditors which arise from operational activities |
- Loans and overdrafts |
EVENTS SINCE THE BALANCE SHEET DATE |
There are no events after the balance sheet date that require adjustments or disclosures to be made in the financial statements. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information for the following have been disclosed in the strategic report: |
-Principal activity |
-Review of business |
-Principal risks and uncertainties |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
REPORT OF THE DIRECTORS |
For The Year Ended 30 SEPTEMBER 2023 |
AUDITORS |
The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EGR WEALTH LIMITED |
Opinion |
We have audited the financial statements of EGR Wealth Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EGR WEALTH LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed |
procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EGR WEALTH LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
INCOME STATEMENT |
For The Year Ended 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30 SEPTEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 September 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 September 2023 | ( |
) |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
CASH FLOW STATEMENT |
For The Year Ended 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Finance costs paid | (4,764 | ) | (2,245 | ) |
Net cash from operating activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | - | (5,790 | ) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
50,773 |
Cash and cash equivalents at end of year | 2 | 15,975 | 5,686 |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE CASH FLOW STATEMENT |
For The Year Ended 30 SEPTEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 4,764 | 2,245 |
21,899 | 93,444 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 15,975 | 5,686 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 5,686 | 50,773 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank | 5,686 | 10,289 | 15,975 |
5,686 | 15,975 |
Total | 5,686 | 10,289 | 15,975 |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
EGR Wealth Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no significant judgements and estimates in the accounts for the year ended 30 September 2023. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer software | - |
Financial instruments |
Financial instruments are recognised in the company's statement of financial position when the company becomes a party to the contractual provisions of the instrument. |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial assets that are receivable within one year are not amortised. At the end of each reporting period financial assets carried at amortised cost are remeasured to their fair value with the resulting gain or loss being recognised in the income statement immediately. |
At the end of the reporting period financial assets are assessed for indicators of impairment. A provision for impairment of financial assets is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the contract.The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of estimated future cash flows, discounted at the effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are recognised in profit or loss. |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if the payment is due within one year. |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Going concern |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. The Directors regard the forseeable future as no less than twelve months following the approval of its annual financial statements. Accordingly, they have adopted the going concern basis in preparing the financial statements. |
Cash and cash equivalent |
Cash and cash equivalents consist of cash at bank and in hand, that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in value. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
An analysis of revenue by class of business is given below: |
2023 | 2022 |
£ | £ |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative support |
2023 | 2022 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Audit of annual accounts |
Auditors' remuneration for non audit work |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest payable |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Depreciation in excess of capital allowances | - |
Tax losses carry forward | ( |
) | (20,256 | ) |
Deferred tax asset | (81,718 | ) | - |
Total tax credit | (81,718 | ) | - |
The company has tax losses of approximately £326,873 (2022: £414,951) that are available to be utilised against future trading profits and/or total profits of the company. |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2023 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | software | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pensions payable | 454 | 257 |
Other creditors |
Accruals and deferred income |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 383,012 | 383,012 |
The ordinary shares have full voting rights, full rights to participate in any dividends declared and full rights to participate in any distribution on winding up. |
EGR WEALTH LIMITED (REGISTERED NUMBER: 07443787) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2023 |
12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2022 | ( |
) | (182,687 | ) |
Profit for the year |
At 30 September 2023 | ( |
) | (86,721 | ) |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included in debtors, due within one year, is an amount totalling £153,065 (2022: £86,541) due from companies connected by virtue of common directors. These are interest free and repayable on demand. |
During the year under review, the company recharged £115,111 (2022: £95,892) of administrative expenses to companies connected by virtue of common directors and shareholders. |
14. | ULTIMATE CONTROLLING PARTY |
During the year, the ultimate controlling party changed from J Hall to Interestme Financial Holdings Limited, a company registered in England and Wales, whose controlling shareholder is P J Long. |
15. | LEASING |
An analysis of the lease obligations is given below: |
Amounts falling due within one year: £74,065 |
Amounts falling due between two and five years: £374,682 |