Company registration number 05957611 (England and Wales)
CROWN WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CROWN WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CROWN WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
72,030
73,166
Current assets
Debtors
5
6,647
5,099
Cash at bank and in hand
333,516
243,204
340,163
248,303
Creditors: amounts falling due within one year
6
(78,012)
(89,291)
Net current assets
262,151
159,012
Total assets less current liabilities
334,181
232,178
Provisions for liabilities
(6,120)
(5,906)
Net assets
328,061
226,272
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
327,961
226,172
Total equity
328,061
226,272

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
B V Benson
Director
Company Registration No. 05957611
CROWN WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

2
Accounting policies
Company information

Crown Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Sitka Drive, Shrewsbury Business Park, Shrewsbury, Shropshire, United Kingdom, SY2 6LG.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover represents amounts receivable for services.

2.3
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Fixtures, fittings & equipment
15% on reducing balance
Computer equipment
40% on reducing balance
Motor vehicles
20% straight line
2.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

CROWN WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
9
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
6,717
121,241
127,958
Additions
7,753
10,323
18,076
At 31 May 2023
14,470
131,563
146,033
Depreciation and impairment
At 1 June 2022
672
54,120
54,792
Depreciation charged in the year
1,447
17,764
19,211
At 31 May 2023
2,119
71,884
74,003
Carrying amount
At 31 May 2023
12,351
59,679
72,030
At 31 May 2022
6,045
67,121
73,166
CROWN WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
900
32
Prepayments and accrued income
5,747
5,067
6,647
5,099
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,965
3,569
Corporation tax
69,283
64,846
Other taxation and social security
4,041
1,800
Other creditors
1,723
19,076
78,012
89,291
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
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