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COMPANY REGISTRATION NUMBER: 09393696
Almus Wealth Management Limited
Filleted Unaudited Accounts
31 May 2023
Almus Wealth Management Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
16,115
22,635
Current assets
Debtors
6
6,510
64,699
Cash at bank and in hand
41,894
16,377
--------
--------
48,404
81,076
Creditors: amounts falling due within one year
7
( 33,664)
( 53,968)
--------
--------
Net current assets
14,740
27,108
--------
--------
Total assets less current liabilities
30,855
49,743
Creditors: amounts falling due after more than one year
8
( 25,667)
( 32,667)
--------
--------
Net assets
5,188
17,076
--------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
4,188
16,076
-------
--------
Shareholder funds
5,188
17,076
-------
--------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Almus Wealth Management Limited
Statement of Financial Position (continued)
31 May 2023
These accounts were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Mr C L M Holmes
Director
Company registration number: 09393696
Almus Wealth Management Limited
Notes to the Accounts
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company is a going concern and the accounts are prepared on this basis. The director believes that the company has the resources to allow it to continue to meet its ongoing liabilities for the foreseeable future, being not less than one year from the date of approval of these accounts.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period, in respect of commissions earned in the capacity of a financial advisor, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Client List
-
10% straight line
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Client List
Office equipment
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
60,000
3,163
63,163
--------
-------
--------
Depreciation
At 1 June 2022
38,000
2,528
40,528
Charge for the year
6,000
520
6,520
--------
-------
--------
At 31 May 2023
44,000
3,048
47,048
--------
-------
--------
Carrying amount
At 31 May 2023
16,000
115
16,115
--------
-------
--------
At 31 May 2022
22,000
635
22,635
--------
-------
--------
6. Debtors
2023
2022
£
£
Other debtors
6,510
64,699
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,000
7,000
Corporation tax
11,103
Social security and other taxes
872
846
Other creditors
25,792
35,019
--------
--------
33,664
53,968
--------
--------
Included within Other creditors is a short term loan advance that is chargeable to interest at 5% per annum.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,667
32,667
--------
--------
The company is indebted to Metro bank for a bounce back loan repayable in instalments and with interest charged at 2.5% per annum.
9. Director's advances, credits and guarantees
During the year the director repaid in full the balance brought forward of £41,810 and subsequently advanced the company the sum of £385 and this remained unsettled at the balance sheet date. This advance is interest free and is considered repayable on demand.
10. Related party transactions
The company was under the control of Mr C L M Holmes , the director and shareholder, throughout the current period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, Section 1A.