Company registration number 11494086 (England and Wales)
CHATSWORTH WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CHATSWORTH WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr R E W Fawdrey
Mr V R Kanani
Secretary
Mrs L A Kanani
Company number
11494086
Registered office
Langton House
Bird Street
Lichfield
Staffordshire
United Kingdom
WS13 6PY
Accountants
The Chartwell Practice Ltd
Chartwell House
4 St. Paul's Square
Burton-on-Trent
Staffordshire
England
DE14 2EF
CHATSWORTH WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CHATSWORTH WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,471,368
4,807,282
Tangible assets
5
29,013
48,086
4,500,381
4,855,368
Current assets
Debtors
6
204,287
30,838
Investments
7
42,876
51,675
Cash at bank and in hand
112,639
81,717
359,802
164,230
Creditors: amounts falling due within one year
8
(877,448)
(825,618)
Net current liabilities
(517,646)
(661,388)
Total assets less current liabilities
3,982,735
4,193,980
Creditors: amounts falling due after more than one year
9
(3,571,755)
(3,839,490)
Net assets
410,980
354,490
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
410,880
354,390
Total equity
410,980
354,490

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 August 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 members have 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.

CHATSWORTH WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr R E W Fawdrey
Mr V R Kanani
Director
Director
Company registration number 11494086 (England and Wales)
CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Chatsworth Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Langton House, Bird Street, Lichfield, Staffordshire, United Kingdom, WS13 6PY.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures and fittings
Straight Line over 3 years
Computers
Straight Line over 3 years
Motor vehicles
25% WDV

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

3
Employees

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

2023
2022
Number
Number
Total
7
7
CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
5,974,873
Disposals
(38,296)
At 31 August 2023
5,936,577
Amortisation and impairment
At 1 September 2022
1,167,591
Amortisation charged for the year
297,618
At 31 August 2023
1,465,209
Carrying amount
At 31 August 2023
4,471,368
At 31 August 2022
4,807,282
5
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
25,311
1,777
75,000
102,088
Additions
452
764
35,965
37,181
Disposals
-
0
-
0
(75,000)
(75,000)
At 31 August 2023
25,763
2,541
35,965
64,269
Depreciation and impairment
At 1 September 2022
21,792
1,742
30,469
54,003
Depreciation charged in the year
2,096
635
8,991
11,722
Eliminated in respect of disposals
-
0
-
0
(30,469)
(30,469)
At 31 August 2023
23,888
2,377
8,991
35,256
Carrying amount
At 31 August 2023
1,875
164
26,974
29,013
At 31 August 2022
3,520
35
44,531
48,086
Last year c/fwd cost
25,312
1,777
75,000
Differs from this year b/fwd by
(1)
-
-
CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,928
17,684
Other debtors
186,928
13,154
199,856
30,838
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
4,431
-
0
Total debtors
204,287
30,838
7
Current asset investments
2023
2022
£
£
Other investments
42,876
51,675

The investment has been valued at £47,667 at 31st August 2023.

8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
643,178
620,657
Corporation tax
216,110
186,743
Other creditors
18,160
18,218
877,448
825,618
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
10
3,571,755
3,839,490
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
-
1,359,927
CHATSWORTH WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
10
Loans and overdrafts
2023
2022
£
£
Bank loans
4,214,933
4,460,147
Payable within one year
643,178
620,657
Payable after one year
3,571,755
3,839,490

 

11
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R E W Fawdrey -
-
13,154
3,338
(1,040)
15,452
13,154
3,338
(1,040)
15,452
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