REGISTERED NUMBER: |
Beaufort Wealth Management Limited |
Unaudited Financial Statements |
for the Year Ended |
31 August 2023 |
REGISTERED NUMBER: |
Beaufort Wealth Management Limited |
Unaudited Financial Statements |
for the Year Ended |
31 August 2023 |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Beaufort Wealth Management Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Clarendon Place |
Leamington Spa |
Warwickshire |
CV32 5QL |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Beaufort Wealth Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Beaufort Wealth Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents commissions receivable based on policies written and seminars delivered during the year with adjustments for identified clawbacks.For new business the income is recognised when the paperwork has been signed and the investment deposited with the providers. For recurring fees income is recognised upon receipt. |
Goodwill |
Goodwill is the amount due in connection with the acquisition of three businesses. The goodwill purchased in prior years related to two businesses, the first in April 2012 and the second in December 2012. The goodwill was amortised evenly over the estimated useful life of each acquisition which was wholly written off by 31 August 2016. The goodwill purchased in 2019 is now being amortised over the estimated useful life of 10 years from 1 September 2020. |
Intangible assets |
Website development costs are capitalised, to the extent that they lead to the creation of an enduring asset, in the year of acquisition or development. An amortisation charge is calculated to write off the asset over the period expected to benefit from its use. |
Tangible fixed assets |
Plant and machinery | - |
Office furniture | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost plus the best forecast of deferred consideration to be paid in respect of same. |
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. |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Commission receivable |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 90,591 | 75,448 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts (see note 10) |
Directors' loan accounts | - | 90,000 |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.8.23 | 31.8.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.8.23 | 31.8.22 |
£ | £ |
Within one year |
Between one and five years |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | 1 | 450 | 450 |
Ordinary 'A' | 1 | 498 | 498 |
948 | 948 |
The Ordinary 'A' shares are non voting. In all other respects, except dividend entitlement , they rank pari passu with the Ordinary shares. |
Beaufort Wealth Management Limited (Registered number: 06268234) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
12. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 August 2023 | 877,534 |
13. | RELATED PARTY DISCLOSURES |
In December 2020, the company entered into a lease with the BWM Group SIPP which is a pension fund for the benefit of the three directors. The lease is for the rental of new premises and is for a period of five years. The amount of rent paid during the year was £46,200. |
14. | ULTIMATE CONTROLLING PARTY |
The three directors are regarded as the joint controlling party. |
15. | ULTIMATE PARENT UNDERTAKING |
The company is a wholly owned subsidiary of BWM WAR Limited. The registered office of BWM WAR Limited is 5 Clarendon Place, Leamington Spa, Warwickshire. |