REGISTERED NUMBER: |
Coventry Money Centre Limited |
Unaudited Financial Statements |
for the Year Ended |
31 August 2023 |
REGISTERED NUMBER: |
Coventry Money Centre Limited |
Unaudited Financial Statements |
for the Year Ended |
31 August 2023 |
Coventry Money Centre Limited (Registered number: 05027348) |
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 |
Coventry Money Centre Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Clarendon Place |
Leamington Spa |
Warwickshire |
CV32 5QL |
Coventry Money Centre Limited (Registered number: 05027348) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
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. |
Coventry Money Centre Limited (Registered number: 05027348) |
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 |
Coventry Money Centre Limited (Registered number: 05027348) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Coventry Money Centre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents commissions receivable based on policies written during the period with adjustments for identified clawbacks. New business income is recognised when the paperwork has been signed and the investment deposited with the providers. Recurring fee income is recognised upon receipt. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, was initially being amortised evenly over its estimated useful life of five years. This was accelerated in 2017, when the company was sold, to fully amortise the remaining balance held as this goodwill was essentially reflected within the overall company sale price. |
Tangible fixed assets |
Computer equipment | - |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Coventry Money Centre Limited (Registered number: 05027348) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Amounts owed by group undertakings |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accrued expenses |
Coventry Money Centre Limited (Registered number: 05027348) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2022 |
Profit for the year |
At 31 August 2023 |
10. | ULTIMATE CONTROLLING PARTY |
The three directors are regarded as the joint controlling parties of the company. |
11. | ULTIMATE PARENT UNDERTAKING |
The company is a wholly owned subsidiary of the parent undertaking, Beaufort Wealth Management Limited. The registered office address of the parent is 5 Clarendon Place Leamington Spa Warwickshire. The share capital of Beaufort Wealth Management Limited is wholly owned by BWM WAR Limited and thus BWM WAR Limited is the ultimate parent undertaking of the company. The registered office of BWM WAR Limited is 5 Clarendon Place Leamington Spa Warwickshire. |