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REGISTERED NUMBER: 04281938 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

FOR

GROVEWOOD WEALTH MANAGEMENT LIMITED

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

GROVEWOOD WEALTH MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023







DIRECTORS: I Riggs





SECRETARY: Ms L J Willard





REGISTERED OFFICE: Unit B8 Speldhurst Business Park
Langton Road
Speldhurst
Kent
TN3 0AQ





REGISTERED NUMBER: 04281938 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

BALANCE SHEET
8 DECEMBER 2023

2023 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 240,696
Tangible assets 5 - 112,817
- 353,513

CURRENT ASSETS
Debtors 6 800 152,880
Cash at bank and in hand - 172,558
800 325,438
CREDITORS
Amounts falling due within one year 7 - (174,264 )
NET CURRENT ASSETS 800 151,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

800

504,687

CREDITORS
Amounts falling due after more than one year 8 - (181,780 )

PROVISIONS FOR LIABILITIES - (1,593 )
NET ASSETS 800 321,314

CAPITAL AND RESERVES
Called up share capital 800 800
Retained earnings - 320,514
SHAREHOLDERS' FUNDS 800 321,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 8 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 8 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

BALANCE SHEET - continued
8 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





I Riggs - Director


GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

1. STATUTORY INFORMATION

Grovewood Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's place of business is Unit B8 Speldhurst Business Park, Langton Road, Speldhurst, Kent, TN3 0AQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts and rebates.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2001, 2016, 2018, 2019, 2021 and 2022. is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on cost and 15% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.


GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2023 - 9 ) .

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 824,874
Additions 14,648
Disposals (839,522 )
At 8 December 2023 -
AMORTISATION
At 1 April 2023 584,178
Charge for period 55,027
Eliminated on disposal (639,205 )
At 8 December 2023 -
NET BOOK VALUE
At 8 December 2023 -
At 31 March 2023 240,696

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 185,304
Additions 890
Disposals (186,194 )
At 8 December 2023 -
DEPRECIATION
At 1 April 2023 72,487
Charge for period 19,871
Eliminated on disposal (92,358 )
At 8 December 2023 -
NET BOOK VALUE
At 8 December 2023 -
At 31 March 2023 112,817

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Amounts owed by group undertakings 800 -
Amounts recoverable on contract - 93,198
Other debtors - 59,682
800 152,880

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts - 49,861
Hire purchase contracts (see note 9) - 7,846
Taxation and social security - 102,647
Other creditors - 13,910
- 174,264

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Bank loans - 105,424
Hire purchase contracts (see note 9) - 76,356
- 181,780

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2023
£    £   
Net obligations repayable:
Within one year - 7,846
Between one and five years - 76,356
- 84,202

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2023
£    £   
Hire purchase contracts - 84,202

The hire purchase loan is secured over the asset to which it relates.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 8 December 2023 and the year ended 31 March 2023:

2023 2023
£    £   
Mrs L Gadsden and M Gadsden
Balance outstanding at start of period 55,838 94,161
Amounts advanced 106,144 55,838
Amounts repaid (161,982 ) (94,161 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 55,838

GROVEWOOD WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04281938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 8 DECEMBER 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The loans are repayable on demand. Interest is charged at HMRC beneficial loan rates.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GROVEWOOD WEALTH MANAGEMENT LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grovewood Wealth Management Limited for the period ended 8 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grovewood Wealth Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grovewood Wealth Management Limited and state those matters that we have agreed to state to the Board of Directors of Grovewood Wealth Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grovewood Wealth Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grovewood Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grovewood Wealth Management Limited. You consider that Grovewood Wealth Management Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Grovewood Wealth Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ


21 March 2024