PTP Accounts Production v24.1.0.578 09749337 director 1.1.23 31.12.23 31.12.23 discretionary fund management. false true true false false true false ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh097493372022-12-31097493372023-12-31097493372023-01-012023-12-31097493372021-12-31097493372022-01-012022-12-31097493372022-12-3109749337ns15:EnglandWales2023-01-012023-12-3109749337ns14:PoundSterling2023-01-012023-12-3109749337ns10:Director12023-01-012023-12-3109749337ns10:CompanySecretary12023-01-012023-12-3109749337ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109749337ns10:SmallEntities2023-01-012023-12-3109749337ns10:Audited2023-01-012023-12-3109749337ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109749337ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109749337ns10:FullAccounts2023-01-012023-12-3109749337ns10:OrdinaryShareClass12023-01-012023-12-3109749337ns10:RegisteredOffice2023-01-012023-12-3109749337ns5:RetainedEarningsAccumulatedLosses2022-12-3109749337ns5:RetainedEarningsAccumulatedLosses2021-12-3109749337ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109749337ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109749337ns5:RetainedEarningsAccumulatedLosses2023-12-3109749337ns5:RetainedEarningsAccumulatedLosses2022-12-3109749337ns5:CurrentFinancialInstruments2023-12-3109749337ns5:CurrentFinancialInstruments2022-12-3109749337ns5:Non-currentFinancialInstruments2023-12-3109749337ns5:Non-currentFinancialInstruments2022-12-3109749337ns5:ShareCapital2023-12-3109749337ns5:ShareCapital2022-12-3109749337ns5:OwnedAssets2023-01-012023-12-3109749337ns5:OwnedAssets2022-01-012022-12-3109749337ns5:PlantMachinery2022-12-3109749337ns5:PlantMachinery2023-01-012023-12-3109749337ns5:PlantMachinery2023-12-3109749337ns5:PlantMachinery2022-12-3109749337ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 09749337 (England and Wales)















Report of the Director and

Audited Financial Statements for the Year Ended 31 December 2023

for

GWM Asset Management Limited

GWM Asset Management Limited (Registered number: 09749337)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Director 2

Statement of Director's Responsibilities 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


GWM Asset Management Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: B Anderton





SECRETARY: K J Anderton





REGISTERED OFFICE: 9 Waterside
Station Road
Harpenden
Herts
AL5 4US





REGISTERED NUMBER: 09749337 (England and Wales)





AUDITORS: MHA
Statutory Auditor
Milton Keynes, UK

GWM Asset Management Limited (Registered number: 09749337)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

DIRECTOR
B Anderton held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Our auditors, MHA MacIntyre Hudson, have expressed their willingness to continue in office.

In accordance with the company's articles, a resolution proposing that MHA MacIntyre Hudson be re-appointed as auditor of the company will be put at a General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





K J Anderton - Secretary


18 April 2024

GWM Asset Management Limited (Registered number: 09749337)

Statement of Director's Responsibilities
for the Year Ended 31 December 2023

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
GWM Asset Management Limited

Opinion
We have audited the financial statements of GWM Asset Management Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
GWM Asset Management Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
GWM Asset Management Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation & claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to support disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements of non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
GWM Asset Management Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Brown F.C.A. (Senior Statutory Auditor)
For and on behalf of MHA
Statutory Auditor
Milton Keynes, UK

22 April 2024


MHA is the trading name of MscIntyre Hudson LLP, a limited liability partnership
in England & Wales (registered number OC312313)

GWM Asset Management Limited (Registered number: 09749337)

Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 696,611 702,604

Cost of sales 270,000 276,358
GROSS PROFIT 426,611 426,246

Administrative expenses 247,372 368,591
OPERATING PROFIT 4 179,239 57,655


Interest payable and similar expenses 800 890
PROFIT BEFORE TAXATION 178,439 56,765

Tax on profit 43,163 11,239
PROFIT FOR THE FINANCIAL YEAR 135,276 45,526

Retained earnings at beginning of year 68,474 202,948

Dividends (86,500 ) (180,000 )

RETAINED EARNINGS AT END OF YEAR 117,250 68,474

GWM Asset Management Limited (Registered number: 09749337)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 22,292 24,862

CURRENT ASSETS
Debtors 6 346 154
Prepayments and accrued income 60,480 99,423
Cash at bank 198,868 156,779
259,694 256,356
CREDITORS
Amounts falling due within one year 7 98,327 146,335
NET CURRENT ASSETS 161,367 110,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,659

134,883

CREDITORS
Amounts falling due after more than
one year

8

(20,000

)

(20,000

)

PROVISIONS FOR LIABILITIES (6,409 ) (6,409 )
NET ASSETS 157,250 108,474

CAPITAL AND RESERVES
Called up share capital 9 40,000 40,000
Retained earnings 117,250 68,474
SHAREHOLDERS' FUNDS 157,250 108,474

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

The financial statements were approved by the director and authorised for issue on 18 April 2024 and were signed by:





B Anderton - Director


GWM Asset Management Limited (Registered number: 09749337)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

GWM Asset 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.

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.

The financial statements are prepared in pounds sterling, rounded to the nearest whole number.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures, fittings and equipment etc - 25% on cost
Motor vehicles - 25% on reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

Impairment of fixed assets
At each reporting period end, the company reviews the carrying amounts of its tangible 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 (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.

GWM Asset Management Limited (Registered number: 09749337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank over drafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank and cash balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the individual financial arrangements entered into. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, in which case the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due in one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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


GWM Asset Management Limited (Registered number: 09749337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 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 2 (2022 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 4,550 9,495
Auditors' remuneration 6,875 7,200

GWM Asset Management Limited (Registered number: 09749337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 51,701
Additions 1,980
At 31 December 2023 53,681
DEPRECIATION
At 1 January 2023 26,839
Charge for year 4,550
At 31 December 2023 31,389
NET BOOK VALUE
At 31 December 2023 22,292
At 31 December 2022 24,862

.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by joint ventures 346 154

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 25,370 23,919
Amounts owed to associates 6,095 86,295
Taxation and social security 54,485 21,108
Other creditors 12,377 15,013
98,327 146,335

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to associates 20,000 20,000

GWM Asset Management Limited (Registered number: 09749337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
40,000 ordinary £1 40,000 40,000

10. RELATED PARTY DISCLOSURES

During the year, the company paid management fees of £270,000 (2022: £276,358) and interest of £800 (2022: £800) to Grosvenor Wealth Management Limited, a company owned by the director.

The sum of £20,000 (2022: £20,000) shown in creditors due after more than one year is a loan from Grosvenor Wealth Management Limited, which is unsecured.

At the balance sheet date, the company owed £202 (2022: £2,838) to a director, Mr. B. Anderton and £86,295 (2022: £86,295) to Grosvenor Wealth Management Limited, a company owned by Mr Anderton. Both of these amounts are included in current creditors in the balance sheet.