Company registration number 08612145 (England and Wales)
PETRUS WEALTH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PETRUS WEALTH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PETRUS WEALTH LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,006
1,824
Investments
4
1,006
1,006
2,012
2,830
Current assets
Debtors
5
16,733
19,866
Cash at bank and in hand
2,527
1,860
19,260
21,726
Creditors: amounts falling due within one year
6
(4,547)
(4,575)
Net current assets
14,713
17,151
Total assets less current liabilities
16,725
19,981
Creditors: amounts falling due after more than one year
7
(15,686)
(18,130)
Net assets
1,039
1,851
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
1,029
1,841
Total equity
1,039
1,851

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
Mr C Markwick
Director
Company Registration No. 08612145
PETRUS WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Petrus Wealth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

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. 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.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, 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
25% on cost
Computers
straight line over 3 years
1.4
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.

 

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.

PETRUS WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
675
2,165
2,840
Depreciation and impairment
At 1 August 2022
242
774
1,016
Depreciation charged in the year
168
650
818
At 31 July 2023
410
1,424
1,834
Carrying amount
At 31 July 2023
265
741
1,006
At 31 July 2022
433
1,391
1,824
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,006
1,006
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
16,733
19,866
PETRUS WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,444
2,444
Corporation tax
257
245
Other creditors
1,846
1,886
4,547
4,575
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,686
18,130
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
5,907
8,352
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
8
8
8
8
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
10
10
10
10
9
Directors' transactions

Dividends totalling £1,000 (2022 - £0) were paid in the year in respect of shares held by the company's director.

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
19,866
20,680
(23,813)
16,733
19,866
20,680
(23,813)
16,733
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