Westcotts Financial Management Ltd 04342122 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is provision of financial advice regarding investments, life insurance and pensions. Digita Accounts Production Advanced 6.30.9574.0 true true 04342122 2022-05-01 2023-04-30 04342122 2023-04-30 04342122 core:CurrentFinancialInstruments 2023-04-30 04342122 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04342122 core:FurnitureFittings 2023-04-30 04342122 bus:SmallEntities 2022-05-01 2023-04-30 04342122 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04342122 bus:FullAccounts 2022-05-01 2023-04-30 04342122 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04342122 bus:RegisteredOffice 2022-05-01 2023-04-30 04342122 bus:Director1 2022-05-01 2023-04-30 04342122 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04342122 core:FurnitureFittings 2022-05-01 2023-04-30 04342122 countries:England 2022-05-01 2023-04-30 04342122 2022-04-30 04342122 core:FurnitureFittings 2022-04-30 04342122 2021-05-01 2022-04-30 04342122 2022-04-30 04342122 core:CurrentFinancialInstruments 2022-04-30 04342122 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 04342122 core:FurnitureFittings 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 04342122

Westcotts Financial Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Westcotts Financial Management Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Westcotts Financial Management Ltd

(Registration number: 04342122)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,933

10,871

Current assets

 

Debtors

5

128,298

164,450

Cash at bank and in hand

 

370,270

379,377

 

498,568

543,827

Creditors: Amounts falling due within one year

6

(241,613)

(316,300)

Net current assets

 

256,955

227,527

Total assets less current liabilities

 

270,888

238,398

Provisions for liabilities

(3,484)

-

Net assets

 

267,404

238,398

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

266,404

237,398

Shareholders' funds

 

267,404

238,398

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 16 January 2024 and signed on its behalf by:
 

.........................................
Mrs Shona Godefroy
Director

 

Westcotts Financial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
EX1 1NS

Principal activity

The principal activity of the company is provision of financial advice regarding investments, life insurance and pensions.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Westcotts Financial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
• The amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% and 25% Straight Line

 

Westcotts Financial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 12).

 

Westcotts Financial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2022

42,458

42,458

Additions

7,206

7,206

Disposals

(24,367)

(24,367)

At 30 April 2023

25,297

25,297

Depreciation

At 1 May 2022

31,587

31,587

Charge for the year

4,326

4,326

Eliminated on disposal

(24,549)

(24,549)

At 30 April 2023

11,364

11,364

Carrying amount

At 30 April 2023

13,933

13,933

At 30 April 2022

10,871

10,871

5

Debtors

Current

2023
£

2022
£

Trade debtors

82,776

163,267

Prepayments

31,048

1,183

Other debtors

14,474

-

 

128,298

164,450

 

Westcotts Financial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

80,407

169,869

Taxation and social security

110,918

146,431

Accruals and deferred income

50,288

-

241,613

316,300

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.