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No description of principal activity
2022-08-19
Sage Accounts Production Advanced 2021 - FRS102_2021
191,055
191,055
19,106
19,106
171,949
xbrli:pure
xbrli:shares
iso4217:GBP
14307652
2022-08-19
2023-08-31
14307652
2023-08-31
14307652
core:NetGoodwill
2022-08-19
2023-08-31
14307652
bus:Director1
2022-08-19
2023-08-31
14307652
core:NetGoodwill
2023-08-31
14307652
core:WithinOneYear
2023-08-31
14307652
core:AfterOneYear
2023-08-31
14307652
core:ShareCapital
2023-08-31
14307652
core:SharePremium
2023-08-31
14307652
core:RetainedEarningsAccumulatedLosses
2023-08-31
14307652
bus:Director1
2023-08-31
14307652
bus:SmallEntities
2022-08-19
2023-08-31
14307652
bus:AuditExemptWithAccountantsReport
2022-08-19
2023-08-31
14307652
bus:FullAccounts
2022-08-19
2023-08-31
14307652
bus:SmallCompaniesRegimeForAccounts
2022-08-19
2023-08-31
14307652
bus:PrivateLimitedCompanyLtd
2022-08-19
2023-08-31
COMPANY REGISTRATION NUMBER:
14307652
Richard Pearce Wealth Management Ltd |
|
Filleted Unaudited Financial Statements |
|
Richard Pearce Wealth Management Ltd |
|
Statement of Financial Position |
|
31 August 2023
Fixed assets
Intangible assets |
5 |
171,949 |
|
|
|
Current assets
Debtors |
6 |
8,746 |
Cash at bank and in hand |
19,472 |
|
-------- |
|
28,218 |
|
|
|
Creditors: amounts falling due within one year |
7 |
19,289 |
|
-------- |
Net current assets |
8,929 |
|
--------- |
Total assets less current liabilities |
180,878 |
|
|
|
Creditors: amounts falling due after more than one year |
8 |
91,694 |
|
--------- |
Net assets |
89,184 |
|
--------- |
|
|
|
Capital and reserves
Called up share capital |
110 |
Share premium account |
90,031 |
Profit and loss account |
(
957) |
|
-------- |
Shareholders funds |
89,184 |
|
-------- |
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 August 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 financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Richard Pearce Wealth Management Ltd |
|
Statement of Financial Position (continued) |
|
31 August 2023
These financial statements were approved by the
board of directors
and authorised for issue on
19 February 2024
, and are signed on behalf of the board by:
Mr R C K J Pearce |
Director |
|
Company registration number:
14307652
Richard Pearce Wealth Management Ltd |
|
Notes to the Financial Statements |
|
Period from 19 August 2022 to 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Barley Road, Andover, SP11 6GB, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
.
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
Additions |
– |
Acquisitions through business combinations |
191,055 |
|
--------- |
At 31 August 2023 |
191,055 |
|
--------- |
Amortisation |
|
Charge for the period |
19,106 |
|
--------- |
At 31 August 2023 |
19,106 |
|
--------- |
Carrying amount |
|
At 31 August 2023 |
171,949 |
|
--------- |
|
|
6.
Debtors
|
31 Aug 23 |
|
£ |
Trade debtors |
8,746 |
|
------- |
|
|
7.
Creditors:
amounts falling due within one year
|
31 Aug 23 |
|
£ |
Trade creditors |
307 |
Corporation tax |
8,423 |
Other creditors |
10,559 |
|
-------- |
|
19,289 |
|
-------- |
|
|
8.
Creditors:
amounts falling due after more than one year
|
31 Aug 23 |
|
£ |
Other creditors |
91,694 |
|
-------- |
|
|
Included within creditors: amounts falling due after more than one year is an amount of £91,694 in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
During the period ended 31 August 2023, the company entered into a loan facility with St James Place totalling £101,024. The interest rate on the loan is 3.50% over the bank of England base rate. The loan is set to be fully repaid at the end of the loan term on 02 Nov 2032.
9.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
|
31 Aug 23 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr R C K J Pearce |
– |
(
4,460) |
(
4,460) |
|
|
---- |
------- |
------- |
|
|
|
|
|