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REGISTERED NUMBER: 06268234 (England and Wales)



















Beaufort Wealth Management Limited

Unaudited Financial Statements

for the Year Ended

31 August 2023






Beaufort Wealth Management Limited (Registered number: 06268234)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Beaufort Wealth Management Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: I P Adey
P J A Hart
RS Ghuman





SECRETARY: RS Ghuman





REGISTERED OFFICE: 5 Clarendon PLace
Leamington Spa
Warwickshire
CV32 5QL





BUSINESS ADDRESS: 7B Tournament Court
Tournament Field
Warwick
Warwickshire
CV34 6LG





REGISTERED NUMBER: 06268234 (England and Wales)





ACCOUNTANTS: Moffat Gilbert
5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL

Beaufort Wealth Management Limited (Registered number: 06268234)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 459,118 527,863
Tangible assets 5 158,106 190,335
Investments 6 935,085 935,085
1,552,309 1,653,283

CURRENT ASSETS
Debtors 7 92,315 388,329
Cash at bank and in hand 246,501 254,300
338,816 642,629
CREDITORS
Amounts falling due within one year 8 911,678 713,592
NET CURRENT LIABILITIES (572,862 ) (70,963 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

979,447

1,582,320

CREDITORS
Amounts falling due after more than one
year

9

(61,438

)

(223,543

)

PROVISIONS FOR LIABILITIES (39,527 ) (47,584 )
NET ASSETS 878,482 1,311,193

CAPITAL AND RESERVES
Called up share capital 11 948 948
Capital redemption reserve 12 52 52
Retained earnings 12 877,482 1,310,193
SHAREHOLDERS' FUNDS 878,482 1,311,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Beaufort Wealth Management Limited (Registered number: 06268234)

Balance Sheet - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





RS Ghuman - Director


Beaufort Wealth Management Limited (Registered number: 06268234)

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

1. STATUTORY INFORMATION

Beaufort 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Beaufort Wealth Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents commissions receivable based on policies written and seminars delivered during the year with adjustments for identified clawbacks.For new business the income is recognised when the paperwork has been signed and the investment deposited with the providers. For recurring fees income is recognised upon receipt.

Goodwill
Goodwill is the amount due in connection with the acquisition of three businesses. The goodwill purchased in prior years related to two businesses, the first in April 2012 and the second in December 2012. The goodwill was amortised evenly over the estimated useful life of each acquisition which was wholly written off by 31 August 2016. The goodwill purchased in 2019 is now being amortised over the estimated useful life of 10 years from 1 September 2020.

Intangible assets
Website development costs are capitalised, to the extent that they lead to the creation of an enduring asset, in the year of acquisition or development. An amortisation charge is calculated to write off the asset over the period expected to benefit from its use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Office furniture - 20% on cost
Motor vehicles - 33.3% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost plus the best forecast of deferred consideration to be paid in respect of same.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Beaufort Wealth Management Limited (Registered number: 06268234)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 908,562 11,800 920,362
AMORTISATION
At 1 September 2022 384,160 8,339 392,499
Charge for year 65,550 3,195 68,745
At 31 August 2023 449,710 11,534 461,244
NET BOOK VALUE
At 31 August 2023 458,852 266 459,118
At 31 August 2022 524,402 3,461 527,863

Beaufort Wealth Management Limited (Registered number: 06268234)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 345,567
Additions 67,315
Disposals (83,159 )
At 31 August 2023 329,723
DEPRECIATION
At 1 September 2022 155,232
Charge for year 61,949
Eliminated on disposal (45,564 )
At 31 August 2023 171,617
NET BOOK VALUE
At 31 August 2023 158,106
At 31 August 2022 190,335

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2022 247,740
Additions 63,005
Disposals (82,980 )
At 31 August 2023 227,765
DEPRECIATION
At 1 September 2022 98,222
Charge for year 47,715
Eliminated on disposal (45,385 )
At 31 August 2023 100,552
NET BOOK VALUE
At 31 August 2023 127,213
At 31 August 2022 149,518

Beaufort Wealth Management Limited (Registered number: 06268234)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 935,085
NET BOOK VALUE
At 31 August 2023 935,085
At 31 August 2022 935,085

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Commission receivable 73,400 127,202
Amounts owed by group undertakings - 245,705
Other debtors 88 318
Prepayments 18,827 15,104
92,315 388,329

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 82,922 45,381
Trade creditors 85,792 36,102
Amounts owed to group undertakings 284,895 -
Tax 210,486 199,537
Social security and other taxes 657 647
Other creditors 27,763 153,237
Directors' current accounts 90,591 75,448
Accrued expenses 118,572 193,240
911,678 713,592

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 2-5 years 19,167 29,167
Hire purchase contracts (see note 10) 42,271 104,376
Directors' loan accounts - 90,000
61,438 223,543

Beaufort Wealth Management Limited (Registered number: 06268234)

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

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.23 31.8.22
£    £   
Gross obligations repayable:
Within one year 87,286 48,870
Between one and five years 43,470 104,509
130,756 153,379

Finance charges repayable:
Within one year 4,364 3,489
Between one and five years 1,199 133
5,563 3,622

Net obligations repayable:
Within one year 82,922 45,381
Between one and five years 42,271 104,376
125,193 149,757

Non-cancellable operating leases
31.8.23 31.8.22
£    £   
Within one year 47,609 47,609
Between one and five years 61,952 109,561
109,561 157,170

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
450 Ordinary 1 450 450
498 Ordinary 'A' 1 498 498
948 948

The Ordinary 'A' shares are non voting. In all other respects, except dividend entitlement , they rank pari passu with the Ordinary shares.

Beaufort Wealth Management Limited (Registered number: 06268234)

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

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2022 1,310,193 52 1,310,245
Profit for the year 675,248 675,248
Dividends (1,107,959 ) (1,107,959 )
At 31 August 2023 877,482 52 877,534

13. RELATED PARTY DISCLOSURES

In December 2020, the company entered into a lease with the BWM Group SIPP which is a pension fund for the benefit of the three directors. The lease is for the rental of new premises and is for a period of five years. The amount of rent paid during the year was £46,200.

14. ULTIMATE CONTROLLING PARTY

The three directors are regarded as the joint controlling party.

15. ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary of BWM WAR Limited. The registered office of BWM WAR Limited is 5 Clarendon Place, Leamington Spa, Warwickshire.