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REGISTERED NUMBER: 05027348 (England and Wales)



















Coventry Money Centre Limited

Unaudited Financial Statements

for the Year Ended

31 August 2023






Coventry Money Centre Limited (Registered number: 05027348)






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


Coventry Money Centre Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: P J A Hart
I P Adey
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: 05027348 (England and Wales)





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

Coventry Money Centre Limited (Registered number: 05027348)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 57 76
57 76

CURRENT ASSETS
Debtors 6 29,925 685
Cash at bank 2,701 32,763
32,626 33,448
CREDITORS
Amounts falling due within one year 7 3,546 7,040
NET CURRENT ASSETS 29,080 26,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,137

26,484

PROVISIONS FOR LIABILITIES 11 14
NET ASSETS 29,126 26,470

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 9 19,126 16,470
SHAREHOLDERS' FUNDS 29,126 26,470

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.

Coventry Money Centre Limited (Registered number: 05027348)

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


Coventry Money Centre Limited (Registered number: 05027348)

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

1. STATUTORY INFORMATION

Coventry Money Centre 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.

Turnover
Turnover represents commissions receivable based on policies written during the period with adjustments for identified clawbacks. New business income is recognised when the paperwork has been signed and the investment deposited with the providers. Recurring fee income is recognised upon receipt.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, was initially being amortised evenly over its estimated useful life of five years. This was accelerated in 2017, when the company was sold, to fully amortise the remaining balance held as this goodwill was essentially reflected within the overall company sale price.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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.

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 NIL (2022 - NIL).

Coventry Money Centre Limited (Registered number: 05027348)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 60,000
AMORTISATION
At 1 September 2022
and 31 August 2023 60,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 September 2022
and 31 August 2023 1,050
DEPRECIATION
At 1 September 2022 974
Charge for year 19
At 31 August 2023 993
NET BOOK VALUE
At 31 August 2023 57
At 31 August 2022 76

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Amounts owed by group undertakings 27,487 -
Prepayments 2,438 685
29,925 685

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 973 -
Amounts owed to group undertakings - 2,785
Tax 627 795
Accrued expenses 1,946 3,460
3,546 7,040

Coventry Money Centre Limited (Registered number: 05027348)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

9. RESERVES
Retained
earnings
£   

At 1 September 2022 16,470
Profit for the year 2,656
At 31 August 2023 19,126

10. ULTIMATE CONTROLLING PARTY

The three directors are regarded as the joint controlling parties of the company.

11. ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary of the parent undertaking, Beaufort Wealth Management Limited. The registered office address of the parent is 5 Clarendon Place Leamington Spa Warwickshire. The share capital of Beaufort Wealth Management Limited is wholly owned by BWM WAR Limited and thus BWM WAR Limited is the ultimate parent undertaking of the company. The registered office of BWM WAR Limited is 5 Clarendon Place Leamington Spa Warwickshire.