REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
NJH Wealth Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
NJH Wealth Management Limited |
NJH Wealth Management Limited (Registered number: 04498269) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
NJH Wealth Management Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
70 Market Street |
Tottington |
Bury |
Greater Manchester |
BL8 3LJ |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
NJH Wealth Management Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NJH Wealth Management Limited for the year ended 30 November 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of NJH Wealth Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NJH Wealth Management Limited and state those matters that we have agreed to state to the Board of Directors of NJH Wealth Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NJH Wealth Management Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that NJH Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NJH Wealth Management Limited. You consider that NJH Wealth Management Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of NJH Wealth Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
70 Market Street |
Tottington |
Bury |
Greater Manchester |
BL8 3LJ |
NJH Wealth Management Limited (Registered number: 04498269) |
Statement of Financial Position |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
NJH Wealth Management Limited (Registered number: 04498269) |
Statement of Financial Position - continued |
30 November 2023 |
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 |
NJH Wealth Management Limited (Registered number: 04498269) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
NJH Wealth Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
NJH Wealth Management Limited (Registered number: 04498269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 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. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, and a further business in 2021, is being amortised evenly over its estimated useful life of ten years. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
NJH Wealth Management Limited (Registered number: 04498269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Directors' loan accounts | 111,480 | - |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
PCP loan creditor (see note 9) |
Tax |
Directors' loan accounts | - | 847 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
PCP loan creditor (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year or on demand: |
PCP loan creditor | 94,780 | 135,300 |
Amounts falling due between two and ten years: |
PCP loan creditor - 2-10 years | 583,250 | 777,468 |
10. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 10,418 | 3,116 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
NJH Wealth Management Limited (Registered number: 04498269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | ULTIMATE CONTROLLING PARTY |
The company is under the control of N J Holland and H Holland, the directors, by virtue of their directorship and shareholdings. |
12. | PENSION COSTS |
The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £66,000 (2022: £80,000) |
13. | RELATED PARTY TRANSACTIONS |
During the year, the company paid rents of £24,000 (2022: £20,333) to the SIPP of N J Holland, a director. The rents were paid on normal commercial terms. |
During the year the company made loans to N. J. and H. Holland, both directors, of £111,480 (2022: £nil). |
The intention of the directors is that these loans will be repaid within the next 12 months. |