REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Grosvenor Wealth Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Grosvenor Wealth Management Limited |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Grosvenor Wealth Management Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Stoke Bruerne |
Northamptonshire |
NN12 7SF |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Grosvenor Wealth Management Limited |
The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director 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 Grosvenor Wealth Management Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 director of Grosvenor Wealth Management Limited in accordance with the terms of our engagement letter dated 18 March 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Grosvenor Wealth Management Limited and state those matters that we have agreed to state to the director of Grosvenor Wealth Management Limited 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 Grosvenor Wealth Management Limited and its director for our work or for this report. |
It is your duty to ensure that Grosvenor 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 loss of Grosvenor Wealth Management Limited. You consider that Grosvenor 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 Grosvenor 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. |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Grosvenor Wealth Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in pounds sterling, rounded to the nearest whole number. |
Turnover |
Turnover represents amounts receivable for commissions earned and for services provided in the normal course of business, net of VAT and other sales related taxes. |
Tangible fixed assets |
Initial measurement |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Plant and machinery etc - 25% on cost |
Impairment of fixed assets |
At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank over drafts. Bank overdrafts are shown within borrowings in current liabilities. |
Basic financial assets |
Basic financial assets, which include debtors and bank and cash balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the individual financial arrangements entered into. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, in which case the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due in one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Joint venture |
The company is a corporate member of HB Wealth Management LLP ("HBWM"), with a non-controlling interest. Its share in the profits of HBWM is treated as income from joint ventures when that share is credited to the company's account in the books of HBWM. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by associates | 6,095 | 46,295 |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
The debtor of £20,000 is an interest-bearing loan made to an associated business. |
Grosvenor Wealth Management Limited (Registered number: 03845524) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to joint ventures | 11,052 | 10,583 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The bank loan is secured over the company's undertaking. |
9. | RELATED PARTY DISCLOSURES |
During the year, the company charged management fees of £270,000 (2022: £276,358) to GWM Asset Management Limited, a company owned by the director and his spouse. These transactions were undertaken on an arm's length basis. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr B Anderton by reason of his shareholding. |