Company registration number 02492078 (England and Wales)
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,785
33,368
Investments
5
2,458
2,458
29,243
35,826
Current assets
Debtors
6
1,756,815
1,853,149
Cash at bank and in hand
177
105
1,756,992
1,853,254
Creditors: amounts falling due within one year
7
(376,147)
(436,885)
Net current assets
1,380,845
1,416,369
Total assets less current liabilities
1,410,088
1,452,195
Provisions for liabilities
(245)
Net assets
1,409,843
1,452,195
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
3,000
3,000
Profit and loss reserves
1,396,843
1,439,195
Total equity
1,409,843
1,452,195
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
D Olson
Director
Company registration number 02492078 (England and Wales)
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
10,000
3,000
1,587,936
1,600,936
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
294,181
294,181
Dividends
-
-
(442,922)
(442,922)
Balance at 31 January 2023
10,000
3,000
1,439,195
1,452,195
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
85,088
85,088
Dividends
-
-
(127,440)
(127,440)
Balance at 31 January 2024
10,000
3,000
1,396,843
1,409,843
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Woodward Markwell Financial Advisers Ltd is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is given on the Company information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company is a subsidiary undertaking of a small group and as such there is no requirement by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about the group.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents commission and fees receivable.
Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.
Financial services fees receivable from providers are recognised in the period the service is provided.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% straight line
Computers
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents 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 overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank 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.
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The company operates a defined contribution plan for its employees. The contributions are
recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
1.11
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
34
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
10,987
61,941
72,928
Additions
1,018
2,978
3,996
Disposals
(186)
(186)
At 31 January 2024
12,005
64,733
76,738
Depreciation and impairment
At 1 February 2023
8,308
31,252
39,560
Depreciation charged in the year
1,328
9,081
10,409
Eliminated in respect of disposals
(16)
(16)
At 31 January 2024
9,636
40,317
49,953
Carrying amount
At 31 January 2024
2,369
24,416
26,785
At 31 January 2023
2,679
30,689
33,368
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
Other investments other than loans
1,458
1,458
2,458
2,458
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,714
10,341
Corporation tax recoverable
12,078
86,399
Amounts owed by group undertakings
1,624,226
1,603,252
Other debtors
117,797
139,482
1,756,815
1,839,474
Deferred tax asset
13,675
1,756,815
1,853,149
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
83,969
39,845
Trade creditors
102,776
92,820
Amounts owed to group undertakings
128,330
151,000
Corporation tax
8,877
1,863
Other taxation and social security
34,318
30,944
Other creditors
17,877
120,413
376,147
436,885
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
8
Contingent liabilities
The company has provided a guarantee by a fixed and floating charge over the assets of the company, in respect of bank loans of its parent company. These loans had an outstanding balance at 31 January 2024 of £2,167 (2023: £15,167).
WOODWARD MARKWELL FINANCIAL ADVISERS LIMITED
(FORMERLY WOODWARD MARKWELL INSURANCE BROKERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
158,366
136,770
10
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £63,762 (2023 - £390,032). Contributions of £11,686 (2023: £96,705) were payable to the fund at the reporting date.
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