IRIS Accounts Production v24.1.9.2 08244150 director 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh082441502022-12-31082441502023-12-31082441502023-01-012023-12-31082441502021-12-31082441502022-01-012022-12-31082441502022-12-3108244150ns15:EnglandWales2023-01-012023-12-3108244150ns14:PoundSterling2023-01-012023-12-3108244150ns10:Director12023-01-012023-12-3108244150ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108244150ns10:SmallEntities2023-01-012023-12-3108244150ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3108244150ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108244150ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108244150ns10:FullAccounts2023-01-012023-12-310824415012023-01-012023-12-3108244150ns10:CompanySecretary12023-01-012023-12-3108244150ns10:RegisteredOffice2023-01-012023-12-3108244150ns5:CurrentFinancialInstruments2023-12-3108244150ns5:CurrentFinancialInstruments2022-12-3108244150ns5:Non-currentFinancialInstruments2023-12-3108244150ns5:Non-currentFinancialInstruments2022-12-3108244150ns5:ShareCapital2023-12-3108244150ns5:ShareCapital2022-12-3108244150ns5:RetainedEarningsAccumulatedLosses2023-12-3108244150ns5:RetainedEarningsAccumulatedLosses2022-12-3108244150ns5:NetGoodwill2023-01-012023-12-3108244150ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108244150ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3108244150ns5:FurnitureFittings2023-01-012023-12-3108244150ns5:MotorVehicles2023-01-012023-12-3108244150ns5:ComputerEquipment2023-01-012023-12-3108244150ns5:NetGoodwill2022-12-3108244150ns5:NetGoodwill2023-12-3108244150ns5:NetGoodwill2022-12-3108244150ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3108244150ns5:FurnitureFittings2022-12-3108244150ns5:MotorVehicles2022-12-3108244150ns5:ComputerEquipment2022-12-3108244150ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3108244150ns5:FurnitureFittings2023-12-3108244150ns5:MotorVehicles2023-12-3108244150ns5:ComputerEquipment2023-12-3108244150ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3108244150ns5:FurnitureFittings2022-12-3108244150ns5:MotorVehicles2022-12-3108244150ns5:ComputerEquipment2022-12-3108244150ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108244150ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108244150ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3108244150ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3108244150ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3108244150ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3108244150ns5:RetainedEarningsAccumulatedLosses2022-12-3108244150ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31082441501ns10:Director12022-12-31082441501ns10:Director12021-12-31082441501ns10:Director12023-01-012023-12-31082441501ns10:Director12022-01-012022-12-31082441501ns10:Director12023-12-31082441501ns10:Director12022-12-3108244150ns10:Director22023-01-012023-12-3108244150ns10:Director222022-12-3108244150ns10:Director222021-12-3108244150ns10:Director222023-01-012023-12-3108244150ns10:Director222022-01-012022-12-3108244150ns10:Director222023-12-3108244150ns10:Director222022-12-31
REGISTERED NUMBER: 08244150 (England and Wales)






IP Wealth Management Limited

Financial Statements

for the Year Ended 31 December 2023






IP Wealth Management Limited (Registered number: 08244150)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IP Wealth Management Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: Mr N Broumley



SECRETARY: Mrs H R Stacey



REGISTERED OFFICE: Unit 5 Westgate Court
Silkwood Park
Ossett
West Yorkshire
WF5 9TT



REGISTERED NUMBER: 08244150 (England and Wales)



ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX



BANKERS: Yorkshire Bank plc
6-10 Northgate
Wakefield
West Yorkshire
WF1 1TA

IP Wealth Management Limited (Registered number: 08244150)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 126,350 253,700
Tangible assets 5 50,739 97,022
177,089 350,722

CURRENT ASSETS
Debtors 6 11,341,556 9,047,584
Cash at bank 93,655 211,158
11,435,211 9,258,742
CREDITORS
Amounts falling due within one year 7 2,350,850 3,936,340
NET CURRENT ASSETS 9,084,361 5,322,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,261,450

5,673,124

CREDITORS
Amounts falling due after more than one
year

8

(9,141,088

)

(5,413,742

)

PROVISIONS FOR LIABILITIES (12,685 ) (24,256 )
NET ASSETS 107,677 235,126

IP Wealth Management Limited (Registered number: 08244150)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 107,577 235,026
SHAREHOLDERS' FUNDS 107,677 235,126

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 29 July 2024 and were signed by:





Mr N Broumley - Director


IP Wealth Management Limited (Registered number: 08244150)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

IP 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.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

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 which are exempt from value added tax.

Goodwill
Goodwill represents payments made to competitors for their fee bases and these are amortised over a period of 5 years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the term of the lease
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at costs.

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.


IP Wealth Management Limited (Registered number: 08244150)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 1,071,613
AMORTISATION
At 1 January 2023 817,913
Charge for year 127,350
At 31 December 2023 945,263
NET BOOK VALUE
At 31 December 2023 126,350
At 31 December 2022 253,700

IP Wealth Management Limited (Registered number: 08244150)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 61,734 66,469 155,948 4,487 288,638
Additions - - - 2,635 2,635
Disposals - - - (3,288 ) (3,288 )
At 31 December 2023 61,734 66,469 155,948 3,834 287,985
DEPRECIATION
At 1 January 2023 44,095 65,779 77,974 3,768 191,616
Charge for year 8,819 345 38,987 767 48,918
Eliminated on disposal - - - (3,288 ) (3,288 )
At 31 December 2023 52,914 66,124 116,961 1,247 237,246
NET BOOK VALUE
At 31 December 2023 8,820 345 38,987 2,587 50,739
At 31 December 2022 17,639 690 77,974 719 97,022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors - 300
Amounts owed by group undertakings 4,155,191 5,657,493
Amounts owed by participating interests 6,449,357 2,580,439
Other debtors 670,432 756,712
Directors' current accounts 395 396
Tax 2,214 2,214
Prepayments and accrued income 63,967 50,030
11,341,556 9,047,584

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Other loans 995,248 1,367,333
Hire purchase contracts 103,851 24,045
Trade creditors - (145 )
Amounts owed to group undertakings 771,726 2,167,755
Tax 299,688 263,773
Social security and other taxes 28,280 40,364
Other creditors 4,391 4,391
Accruals and deferred income 137,666 58,824
2,350,850 3,936,340

IP Wealth Management Limited (Registered number: 08244150)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 14,375 24,375
Other loans 9,126,713 5,285,516
Hire purchase contracts - 103,851
9,141,088 5,413,742

9. RESERVES
Retained
earnings
£

At 1 January 2023 235,026
Profit for the year 747,551
Dividends (875,000 )
At 31 December 2023 107,577

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
Mr N Broumley
Balance outstanding at start of year 396 13,226
Amounts repaid - (12,830 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 396 396

Mr R Meredith
Balance outstanding at start of year - 10,964
Amounts repaid - (10,964 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

The amounts due from participating interests represents a loan made to Prosperity Financial Holdings Limited, a company in which 2 of the directors hold directorships . The loan is interest free and repayable on demand.