Registration number:
OCM Wealth Management Limited
for the Year Ended 30 April 2024
Information for filing with the Registrar
OCM Wealth Management Limited
(Registration number: 05039809)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
OCM Wealth Management Limited
(Registration number: 05039809)
Balance Sheet as at 30 April 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
......................................... |
OCM Wealth Management Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Profit and loss account |
Total |
|
At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 April 2023 |
50,000 |
481,090 |
531,090 |
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
In preparing these financial statements, the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements. Based on their assessment, the financial statements have been prepared on a going concern basis.
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key accounting estimates and assumptions of the Company are:
Impairment of investment and debtors;
Classifying financial instruments as basis or non-basic;
Bad debts; and
Useful expected lives of tangible and intangible assets..
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns,
rebates and discounts.
The company recognises revenue when:
The amount of turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants which relate to turnover are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for
compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
5 years and over term of lease |
Fixtures, fittings and equipment |
25% reducing balance |
Other tangible assets |
33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible asset - computer software |
over 5 years (20%) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
( |
UK corporation tax adjustment to prior periods |
( |
- |
61,663 |
(6,519) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense/(receipt) in the income statement |
|
( |
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
At 1 May 2023 |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £163,781(2023 - £180,452) in respect of long leasehold land and buildings.
Investments |
2024 |
2023 |
|
Investments in joint ventures |
|
|
Joint ventures |
£ |
Cost |
|
At 1 May 2023 |
|
Additions |
|
At 30 April 2024 |
|
Provision |
|
Carrying amount |
|
At 30 April 2024 |
|
At 30 April 2023 |
|
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Stocks |
2024 |
2023 |
|
Other inventories |
- |
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Current asset investments |
2024 |
2023 |
|
Other investments |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank loan |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank loan |
|
|
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Interim dividend of £ |
45,000 |
- |
||
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
401,903 |
369,525 |
Summary of transactions with joint ventures
The company received dividends during the year from OCM CR Wealth Management Limited of £18,000 (2023: £17,850).
At the year end, the company owed £300 to OCM CR Wealth Management Limited.
OCM Wealth Management Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Parent and ultimate parent undertaking |
The company's immediate parent is
17 Audit report
.........................................