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Registration number: 05039809

OCM Wealth Management Limited

Financial Statements
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

6

46,660

64,157

Tangible assets

7

220,498

253,019

Investments

8

300

250

 

267,458

317,426

Current assets

 

Stocks

9

-

259

Debtors

10

659,062

573,870

Investments

11

564,527

748,828

Cash at bank and in hand

 

206,217

162,405

 

1,429,806

1,485,362

Creditors: Amounts falling due within one year

12

(589,993)

(623,060)

Net current assets

 

839,813

862,302

Total assets less current liabilities

 

1,107,271

1,179,728

Creditors: Amounts falling due after more than one year

12

(349,560)

(631,000)

Provisions for liabilities

(13,873)

(17,638)

Net assets

 

743,838

531,090

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

693,838

481,090

Shareholders' funds

 

743,838

531,090

 

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 Board on 22 July 2024 and signed on its behalf by:
 

.........................................
J Stather Lodge
Director

.........................................
M Stather Lodge
Company secretary and director

 

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

50,000

481,090

531,090

Profit for the year

-

257,748

257,748

Total comprehensive income

-

257,748

257,748

Dividends

-

(45,000)

(45,000)

At 30 April 2024

50,000

693,838

743,838

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

50,000

634,327

684,327

Loss for the year

-

(153,237)

(153,237)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Clair House
Old Bedford Road
Northampton
NN4 7AA

These financial statements were authorised for issue by the Board on 22 July 2024.

2

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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 37).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

53,448

57,706

Amortisation expense

17,497

17,497

 

OCM Wealth Management Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

85,440

(6,519)

UK corporation tax adjustment to prior periods

(23,777)

-

61,663

(6,519)

Deferred taxation

Arising from origination and reversal of timing differences

(3,765)

168

Tax expense/(receipt) in the income statement

57,898

(6,351)

6

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

87,280

87,280

At 30 April 2024

87,280

87,280

Amortisation

At 1 May 2023

23,123

23,123

Amortisation charge

17,497

17,497

At 30 April 2024

40,620

40,620

Carrying amount

At 30 April 2024

46,660

46,660

At 30 April 2023

64,157

64,157

 

OCM Wealth Management Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

220,304

117,079

101,050

438,433

Additions

9,940

2,932

8,528

21,400

Disposals

-

-

(1,198)

(1,198)

At 30 April 2024

230,244

120,011

108,380

458,635

Depreciation

At 1 May 2023

39,852

64,745

80,817

185,414

Charge for the year

26,611

13,338

13,499

53,448

Eliminated on disposal

-

-

(725)

(725)

At 30 April 2024

66,463

78,083

93,591

238,137

Carrying amount

At 30 April 2024

163,781

41,928

14,789

220,498

At 30 April 2023

180,452

52,334

20,233

253,019

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.
 

8

Investments

2024
£

2023
£

Investments in joint ventures

300

250

Joint ventures

£

Cost

At 1 May 2023

250

Additions

50

At 30 April 2024

300

Provision

Carrying amount

At 30 April 2024

300

At 30 April 2023

250

 

OCM Wealth Management Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Stocks

2024
£

2023
£

Other inventories

-

259

10

Debtors

Current

2024
£

2023
£

Trade debtors

300,677

240,512

Prepayments

339,638

279,538

Other debtors

18,747

53,820

 

659,062

573,870

11

Current asset investments

2024
£

2023
£

Other investments

564,527

748,828

12

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

281,440

371,589

Trade creditors

 

137,211

144,251

Amounts owed to group undertakings and undertakings in which the company has a participating interest

15

300

250

Taxation and social security

 

141,552

50,522

Accruals and deferred income

 

21,625

44,430

Other creditors

 

7,865

12,018

 

589,993

623,060

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

349,560

631,000

 

OCM Wealth Management Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank loan

349,560

631,000

Current loans and borrowings

2024
£

2023
£

Bank loan

281,440

371,589

14

Dividends

2024

2023

£

£

Interim dividend of £0.90 (2023 - £Nil) per ordinary share

45,000

-

 

 

15

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

350,454

317,569

Contributions paid to money purchase schemes

51,449

51,956

401,903

369,525

Summary of transactions with joint ventures

The company owns 50% of the shares in OCM CR Wealth Management Limited as part of a joint venture.

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

16

Parent and ultimate parent undertaking

The company's immediate parent is OCM Wealth Management Holdings Limited, incorporated in England and Wales.

 

17 Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 July 2024 was Atulya Mehta FCCA , who signed for and on behalf of Sumer Auditco Limited.

.........................................