Company registration number 08196422 (England and Wales)
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
C G Harrison
S A Webber
Company number
08196422
Registered office
Cannon Place
78 Cannon Street
London
England
EC4N 6AF
Auditor
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company was that of an employee benefit consultancy.

 

During the prior year, the company sold its client bank to Saltus Financial Planning Ltd (Saltus) with agreement that the company would work with Saltus to transition the clients across to them. That work commenced in March 2023 and is scheduled to take a year to complete during 2024. The company continues to provide services to its existing clients in the meantime.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C G Harrison
S A Webber
Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
On behalf of the board
S A Webber
Director
16 August 2024
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
- 3 -
Opinion

We have audited the financial statements of Creative Benefit Wealth Management Limited (the 'company') for the year ended 30 November 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED (CONTINUED)
- 5 -

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Reading minutes of meetings of those charged with governance;

• Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

• Identifying and testing journal entries;

• Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Woodgate
Senior Statutory Auditor
For and on behalf of Goodman Jones LLP
16 August 2024
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
1,149,344
1,419,866
Cost of sales
(368,203)
(440,874)
Gross profit
781,141
978,992
Administrative expenses
(436,688)
(2,069,385)
Sale of client bank
192,670
1,800,000
Profit before taxation
537,123
709,607
Tax on profit
6
(125,571)
(144,584)
Profit for the financial year
411,552
565,023

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
£
£
Profit for the year
411,552
565,023
Other comprehensive income
-
-
Total comprehensive income for the year
411,552
565,023
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
449
3,429
Current assets
Debtors falling due after more than one year
8
-
0
1,100,000
Debtors falling due within one year
8
1,419,443
832,388
Cash at bank and in hand
651,934
325,725
2,071,377
2,258,113
Creditors: amounts falling due within one year
9
(664,794)
(884,348)
Net current assets
1,406,583
1,373,765
Total assets less current liabilities
1,407,032
1,377,194
Provisions for liabilities
Provisions
10
68,931
450,645
(68,931)
(450,645)
Net assets
1,338,101
926,549
Capital and reserves
Called up share capital
12
19,998
19,998
Profit and loss reserves
1,318,103
906,551
Total equity
1,338,101
926,549

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
C G Harrison
S A Webber
Director
Director
Company registration number 08196422 (England and Wales)
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
19,998
341,528
361,526
Year ended 30 November 2022:
Profit and total comprehensive income
-
565,023
565,023
Balance at 30 November 2022
19,998
906,551
926,549
Year ended 30 November 2023:
Profit and total comprehensive income
-
411,552
411,552
Balance at 30 November 2023
19,998
1,318,103
1,338,101
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
1
Accounting policies
Company information

Creative Benefit Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, England, EC4N 6AF.

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.

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.

 

The Company has also taken advantage of the exemption from preparing a cash flow statement.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

The company operated at a profit before taxation for the year of £537,123 (2022: £709,607). At the year end net assets amounted to £1,338,101 (2022: £926,549).

 

The directors have prepared cash flow and profit forecasts which show that the company can meet its financial obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover represents adviser-charges and fees receivable from third party providers and fees for consultancy services.

 

Fees are recognised as follows:

 

- Fees and adviser-charges are recognised on the completion of the relevant documentation to effect the completion of the transaction.

 

- Renewal fees are recognised when receivable.

 

Adviser charges are stated net of a provision for clawback. The provision for clawback is made appropriate to the type of policy written.

 

Consultancy services income is recognised on a percentage completion basis over the course of the contract.

1.4
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:

Computer equipment
33% straight line basis
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 11 -

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.

1.5
Impairment of fixed assets

At each reporting period end date, 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 loss (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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where 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 or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within 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.

1.8
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.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.12
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.

1.13

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.

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.

 

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

 

Critical judgement

Decision to recognise a provision on reserving for claims on British Steel clients.

 

As described in note 11 to the financial statements, the directors have decided to recognise a provision amounting to £24,223 (2022 – £441,158) in the financial statements in relation to claims on British Steel clients. The decision to provide was taken on the basis that it is more likely than not that the company will be required to compensate in respect these claims.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Fees and adviser charging
1,149,344
1,419,866
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
1,149,344
1,419,866
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
3,619
980
Loss on disposal of tangible fixed assets
1,608
-
Operating lease charges
16,597
29,664
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
2
12
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
125,571
144,584

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
537,123
709,607
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
126,224
134,825
Tax effect of expenses that are not deductible in determining taxable profit
2,232
10,848
Effect of change in corporation tax rate
(2,282)
-
0
Permanent capital allowances in excess of depreciation
(603)
(1,089)
Taxation charge for the year
125,571
144,584
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
7
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2022
4,409
Additions
3,172
Disposals
(3,423)
At 30 November 2023
4,158
Depreciation and impairment
At 1 December 2022
980
Depreciation charged in the year
3,619
Eliminated in respect of disposals
(890)
At 30 November 2023
3,709
Carrying amount
At 30 November 2023
449
At 30 November 2022
3,429
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
67,025
70,662
Other debtors
1,306,140
722,556
Prepayments and accrued income
46,278
39,170
1,419,443
832,388
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
1,100,000
Total debtors
1,419,443
1,932,388
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 16 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,921
363,989
Corporation tax
125,571
144,584
Other taxation and social security
-
0
600
Other creditors
47,002
55,974
Accruals and deferred income
484,300
319,201
664,794
884,348
10
Provisions for liabilities
2023
2022
£
£
Legal claims provision
24,223
441,158
Clawback provision
44,708
9,487
68,931
450,645
Movements on provisions:
Legal claims provision
Clawback provision
Total
£
£
£
At 1 December 2022
-
9,488
9,488
Additional provisions in the year
24,223
35,220
59,443
At 30 November 2023
24,223
44,708
68,931

The directors have considered the position for reserving on claims for British Steel clients. Since the last financial statements, the FCA provided a detailed process for regulated businesses to follow to review whether advice remained appropriate for clients who were advised to transfer their British Steel pension to another pension arrangement. We undertook the required work, including writing to clients to confirm the outcome of our review and provided them with a template letter to refer their case to the Financial Ombudsman (FOS) if they wish to do so.  Clients had 6 months from the date we wrote to them to refer themselves to FOS. That timeframe has now passed and as we have not received any notifications from FOS that a client has referred themselves, the directors believe there is no longer any liability due to clients under the FCA's British Steel Redress Scheme. The provision remaining in the accounts reflects our costs we paid post 30th November 2023 in respect of this matter.

 

 

CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
61,263

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2023
2022
£
£
Issued and fully paid
19,998 A Ordinary shares of £1 each
19,998
19,998
19,998
19,998
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
-
0
7,200
14
Control

There is no single, ultimate controlling party.

2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200C G HarrisonS A Webberfalsefalse081964222022-12-012023-11-3008196422bus:Director12022-12-012023-11-3008196422bus:Director22022-12-012023-11-3008196422bus:RegisteredOffice2022-12-012023-11-30081964222023-11-30081964222021-12-012022-11-300819642212022-12-012023-11-300819642212021-12-012022-11-3008196422core:RetainedEarningsAccumulatedLosses2021-12-012022-11-3008196422core:RetainedEarningsAccumulatedLosses2022-12-012023-11-30081964222022-11-3008196422core:ComputerEquipment2023-11-3008196422core:ComputerEquipment2022-11-3008196422core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3008196422core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3008196422core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3008196422core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3008196422core:CurrentFinancialInstruments2023-11-3008196422core:CurrentFinancialInstruments2022-11-30081964222022-11-3008196422core:ShareCapital2023-11-3008196422core:ShareCapital2022-11-3008196422core:RetainedEarningsAccumulatedLosses2023-11-3008196422core:RetainedEarningsAccumulatedLosses2022-11-3008196422core:ShareCapital2021-11-3008196422core:RetainedEarningsAccumulatedLosses2021-11-3008196422core:ShareCapitalOrdinaryShares2023-11-3008196422core:ShareCapitalOrdinaryShares2022-11-3008196422core:ComputerEquipment2022-12-012023-11-3008196422core:UKTax2022-12-012023-11-3008196422core:UKTax2021-12-012022-11-3008196422core:ComputerEquipment2022-11-3008196422core:Non-currentFinancialInstruments2023-11-3008196422core:Non-currentFinancialInstruments2022-11-3008196422bus:OrdinaryShareClass12022-12-012023-11-3008196422bus:OrdinaryShareClass12023-11-3008196422core:WithinOneYear2023-11-3008196422core:WithinOneYear2022-11-3008196422bus:PrivateLimitedCompanyLtd2022-12-012023-11-3008196422bus:FRS1022022-12-012023-11-3008196422bus:Audited2022-12-012023-11-3008196422bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP