Company registration number 11996895 (England and Wales)
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Director
Mr C N Poole
Secretary
Mr S Rose
Company number
11996895
Registered office
Temple Mews
Stamford Courtyard
Enville
Stourbridge
DY7 5EX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Royal Bank of Scotland
Customer Service Centre
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TEMPLE MEWS WEALTH MANAGEMENT LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Temple Mews Wealth Management Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Temple Mews Wealth Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Temple Mews Wealth Management Limited and state those matters that we have agreed to state to the board of directors of Temple Mews Wealth Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Temple Mews Wealth Management Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Temple Mews Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Temple Mews Wealth Management Limited. You consider that Temple Mews Wealth Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Temple Mews Wealth Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
18 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,826,694
2,941,742
Tangible assets
4
32,573
10,934
1,859,267
2,952,676
Current assets
Debtors
5
224,538
Cash at bank and in hand
603,239
138,488
827,777
138,488
Creditors: amounts falling due within one year
6
(2,330,764)
(2,276,835)
Net current liabilities
(1,502,987)
(2,138,347)
Total assets less current liabilities
356,280
814,329
Creditors: amounts falling due after more than one year
7
(325,381)
(793,518)
Provisions for liabilities
9
(7,270)
(1,513)
Net assets
23,629
19,298
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
23,628
19,297
Total equity
23,629
19,298
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 18 July 2024
Mr C N Poole
Director
Company registration number 11996895 (England and Wales)
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Temple Mews Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Temple Mews, Stamford Courtyard, Enville, Stourbridge, DY7 5EX.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
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:
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
1.5
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.
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
16
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023
3,992,199
Disposals
(1,096,303)
At 31 May 2024
2,895,896
Amortisation and impairment
At 1 June 2023
1,050,457
Amortisation charged for the year
289,590
Eliminated on disposal
(270,845)
At 31 May 2024
1,069,202
Carrying amount
At 31 May 2024
1,826,694
At 31 May 2023
2,941,742
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 June 2023
30,952
30,952
Additions
28,889
10,404
39,293
At 31 May 2024
28,889
41,356
70,245
Depreciation and impairment
At 1 June 2023
20,018
20,018
Depreciation charged in the year
5,777
11,877
17,654
At 31 May 2024
5,777
31,895
37,672
Carrying amount
At 31 May 2024
23,112
9,461
32,573
At 31 May 2023
10,934
10,934
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,759
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
202,779
Total debtors
224,538
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,930,294
1,699,528
Taxation and social security
139,912
106,050
Other creditors
260,558
471,257
2,330,764
2,276,835
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
325,381
793,518
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Business purchase loan
1,061,281
982,989
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7,270
1,513
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
TEMPLE MEWS WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Temple Mews Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr C N Poole, by virtue of his controlling interest in the ultimate parent company.