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Company registration number: 09976699
PSP Wealth Management 2016 Limited
Unaudited filleted financial statements
30 November 2023
PSP Wealth Management 2016 Limited
Contents
Statement of financial position
Notes to the financial statements
PSP Wealth Management 2016 Limited
Statement of financial position
30th November 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 - 43,250
Investments 6 1,965,015 1,965,015
_______ _______
1,965,015 2,008,265
Creditors: amounts falling due
within one year 7 ( 1,381,409) ( 1,313,318)
_______ _______
Net current assets 583,606 694,947
_______ _______
Total assets less current liabilities 583,606 694,947
Creditors: amounts falling due
after more than one year 8 ( 338,250) ( 437,500)
_______ _______
Net assets 245,356 257,447
_______ _______
Capital and reserves
Called up share capital 75,000 100,000
Capital redemption reserve 24,750 -
Profit and loss account 145,606 157,447
_______ _______
Shareholders funds 245,356 257,447
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Matthew J Searle Timothy Vaughan
Director Director
Company registration number: 09976699
PSP Wealth Management 2016 Limited
Notes to the financial statements
Year ended 30th November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Marsh Parade, Newcastle under Lyme, Staffordshire, ST5 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 36,019 44,647
_______ _______
5. Debtors
2023 2022
£ £
Other debtors - 43,250
_______ _______
6. Investments
2023 2022
£ £
Investments in group undertakings 1,965,015 1,965,015
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 120,000 120,000
Amounts owed to group undertakings 1,246,754 1,147,235
Corporation tax 14,117 5,835
Social security and other taxes 538 -
Other creditors - 40,248
_______ _______
1,381,409 1,313,318
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 338,250 437,500
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Gareth Chell 10,813 - ( 10,813) -
Matthew J Searle 10,813 - ( 10,813) -
Timothy Vaughan 10,813 - ( 10,813) -
Richard Pateman 10,812 - ( 10,812) -
_______ _______ _______ _______
43,251 - ( 43,251) -
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Gareth Chell ( 4,277) 15,090 - 10,813
Matthew J Searle ( 4,277) 15,090 - 10,813
Timothy Vaughan ( 4,277) 15,090 - 10,813
Richard Pateman ( 4,276) 15,088 - 10,812
_______ _______ _______ _______
( 17,107) 60,358 - 43,251
_______ _______ _______ _______