5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,087 4,417 2,209 6,626 15,461 17,670 xbrli:pure xbrli:shares iso4217:GBP 04471279 2023-01-01 2023-12-31 04471279 2023-12-31 04471279 2022-12-31 04471279 2022-01-01 2022-12-31 04471279 2022-12-31 04471279 2021-12-31 04471279 core:NetGoodwill 2023-01-01 2023-12-31 04471279 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04471279 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 04471279 core:PlantMachinery 2023-01-01 2023-12-31 04471279 core:FurnitureFittings 2023-01-01 2023-12-31 04471279 bus:Director1 2023-01-01 2023-12-31 04471279 core:NetGoodwill 2022-12-31 04471279 core:NetGoodwill 2023-12-31 04471279 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 04471279 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04471279 core:PlantMachinery 2022-12-31 04471279 core:FurnitureFittings 2022-12-31 04471279 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 04471279 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 04471279 core:PlantMachinery 2023-12-31 04471279 core:FurnitureFittings 2023-12-31 04471279 core:WithinOneYear 2023-12-31 04471279 core:WithinOneYear 2022-12-31 04471279 core:ShareCapital 2023-12-31 04471279 core:ShareCapital 2022-12-31 04471279 core:RetainedEarningsAccumulatedLosses 2023-12-31 04471279 core:RetainedEarningsAccumulatedLosses 2022-12-31 04471279 core:NetGoodwill 2022-12-31 04471279 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 04471279 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04471279 core:PlantMachinery 2022-12-31 04471279 core:FurnitureFittings 2022-12-31 04471279 bus:SmallEntities 2023-01-01 2023-12-31 04471279 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04471279 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04471279 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04471279 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 04471279
H C James Wealth Management Limited
Filleted Unaudited Financial Statements
31 December 2023
H C James Wealth Management Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
H C James Wealth Management Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
15,461
17,670
Tangible assets
6
24,262
23,327
--------
--------
39,723
40,997
Current assets
Debtors
7
12,487
13,228
Cash at bank and in hand
80,428
81,733
--------
--------
92,915
94,961
Creditors: amounts falling due within one year
8
14,029
18,384
--------
--------
Net current assets
78,886
76,577
---------
---------
Total assets less current liabilities
118,609
117,574
Provisions
Taxation including deferred tax
1,005
593
---------
---------
Net assets
117,604
116,981
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
117,504
116,881
---------
---------
Shareholders funds
117,604
116,981
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H C James Wealth Management Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Mr J C Hutson
Director
Company registration number: 04471279
H C James Wealth Management Limited
Notes to the Financial Statements
Year ended 31 December 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 The Courtyard, Greenhill Farm, Greenhill, Hathern, Leicestershire, LE12 5LF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Goodwill Goodwill arises on acquisition of clients from other Financial Advisors and represents the actuarial valuations of anticipated future fees from those clients. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Portable building
-
10% straight line
Leasehold property
-
2% straight line
Office equipment
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
22,087
--------
Amortisation
At 1 January 2023
4,417
Charge for the year
2,209
--------
At 31 December 2023
6,626
--------
Carrying amount
At 31 December 2023
15,461
--------
At 31 December 2022
17,670
--------
6. Tangible assets
Freehold property
Long leasehold property
Office equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2023
8,758
23,522
26,911
9,187
68,378
Additions
3,232
3,232
-------
--------
--------
-------
--------
At 31 December 2023
8,758
23,522
30,143
9,187
71,610
-------
--------
--------
-------
--------
Depreciation
At 1 January 2023
8,696
4,077
23,606
8,672
45,051
Charge for the year
62
471
1,635
129
2,297
-------
--------
--------
-------
--------
At 31 December 2023
8,758
4,548
25,241
8,801
47,348
-------
--------
--------
-------
--------
Carrying amount
At 31 December 2023
18,974
4,902
386
24,262
-------
--------
--------
-------
--------
At 31 December 2022
62
19,445
3,305
515
23,327
-------
--------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
12,364
13,102
Other debtors
123
126
--------
--------
12,487
13,228
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,666
6,767
Social security and other taxes
1,105
3,410
Other creditors
10,258
8,207
--------
--------
14,029
18,384
--------
--------
9. Director's advances, credits and guarantees
The company pays rent to the director. The total paid for rent for the year was £7,200 (2022: £7,200). The total paid for electricity was £3,900 (2022: £1,715). The director considers this to be at market value. No amounts were outstanding at 31 December 2023. During the year certain amounts were paid to and on behalf of Mr J C Hutson , the director of the company. Against this were set undrawn salary, dividends and the rent referred to above. At 31 December 2023, no amount was owed to the company by Mr Hutson.
10. Related party transactions
The company was under the control of Mr J C Hutson throughout the current and previous year. Mr Hutson is the managing director and majority shareholder. There are no related party transactions to report.