REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Lansdown Place Wealth Management Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Lansdown Place Wealth Management Limited |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lansdown Place Wealth Management Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Lansdown Place Wealth Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention, on a going concern basis and in accordance with Financial Reporting Standard 102 (FRS 102), 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland', and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The only areas involving significant accounting estimate and judgement is the calculation of the Investment and the calculation of the fair value of contractual rights to income streams. Further details are given in notes 10, 11 and 12 respectively. |
The principal accounting policies, which have been applied consistently throughout the period, are set out below. |
Turnover |
Turnover represents fees and commission receivable by the Company following the advice provided on financial products through St. James's Place Wealth Management plc, net of value added tax where applicable. Turnover is recognised on an accruals basis. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less the residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Fixtures and fittings | - 15% on cost |
Computer equipment | - 25% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Financial instruments |
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: |
Financial assets |
The Company classifies all of its financial assets as financial assets held at amortised cost. |
At amortised cost |
Financial assets held at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of contractual and monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. |
Financial assets held at amortised cost are impaired using an expected credit loss model. Expected credit losses are based on the historic levels of loss experienced for the financial assets, with due consideration given to the forward looking information. |
Financial liabilities |
The Company classifies all of its financial liabilities as liabilities at amortised cost. |
At amortised cost |
Financial liabilities at amortised cost are initially recognised at fair value net of any transactions costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the Statement of Financial Position. |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Tax is recognised in the Statement of 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 United Kingdom, where the Company operates and generates income. |
Deferred tax |
Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Differences that arise from the initial recognition of assets or liabilities that affect neither accounting nor taxable profit are not provided for. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. |
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. |
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Renewal assets | 146,558 | 170,344 |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Renewal asset |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Deferred Consideration | 4,902 | 4,902 |
Accrued expenses |
Lansdown Place Wealth Management Limited (Registered number: 05458948) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other loans - 1-2 years | 245,791 | 332,155 |
Other loans - 2-5 years | 2,411,684 | 2,022,937 |
Other loans more 5yrs instal | 4,395,951 | 4,774,088 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 4,395,951 | 4,774,088 |
9. | RELATED PARTY BALANCES DISCLOSURES |
In November 2021 the company ceased being a member of the St James's Place Group Plc. |
An amount of £0 (2022 - £1,822,234) was recharged by LP Financial Management Limited to the company during the year, being Group costs incurred by the company. |
An amount of £2,157 (2022 - £5,782) was recharged by LP Auto Enrolment Solutions Limited to the company during the year, being Group costs incurred by the company. |
All balances existing between related parties are shown below. |
2023 | 2022 |
£ | £ |
Intra-Group receivables, net of provisions |
LP Financial Management Limited | 998,526 | 894,871 |
LP Auto Enrolment Solutions Limited | - | 73,119 |
NCG Group Holdings Limited | 550,000 | 550,000 |
LP Holdco Limited | 4,262,935 | 4,258,627 |
5,811,461 | 5,776,617 |
2023 | 2022 |
£ | £ |
Intra-Group payables |
LP Group Holdings Limited | 9,810 | 38,250- |
9,810 | 38,250 |
10. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
NCG Group Holdings Ltd is the single ultimate controlling party. |