Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11101601 H J O'Connor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11101601 2022-12-31 11101601 2023-12-31 11101601 2023-01-01 2023-12-31 11101601 frs-core:CurrentFinancialInstruments 2023-12-31 11101601 frs-core:Non-currentFinancialInstruments 2023-12-31 11101601 frs-core:ComputerEquipment 2023-12-31 11101601 frs-core:ComputerEquipment 2023-01-01 2023-12-31 11101601 frs-core:ComputerEquipment 2022-12-31 11101601 frs-core:FurnitureFittings 2023-12-31 11101601 frs-core:FurnitureFittings 2023-01-01 2023-12-31 11101601 frs-core:FurnitureFittings 2022-12-31 11101601 frs-core:NetGoodwill 2023-01-01 2023-12-31 11101601 frs-core:OtherResidualIntangibleAssets 2023-12-31 11101601 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11101601 frs-core:OtherResidualIntangibleAssets 2022-12-31 11101601 frs-core:PlantMachinery 2023-12-31 11101601 frs-core:PlantMachinery 2023-01-01 2023-12-31 11101601 frs-core:PlantMachinery 2022-12-31 11101601 frs-core:OtherReservesSubtotal 2023-12-31 11101601 frs-core:ShareCapital 2023-12-31 11101601 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11101601 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11101601 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11101601 frs-bus:SmallEntities 2023-01-01 2023-12-31 11101601 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11101601 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11101601 frs-bus:Director1 2023-01-01 2023-12-31 11101601 frs-countries:EnglandWales 2023-01-01 2023-12-31 11101601 2021-12-31 11101601 2022-12-31 11101601 2022-01-01 2022-12-31 11101601 frs-core:CurrentFinancialInstruments 2022-12-31 11101601 frs-core:Non-currentFinancialInstruments 2022-12-31 11101601 frs-core:OtherReservesSubtotal 2022-12-31 11101601 frs-core:ShareCapital 2022-12-31 11101601 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11101601
HJ Wealth Management Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11101601
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 427,126 527,126
Tangible Assets 5 1,022 3,734
428,148 530,860
CURRENT ASSETS
Debtors 6 525,604 108,816
Cash at bank and in hand 15,120 150,177
540,724 258,993
Creditors: Amounts Falling Due Within One Year 7 (181,992 ) (338,647 )
NET CURRENT ASSETS (LIABILITIES) 358,732 (79,654 )
TOTAL ASSETS LESS CURRENT LIABILITIES 786,880 451,206
Creditors: Amounts Falling Due After More Than One Year 8 (15,159 ) (25,041 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (255 ) (709 )
NET ASSETS 771,466 425,456
CAPITAL AND RESERVES
Called up share capital 10 100 100
Other reserves 56,792 5,542
Profit and Loss Account 714,574 419,814
SHAREHOLDERS' FUNDS 771,466 425,456
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
H J O'Connor
Director
02/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
HJ Wealth Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11101601 . The registered office is 22 Brandling Park, Newcastle Upon Tyne, NE2 4RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight Line
Fixtures & Fittings 33% Straight Line
Computer Equipment 33% Straight Line
2.5. Foreign Currencies
Transactions in foeign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foriegn currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of transaction. All differneces are charged to profit or loss.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Employee benefits policy
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold the sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognized as employee benefit expense when they are due. if contribution payments exceed the contribution due for service, the excess is recognized as a prepayment.
2.8. Valuation of financial instruments policy
Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recongnised in profit or loss.
2.9. Leases policy
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 1,000,006
As at 31 December 2023 1,000,006
Amortisation
As at 1 January 2023 472,880
Provided during the period 100,000
As at 31 December 2023 572,880
Net Book Value
As at 31 December 2023 427,126
As at 1 January 2023 527,126
Page 4
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 6,949 2,506 4,935 14,390
As at 31 December 2023 6,949 2,506 4,935 14,390
Depreciation
As at 1 January 2023 5,484 1,689 3,483 10,656
Provided during the period 1,081 625 1,006 2,712
As at 31 December 2023 6,565 2,314 4,489 13,368
Net Book Value
As at 31 December 2023 384 192 446 1,022
As at 1 January 2023 1,465 817 1,452 3,734
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 121,268 108,636
Other debtors 404,336 180
525,604 108,816
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,358 8,280
Bank loans and overdrafts 10,000 10,000
Other creditors 16,846 192,905
Taxation and social security 149,788 127,462
181,992 338,647
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 15,159 25,041
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 255 709
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 6