Company registration number 06070529 (England and Wales)
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,266,620
1,723,507
Tangible assets
5
17,916
23,603
Investments
6
1,003
2,285,539
1,747,110
Current assets
Debtors
7
725,544
564,147
Cash at bank and in hand
4,945
139,670
730,489
703,817
Creditors: amounts falling due within one year
8
(718,225)
(537,259)
Net current assets
12,264
166,558
Total assets less current liabilities
2,297,803
1,913,668
Creditors: amounts falling due after more than one year
9
(1,274,995)
(1,442,056)
Provisions for liabilities
(101,569)
(5,901)
Net assets
921,239
465,711
Capital and reserves
Called up share capital
100
100
Revaluation reserve
10
291,269
Profit and loss reserves
629,870
465,611
Total equity
921,239
465,711
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 DECEMBER 2023
29 December 2023
- 2 -
For the financial year ended 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
Mr P Wright
Director
Company registration number 06070529 (England and Wales)
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
PW Associates Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 services provided in the normal course of business,
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover shown in the profit and loss account represents commissions and fees.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of 15 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise of purchased portfolios. Such assets are defined as having infinite useful lives and are stated at valuation at the reporting end date.
Client list
No Amortisation - stated at valuation
1.5
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.
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
29
4
Intangible fixed assets
Goodwill
Client list
Total
£
£
£
Cost
At 30 December 2022
200,000
1,643,547
1,843,547
Additions
168,094
168,094
Revaluation
388,359
388,359
At 29 December 2023
200,000
2,200,000
2,400,000
Amortisation and impairment
At 30 December 2022
120,040
120,040
Amortisation charged for the year
13,340
13,340
At 29 December 2023
133,380
133,380
Carrying amount
At 29 December 2023
66,620
2,200,000
2,266,620
At 29 December 2022
79,960
1,643,547
1,723,507
The fair value of the client list has been arrived at based on a valuation carried out on 31 December 2023 by the director. The valuation was made on an open market value basis.
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 30 December 2022
3,282
67,660
70,942
Additions
278
278
At 29 December 2023
3,560
67,660
71,220
Depreciation and impairment
At 30 December 2022
2,425
44,914
47,339
Depreciation charged in the year
278
5,687
5,965
At 29 December 2023
2,703
50,601
53,304
Carrying amount
At 29 December 2023
857
17,059
17,916
At 29 December 2022
857
22,746
23,603
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,003
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 30 December 2022
-
Additions
1,003
At 29 December 2023
1,003
Carrying amount
At 29 December 2023
1,003
At 29 December 2022
-
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
107,088
113,272
Corporation tax recoverable
82,604
82,604
Amounts owed by group undertakings
285,222
Other debtors
250,630
368,271
725,544
564,147
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,888
10,000
Trade creditors
80,520
33,153
Corporation tax
90,422
39,011
Other taxation and social security
21,352
67,346
Other creditors
516,043
387,749
718,225
537,259
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,945
24,722
Other creditors
1,260,050
1,417,334
1,274,995
1,442,056
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Revaluation surplus arising in the year
291,269
At the end of the year
291,269
-
PW ASSOCIATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 9 -
11
Directors' transactions
Dividends totalling £41,685 (2022 - £41,685) were paid in the year in respect of shares held by the company's directors.
During the year the director maintained a current account with the company. At the year end the amount owed to the company by the director was £244,752 (2022 - £355,758)
Interest is charged on the directors current account at a rate of 2.25% (2022 - 2%).
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