9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 400,000 220,000 20,000 240,000 160,000 180,000 xbrli:pure xbrli:shares iso4217:GBP 05811964 2023-06-01 2024-05-31 05811964 2024-05-31 05811964 2023-05-31 05811964 2022-06-01 2023-05-31 05811964 2023-05-31 05811964 2022-05-31 05811964 core:LandBuildings core:LongLeaseholdAssets 2023-06-01 2024-05-31 05811964 core:FurnitureFittings 2023-06-01 2024-05-31 05811964 core:MotorVehicles 2023-06-01 2024-05-31 05811964 bus:Director1 2023-06-01 2024-05-31 05811964 core:NetGoodwill 2023-05-31 05811964 core:NetGoodwill 2024-05-31 05811964 core:LandBuildings 2023-05-31 05811964 core:FurnitureFittings 2023-05-31 05811964 core:LandBuildings 2024-05-31 05811964 core:FurnitureFittings 2024-05-31 05811964 core:MotorVehicles 2024-05-31 05811964 core:LandBuildings 2023-06-01 2024-05-31 05811964 core:WithinOneYear 2024-05-31 05811964 core:WithinOneYear 2023-05-31 05811964 core:AfterOneYear 2024-05-31 05811964 core:AfterOneYear 2023-05-31 05811964 core:ShareCapital 2024-05-31 05811964 core:ShareCapital 2023-05-31 05811964 core:RetainedEarningsAccumulatedLosses 2024-05-31 05811964 core:RetainedEarningsAccumulatedLosses 2023-05-31 05811964 core:NetGoodwill 2023-06-01 2024-05-31 05811964 core:NetGoodwill 2023-05-31 05811964 core:LandBuildings 2023-05-31 05811964 core:FurnitureFittings 2023-05-31 05811964 bus:Director1 2023-05-31 05811964 bus:Director1 2024-05-31 05811964 bus:Director1 2022-05-31 05811964 bus:Director1 2023-05-31 05811964 bus:Director1 2022-06-01 2023-05-31 05811964 bus:SmallEntities 2023-06-01 2024-05-31 05811964 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05811964 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05811964 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05811964 bus:FullAccounts 2023-06-01 2024-05-31 05811964 core:ComputerEquipment 2023-06-01 2024-05-31 05811964 core:ComputerEquipment 2023-05-31 05811964 core:ComputerEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 05811964
Chamberlain Wealth Management Limited
Filleted Unaudited Financial Statements
31 May 2024
Chamberlain Wealth Management Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
160,000
180,000
Tangible assets
6
204,210
142,296
---------
---------
364,210
322,296
Current assets
Debtors
7
311,979
345,074
Cash at bank and in hand
278,088
318,504
---------
---------
590,067
663,578
Creditors: amounts falling due within one year
8
103,161
123,919
---------
---------
Net current assets
486,906
539,659
---------
---------
Total assets less current liabilities
851,116
861,955
Creditors: amounts falling due after more than one year
9
10,000
20,000
---------
---------
Net assets
841,116
841,955
---------
---------
Chamberlain Wealth Management Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
104
104
Profit and loss account
841,012
841,851
---------
---------
Shareholders funds
841,116
841,955
---------
---------
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.
For the year ending 31 May 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr R Pryjmachuk
Director
Company registration number: 05811964
Chamberlain Wealth Management Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is New Mill House, Park Lane, Bonehill, Tamworth, B78 3HX.
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, 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
-
Over 20 years
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long Leasehold Property
-
20% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicle
-
25% reducing balance
Equipment
-
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
400,000
---------
Amortisation
At 1 June 2023
220,000
Charge for the year
20,000
---------
At 31 May 2024
240,000
---------
Carrying amount
At 31 May 2024
160,000
---------
At 31 May 2023
180,000
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
133,821
11,239
22,443
167,503
Additions
160
73,966
597
74,723
---------
--------
--------
--------
---------
At 31 May 2024
133,821
11,399
73,966
23,040
242,226
---------
--------
--------
--------
---------
Depreciation
At 1 June 2023
4,717
6,874
13,616
25,207
Charge for the year
145
1,091
9,240
2,333
12,809
---------
--------
--------
--------
---------
At 31 May 2024
4,862
7,965
9,240
15,949
38,016
---------
--------
--------
--------
---------
Carrying amount
At 31 May 2024
128,959
3,434
64,726
7,091
204,210
---------
--------
--------
--------
---------
At 31 May 2023
129,104
4,365
8,827
142,296
---------
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
311,979
310,074
Other debtors
35,000
---------
---------
311,979
345,074
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
( 1,749)
483
Corporation tax
86,916
83,462
Social security and other taxes
5,235
3,438
Other creditors
2,759
26,536
---------
---------
103,161
123,919
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
20,000
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Pryjmachuk
( 155)
267,505
( 268,819)
( 1,469)
----
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Pryjmachuk
( 346)
249,383
( 249,192)
( 155)
----
---------
---------
----
11. Related party transactions
The company was under the control of Mr Robert Pryjmachuk throughout the current and prior year. Mr Pryjmachuk is the managing director as well as one of the shareholders. Mr Pryjmachuk is also the managing director of The Chamberlain Group Limited, and sole shareholder. As at the year end, The Chamberlain Group Limited owed Chamberlain Wealth Management Ltd £260,704 (2023: £310,374).