Company registration number 07500122 (England and Wales)
Darien Williams Wealth Management Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Pages For Filing With Registrar
Darien Williams Wealth Management Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Darien Williams Wealth Management Ltd
Balance Sheet
As At 31 July 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
127,926
165,780
Tangible assets
5
13,470
18,308
141,396
184,088
Current assets
Debtors
6
30,447
23,907
Cash at bank and in hand
889
366
31,336
24,273
Creditors: amounts falling due within one year
7
(109,848)
(98,740)
Net current liabilities
(78,512)
(74,467)
Total assets less current liabilities
62,884
109,621
Creditors: amounts falling due after more than one year
8
(20,159)
(49,340)
Net assets
42,725
60,281
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
42,625
60,181
Total equity
42,725
60,281
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Darien Williams Wealth Management Ltd
Balance Sheet (Continued)
As At 31 July 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 4 September 2024
Mr D J Williams
Director
Company registration number 07500122 (England and Wales)
Darien Williams Wealth Management Ltd
Notes To The Financial Statements
For The Year Ended 31 July 2024
Page 3
1
Accounting policies
Company information
Darien Williams Wealth Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, N1 7GU.
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 for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Darien Williams Wealth Management Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
Page 4
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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.
Amortisation 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:
Intangibles
10 year straight line
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.
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 and fittings
33% on cost
Motor vehicles
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Darien Williams Wealth Management Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
Page 5
1.7
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.
1.8
Financial instruments
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. Financial assets classified as receivable within one year are not amortised.
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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Darien Williams Wealth Management Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
Page 6
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
58,526
51,232
4
Intangible fixed assets
Goodwill
Intangibles
Total
£
£
£
Cost
At 1 August 2023
463,000
91,023
554,023
Additions
2,350
2,350
At 31 July 2024
463,000
93,373
556,373
Amortisation and impairment
At 1 August 2023
372,974
15,269
388,243
Amortisation charged for the year
30,867
9,337
40,204
At 31 July 2024
403,841
24,606
428,447
Carrying amount
At 31 July 2024
59,159
68,767
127,926
At 31 July 2023
90,026
75,754
165,780
Darien Williams Wealth Management Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
Page 7
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 31 July 2024
63,746
Depreciation and impairment
At 1 August 2023
45,438
Depreciation charged in the year
4,838
At 31 July 2024
50,276
Carrying amount
At 31 July 2024
13,470
At 31 July 2023
18,308
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,411
23,739
Other debtors
36
168
30,447
23,907
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,462
12,458
Trade creditors
10
Corporation tax
67,334
52,199
Other creditors
30,052
34,073
109,848
98,740
Darien Williams Wealth Management Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
Page 8
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
20,159
49,340
9
Directors' transactions
Dividends totalling £102,100 (2023 - £74,600) were paid in the year in respect of shares held by the company's directors.
An interest free loan has been granted by the director to the company as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr D J Williams -
-
100
(90)
10
100
(90)
10