Registered number
04193875
London Private Wealth Ltd
Filleted Accounts
29 February 2024
London Private Wealth Ltd
Registered number: 04193875
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 109,320 213,808
Investments 5 1 1
109,321 213,809
Current assets
Debtors 6 404,711 415,699
Cash at bank and in hand 732,492 808,022
1,137,203 1,223,721
Creditors: amounts falling due within one year 7 (296,345) (266,395)
Net current assets 840,858 957,326
Total assets less current liabilities 950,179 1,171,135
Creditors: amounts falling due after more than one year 8 (200,000) (335,481)
Net assets 750,179 835,654
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 749,179 834,654
Shareholders' funds 750,179 835,654
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Lans
Director
Approved by the board on 18 October 2024
London Private Wealth Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A 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 is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign 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 the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 254,534
Disposals (53,580)
At 29 February 2024 200,954
Amortisation
At 1 March 2023 40,726
Provided during the year 50,908
At 29 February 2024 91,634
Net book value
At 29 February 2024 109,320
At 28 February 2023 213,808
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 4,272
At 29 February 2024 4,272
Depreciation
At 1 March 2023 4,272
At 29 February 2024 4,272
Net book value
At 29 February 2024 -
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 1
At 29 February 2024 1
Historical cost
At 1 March 2023 1
At 29 February 2024 1
6 Debtors 2024 2023
£ £
Trade debtors 5,263 6,954
Amounts owed by group undertakings and undertakings in which the company has a participating interest 382,685 388,659
Other debtors 16,763 20,086
404,711 415,699
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 30,000
Trade creditors 2,866 6,632
Taxation and social security costs 104,352 70,762
Other creditors 189,127 159,001
296,345 266,395
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 135,481
Other creditors 200,000 200,000
200,000 335,481
9 Other information
London Private Wealth Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tay House
23 Enterprise Way
London
SW18 1F
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