Registered number
08907455
Joanne Fogo Wealth Management Limited
Unaudited Filleted Accounts
For the Year Ended
29 February 2024
Joanne Fogo Wealth Management Limited
Registered number: 08907455
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 17,067 30,607
Tangible assets 4 2,672 4,375
19,739 34,982
Current assets
Debtors 5 10,351 16,235
Cash at bank and in hand 59,086 38,663
69,437 54,898
Creditors: amounts falling due within one year 6 (57,370) (64,466)
Net current assets/(liabilities) 12,067 (9,568)
Total assets less current liabilities 31,806 25,414
Provisions for liabilities (668) (831)
Net assets 31,138 24,583
Capital and reserves
Called up share capital 10 10
Profit and loss account 31,128 24,573
Shareholders' funds 31,138 24,583
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.
J Fogo
Director
Approved by the board on 11 October 2024
Joanne Fogo Wealth Management Limited
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Office equipment over 3 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 135,398
At 29 February 2024 135,398
Amortisation
At 1 March 2023 104,791
Provided during the year 13,540
At 29 February 2024 118,331
Net book value
At 29 February 2024 17,067
At 28 February 2023 30,607
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 20,642
Additions 540
At 29 February 2024 21,182
Depreciation
At 1 March 2023 16,267
Charge for the year 2,243
At 29 February 2024 18,510
Net book value
At 29 February 2024 2,672
At 28 February 2023 4,375
5 Debtors 2024 2023
£ £
Trade debtors 10,351 16,235
6 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 17,261 10,543
Other taxes and social security costs 490 4,237
Other creditors 39,619 49,686
57,370 64,466
7 Other information
Joanne Fogo Wealth Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Stockburn Drive
Failsworth
Manchester
M35 9SD
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