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Registered number: 13249926
Cole Wealth Management Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Cooper Associates Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13249926
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,320,260 1,320,260
Tangible Assets 5 3,684 4,662
1,323,944 1,324,922
CURRENT ASSETS
Debtors 6 29,446 9,770
Cash at bank and in hand 60,276 34,681
89,722 44,451
Creditors: Amounts Falling Due Within One Year 7 (202,257 ) (1,165,927 )
NET CURRENT ASSETS (LIABILITIES) (112,535 ) (1,121,476 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,211,409 203,446
Creditors: Amounts Falling Due After More Than One Year 8 (866,511 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (921 ) -
NET ASSETS 343,977 203,446
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 343,967 203,436
SHAREHOLDERS' FUNDS 343,977 203,446
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Cole
Director
25th November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cole Wealth Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13249926 . The registered office is 40 St James Buildings, St. James Street, Taunton, TA1 1JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. As the intangible assets held by the company have an indefinite life, no amortisation is charged however intangible assets are reviewed for impairment at the balance sheet date. 
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Office equipment 25% reducing balance
2.5. Financial Instruments
The company holds the following financial instruments: 
  • Short term trade and other debtors and creditors; 
  • Other loans; and 
  • Cash and bank balances.
All financial instruments are classified as basic. Recognition and measurement The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. 
...CONTINUED
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2.5. Financial Instruments - continued
Except for loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. 
Loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,320,260
As at 31 March 2024 1,320,260
Net Book Value
As at 31 March 2024 1,320,260
As at 1 April 2023 1,320,260
Page 4
Page 5
5. Tangible Assets
Fixtures & Fittings Office equipment Total
£ £ £
Cost
As at 1 April 2023 6,216 - 6,216
Additions - 860 860
As at 31 March 2024 6,216 860 7,076
Depreciation
As at 1 April 2023 1,554 - 1,554
Provided during the period 1,554 284 1,838
As at 31 March 2024 3,108 284 3,392
Net Book Value
As at 31 March 2024 3,108 576 3,684
As at 1 April 2023 4,662 - 4,662
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 29,446 -
Director's loan account - 9,770
29,446 9,770
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other loans 133,275 1,133,060
Corporation tax 58,053 29,897
Accruals 1,800 2,970
Director's loan account 9,129 -
202,257 1,165,927
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 866,511 -
866,511 -
Page 5
Page 6
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Other Creditors 200,140 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Martyn Cole (9,770 ) - 9,770 - -
The above loan is unsecured, interest free and repayable on demand.
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