Company Registration No. 06036764 (England and Wales)
ABSOLUTE WEALTH MANAGEMENT LTD
Unaudited accounts
for the year ended 31 March 2024
ABSOLUTE WEALTH MANAGEMENT LTD
Unaudited accounts
Contents
ABSOLUTE WEALTH MANAGEMENT LTD
Company Information
for the year ended 31 March 2024
Directors
SIMON HARNAMAN
PETER McBRIDE
EMMA McBRIDE
Company Number
06036764 (England and Wales)
Registered Office
41 NORTH VIEW, GROUND FLOOR
WESTBURY PARK
BRISTOL
BS6 7PY
Accountants
VIRTUAL BUSINESS ACCOUNTING
10 RIDGEWAY ROAD
LONG ASHTON
BRISTOL
SOMERSET
BS41 9EU
ABSOLUTE WEALTH MANAGEMENT LTD
Statement of financial position
as at 31 March 2024
Tangible assets
2,443
2,348
Cash at bank and in hand
19,805
9,269
Creditors: amounts falling due within one year
(92,707)
(72,956)
Net current assets
33,744
50,639
Total assets less current liabilities
36,187
52,987
Creditors: amounts falling due after more than one year
(16,018)
(24,998)
Called up share capital
40
40
Profit and loss account
20,129
27,949
Shareholders' funds
20,169
27,989
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
SIMON HARNAMAN
Director
Company Registration No. 06036764
ABSOLUTE WEALTH MANAGEMENT LTD
Notes to the Accounts
for the year ended 31 March 2024
ABSOLUTE WEALTH MANAGEMENT LTD is a private company, limited by shares, registered in England and Wales, registration number 06036764. The registered office is 41 NORTH VIEW, GROUND FLOOR, WESTBURY PARK, BRISTOL, BS6 7PY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33 1/3 % on a straight line basis
Computer equipment
33 1/3 % on a straight line basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
ABSOLUTE WEALTH MANAGEMENT LTD
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
2,067
11,726
13,793
At 31 March 2024
2,270
12,709
14,979
At 1 April 2023
2,067
9,378
11,445
Charge for the year
68
1,023
1,091
At 31 March 2024
2,135
10,401
12,536
At 31 March 2024
135
2,308
2,443
At 31 March 2023
-
2,348
2,348
Amounts falling due within one year
Accrued income and prepayments
9,361
8,246
Other debtors
96,885
106,080
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,648
10,648
Trade creditors
7,221
14,556
Taxes and social security
73,038
45,952
7
Creditors: amounts falling due after more than one year
2024
2023
ABSOLUTE WEALTH MANAGEMENT LTD
Notes to the Accounts
for the year ended 31 March 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to S Harnaman
8,107
4,058
(854)
13,019
Loan to E Dupe
8,107
4,058
(854)
13,019
Loan to P McBride
3,763
1,266
(4,940)
9,969
Loan to E McBride
3,763
1,266
(4,940)
9,969
23,740
10,648
(11,588)
45,976
The above advances and credits to directors and close family members were effected during the period. The amounts paid in the year to S Harnaman and E Dupe include interest on the average loan balance calculated at HMRC's official rate.
9
Transactions with related parties
In the year ended 31st March 2022, the Company transferred its investment portfolio to a related party, S&P Holdings (Bristol) Limited, a close investment company (CIC) with common shareholders to Absolute Wealth Management Limited. Following a partial withdrawal of funds in February 2024, the net balance outstanding as at 31st March 2024 was £38,777 and this amount is disclosed within Other debtors (2023: £74,209).
In addition, the property occupied by Absolute Wealth Management Limited is owned by the trustees of a commercial Self Invested Pension Plan, which is under the beneficial ownership of one of the Company's directors and shareholders, Simon Harnaman. The Company paid a commercial rate of rent to the trustees of £10,000 (2023: £10,000).
10
Average number of employees
During the year the average number of employees was 7 (2023: 7).