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Registration number: 02473769

Bowmore Wealth Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Bowmore Wealth Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bowmore Wealth Group Limited

Company Information

Directors

Mr M W Incledon

Ms G Millen

Mr O J Webster-Smith

Mr Charles Incledon

Company secretary

Mr M W Incledon

Mr Charles Incledon

Registered office

Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

Accountants

Newsham Hanson Accountants Limited
Accountants & Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Bowmore Wealth Group Limited

(Registration number: 02473769)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,024,856

3,293,945

Tangible assets

5

49,061

49,604

Investments

6

247,733

247,733

 

4,321,650

3,591,282

Current assets

 

Debtors

7

1,076,283

899,435

Other financial assets

667,964

-

Cash at bank and in hand

 

601,691

1,267,155

 

2,345,938

2,166,590

Creditors: Amounts falling due within one year

8

(1,154,956)

(650,775)

Net current assets

 

1,190,982

1,515,815

Total assets less current liabilities

 

5,512,632

5,107,097

Creditors: Amounts falling due after more than one year

8

(106,095)

(168,850)

Provisions for liabilities

(2,979)

(1,905)

Net assets

 

5,403,558

4,936,342

Capital and reserves

 

Called up share capital

100,000

100,000

Share premium reserve

3,380,900

3,380,900

Capital redemption reserve

36,842

36,842

Retained earnings

1,885,816

1,418,600

Shareholders' funds

 

5,403,558

4,936,342

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bowmore Wealth Group Limited

(Registration number: 02473769)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr M W Incledon
Company secretary and director

.........................................
Ms G Millen
Director

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company, and the group headed by it, qualify as small as set out in section 383 of the 2016 Companies Act and the group are considered eligible for the exemption as determined by reference to sections 384 and 399(2A) of the Act.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

33% straight line basis

Fixtures & equipment

25% straight line basis

Office equipment

33% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33% straight line

Goodwill on subsidiaries

20% straight line

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 26).

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

4,055,722

38,737

4,094,459

Additions acquired separately

945,000

-

945,000

At 30 June 2024

5,000,722

38,737

5,039,459

Amortisation

At 1 July 2023

791,600

8,914

800,514

Amortisation charge

210,776

3,313

214,089

At 30 June 2024

1,002,376

12,227

1,014,603

Carrying amount

At 30 June 2024

3,998,346

26,510

4,024,856

At 30 June 2023

3,264,122

29,823

3,293,945

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

37,146

132,251

169,397

Additions

-

10,787

10,787

At 30 June 2024

37,146

143,038

180,184

Depreciation

At 1 July 2023

-

119,793

119,793

Charge for the year

-

11,330

11,330

At 30 June 2024

-

131,123

131,123

Carrying amount

At 30 June 2024

37,146

11,915

49,061

At 30 June 2023

37,146

12,458

49,604

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Included within the net book value of land and buildings above is £37,146 (2023 - £37,146) in respect of short leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

247,733

247,733

Subsidiaries

£

Cost or valuation

At 1 July 2023

247,733

Provision

Carrying amount

At 30 June 2024

247,733

At 30 June 2023

247,733

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Details of undertakings

7

Debtors

Current

2024
£

2023
£

Trade debtors

893,440

761,753

Prepayments

133,443

129,042

Other debtors

49,400

8,640

 

1,076,283

899,435

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

63,803

64,848

trade creditors

 

179,346

120,634

Amounts owed to related parties

467

467

Taxation and social security

 

92,452

99,237

Other creditors

 

818,888

365,589

 

1,154,956

650,775

Due after one year

 

Loans and borrowings

9

106,095

168,850

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

106,095

168,850

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

106,095

168,850

Current loans and borrowings

 

Bowmore Wealth Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Bank borrowings

63,803

64,848