20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 323,212 70,817 24,240 95,057 228,155 252,395 2,600 49,740 52,340 172,547 103,546 69,001 121,341 175,147 xbrli:pure xbrli:shares iso4217:GBP 3103550 2023-07-01 2024-03-31 3103550 2024-03-31 3103550 2023-06-30 3103550 2022-07-01 2023-06-30 3103550 2023-06-30 3103550 2022-06-30 3103550 core:NetGoodwill 2023-07-01 2024-03-31 3103550 core:FurnitureFittings 2023-07-01 2024-03-31 3103550 bus:Director1 2023-07-01 2024-03-31 3103550 core:NetGoodwill 2023-06-30 3103550 core:NetGoodwill 2024-03-31 3103550 core:FurnitureFittings 2023-06-30 3103550 core:FurnitureFittings 2024-03-31 3103550 core:WithinOneYear 2024-03-31 3103550 core:WithinOneYear 2023-06-30 3103550 core:ShareCapital 2024-03-31 3103550 core:ShareCapital 2023-06-30 3103550 core:RetainedEarningsAccumulatedLosses 2024-03-31 3103550 core:RetainedEarningsAccumulatedLosses 2023-06-30 3103550 core:NetGoodwill 2023-06-30 3103550 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 3103550 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 3103550 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 3103550 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-06-30 3103550 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2024-03-31 3103550 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-03-31 3103550 core:Non-currentFinancialInstruments 2024-03-31 3103550 core:Non-currentFinancialInstruments 2023-06-30 3103550 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 3103550 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 3103550 core:FurnitureFittings 2023-06-30 3103550 bus:SmallEntities 2023-07-01 2024-03-31 3103550 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-03-31 3103550 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 3103550 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-03-31 3103550 bus:FullAccounts 2023-07-01 2024-03-31 3103550 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-06-30 3103550 core:OfficeEquipment 2023-07-01 2024-03-31 3103550 core:OfficeEquipment 2024-03-31 3103550 core:OfficeEquipment 2023-06-30 3103550 core:EntityControlledByKeyManagementPersonnel1 2023-07-01 2024-03-31 3103550 core:EntitiesControlledByKeyManagementPersonnel 2023-06-30
COMPANY REGISTRATION NUMBER: 3103550
Tower House Wealth Management Limited
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
Tower House Wealth Management Limited
Statement of Financial Position
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
£
Fixed assets
Intangible assets
5
228,155
252,395
Tangible assets
6
693
1,212
Investments
7
121,341
175,147
---------
---------
350,189
428,754
Current assets
Debtors
8
170,798
607,604
Cash at bank and in hand
1,338,788
700,647
------------
------------
1,509,586
1,308,251
Creditors: amounts falling due within one year
9
205,618
163,803
------------
------------
Net current assets
1,303,968
1,144,448
------------
------------
Total assets less current liabilities
1,654,157
1,573,202
Provisions
Taxation including deferred tax
173
14,348
------------
------------
Net assets
1,653,984
1,558,854
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
1,653,784
1,558,654
------------
------------
Shareholders funds
1,653,984
1,558,854
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tower House Wealth Management Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 December 2024 , and are signed on behalf of the board by:
P F Tutin
Director
Company registration number: 3103550
Tower House Wealth Management Limited
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents commissions receivable during the year and is inclusive of accrued income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 20 (2023: 23 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 31 March 2024
323,212
---------
Amortisation
At 1 July 2023
70,817
Charge for the period
24,240
---------
At 31 March 2024
95,057
---------
Carrying amount
At 31 March 2024
228,155
---------
At 30 June 2023
252,395
---------
During the year the company acquired clients from fellow members of St James's Place Wealth Management Plc, for total consideration of £nil (2023: £1,040).
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2023 and 31 March 2024
3,964
798
4,762
-------
----
-------
Depreciation
At 1 July 2023
2,752
798
3,550
Charge for the period
519
519
-------
----
-------
At 31 March 2024
3,271
798
4,069
-------
----
-------
Carrying amount
At 31 March 2024
693
693
-------
----
-------
At 30 June 2023
1,212
1,212
-------
----
-------
7. Investments
Listed Investments
£
Cost
At 1 July 2023
2,600
Additions
49,740
--------
At 31 March 2024
52,340
--------
Revaluations
At 1 July 2023
( 172,547)
Revaluations
103,546
---------
At 31 March 2024
( 69,001)
---------
Carrying amount
At 31 March 2024
121,341
---------
At 30 June 2023
175,147
---------
8. Debtors
31 Mar 24
30 Jun 23
£
£
Other debtors
170,798
607,604
---------
---------
9. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Trade creditors
9,112
4,886
Social security and other taxes
115,898
95,940
Other creditors
80,608
62,977
---------
---------
205,618
163,803
---------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Mar 24
30 Jun 23
£
£
Included in provisions
173
14,348
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
30 Jun 23
£
£
Accelerated capital allowances
173
303
Other revaluations
14,045
----
--------
173
14,348
----
--------
11. Related party transactions
The company is controlled by the partners of Streets Management Services , a partnership which provides staff and accommodation which is invoiced to this company. The partners of Streets Management Services also control a number of other companies and limited liability partnerships. At the end of the reporting period the company was owed £nil (2023: £ 480,000 ) by Streets Management Services. No interest was charged and no amounts were written off. The company did not enter into any further transactions during the current or previous year that would require disclosure in accordance with FRS 102 section 1A.