4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 426,850 367,930 42,679 410,609 16,241 58,920 xbrli:pure xbrli:shares iso4217:GBP 08987337 2023-05-01 2024-04-30 08987337 2024-04-30 08987337 2023-04-30 08987337 2022-05-01 2023-04-30 08987337 2023-04-30 08987337 2022-04-30 08987337 core:MotorVehicles 2023-05-01 2024-04-30 08987337 bus:Director1 2023-05-01 2024-04-30 08987337 core:NetGoodwill 2023-04-30 08987337 core:NetGoodwill 2024-04-30 08987337 core:MotorVehicles 2023-04-30 08987337 core:MotorVehicles 2024-04-30 08987337 core:WithinOneYear 2024-04-30 08987337 core:WithinOneYear 2023-04-30 08987337 core:AfterOneYear 2024-04-30 08987337 core:AfterOneYear 2023-04-30 08987337 core:ShareCapital 2024-04-30 08987337 core:ShareCapital 2023-04-30 08987337 core:RetainedEarningsAccumulatedLosses 2024-04-30 08987337 core:RetainedEarningsAccumulatedLosses 2023-04-30 08987337 core:NetGoodwill 2023-05-01 2024-04-30 08987337 core:NetGoodwill 2023-04-30 08987337 core:MotorVehicles 2023-04-30 08987337 bus:SmallEntities 2023-05-01 2024-04-30 08987337 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08987337 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08987337 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08987337 bus:FullAccounts 2023-05-01 2024-04-30 08987337 core:OfficeEquipment 2023-05-01 2024-04-30 08987337 core:OfficeEquipment 2024-04-30 08987337 core:OfficeEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 08987337
Robert Hobson Wealth Management Limited
Filleted Unaudited Financial Statements
For the Year Ended
30 April 2024
Robert Hobson Wealth Management Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
16,241
58,920
Tangible assets
6
31,118
36,506
---------
---------
47,359
95,426
Current Assets
Debtors
7
24,722
21,364
Cash at bank and in hand
4,487
4,903
---------
---------
29,209
26,267
Creditors: amounts falling due within one year
8
59,358
68,249
---------
---------
Net Current Liabilities
30,149
41,982
---------
---------
Total Assets Less Current Liabilities
17,210
53,444
Creditors: amounts falling due after more than one year
9
31,017
56,473
---------
---------
Net Liabilities
( 13,807)
( 3,029)
---------
---------
Robert Hobson Wealth Management Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 13,907)
( 3,129)
---------
-------
Shareholders Deficit
( 13,807)
( 3,029)
---------
-------
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 year ending 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 January 2025 , and are signed on behalf of the board by:
R G Hobson
Director
Company registration number: 08987337
Robert Hobson Wealth Management Limited
Notes to the Financial Statements
Year Ended 30th April 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 Middleborough House, 16 Middleborough, Colchester, CO1 1QT, Essex.
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.
Revenue Recognition
The turnover shown in the profit and loss account represents amounts fees received during the year.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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 years
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicle
-
20% straight line
Office equipment
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 year amounted to 4 (2023: 4 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st May 2023 and 30th April 2024
426,850
----------
Amortisation
At 1st May 2023
367,930
Charge for the year
42,679
----------
At 30th April 2024
410,609
----------
Carrying amount
At 30th April 2024
16,241
----------
At 30th April 2023
58,920
----------
6. Tangible Assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1st May 2023 and 30th April 2024
42,951
6,639
49,590
---------
-------
---------
Depreciation
At 1st May 2023
7,635
5,449
13,084
Charge for the year
5,090
298
5,388
---------
-------
---------
At 30th April 2024
12,725
5,747
18,472
---------
-------
---------
Carrying amount
At 30th April 2024
30,226
892
31,118
---------
-------
---------
At 30th April 2023
35,316
1,190
36,506
---------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
24,010
20,608
Other debtors
712
756
---------
---------
24,722
21,364
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,389
31,827
Trade creditors
10,016
8,255
Corporation tax
24,014
18,864
Social security and other taxes
681
708
Other creditors
8,258
8,595
---------
---------
59,358
68,249
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,098
32,410
Other creditors
17,919
24,063
---------
---------
31,017
56,473
---------
---------