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Registered number: 09601512
FS Wealth Management Ltd
Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
Steve Pye & Co.
Chartered Certified Accountants
Unit 10 Aylsham Business Park
Richard Oakes Road
Aylsham, Norwich
Norfolk
NR11 6FD
Contents
Page
Company Information 1
Directors' Report 2
Independent Auditor's Report 3—5
Statement of Income and Retained Earnings 6
Statement of Financial Position 7
Statement of Cash Flows 8
Notes to the Statement of Cash Flows 9
Notes to the Financial Statements 10—12
Page 1
Company Information
Directors Mr Andrew Parkes
Mr Scott Oliver
Company Number 09601512
Registered Office North Wood Place Octagon Business Park
Little Plumstead
Norwich
NR13 5FH
Accountants Steve Pye & Co.
Chartered Certified Accountants
Unit 10 Aylsham Business Park
Richard Oakes Road
Aylsham, Norwich
Norfolk
NR11 6FD
Auditors Cunninghams
Statutory Auditors
Number Sixty One Alexandra Road
Lowestoft
Suffolk
NR32 1PL
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors
The directors who held office during the year were as follows:
Mr Andrew Parkes
Mr Scott Oliver
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Cunninghams, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
Small Company Rules
This report has 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.
On behalf of the board
Mr Andrew Parkes
Director
25 April 2025
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Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of FS Wealth Management Ltd for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit, or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures conducted for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • Enquiry of management around actual and potential litigation and claims;
  • Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
  • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
  • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Benjamin Lynes (Senior Statutory Auditor)
for and on behalf of Cunninghams , Statutory Auditor
30 April 2025
Cunninghams
Statutory Auditors
Number Sixty One Alexandra Road
Lowestoft
Suffolk
NR32 1PL
Page 5
Page 6
Statement of Income and Retained Earnings
2025 2024
Notes £ £
TURNOVER 1,111,412 995,676
GROSS PROFIT 1,111,412 995,676
Administrative expenses (259,493 ) (232,889 )
OPERATING PROFIT 851,919 762,787
Interest payable and similar charges (442 ) (439 )
PROFIT BEFORE TAXATION 851,477 762,348
Tax on Profit (218,469 ) (190,865 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 633,008 571,483
RETAINED EARNINGS
As at 1 April 2024 884,458 792,975
Dividends paid (680,000) (480,000)
As at 31 March 2025 837,466 884,458
The notes on pages 9 to 12 form part of these financial statements.
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Statement of Financial Position
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,954 3,634
Investments 6 - 100,000
2,954 103,634
CURRENT ASSETS
Debtors 7 120,803 116,127
Cash at bank and in hand 1,040,475 960,589
1,161,278 1,076,716
Creditors: Amounts Falling Due Within One Year 8 (276,027 ) (244,983 )
NET CURRENT ASSETS (LIABILITIES) 885,251 831,733
TOTAL ASSETS LESS CURRENT LIABILITIES 888,205 935,367
PROVISIONS FOR LIABILITIES
Deferred Taxation (738 ) (908 )
NET ASSETS 887,467 934,459
CAPITAL AND RESERVES
Called up share capital 9 50,001 50,001
Income Statement 837,466 884,458
SHAREHOLDERS' FUNDS 887,467 934,459
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Andrew Parkes
Director
25 April 2025
The notes on pages 9 to 12 form part of these financial statements.
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Statement of Cash Flows
2025 2024
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 851,164 764,219
Interest paid (442 ) (439 )
Tax paid (190,836 ) (145,266 )
Net cash generated from operating activities 659,886 618,514
Cash flows from investing activities
Purchase of other fixed asset investments (100,000 ) (100,000 )
Cash flows from financing activities
Equity dividends paid (480,000 ) (480,000 )
Increase in cash and cash equivalents 79,886 38,514
Cash and cash equivalents at beginning of year 2 960,589 922,075
Cash and cash equivalents at end of year 2 1,040,475 960,589
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2025 2024
£ £
Profit for the financial year 633,008 571,483
Adjustments for:
Tax on profit 218,469 190,865
Interest expense 442 439
Depreciation of tangible assets 680 998
Movements in working capital:
Increase in trade and other debtors (4,676 ) (4,333 )
Increase in trade and other creditors 3,241 4,767
Net cash generated from operations 851,164 764,219
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2025 2024
£ £
Cash at bank and in hand 1,040,475 960,589
3. Analysis of changes in net funds
As at 1 April 2024 Cash flows As at 31 March 2025
£ £ £
Cash at bank and in hand 960,589 79,886 1,040,475
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Notes to the Financial Statements
1. General Information
FS Wealth Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09601512 . The registered office is North Wood Place Octagon Business Park, Little Plumstead, Norwich, NR13 5FH.  The presentation currency of the financial statements is the Pound Sterling (£).
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. 
2.3. 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 15% RB
Computer Equipment 20% RB
2.4. Investments
Investments have been valued at cost less impairment as their fair value cannot be ascertained reliably.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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.
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3. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2025 2024
£ £
Audit Services
Audit of the company's financial statements 3,195 2,675
4. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 4)
2 4
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 3,018 11,204 14,222
As at 31 March 2025 3,018 11,204 14,222
Depreciation
As at 1 April 2024 2,106 8,482 10,588
Provided during the period 137 543 680
As at 31 March 2025 2,243 9,025 11,268
Net Book Value
As at 31 March 2025 775 2,179 2,954
As at 1 April 2024 912 2,722 3,634
6. Investments
Other
£
Cost
As at 1 April 2024 100,000
Additions 100,000
Disposals (200,000 )
As at 31 March 2025 -
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 100,000
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7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 98,495 93,462
Other debtors 22,308 22,665
120,803 116,127
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Amounts owed to participating interests - 2
Other creditors 4,570 4,100
Taxation and social security 271,457 240,881
276,027 244,983
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 50,001 50,001
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