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No description of principal activity
2024-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
424,637
113,973
10,499
321,163
321,163
424,637
xbrli:pure
xbrli:shares
iso4217:GBP
01102335
2024-04-01
2025-03-31
01102335
2025-03-31
01102335
2024-03-31
01102335
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2024-03-31
01102335
2024-03-31
01102335
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01102335
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2024-04-01
2025-03-31
01102335
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2024-04-01
2025-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2024-03-31
01102335
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core:Non-currentFinancialInstruments
2025-03-31
01102335
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core:RevaluationsIncreaseDecreaseInInvestments
2025-03-31
01102335
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core:Non-currentFinancialInstruments
2025-03-31
01102335
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2025-03-31
01102335
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2024-03-31
01102335
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2025-03-31
01102335
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2024-04-01
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2025-03-31
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2024-04-01
2025-03-31
|
Independent Wealth Management Consultants Limited |
|
|
Unaudited financial statements |
|
Company Registration Number
01102335
|
Independent Wealth Management Consultants Limited |
|
year ended 31 March 2025
|
Notes to the financial statements |
3 to 5 |
|
|
|
Independent Wealth Management Consultants Limited |
|
31 March 2025
Fixed assets
|
Investments |
5 |
321,163 |
424,637 |
|
|
|
|
Current assets
|
Debtors |
6 |
54,179 |
63,498 |
|
Cash at bank and in hand |
653,890 |
398,034 |
|
--------- |
--------- |
|
708,069 |
461,532 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
58,384 |
49,561 |
|
--------- |
--------- |
|
Net current assets |
649,685 |
411,971 |
|
--------- |
--------- |
|
Total assets less current liabilities |
970,848 |
836,608 |
|
--------- |
--------- |
|
Net assets |
970,848 |
836,608 |
|
--------- |
--------- |
|
|
|
|
|
Independent Wealth Management Consultants Limited |
|
|
Balance sheet (continued) |
|
31 March 2025
Capital and reserves
|
Called up share capital |
46,322 |
46,322 |
|
Share premium account |
8 |
471,203 |
471,203 |
|
Capital redemption reserve |
8 |
11,044 |
11,044 |
|
Profit and loss account |
8 |
442,279 |
308,039 |
|
--------- |
--------- |
|
Shareholders funds |
970,848 |
836,608 |
|
--------- |
--------- |
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 March 2025 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 year 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 April 2025
, and are signed on behalf of the board by:
|
Mrs Y Cooper |
Mrs K Lee |
|
Director |
Director |
|
|
Company registration number:
01102335
|
Independent Wealth Management Consultants Limited |
|
|
Notes to the financial statements |
|
year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Grove Street, Retford, Nottinghamshire, DN22 6JP.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
|
Office equipment |
- |
15% reducing balance |
|
|
|
|
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.
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.
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
10
(2024:
10
).
5.
Investments
|
Other investments other than loans |
|
£ |
|
|
|
Cost |
|
|
At 1 April 2024 |
424,637 |
|
Disposals |
(
113,973) |
|
Revaluations |
10,499 |
|
--------- |
|
At 31 March 2025 |
321,163 |
|
--------- |
|
Impairment |
|
|
At 1 April 2024 and 31 March 2025 |
– |
|
--------- |
|
|
|
Carrying amount |
|
|
At 31 March 2025 |
321,163 |
|
--------- |
|
At 31 March 2024 |
424,637 |
|
--------- |
|
|
6.
Debtors
|
Trade debtors |
7,113 |
4,412 |
|
Other debtors |
47,066 |
59,086 |
|
-------- |
-------- |
|
54,179 |
63,498 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
Trade creditors |
521 |
583 |
|
Corporation tax |
39,405 |
29,264 |
|
Social security and other taxes |
14,379 |
15,523 |
|
Other creditors |
4,079 |
4,191 |
|
-------- |
-------- |
|
58,384 |
49,561 |
|
-------- |
-------- |
|
|
|
8.
Reserves
It is noted that in the next financial year, the Directors intend to seek approval from the shareholders and HMRC to move value held in the Share Premium Account and Capital Redemption Reserve to the Profit and Loss Account to use to fund future shareholder buy back offers.
9.
Related party transactions
During the year the Company paid consultancy fees of £45,000 (2024 - £46,507) to Malom Accountancy and Payroll Ltd, a company which is owned by the directors.