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Registered number: 08640046
PERMANENT WEALTH PARTNERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PERMANENT WEALTH PARTNERS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PERMANENT WEALTH PARTNERS LIMITED
REGISTERED NUMBER:08640046
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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PERMANENT WEALTH PARTNERS LIMITED
REGISTERED NUMBER:08640046
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The Directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.
The notes on pages 3 to 8 form part of these financial statements.
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Permanent Wealth Partners Ltd is a private limited liability company registered in England and Wales. Its registered office address is Barley Mow Workspace,10 Barley Mow Passage, London, W4 4PH.
The functional and presentational currency of the company is £ sterling.
The principal activity of the company is that of financial planning and advisory services, authorised and regulated by the Financial Conduct Authority FRN: 960049.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents amounts receivable from the provision of services, excluding Value Added Tax.
Revenue from services is recognised when the service is provided and the right to receive consideration is established.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Basic financial instruments
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The company only enters into transactions that result in the recognition of basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable.
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. Where employees of the company have opted out of the workplace pension scheme, the company contributes to individual defined contribution plans for its employees. The company pays fixed contributions into the separate legal entity of the employee’s pension and once the contributions have been paid, the company has no further obligations with regards to the management or performance of the pension policy.
The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the employees’ defined contribution plans are entirely separately from the company, being administered by the pension provider in each case.
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The average monthly number of employees, including directors, during the year was 9 (2023 - 8).
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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Included within other debtors due within one year are amounts owed by the directors of £82,899 (2023 - £13,208). The loan was repaid within 9 months of the year end.
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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PERMANENT WEALTH PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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5,252 Ordinary shares of £1 each
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4,298 Ordinary A shares of £1 each
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450 Ordinary B shares of £1 each
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2 Ordinary C shares of £1 each
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On 30th September 2024 the company issued 450 Ordinary B shares of £1 each and 2 Ordinary C shares of £1 each. All classes of shares rank pari passu with each other.
The company makes pension contributions to individual defined contribution plans for its employees. The company pays fixed contributions into the separate legal entity of the employee’s pension and once the contributions have been paid the company has no further obligations with regards to the management or performance of the pension policy.
The pension cost charged by the company in the year amounted to £33,811 (2023 - £35,777). Contributions totalling £3,602 (2023 - £3,882) were payable to the fund at the reporting date and are included within creditors due within one year.
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Commitments under operating leases
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At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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