St Edmundsbury Wealth Management Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11382112 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

St Edmundsbury Wealth Management Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

4

37,632

88,736

Tangible assets

5

171,285

176,378

Investments

6

64,741

25,542

273,658

290,656

Current assets

Debtors

7

715,643

729,154

Cash at bank and in hand

120,275

161,591

835,918

890,745

Creditors

Amounts falling due within one year

8

(336,998

)

(352,315

)

Net current assets

498,920

538,430

Total assets less current liabilities

772,578

829,086

Creditors

Amounts falling due after more than one year

9

(166,541

)

(685,546

)

Provisions for liabilities

(10,217

)

(5,393

)

Net assets

595,820

138,147

Capital and reserves

Called up share capital

18,000

2,000

Retained earnings

577,820

136,147

595,820

138,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2023 and were signed on its behalf by:

Mr A M Speed - Director

1.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Guildhall Financial Services is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Long leasehold

-

20% on cost

Motor vehicles

-

25% p.a. reducing balance basis

Computer equipment

-

20% p.a. reducing balance basis

Investments in associates

Investments in associate undertakings are recognised at cost less any provision for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 17 (2021 - 15 ) .

4.	Intangible fixed assets

Guildhall

Financial

Services

£

Cost

At 1 January 2022

and 31 December 2022

255,520

Amortisation

At 1 January 2022

166,784

Amortisation for year

51,104

At 31 December 2022

217,888

Net book value

At 31 December 2022

37,632

At 31 December 2021

88,736

5.	Tangible fixed assets

Long

Motor

Computer

leasehold

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2022

81,659

27,633

100,670

209,962

Additions

-

-

34,348

34,348

At 31 December 2022

81,659

27,633

135,018

244,310

Depreciation

At 1 January 2022

12,249

4,030

17,305

33,584

Charge for year

16,332

5,901

17,208

39,441

At 31 December 2022

28,581

9,931

34,513

73,025

Net book value

At 31 December 2022

53,078

17,702

100,505

171,285

At 31 December 2021

69,410

23,603

83,365

176,378

6.	Fixed asset investments

Other

investments

£

Cost or valuation

At 1 January 2022

25,542

Additions

44,000

Revaluations

(4,801

)

At 31 December 2022

64,741

Net book value

At 31 December 2022

64,741

At 31 December 2021

25,542

Cost or valuation at 31 December 2022 is represented by:

Other

investments

£

Valuation in 2022

64,741

7.

Debtors: amounts falling due within one year

31.12.22

31.12.21

£

£

Trade debtors

4,847

9,009

Other debtors

710,796

720,145

715,643

729,154

8.

Creditors: amounts falling due within one year

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

9,340

Trade creditors

86,526

97,225

Taxation and social security

182,497

135,955

Other creditors

57,975

109,795

336,998

352,315

9.

Creditors: amounts falling due after more than one year

31.12.22

31.12.21

£

£

Bank loans

24,177

34,837

Other creditors

142,364

650,709

166,541

685,546

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

8,342

-

Between one and five years

9,037

-

17,379

-