Interim Wealth Management Limited - Period Ending 2018-05-31

For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have 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.

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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Turnover comprises the value of services supplied by the company. Revenue is recognised on the basis of the degree of completion of the services provided.

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Goodwill is the difference between the amount paid on acquisition of a business and the aggregate fair value of its separable net assets. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is being written off in equal annual instalments over its estimated useful life of five years.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

The company contributes to defined contribution pension schemes. The pension costs charged in the financial statements represent the contributions payable by the company during the year. Any outstanding contributions at the end of the year are included in other creditors.

On 14 July 2015 the company acquired the goodwill of another financial services business for consideration of £1 plus further consideration payable for three years up to a maximum consideration of £105,000. The further consideration is being accounted for as and when it is paid. The goodwill on this acquisition will be written off in equal instalments over its estimated economic life of five years.