Thomas Westcott Financial Management Limited 30/04/2019 iXBRL

Thomas Westcott Financial Management Limited 30/04/2019 iXBRL

WESTCOTTS FINANCIAL MANAGEMENT LIMITED - Company Information

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Company registration number: 4342122
Thomas Westcott Financial Management Limited
Unaudited filleted financial statements
30 April 2019
THOMAS WESTCOTT FINANCIAL MANAGEMENT LIMITED
Contents
Statement of financial position
Notes to the financial statements
THOMAS WESTCOTT FINANCIAL MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 8,858 9,632
_______ _______
8,858 9,632
Current assets
Debtors 6 156,673 125,689
Cash at bank and in hand 227,840 194,566
_______ _______
384,513 320,255
Creditors: amounts falling due
within one year 7 ( 138,905) ( 168,263)
_______ _______
Net current assets 245,608 151,992
_______ _______
Total assets less current liabilities 254,466 161,624
_______ _______
Net assets 254,466 161,624
_______ _______
Capital and reserves
Called up share capital 8 1,000 1
Profit and loss account 9 253,466 161,623
_______ _______
Shareholders funds 254,466 161,624
_______ _______
For the year ending 30 April 2019 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2019 , and are signed on behalf of the board by:
Mrs S. E. Godefroy Mr S. A. Cresswell
Director Director
Company registration number: 4342122
THOMAS WESTCOTT FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thomas Westcott Financial Management Limited , 26 - 28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is that of the provision of financial advice regarding investments, life insurances and pensions.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the total fees and commission receivable in respect of services provided during the year. The cut-off date for the inclusion of income in these accounts, in respect of fees and commissions generated during this accounting period is 30 September 2019.Claw-back of commissions are accounted for as soon as they are known.The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Fittings fixtures and equipment - 20% and 25% Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2018: 9 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2018 25,859 25,859
Additions 2,150 2,150
_______ _______
At 30 April 2019 28,009 28,009
_______ _______
Depreciation
At 1 May 2018 16,227 16,227
Charge for the year 2,924 2,924
_______ _______
At 30 April 2019 19,151 19,151
_______ _______
Carrying amount
At 30 April 2019 8,858 8,858
_______ _______
At 30 April 2018 9,632 9,632
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 156,673 125,689
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 6,013 58,043
Accruals and deferred income 1,896 3,222
Social security and other taxes 130,996 106,998
_______ _______
138,905 168,263
_______ _______
8. Called up share capital
On 27 June 2018 the 2 issued ordinary shares of 10 pence were sub-divided into 20 issued ordinary shares of 1 pence each.In addition 99,980 ordinary shares of 1 pence each were issued and fully paid.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.