Northwood Wealth Management Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 10168814 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 May 2019

for

Northwood Wealth Management Ltd

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

C G Northwood

SECRETARY:

Mrs J Northwood

REGISTERED OFFICE:

Suite 2

Victoria House

South Street

Farnham

Surrey

GU9 7QU

REGISTERED NUMBER:

10168814 (England and Wales)

ACCOUNTANTS:

Branston Adams

Suite 2, Victoria House

South Street

Farnham

Surrey

GU9 7QU

The director presents his report with the financial statements of the company for the year ended 31 May 2019.

DIRECTOR

C G Northwood held office during the whole of the period from 1 June 2018 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

C G Northwood - Director

10 December 2019

TURNOVER

433,452

418,112

Administrative expenses

297,398

289,781

136,054

128,331

Other operating income

501

-

OPERATING PROFIT

4

136,555

128,331

Interest receivable and similar income

101

15

136,656

128,346

Interest payable and similar expenses

-

23

PROFIT BEFORE TAXATION

136,656

128,323

Tax on profit

26,561

24,719

PROFIT FOR THE FINANCIAL YEAR

110,095

103,604

FIXED ASSETS

Tangible assets

5

9,179

6,778

CURRENT ASSETS

Debtors

6

36,535

40,754

Cash at bank and in hand

45,376

59,452

81,911

100,206

CREDITORS

Amounts falling due within one year

7

30,880

44,510

NET CURRENT ASSETS

51,031

55,696

TOTAL ASSETS LESS CURRENT LIABILITIES

60,210

62,474

CREDITORS

Amounts falling due after more than one year

8

(20,000

)

(20,000

)

PROVISIONS FOR LIABILITIES

(1,744

)

(1,288

)

NET ASSETS

38,466

41,186

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

18,466

21,186

38,466

41,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director on 10 December 2019 and were signed by:

C G Northwood - Director

1.	STATUTORY INFORMATION

Northwood Wealth Management Ltd is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover consists of income derived from the normal operating activities of the company during the

year, net of discounts and VAT.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

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 5 (2018 - 5 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.5.19

31.5.18

£

£

Depreciation - owned assets

3,121

1,754

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

2,170

6,672

8,842

Additions

828

4,694

5,522

At 31 May 2019

2,998

11,366

14,364

DEPRECIATION

At 1 June 2018

630

1,434

2,064

Charge for year

727

2,394

3,121

At 31 May 2019

1,357

3,828

5,185

NET BOOK VALUE

At 31 May 2019

1,641

7,538

9,179

At 31 May 2018

1,540

5,238

6,778

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

30,921

34,984

Other debtors

5,614

5,770

36,535

40,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Taxation and social security

26,106

24,178

Other creditors

4,774

20,332

30,880

44,510

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.19

31.5.18

£

£

Other creditors

20,000

20,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C G Northwood.

Mr C Northwood by virtue of his directorship and shareholding was the company's ultimate controller

throughout the current and proceeding year.