Bow House Wealth Management Limited - Period Ending 2019-07-31
Bow House Wealth Management Limited - Period Ending 2019-07-31
Registration number:
for the Period from 1 April 2018 to
Bow House Wealth Management Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Bow House Wealth Management Limited
(Registration number: 07775614)
Balance Sheet as at 31 July 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
20,680 |
20,680 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Bow House Wealth Management Limited
(Registration number: 07775614)
Balance Sheet as at 31 July 2019
Approved and authorised by the
.........................................
Director
Page 2 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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.
Basis of preparation
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of financial advisory services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 3 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
Asset class |
Depreciation method and rate |
Office Equipment |
25% reducing balance basis |
Plant & Equipment |
25% reducing balance basis |
Fixturs & Fittings |
25% reducing balance basis |
Property Improvements |
25% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible assets other than goodwill |
Amortised over 5 years |
Goodwill |
Amortised over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for financial advisory services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 4 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 July 2019 |
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Amortisation |
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At 1 April 2018 |
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At 31 July 2019 |
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Carrying amount |
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At 31 July 2019 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Page 5 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
Tangible assets |
Property Improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
- |
- |
- |
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At 31 July 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the period |
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At 31 July 2019 |
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Carrying amount |
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At 31 July 2019 |
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At 31 March 2018 |
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Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 July 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the period |
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At 31 July 2019 |
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Carrying amount |
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At 31 July 2019 |
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At 31 March 2018 |
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Page 6 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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Fair value adjustments |
20,680 |
20,680 |
At 31 July 2019 |
20,680 |
20,680 |
Impairment |
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Carrying amount |
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At 31 July 2019 |
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20,680 |
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 7 |
Bow House Wealth Management Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 July 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Transactions with directors |
2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
Interest |
At 31 July 2019 |
L J Benson |
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Directors Loan Account |
114,568 |
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( |
6,258 |
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Page 8 |