Harrogate Wealth Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09965163 (England and Wales)

Harrogate Wealth Management Limited

Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L N Hurst

Mr R A Zoing

SECRETARY:

Mr L N Hurst

REGISTERED OFFICE:

Windsor House

Cornwall Road

Harrogate

North Yorkshire

HG1 2PW

REGISTERED NUMBER:

09965163 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

17,060

20,952

CURRENT ASSETS

Debtors

5

14,019

17,730

Cash at bank and in hand

50,548

33,583

64,567

51,313

CREDITORS

Amounts falling due within one year

6

68,436

42,513

NET CURRENT (LIABILITIES)/ASSETS

(3,869

)

8,800

TOTAL ASSETS LESS CURRENT LIABILITIES

13,191

29,752

PROVISIONS FOR LIABILITIES

3,241

3,981

NET ASSETS

9,950

25,771

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9,850

25,671

SHAREHOLDERS' FUNDS

9,950

25,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2020 and were signed on its behalf by:

Mr L N Hurst - Director

1.	STATUTORY INFORMATION

Harrogate Wealth Management Limited 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.

The functional and presentational currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless other wise stated.

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.

Going concern - Coronavirus Pandemic

The Directors have considered the risks and uncertainties arising from the coronavirus pandemic which began to take effect on a global scale from February 2020 onwards. Since the start of the company's new financial year, despite the pandemic, revenues have been buoyant and the Directors' expectations are for an improvement in the financial year to 31 March 2021. The Directors have decided not to make use of Government support via the Coronavirus Job Retention Scheme but have taken out a Bounce Back loan. Whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the Directors believe that in view of the above assessment, the company should be able to operate within the level of its financial facilities. Accordingly, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing these financial statements.

Turnover

Turnover represents commission and fees receivable at the inception date of the policy. Alterations in commission arising from premium adjustments are taken into account as and when such adjustments are notified.

Tangible fixed assets

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

Office equipment

-

25% on reducing balance

Fixed assets are initially recorded at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Information" and Section 12 "Other Financial Issues" of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 April 2019

32,458

Disposals

(148

)

At 31 March 2020

32,310

DEPRECIATION

At 1 April 2019

11,506

Charge for year

3,744

At 31 March 2020

15,250

NET BOOK VALUE

At 31 March 2020

17,060

At 31 March 2019

20,952

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

-

242

Directors' current accounts

-

5,000

VAT

-

697

Prepayments and accrued income

14,019

11,791

14,019

17,730

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

19,009

20,215

Tax

27,914

18,187

Social security and other taxes

3,157

2,661

VAT

9

-

Other creditors

2,097

-

Directors' current accounts

12,000

-

Accruals and deferred income

4,250

1,450

68,436

42,513

7.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

20,040

-

Between one and five years

31,975

-

52,015

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

40

Ordinary A

£1

40

40

40

Ordinary B

£1

40

40

10

Ordinary C

£1

10

10

10

Ordinary D

£1

10

10

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2020 and the period ended 31 March 2019:

2020

2019

£

£

Mr L N Hurst

Balance outstanding at start of year

2,500

-

Amounts advanced

-

2,500

Amounts repaid

(2,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,500

Mr R A Zoing

Balance outstanding at start of year

2,500

-

Amounts advanced

-

2,500

Amounts repaid

(2,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,500

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £82,744 (2019 - £35,000) were paid to the directors .