Aspinalls Management Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07091282 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2019 TO 5 APRIL 2020

FOR

ASPINALLS MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Statement of Financial Position

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

S Dunn

J N J Hoyland

R H Ibbotson

P Patient

M E Waller

SECRETARY:

L A R Paris

REGISTERED OFFICE:

Russell House

High Street

Edgware

Middlesex

HA8 7LW

REGISTERED NUMBER:

07091282 (England and Wales)

AUDITORS:

Moore Kingston Smith LLP

Devonshire House

60 Goswell Road

London

EC1M 7AD

The directors present their report with the financial statements of the company for the period 1 January 2019 to 5 April 2020.

REPORTING PERIOD EXTENSION

The current reporting period end was extended from 31 December 2019 to 5 April 2020 in order to bring the reporting period in line with the rest of the group. As a result of this change we acknowledge that the figures in the comparative period are not entirely comparable to those in the current period.

UNAUDITED COMPARATIVES

The figures from the prior year were not audited as the company did not require a statutory audit under the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of management and consultancy services.

REVIEW OF BUSINESS

The results for 2020 reflect a turnover of £329,546 (2018: £388,877) . The decrease in turnover resulted in a higher trading loss of £15,061 (2018: Loss £5,733).

The Company's capital and reserves decreased by £15,061 to £311,069 (2018: £326,130).

The Board monitors the progress of the company's performance and the individual strategic elements on a monthly basis by reference to two KPI's;

1. Profits

2. Turnover

DIRECTORS

The directors who have held office during the period from 1 January 2019 to the date of this report are as follows:

D B H Aspinall - resigned 27 January 2020

M R A Carlton - appointed 27 January 2020

S Dunn - appointed 27 January 2020

G J Festa - appointed 27 January 2020

J N J Hoyland - appointed 27 January 2020

R H Ibbotson - appointed 27 January 2020

P Patient - appointed 27 January 2020

M E Waller - appointed 27 January 2020

M R A Carlton and G J Festa ceased to be directors after 5 April 2020 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Moore Kingston Smith LLP were appointed as auditors during the year.

The auditors, Moore Kingston Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

L A R Paris - Secretary

17 November 2020

Opinion

We have audited the financial statements of Aspinalls Management Limited (the 'company') for the period ended 5 April 2020 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 5 April 2020 and of its loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

The corresponding figures in the financial statements of Aspinalls Management Limited were not audited as the company did not require a statutory audit under the Companies Act 2006 in the prior year.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Matthews (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP

Devonshire House

60 Goswell Road

London

EC1M 7AD

17 November 2020

TURNOVER

329,546

388,877

Administrative expenses

(344,607

)

(394,856

)

OPERATING LOSS

4

(15,061

)

(5,979

)

Interest receivable and similar income

-

246

LOSS BEFORE TAXATION

(15,061

)

(5,733

)

Tax on loss

5

-

17

LOSS FOR THE FINANCIAL PERIOD

(15,061

)

(5,716

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(15,061

)

(5,716

)

FIXED ASSETS

Intangible assets

6

-

27,982

CURRENT ASSETS

Debtors

7

317,883

723,814

Cash at bank

2,020

863

319,903

724,677

CREDITORS

Amounts falling due within one year

8

(8,833

)

(426,528

)

NET CURRENT ASSETS

311,070

298,149

TOTAL ASSETS LESS CURRENT LIABILITIES

311,070

326,131

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

12

311,069

326,130

SHAREHOLDERS' FUNDS

311,070

326,131

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2020 and were signed on its behalf by:

P Patient - Director

S Dunn - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2018

1

331,846

331,847

Changes in equity

Total comprehensive loss

-

(5,716

)

(5,716

)

Balance at 31 December 2018

1

326,130

326,131

Changes in equity

Total comprehensive loss

-

(15,061

)

(15,061

)

Balance at 5 April 2020

1

311,069

311,070

1.	STATUTORY INFORMATION

Aspinalls 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the impact of the COVID-19 outbreak and the measures taken to contain it on the company and whilst the ultimate impact cannot currently be quantified, given the nature of the company's activities the directors do not believe that the impact will be significant. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Taxation

Taxation for the period comprises current and deferred tax. 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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Revenue recognition

Turnover represents the amounts receivable for the provision of financial services.

Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer credits.

Financial Instruments

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

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets , other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from group undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

Period

1.1.19

to

Year Ended

5.4.20

31.12.18

£

£

Wages and salaries

193,554

201,474

Social security costs

19,583

14,028

Other pension costs

3,847

3,237

216,984

218,739

The average number of employees during the period was as follows:

Period

1.1.19

to

Year Ended

5.4.20

31.12.18

Technical

2

2

Support

1

2

Admin

1

1

4

5

Period

1.1.19

to

Year Ended

5.4.20

31.12.18

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1.1.19

to

Year Ended

5.4.20

31.12.18

£

£

Other operating leases

62,445

45,824

Development costs amortisation

27,982

-

5.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the period was as follows:

Period

1.1.19

to

Year Ended

5.4.20

31.12.18

£

£

Current tax:

UK corporation tax

-

(17

)

Tax on loss

-

(17

)

6.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2019

139,902

Disposals

(139,902

)

At 5 April 2020

-

AMORTISATION

At 1 January 2019

111,920

Amortisation for period

27,982

Eliminated on disposal

(139,902

)

At 5 April 2020

-

NET BOOK VALUE

At 5 April 2020

-

At 31 December 2018

27,982

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2018

£

£

Amounts owed by group undertakings

317,883

628,387

Social security

-

1,923

VAT

-

3,847

Prepayments and accrued income

-

89,657

317,883

723,814

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2018

£

£

Trade creditors

74

-

Amounts owed to group undertakings

-

426,165

Pension control

-

363

VAT

8,759

-

8,833

426,528

9.	SECURED DEBTS

The company has provided security under a multilateral cross guarantee for the bank loan disclosed in the group consolidated financial statements, covering a number of entities under the control of HFMC Wealth Holdings Limited.

10.	FINANCIAL INSTRUMENTS

Carrying amount of financial assets

2020

31.12.2018

£

£

Debt instruments measured at amortised cost

317,883

634,157

Carrying amount of financial liabilities

2020

31.12.2018

£

£

Measured at amortised cost

8,833

426,528

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2018

value:

£

£

1

Ordinary

1

1

1

12.

RESERVES

Retained

earnings

£

At 1 January 2019

326,130

Deficit for the period

(15,061

)

At 5 April 2020

311,069

13.	ULTIMATE PARENT COMPANY

The ultimate parent company is HFMC Wealth Holdings Limited, a company registered in England and Wales.

HFMC Wealth Holdings Limited prepares group financial statements and copies can be obtained from the

Company Secretary, Russell House, 140 High Street, Edgware, Middlesex, United Kingdom, HA8 7LW.

14.	ULTIMATE CONTROLLING PARENT

Aspinalls Management Limited is under the control of the board of directors of its ultimate parent company HFMC Wealth Holdings Limited.

There was a change in ownership of the company during the period, where all the shares in Aspinalls Group Limited, the immediate parent company, were purchased by HFMC Group Holdings Limited, the immediate parent company of Aspinalls Group Limited.

15.	FIRST YEAR ADOPTION OF FINANCIAL REPORTING STANDARD 102 ( FRS 102)

These financial statements for the period ended 05 April 2020 are the first that are prepared in accordance with FRS 102. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 is 01 January 2019.

The transition to FRS 102 has not resulted in any effect on the financial position of financial performance. Therefore no reconciliation from the previous framework is required.