PWS Financial Consulting Limited - Period Ending 2019-12-31

PWS Financial Consulting Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

PWS Financial Consulting Limited

Company Information

Directors

Mr Peter Butler Chapman Mr Mohit Saini Mr Jonathan Barlow Mr Andrew Robertson

Registered office

161 College Street St Helens Merseyside WA10 1TY

Accountants

Kingham Accountants Limited Chartered Accountants 161 College Street St Helens Merseyside WA10 1TY

PWS Financial Consulting Limited

(Registration number: 00518502)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	75,333	86,273
Investments	4	1	1
		75,334	86,274
Current assets
Debtors	5	83,707	64,508
Cash at bank and in hand		467,939	322,226
		551,646	386,734
Creditors: Amounts falling due within one year	6	(185,782)	(141,965)
Net current assets		365,864	244,769
Total assets less current liabilities		441,198	331,043
Provisions for liabilities		(1,078)	(1,078)
Net assets		440,120	329,965
Capital and reserves
Called up share capital		20,000	20,000
Profit and loss account		420,120	309,965
Total equity		440,120	329,965

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	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.

PWS Financial Consulting Limited

(Registration number: 00518502)
Balance Sheet as at 31 December 2019

Approved and authorised by the Board on 17 December 2020 and signed on its behalf by:
 

.........................................

Mr Mohit Saini

Director

.........................................

Mr Andrew Robertson

Director

PWS Financial Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	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.

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:

Asset class	Depreciation method and rate
Fixtures and Fittings	20% on reducing balance
Computer Equipment	20% on reducing balance
Plant and Machinery	20% on reducing balance
Long Leasehold Property	10% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

PWS Financial Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2018 - 6).

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2019	12,309	64,470	54,479	131,258
Additions	187	6,453	-	6,640
At 31 December 2019	12,496	70,923	54,479	137,898
Depreciation
At 1 January 2019	1,231	32,858	10,896	44,985
Charge for the year	1,250	7,613	8,717	17,580
At 31 December 2019	2,481	40,471	19,613	62,565
Carrying amount
At 31 December 2019	10,015	30,452	34,866	75,333
At 31 December 2018	11,078	31,612	43,583	86,273

Included within the net book value of land and buildings above is £10,015 (2018 - £11,078) in respect of long leasehold land and buildings.
 

4	Investments

	2019 £	2018 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost or valuation
At 1 January 2019	1
Provision
Carrying amount
At 31 December 2019	1
At 31 December 2018	1

PWS Financial Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Joint ventures
Kinsman Independent Financial Advisors Limited			50%	50%

The principal activity of Kinsman Independent Financial Advisors Limited is Independent Financial Advisors

5

Debtors

	Note	2019 £	2018 £
Trade debtors		5,765	13,355
Amounts owed by group undertakings and undertakings in which the company has a participating interest		40,000	40,000
Other debtors		37,942	11,153
Total current trade and other debtors		83,707	64,508

6

Creditors

	Note	2019 £	2018 £
Due within one year
Taxation and social security		3,529	-
Other creditors		182,253	141,965
		185,782	141,965

7

Dividends

Final dividends paid

	2019 £	2018 £
Final dividend of £17.43 (2018 - £15.99) per each Ordinary Dividend share	348,578.00	319,826.00

PWS Financial Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

8	Parent and ultimate parent undertaking

The ultimate controlling party is PWS Wealth Management Limited.