John Lamb Wealth Management Limited Filleted accounts for Companies House (small and micro)

JOHN LAMB WEALTH MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08103372

John Lamb Wealth Management Limited

Filleted unaudited financial statements

30 September 2019

John Lamb Wealth Management Limited

Statement of financial position

30 September 2019

	30 Sep 19		31 Mar 19
Note	£	£	£	£

Current assets

Debtors	4	176,594	106,091
Cash at bank and in hand		14,874	2,494
		---------	---------
		191,468	108,585

Creditors: amounts falling due within one year	5	( 47,183)		( 96,793)
		---------		---------
Net current assets			144,285		11,792
			---------		-------
Total assets less current liabilities			144,285		11,792
			---------		-------
Net assets			144,285		11,792
			---------		-------

Capital and reserves

Called up share capital	6	10,200	10,200
Profit and loss account		134,085	1,592
		---------	-------
Shareholders funds		144,285	11,792
		---------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the period ending 30 September 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 financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 March 2021 , and are signed on behalf of the board by:

A Callander

Director

Company registration number: 08103372

John Lamb Wealth Management Limited

Notes to the financial statements

period from 1 April 2019 to 30 September 2019

1. General information

The principal activity of the company is acting as an independent financial adviser. The company is a private limited company, which is incorporated in England and Wales (no 08103372 ). The address of the registered office is No 2 The Bourse, Leeds, LS1 5DE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors continually monitor the financial performance and position of the company and prepare cash flow forecasts to assess future cash needs. The accounts have been prepared on a going concern basis as the directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations. Although to date the pandemic has not had a significant, immediate impact on the company's operations, the directors recognise that the situation remains highly fluid and as a result making accurate forecasts on the likely implications is difficult.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Turnover

Turnover comprises of fees received for work done in the course of the principal activity of the company. Revenue is recognised when the company has the right to receive fee income and is measured at the fair value of the consideration received or receivable for the services rendered, stated net of discounts and of Value Added Tax. Fee income for the rendering of services for initial work is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Recurring fees are accounted for on a straight line basis over the period to which the fee relates.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	30 Sep 19	31 Mar 19
	£	£

Trade debtors	62,055	64,291
Prepayments and accrued income	114,539	41,800
	---------	---------
	176,594	106,091
	---------	---------

5. Creditors: amounts falling due within one year

	30 Sep 19	31 Mar 19
	£	£

Accruals and deferred income	–	31,658
Social security and other taxes	–	529
Other creditors	47,183	64,606
	-------	-------
	47,183	96,793
	-------	-------

6. Called up share capital

Issued, called up and fully paid

30 Sep 19		31 Mar 19
No.	£	No.	£

Ordinary A shares of £ 0.01 each	1,010,020	10,100	1,010,020	10,100
Ordinary B shares of £ 0.01 each	1	–	1	–
Ordinary C shares of £ 0.01 each	10,000	100	10,000	100
	-----------	-------	-----------	-------
	1,020,021	10,200	1,020,021	10,200
	-----------	-------	-----------	-------

7. Controlling party

During the period the company was under the control of a director. On 30th September 2019 the company was acquired by The Private Office Limited, a company incorporated in England (no. 10226899). The ultimate controlling party from this date is Mike Edge Holdings Limited, a company also incorporated in England (no. 08852635).