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

REGISTERED NUMBER: 07351583 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

James Wealth Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Woodward

Mrs E D Woodward

REGISTERED OFFICE:

2 Walsworth Road

HITCHIN

Hertfordshire

SG4 9SP

REGISTERED NUMBER:

07351583 (England and Wales)

ACCOUNTANTS:

D and E Accountancy Ltd

Tax Advisors and Accountants

2nd Floor, 2 Walsworth Road

Hitchin

Hertfordshire

SG4 9SP

FIXED ASSETS

Intangible assets

4

776,084

856,598

Tangible assets

5

69,001

71,209

845,085

927,807

CURRENT ASSETS

Stocks

62,920

39,604

Debtors

6

51,678

1,693

Investments

7

98,000

30,000

Cash at bank

57,800

173,531

270,398

244,828

CREDITORS

Amounts falling due within one year

8

364,434

313,614

NET CURRENT LIABILITIES

(94,036

)

(68,786

)

TOTAL ASSETS LESS CURRENT LIABILITIES

751,049

859,021

CREDITORS

Amounts falling due after more than one year

9

(416,526

)

(548,265

)

PROVISIONS FOR LIABILITIES

10

(13,110

)

(13,581

)

NET ASSETS

321,413

297,175

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

321,313

297,075

SHAREHOLDERS' FUNDS

321,413

297,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 29 May 2022 and were signed on its behalf by:

J Woodward - Director

1.	STATUTORY INFORMATION

James 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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of additional blocks of fees in 2016 and 2017, are being amortised evenly over their estimated useful lives of ten years.

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.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 3 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

1,142,558

AMORTISATION

At 1 September 2020

285,960

Charge for year

80,514

At 31 August 2021

366,474

NET BOOK VALUE

At 31 August 2021

776,084

At 31 August 2020

856,598

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2020

8,650

85,776

10,349

104,775

Additions

-

3,860

3,138

6,998

At 31 August 2021

8,650

89,636

13,487

111,773

DEPRECIATION

At 1 September 2020

6,946

18,736

7,884

33,566

Charge for year

256

7,090

1,860

9,206

At 31 August 2021

7,202

25,826

9,744

42,772

NET BOOK VALUE

At 31 August 2021

1,448

63,810

3,743

69,001

At 31 August 2020

1,704

67,040

2,465

71,209

6.

DEBTORS

31.8.21

31.8.20

£

£

Amounts falling due within one year:

Trade debtors

62

62

Other debtors

49,985

-

50,047

62

Amounts falling due after more than one year:

Other debtors

1,631

1,631

Aggregate amounts

51,678

1,693

7.	CURRENT ASSET INVESTMENTS

31.8.21

31.8.20

£

£

Corporate unit trust portfolio

98,000

30,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

115,084

142,232

Trade creditors

97,162

97,179

Tax

100,221

70,108

Proposed dividends

50,000

-

Other creditors

149

146

Directors' current accounts

-

3,019

Accrued expenses

1,818

930

364,434

313,614

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans

416,526

548,265

The bank loan balance repayable over one year reflects funding for additional practise purchases. The lender has taken a fixed and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

31.8.21

31.8.20

£

£

Deferred tax

13,110

13,581

Deferred

tax

£

Balance at 1 September 2020

13,581

Accelerated Capital Allowances

(471

)

Balance at 31 August 2021

13,110

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2021 and 31 August 2020:

31.8.21

31.8.20

£

£

J Woodward

Balance outstanding at start of year

-

-

Amounts advanced

50,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

50,000

-

The director received a short term loan from the company of £50,000. This was repaid within nine months of the year end.

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of the director.