NGK Wealth Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12616529 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

NGK WEALTH MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

N G Kenny

REGISTERED OFFICE:

80 Bullar Road

Southampton

Hampshire

SO18 1GS

REGISTERED NUMBER:

12616529 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

FIXED ASSETS

Tangible assets

4

997

1,488

CURRENT ASSETS

Debtors

5

17

-

Cash at bank

65,425

40,500

65,442

40,500

CREDITORS

Amounts falling due within one year

6

20,852

13,470

NET CURRENT ASSETS

44,590

27,030

TOTAL ASSETS LESS CURRENT LIABILITIES

45,587

28,518

PROVISIONS FOR LIABILITIES

189

295

NET ASSETS

45,398

28,223

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

45,298

28,123

45,398

28,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 19 August 2022 and were signed by:

N G Kenny - Director

1.	STATUTORY INFORMATION

NGK Wealth Management Ltd 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.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery etc - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents in the balance sheet include cash in hand, deposits held at call with banks, other short-term deposits with an original maturity of three months or less.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price including transaction costs. Any losses arising from impairment review at the reporting end date are recognised in the profit and loss account.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

1,750

DEPRECIATION

At 1 April 2021

262

Charge for year

491

At 31 March 2022

753

NET BOOK VALUE

At 31 March 2022

997

At 31 March 2021

1,488

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

17

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

18,239

11,520

Other creditors

2,613

1,950

20,852

13,470

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2022 and the period ended 31 March 2021:

2022

2021

£

£

N G Kenny

Balance outstanding at start of year

(450

)

-

Amounts advanced

300

100

Amounts repaid

(312

)

(550

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(462

)

(450

)

This loan has been provided interest free and is repayable on demand.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NGK Wealth Management Ltd for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of NGK Wealth Management Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NGK Wealth Management Ltd and state those matters that we have agreed to state to the director of NGK Wealth Management Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NGK Wealth Management Ltd and its director for our work or for this report.

It is your duty to ensure that NGK Wealth Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NGK Wealth Management Ltd. You consider that NGK Wealth Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NGK Wealth Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

24 August 2022