Kingswood Taxation & Wealth Management Ltd Filleted accounts for Companies House (small and micro)

KINGSWOOD TAXATION AND WEALTH MANAGEMENT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04748343

Kingswood Taxation & Wealth Management Ltd

Filleted Unaudited Financial Statements

For the year ended

31 July 2020

Kingswood Taxation & Wealth Management Ltd

Financial Statements

Year ended 31 July 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Kingswood Taxation & Wealth Management Ltd

Officers and Professional Advisers

Director	Mr K M Kingswood

Registered office	1 Lake View Drive
	Annesley
	Nottingham
	NG15 0EA

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Lloyds Bank
	43 Irongate
	Derby
	DE1 3FT

Kingswood Taxation & Wealth Management Ltd

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	4	62,829	95,829
Tangible assets	5	43,829	45,498
		---------	---------
		106,658	141,327

Current assets

Debtors	6	866,956	930,049
Cash at bank and in hand		548	740
		---------	---------
		867,504	930,789

Creditors: amounts falling due within one year	7	425,284		507,765
		---------		---------
Net current assets			442,220	423,024
			---------	---------
Total assets less current liabilities			548,878	564,351

Creditors: amounts falling due after more than one year	8		74,966	92,215

Provisions

Taxation including deferred tax	( 14,480)	( 15,121)
	---------	---------
Net assets	488,392	487,257
	---------	---------

Capital and reserves

Called up share capital	9	1,084	1,084
Share premium account		82,419	82,419
Profit and loss account		404,889	403,754
		---------	---------
Shareholders funds		488,392	487,257
		---------	---------

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 year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kingswood Taxation & Wealth Management Ltd

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 30 November 2021 , and are signed on behalf of the board by:

Mr K M Kingswood
Director

Company registration number: 04748343

Kingswood Taxation & Wealth Management Ltd

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Lake View Drive, Annesley, Nottingham, NG15 0EA.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

The turnover shown in the profit and loss account represents commissions receivable less clawbacks payable during the year.

Income tax

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property improvements	-	5% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company also operates the auto enrollment pension scheme for its employees. The pension costs are shown in the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2019: 7 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 August 2019	1,310,000
Additions	–
Disposals of previously acquired businesses	( 10,000)
	------------
At 31 July 2020	1,300,000
	------------
Amortisation
At 1 August 2019	1,214,171
Charge for the year	25,000
Disposals of previously acquired businesses	( 2,000)
	------------
At 31 July 2020	1,237,171
	------------
Carrying amount
At 31 July 2020	62,829
	------------
At 31 July 2019	95,829
	------------

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2019	14,810	97,998	120,755	233,563
Additions	–	323	27,496	27,819
Disposals	–	–	( 64,158)	( 64,158)
	--------	--------	---------	---------
At 31 July 2020	14,810	98,321	84,093	197,224
	--------	--------	---------	---------
Depreciation
At 1 August 2019	14,810	97,998	75,257	188,065
Charge for the year	–	108	11,374	11,482
Disposals	–	–	( 46,152)	( 46,152)
	--------	--------	---------	---------
At 31 July 2020	14,810	98,106	40,479	153,395
	--------	--------	---------	---------
Carrying amount
At 31 July 2020	–	215	43,614	43,829
	--------	--------	---------	---------
At 31 July 2019	–	–	45,498	45,498
	--------	--------	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	8,412	15,127
Other debtors	858,544	914,922
	---------	---------
	866,956	930,049
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	71,014	73,211
Trade creditors	34,683	41,917
Corporation tax	–	63,619
Social security and other taxes	26,942	15,023
Other creditors	292,645	313,995
	---------	---------
	425,284	507,765
	---------	---------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	53,200	41,600
Other creditors	21,766	50,615
	--------	--------
	74,966	92,215
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1,081	1,081	1,081	1,081
Ordinary A shares of £ 1 each	3	3	3	3
	-------	-------	-------	-------
	1,084	1,084	1,084	1,084
	-------	-------	-------	-------

The ordinary A shares have dividend rights only.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Later than 1 year and not later than 5 years	–	1,191
	----	-------

11. Director's advances, credits and guarantees

At the statement of financial position date the directors owed the company £635,303 (2019: £705,130). This amount is unsecured, interest free and repayable on demand.