PWS Financial Consulting Limited - Period Ending 2020-12-31

PWS FINANCIAL CONSULTING LIMITED - Company Information

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Registration number: 00518502

PWS Financial Consulting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2020

PWS Financial Consulting Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Unaudited Financial Statements	7 to 12

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

Directors' Report for the Year Ended 31 December 2020

The directors present their report and the financial statements for the year ended 31 December 2020.

Directors of the company

The directors who held office during the year were as follows:

Mr Peter Butler Chapman

Mr Mohit Saini

Mr Jonathan Barlow

Mr Andrew Robertson

Principal activity

The principal activity of the company is that of the provision of financial services.

Small companies provision statement

This report has 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.

Approved by the Board on 24 September 2021 and signed on its behalf by:

.........................................
Mr Andrew Robertson
Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PWS Financial Consulting Limited
for the Year Ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PWS Financial Consulting Limited for the year ended 31 December 2020 as set out on pages 4 to 12 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of PWS Financial Consulting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PWS Financial Consulting Limited and state those matters that we have agreed to state to the Board of Directors of PWS Financial Consulting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PWS Financial Consulting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PWS Financial Consulting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PWS Financial Consulting Limited. You consider that PWS Financial Consulting Limited 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 accounts of PWS Financial Consulting Limited. 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 accounts.

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

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

24 September 2021

PWS Financial Consulting Limited

(Registration number: 00518502)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	62,565	75,333
Investments	5	-	1
		62,565	75,334
Current assets
Debtors	6	169,255	83,709
Cash at bank and in hand		317,791	467,939
		487,046	551,648
Creditors: Amounts falling due within one year	7	(183,570)	(185,784)
Net current assets		303,476	365,864
Total assets less current liabilities		366,041	441,198
Provisions for liabilities		(1,078)	(1,078)
Net assets		364,963	440,120
Capital and reserves
Called up share capital	8	20,000	20,000
Profit and loss account		344,963	420,120
Shareholders' funds		364,963	440,120

For the financial year ending 31 December 2020 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.

Approved and authorised by the Board on 24 September 2021 and signed on its behalf by:

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

Mr Mohit Saini
Director

PWS Financial Consulting Limited

(Registration number: 00518502)
Balance Sheet as at 31 December 2020

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

Mr Andrew Robertson
Director

PWS Financial Consulting Limited

Statement of Changes in Equity for the Year Ended 31 December 2020

	Share capital £	Profit and loss account £	Total £
At 1 January 2020	20,000	420,120	440,120
Profit for the year	-	411,571	411,571
Total comprehensive income	-	411,571	411,571
Dividends	-	(486,728)	(486,728)
At 31 December 2020	20,000	344,963	364,963

	Share capital £	Profit and loss account £	Total £
At 1 January 2019	20,000	309,965	329,965
Profit for the year	-	458,733	458,733
Total comprehensive income	-	458,733	458,733
Dividends	-	(348,578)	(348,578)
At 31 December 2019	20,000	420,120	440,120

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2019 - 13).

3	Profit before tax

Arrived at after charging/(crediting)

	2020 £	2019 £
Depreciation expense	14,699	17,580

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 January 2020	12,496	36,714	54,479	34,209
Additions	-	-	-	1,931
At 31 December 2020	12,496	36,714	54,479	36,140
Depreciation
At 1 January 2020	2,481	15,228	19,613	25,243
Charge for the year	1,250	4,297	6,973	2,179
At 31 December 2020	3,731	19,525	26,586	27,422
Carrying amount
At 31 December 2020	8,765	17,189	27,893	8,718
At 31 December 2019	10,015	21,486	34,866	8,966

	Total £
Cost or valuation
At 1 January 2020	137,898
Additions	1,931
At 31 December 2020	139,829
Depreciation
At 1 January 2020	62,565
Charge for the year	14,699
At 31 December 2020	77,264
Carrying amount
At 31 December 2020	62,565
At 31 December 2019	75,333

Included within the net book value of land and buildings above is £8,765 (2019 - £10,015) in respect of long leasehold land and buildings.

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5	Investments

	2020 £	2019 £
Investments in subsidiaries	-	1

Subsidiaries	£
Cost or valuation
Provision
Carrying amount
At 31 December 2020	-
At 31 December 2019	1

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:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Joint ventures
Kinsman Independent Financial Advisors Limited			50%	50%

Joint ventures

Kinsman Independent Financial Advisors Limited

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

Debtors

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

	Note	2020 £	2019 £
Trade debtors		6,030	5,765
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	40,000	40,000
Prepayments		40,896	37,943
Other debtors		82,329	1
		169,255	83,709

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Taxation and social security	107,117	118,362
Accruals and deferred income	3,780	10,419
Other creditors	72,673	57,003
	183,570	185,784

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	20,000	20,000	20,000	20,000

Dividends

Final dividends paid

	2020 £	2019 £
Final dividend of £24 (2019 - £17) per each Ordinary Dividend	486,728	348,578

10	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

PWS Financial Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

	2020 £	2019 £
Remuneration	26,194	25,272

11	Parent and ultimate parent undertaking

The ultimate controlling party is PWS Wealth Management Limited.