Azets Wealth Management Limited - Period Ending 2022-10-31
Azets Wealth Management Limited - Period Ending 2022-10-31
Registration number:
Azets Wealth Management Limited
Filleted
for the Year Ended 31 October 2022
Azets Wealth Management Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Azets Wealth Management Limited
Company Information
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Directors |
D. W. Aikman S. J. Tennant M. A. Parkinson |
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Registered office |
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Bankers |
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Auditor |
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Azets Wealth Management Limited
(Registration number: 05674020)
Statement of Financial Position as at 31 October 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised for issue by the
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Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as Tait Walker Financial Services Limited and Azets Tait Walker Financial Services Limited.
The address of its registered office is
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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.
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.
The company has therefore taken advantage of exemptions from the following disclosure requirements:
· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Accounting policies (continued) |
· Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
· Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Azets Topco Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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 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.
Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Accounting policies (continued) |
Government grants
Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as related either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income.
Other operating income includes £Nil (2021 - £7,368) of UK Government assistance provided through the Coronavirus Job Retention Scheme during the Covid-19 pandemic.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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 over their estimated useful lives as follows:
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Asset class |
Depreciation method and rate |
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Equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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2 |
Accounting policies (continued) |
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Asset class |
Amortisation method and rate |
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Goodwill |
5% straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 November 2021 |
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At 31 October 2022 |
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Amortisation |
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At 1 November 2021 |
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Amortisation charge |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 November 2021 |
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Disposals |
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( |
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At 31 October 2022 |
- |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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Eliminated on disposal |
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( |
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At 31 October 2022 |
- |
- |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Debtors |
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Note |
2022 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Corporation tax liability |
208,807 |
209,537 |
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Financial commitments, guarantees and contingencies |
Operating leases
The total future minimum lease payments under non-cancellable operating leases is £8,444 (2021 - £18,546).
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Related party transactions |
The company has taken advantage of exemption under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the Azets group.
Remuneration of key management personnel
Certain directors are also directors of the wider Azets group of companies, and the emoluments relating to these directors are borne by other undertakings in the group. In any given year the directors do not spend a significant portion of their time on the company.
Azets Wealth Management Limited
Notes to the Financial Statements for the Year Ended 31 October 2022 (continued)
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Parent and ultimate parent undertaking |
The immediate parent company is Azets Holdings Limited, a company registered in England and Wales.
The parent company of the smallest group of undertakings for which consolidated financial statements are drawn up and of which the company is a member is Azets Topco Limited, a company incorporated in Jersey, whose registered address is 22 Grenville Street, St Helier, Jersey, JE4 8PX. Copies of the group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
In the opinion of the directors the immediate controlling party is the immediate parent entity and there is no ultimate controlling party.
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Audit report |
The name of the Senior Statutory Auditor who signed the audit report on