Independent Wealth Management Consultants Limited Company Accounts

INDEPENDENT WEALTH MANAGEMENT CONSULTANTS LTD - Company Information

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Independent Wealth Management Consultants Limited

Unaudited financial statements

31 March 2017

Company Registration Number 01102335

DARBYS LIMITED

chartered certified accountants

19 The Square

Retford

Nottinghamshire

DN22 6DQ

Independent Wealth Management Consultants Limited

Financial statements

year ended 31 March 2017

Contents	Pages

Officers and professional advisers 1

Report to the board of directors on the preparation of

the unaudited statutory financial statements 2

Balance sheet 3 to 4

Statement of changes in equity 5

Notes to the financial statements 6 to 10

Independent Wealth Management Consultants Limited

Officers and professional advisers

The board of directors	Mrs Y Cooper
	Mrs K Lee

Company secretary	Mrs D Webster

Registered office	27 Grove Street
	Retford
	Nottinghamshire
	DN22 6JP
	DN22 6AJ

Accountants	DARBYS LIMITED
	chartered certified accountants
	19 The Square
	Retford
	Nottinghamshire
	DN22 6DQ

Bankers	Barclays
	Leicester
	Leicestershire
	LE87 2BB

Tax reference 475/12820/00350

Inland revenue district Notts & Derbyshire Area

VAT registration number 598 5837 60

Independent Wealth Management Consultants Limited

Report to the board of directors on the preparation of the unaudited statutory financial statements of Independent Wealth Management Consultants Limited

year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Independent Wealth Management Consultants Limited for the year ended 31 March 2017, which comprise the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/ Technical/fact/technical-factsheet-163.pdf.

DARBYS LIMITED chartered certified accountants

19 The Square Retford Nottinghamshire DN22 6DQ

30 June 2017

Independent Wealth Management Consultants Limited

Balance sheet

31 March 2017

			2016
Note	£	£	£	£

Fixed assets

Tangible assets	4	9,422	11,821
Investments	5	97,852	79,852
		---------	--------
		107,274	91,673

Current assets

Debtors	6	3,829	47,435
Cash at bank and in hand		178,977	80,163
		---------	---------
		182,806	127,598

Creditors: amounts falling due within one year	7	6,246		14,146
		---------		---------
Net current assets			176,560		113,452
			---------		---------
Total assets less current liabilities			283,834		205,125
			---------		---------
Net assets			283,834		205,125
			---------		---------

Capital and reserves

Called up share capital	57,038	57,038
Share premium account	471,203	471,203
Capital redemption reserve	328	328
Profit and loss account	( 244,735)	( 323,444)
	---------	---------
Shareholders funds	283,834	205,125
	---------	---------

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime within part 15 of the Companies Act 2006 and in accordance with 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 profit and loss account and directors' report have not been delivered.

For the year ending 31 March 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Independent Wealth Management Consultants Limited

Balance sheet (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 30 June 2017 , and are signed on behalf of the board by:

Mrs Y Cooper	Mrs K Lee
Director	Director

Company registration number: 01102335

Independent Wealth Management Consultants Limited

Statement of changes in equity

year ended 31 March 2017

Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
£	£	£	£	£

At 1 April 2015	57,366	471,203	–	( 417,712)	110,857

Profit for the year				102,145	102,145
	--------	---------	----	---------	---------
Total comprehensive income for the year	–	–	–	102,145	102,145

Cancellation of subscribed capital	( 328)	–	328	( 7,877)	( 7,877)
	--------	---------	----	---------	---------
Total investments by and distributions to owners	( 328)	–	328	( 7,877)	( 7,877)

At 31 March 2016	57,038	471,203	328	( 323,444)	205,125

Profit for the year				78,709	78,709
	--------	---------	----	---------	---------
Total comprehensive income for the year	–	–	–	78,709	78,709

	--------	---------	----	---------	---------
At 31 March 2017	57,038	471,203	328	( 244,735)	283,834
	--------	---------	----	---------	---------

Independent Wealth Management Consultants Limited

Notes to the financial statements

year ended 31 March 2017

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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:

Fixtures & fittings	-	15% reducing balance
Office equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 15 (2016: 15).

4. Tangible assets

	Fixtures and fittings	Equipment	Total

Cost
At 1 April 2016	5,384	69,862	75,246
Disposals	( 5,384)	–	( 5,384)
	-------	--------	--------
At 31 March 2017	–	69,862	69,862
	-------	--------	--------
Depreciation
At 1 April 2016	4,648	58,777	63,425
Charge for the year	–	1,663	1,663
Disposals	( 4,648)	–	( 4,648)
	-------	--------	--------
At 31 March 2017	–	60,440	60,440
	-------	--------	--------
Carrying amount
At 31 March 2017	–	9,422	9,422
	-------	--------	--------
At 31 March 2016	736	11,085	11,821
	-------	--------	--------

5. Investments

	Other investments other than loans
	£

Cost
At 1 April 2016	79,852
Additions	18,000
	--------
At 31 March 2017	97,852
	--------
Impairment
At 1 Apr 2016 and 31 Mar 2017	–
	--------

Carrying amount
At 31 March 2017	97,852
	--------
At 31 March 2016	79,852
	--------

6. Debtors

		2016
	£	£

Trade debtors	3,594	3,580
Other debtors	235	43,855
	-------	--------
	3,829	47,435
	-------	--------

7. Creditors: amounts falling due within one year

		2016
	£	£

Trade creditors	( 406)	841
Corporation tax	–	2,441
Social security and other taxes	1,530	6,864
Other creditors	5,122	4,000
	-------	--------
	6,246	14,146
	-------	--------

8. Related party transactions

During the year the Company paid consultancy fees of £15,100 (2016 - £51,606) to Malom Accountancy and Payroll Ltd, a company which is owned by the directors. The company also charged the related party rent of £nil during the year (2016 - £6,400) and at the year end the balance owed by the related party was £nil (2016 - 12,400) There were no other transactions in the current year or previous year with related parties.

9. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Grove Street, Retford, Nottinghamshire, DN22 6JP, DN22 6AJ.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.