Paul Downham Wealth Management Ltd - Period Ending 2017-05-31

Registration number: 08070296

Paul Downham Wealth Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

N W Accountancy (NKT) Limited
7 Laureate Paddocks
Newmarket
Suffolk
CB8 0AP

Paul Downham Wealth Management Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

Paul Downham Wealth Management Ltd

Company Information

Director

Mr Paul Downham

Registered office

7 Laureate Paddocks Newmarket Suffolk CB8 0AP

Accountants

N W Accountancy (NKT) Limited 7 Laureate Paddocks Newmarket Suffolk CB8 0AP

Page 1

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Paul Downham Wealth Management Ltd
for the Year Ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paul Downham Wealth Management Ltd for the year ended 31 May 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Paul Downham Wealth Management Ltd 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 Paul Downham Wealth Management Ltd. You consider that Paul Downham 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 accounts of Paul Downham 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 accounts.

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

N W Accountancy (NKT) Limited
7 Laureate Paddocks
Newmarket
Suffolk
CB8 0AP

21 November 2017

Page 2

Paul Downham Wealth Management Ltd

(Registration number: 08070296)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	-	2,100
Tangible assets	5	10,921	14,149
		10,921	16,249
Current assets
Cash at bank and in hand		61,608	50,123
Creditors: Amounts falling due within one year	6	(50,343)	(63,696)
Net current assets/(liabilities)		11,265	(13,573)
Total assets less current liabilities		22,186	2,676
Provisions for liabilities		(1,932)	(2,523)
Net assets		20,254	153
Capital and reserves
Called up share capital		100	100
Profit and loss account		20,154	53
Total equity		20,254	153

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 November 2017
 

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

Mr Paul Downham

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Paul Downham Wealth Management Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
7 Laureate Paddocks
Newmarket
Suffolk
CB8 0AP
England

These financial statements were authorised for issue by the director on 21 November 2017.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance basis
Office equipment	15% reducing balance basis

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.

Page 4

Paul Downham Wealth Management Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

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:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

Page 5

Paul Downham Wealth Management Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 June 2016	10,500	10,500
At 31 May 2017	10,500	10,500
Amortisation
At 1 June 2016	8,400	8,400
Amortisation charge	2,100	2,100
At 31 May 2017	10,500	10,500
Carrying amount
At 31 May 2017	-	-
At 31 May 2016	2,100	2,100

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 6

Paul Downham Wealth Management Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	20,927	20,927
At 31 May 2017	20,927	20,927
Depreciation
At 1 June 2016	6,778	6,778
Charge for the year	3,228	3,228
At 31 May 2017	10,006	10,006
Carrying amount
At 31 May 2017	10,921	10,921
At 31 May 2016	14,149	14,149

6

Creditors

	Note	2017 £	2016 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	32,711	57,442
Other creditors		17,632	6,254
		50,343	63,696

7

Dividends

Interim dividends paid

	2017 £	2016 £
Interim dividend of £187 (2016 - £300) per each Ordinary A share	15,000	24,000
Interim dividend of £250 (2016 - £0) per each Ordinary B share	5,000	-
	20,000	24,000

Page 7

Paul Downham Wealth Management Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

8	Related party transactions

Transactions with directors

2017	At 1 June 2016 £	Advances to directors £	At 31 May 2017 £
Mr Paul Downham
Loan from Director - unsecured, interest free and repayable on demand	57,442	(24,731)	32,711

2016	At 1 June 2015 £	Advances to directors £	At 31 May 2016 £
Mr Paul Downham
Loan from Director - unsecured, interest free and repayable on demand	23,474	33,968	57,442

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	11,083	10,633

Dividends paid to directors

	2017 £	2016 £
Mr Paul Downham
Dividends	15,000	24,000

9	Transition to FRS 102

The company has adopted FRS102 for the year ended 31 May 2017. No restatements of comparative prior year amounts are necessary.

Page 8