| Juno Moneta Wealth Ltd |
| Notes to the Accounts |
| for the period from 1 October 2016 to 30 April 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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The profit and loss account shows accumulated losses of £339,783. The accounts have been prepared on a going concern basis on the assumption of the company creating a centralised head office proposition and forthcoming group infrastructure ready to start acquisition trail to acquire retiring IFA firms and as a result look to improve profitability: being able to raise further funding and the continuing support of the directors. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
25% straight line |
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Fixtures, fittings and equipment |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
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Average number of persons employed by the company |
25 |
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6 |
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| 3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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Additions |
54,780 |
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At 30 April 2017 |
54,780 |
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Amortisation |
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Provided during the period |
1,089 |
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At 30 April 2017 |
1,089 |
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Net book value |
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At 30 April 2017 |
53,691 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. Pre-completion costs are not depreciated util the acquistion is completed. The website is being written off in equal annual instalments over its estimated economic life of 4 years. |
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| 4 |
Tangible fixed assets |
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Fixtures, fittings & Computers |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 October 2016 |
28,748 |
|
85,000 |
|
113,748 |
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Additions |
5,920 |
|
18,318 |
|
24,238 |
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Disposals |
- |
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(85,000) |
|
(85,000) |
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At 30 April 2017 |
34,668 |
|
18,318 |
|
52,986 |
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Depreciation |
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At 1 October 2016 |
11,270 |
|
10,625 |
|
21,895 |
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Charge for the period |
3,525 |
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- |
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3,525 |
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On disposals |
- |
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(10,625) |
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(10,625) |
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At 30 April 2017 |
14,795 |
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- |
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14,795 |
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Net book value |
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At 30 April 2017 |
19,873 |
|
18,318 |
|
38,191 |
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At 30 September 2016 |
17,478 |
|
74,375 |
|
91,853 |
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| 5 |
Investments |
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| Other |
| investments |
| £ |
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Cost |
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Additions |
200,000 |
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At 30 April 2017 |
200,000 |
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| 6 |
Debtors |
2017 |
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2016 |
| £ |
£ |
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Trade debtors |
3,990 |
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- |
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Amounts owed by connected undertakings |
|
361,410 |
|
317,654 |
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Deferred tax asset |
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|
43,755 |
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- |
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Other debtors |
347,559 |
|
27,112 |
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|
756,714 |
|
344,766 |
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Amounts due after more than one year included above |
41,490 |
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- |
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| 7 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
| £ |
£ |
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Trade creditors |
22,723 |
|
25,416 |
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Taxation and social security costs |
77,890 |
|
25,624 |
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Other creditors |
604,000 |
|
311,945 |
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|
704,613 |
|
362,985 |
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| 8 |
Creditors: amounts falling due after one year |
2017 |
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2016 |
| £ |
£ |
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Other creditors |
- |
|
80,000 |
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| 9 |
Group share restructure reserve |
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2017 |
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2016 |
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£ |
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£ |
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Share restructure reserve |
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|
300,000 |
|
220,000 |
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300,000 |
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220,000 |
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Being funds deposited with the company in respect of shares to be allocated after the year end as a part of the group restructure. |
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| 10 |
Other financial commitments |
2017 |
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2016 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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11,639 |
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12,979 |
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| 11 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
L Bulley |
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Short term loan |
- |
|
2,250 |
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- |
|
2,250 |
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|
L O'Halloran (resigned 28th July 2017) |
|
Directors account |
(162,494) |
|
262,160 |
|
(5,474) |
|
94,192 |
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(162,494) |
|
264,410 |
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(5,474) |
|
96,442 |
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| 12 |
Controlling party |
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The ultimate controlling party is C L O'Halloran by virtue of her shareholding. |
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| 13 |
Other information |
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Juno Moneta Wealth Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Charterhouse Ii Links Business Park, |
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Fortran Road, |
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St. Mellons, Cardiff, Wales, CF3 0LT |
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Cardiff, Wales, |
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CF3 0LT |
