Independent Wealth Management Consultants Limited Filleted accounts for Companies House (small and micro)

INDEPENDENT WEALTH MANAGEMENT CONSULTANTS LTD - Company Information

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Independent Wealth Management Consultants Limited

Unaudited financial statements

31 March 2018

Company Registration Number 01102335

Independent Wealth Management Consultants Limited

Balance sheet

31 March 2018

			2017
Note	£	£	£

Fixed assets

Tangible assets	4	8,009	9,422
Investments	5	155,437	97,852
		---------	---------
		163,446	107,274

Current assets

Debtors	6	11,648	3,829
Cash at bank and in hand		346,698	178,977
		---------	---------
		358,346	182,806

Creditors: amounts falling due within one year	7	17,403		6,246
		---------		---------
Net current assets			340,943	176,560
			---------	---------
Total assets less current liabilities			504,389	283,834
			---------	---------
Net assets			504,389	283,834
			---------	---------

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	( 24,180)	( 244,735)
	---------	---------
Shareholders funds	504,389	283,834
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime 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 2018 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 2018

These financial statements were approved by the board of directors and authorised for issue on 3 May 2018 , 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

Notes to the financial statements

year ended 31 March 2018

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.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2017: 15 ).

4. Tangible assets

	Equipment	Total

Cost
At 1 April 2017 and 31 March 2018	69,862	69,862
	--------	--------
Depreciation
At 1 April 2017	60,440	60,440
Charge for the year	1,413	1,413
	--------	--------
At 31 March 2018	61,853	61,853
	--------	--------
Carrying amount
At 31 March 2018	8,009	8,009
	--------	--------
At 31 March 2017	9,422	9,422
	--------	--------

5. Investments

	Other investments other than loans
	£

Cost
At 1 April 2017	97,852
Additions	60,000
Revaluations	( 1,933)
	---------
At 31 March 2018	155,919
	---------
Impairment
At 1 April 2017	–
Impairment losses	482
	---------
At 31 March 2018	482
	---------

Carrying amount
At 31 March 2018	155,437
	---------
At 31 March 2017	97,852
	---------

6. Debtors

		2017
	£	£

Trade debtors	6,382	3,594
Other debtors	5,266	235
	--------	-------
	11,648	3,829
	--------	-------

7. Creditors: amounts falling due within one year

		2017
	£	£

Trade creditors	2,694	( 406)
Corporation tax	6,204	–
Social security and other taxes	3,358	1,530
Other creditors	5,147	5,122
	--------	-------
	17,403	6,246
	--------	-------

8. Related party transactions

During the year the Company paid consultancy fees of £50,867 (2017 - £15,100) to Malom Accountancy and Payroll Ltd, a company which is owned by the directors.

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.