REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2020 |
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FOR
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HFMC WEALTH MANAGEMENT LTD |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2020 |
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FOR
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HFMC WEALTH MANAGEMENT LTD |
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 5 APRIL 2020
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Page
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Company Information
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1
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Report of the Directors
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2
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Report of the Independent Auditors
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4
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Statement of Comprehensive Income
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6
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Statement of Financial Position
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7
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Statement of Changes in Equity
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8
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Notes to the Financial Statements
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9
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HFMC WEALTH MANAGEMENT LTD
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COMPANY INFORMATION
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FOR THE YEAR ENDED 5 APRIL 2020
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DIRECTORS:
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SECRETARY:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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Devonshire House
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60 Goswell Road
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London
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EC1M 7AD
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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REPORT OF THE DIRECTORS
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FOR THE YEAR ENDED 5 APRIL 2020
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The directors present their report with the financial statements of the company for the year ended 5 April 2020.
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PRINCIPAL ACTIVITY
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The principal activity of the company in the year under review was that of independent financial intermediation. |
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REVIEW OF BUSINESS
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The results for 2020 reflect a turnover of £1,417,686 (2019: £1,617,612) . The decrease in turnover and in overheads
has resulted in a decrease (2019 increase) in trading profits to £927 (2019: £99,125) .
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Dividends of £85,557 were paid in the year hence the decrease (2019 decrease) in the company's capital and reserves
by £87,630 to £53,928 (2019:138,734)
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The Board monitors the progress of the company's performance and the individual strategic elements on a monthly
basis by reference to three KPI's;
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1. Profits
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2. Cashflow
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3. Turnover
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DIRECTORS
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Other changes in directors holding office are as follows:
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS
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The auditors, Moore Kingston Smith LLP, are deemed to be re-appointed under section 487(2) of the Companies Act
2006.
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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REPORT OF THE DIRECTORS
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FOR THE YEAR ENDED 5 APRIL 2020
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.
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BY ORDER OF THE BOARD:
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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HFMC WEALTH MANAGEMENT LTD
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Opinion
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We have audited the financial statements of HFMC Wealth Management Ltd (the 'company') for the year ended 5 April 2020 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 5 April 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the
financial statements section of our report. We are independent of the company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
you where:
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period
of at least twelve months from the date when the financial statements are authorised for issue.
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Other information
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The directors are responsible for the other information. The other information comprises the information in the Report of
the Directors, but does not include the financial statements and our Report of the Auditors thereon.
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
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the Report of the Directors has been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,
we have not identified material misstatements in the Report of the Directors.
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare
a Strategic Report or in preparing the Report of the Directors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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HFMC WEALTH MANAGEMENT LTD
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic
alternative but to do so.
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Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
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Use of our report
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
members as a body, for our audit work, for this report, or for the opinions we have formed.
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for and on behalf of
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Devonshire House
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60 Goswell Road
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London
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EC1M 7AD
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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STATEMENT OF COMPREHENSIVE INCOME
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FOR THE YEAR ENDED 5 APRIL 2020
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2020
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2019
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Notes
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£
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£
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REVENUE
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3
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Cost of sales
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(
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(
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GROSS PROFIT
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Administrative expenses
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OPERATING PROFIT
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5
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Interest receivable and similar income
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927
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99,138
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Interest payable and similar expenses
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6
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(
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PROFIT BEFORE TAXATION
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Tax on profit
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7
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(
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PROFIT FOR THE FINANCIAL YEAR
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OTHER COMPREHENSIVE INCOME
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-
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-
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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STATEMENT OF FINANCIAL POSITION
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5 APRIL 2020
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2020
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2019
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Notes
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£
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£
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CURRENT ASSETS
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Debtors
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9
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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10
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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PROVISIONS FOR LIABILITIES
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13
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(
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(
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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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14
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Retained earnings
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15
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SHAREHOLDERS' FUNDS
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The financial statements were approved by the Board of Directors and authorised for issue on
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 5 APRIL 2020
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Balance at 6 April 2018
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Changes in equity
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Dividends
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-
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(
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(
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Total comprehensive income
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-
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Balance at 5 April 2019
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Changes in equity
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Dividends
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-
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(
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(
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Total comprehensive income
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-
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Balance at 5 April 2020
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 5 APRIL 2020
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1.
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COMPANY INFORMATION
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HFMC Wealth Management Limited is a Limited company incorporated in England and Wales. Its principal place
of business is HFM House New Road, Weybridge, Surrey KT13 9BW, England.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts are rounded to the nearest pound.
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Going concern
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At the time of approving the financial statements, the directors have a reasonable expectation that the company
has adequate resources to continue in operational existence for the foreseeable future. The directors have
considered the impact of the COVID-19 outbreak and the measures taken to contain it on the company and
whilst the ultimate impact cannot currently be quantified, given the nature of the company's activities the
directors do not believe that the impact will be significant. Thus the directors continue to adopt the going concern
basis of accounting in preparing the financial statements.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemption in preparing these financial
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland":
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•
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the requirements of Section 7 Statement of Cash Flows.
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Turnover
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Turnover represents the commissions earned from the one principal activity of providing financial services. It is
measured at the fair value of the consideration received or receivable net of value added tax. Full credit is taken
for the initial commissions due on all business transacted in the year irrespective of the period of the policy.
Renewal commission is accounted for when received.
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Taxation
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Current tax is recognised for the amount of Corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantially enacted by the reporting date. |
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Deferred tax is recognised as a liability or an asset if transactions or events that give the company the obligation to pay more tax in future or a right to pay less tax in future have occured by the Balance sheet date. |
HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 5 APRIL 2020
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2.
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ACCOUNTING POLICIES - continued
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Financial instruments
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The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and ' Section 12 '
Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
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Financial instruments are recognised in the company's Statement of Financial Position when the company
becomes party to the contractual provisions of the instrument.
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously.
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Basic financial assets
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Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured
at transaction price including transaction costs and where material are subsequently measured at amortised cost
using the effective interest method, less any impairment.
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Other financial assets
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Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and where material the changes in fair value are recognised in the Statement
of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and
whose fair value cannot be measured reliably are measured at cost less impairment.
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Interest is recognised by applying the effective interest rate, except for short-term receivables when the
recognition of interest would be immaterial. The effective interest method is a method of calculating the
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt
instrument to the net carrying amount on initial recognition.
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Impairment of financial assets
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Financial assets , other than those held at fair value are assessed for indicators of impairment at each reporting
end date.
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
The impairment loss is recognised in the Statement of Total Comprehensive Income
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Derecognition of financial assets
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Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 5 APRIL 2020
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2.
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ACCOUNTING POLICIES - continued
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Basic Financial liabilities
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Basic financial liabilities, including trade and other payables and loans from group undertakings that are
classified as debt are initially measured at transaction price unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at the present value of the future payments discounted at
the market rate of interest .
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Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in
the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a
payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are
initially recognised at transaction price and where material are subsequently measured at amortised cost using
the effective interest method.
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Derecognition of financial liabilities
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Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled,
or they expire.
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Cash and cash equivalents
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Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid
investments with original maturities of three months or less.
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Equity instruments
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Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of
the company.
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3.
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REVENUE
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The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. The total revenue of the Company is derived form services. |
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4.
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EMPLOYEES AND DIRECTORS
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The company had no employees in the year (2019: none) and hence no staff costs.
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5.
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OPERATING PROFIT
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The operating profit is stated after charging:
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2020
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2019
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£
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£
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Auditors' remuneration
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6.
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INTEREST PAYABLE AND SIMILAR EXPENSES
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2020
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2019
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£
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£
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Bank interest
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HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 5 APRIL 2020
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7.
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TAXATION
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Analysis of the tax charge
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The tax charge on the profit for the year was as follows:
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2020
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2019
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£
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£
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Current tax:
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UK corporation tax
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Tax on profit
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UK corporation tax has been charged at
19
% (2019 -
19
%).
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8.
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DIVIDENDS
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2020
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2019
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£
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£
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Interim
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85,557
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250,000
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9.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2020
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2019
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£
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£
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Amounts owed by group undertakings
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Sundry Debtors
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11
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-
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free and repayable on demand. The difference between the amortised value and the carrying value is deemed to be non material. |
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10.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2020
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2019
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£
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£
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Trade creditors
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Amounts owed to group undertakings
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Tax
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VAT
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100
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100
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Accruals and deferred income
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|
|
Amounts owed to group undertakings are interest free and repayable on demand. The difference between the amortised value and the carrying value is deemed to be non material. |
|
11.
|
SECURED DEBTS
|
|
|
The company has provided security under a multilateral cross guarantee for the bank loan disclosed in the group
consolidated financial statements, covering a number of entities under the control of HFMC Wealth Holdings
Limited.
|
HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
FOR THE YEAR ENDED 5 APRIL 2020
|
|
|
|
12.
|
FINANCIAL INSTRUMENTS
|
|
|
Carrying amount of financial assets
|
|
|
2020
|
|
|
2019
|
|
|
|
£
|
|
|
£
|
|
|
|
Debt instruments measured at amortised cost
|
|
179,244
|
|
|
228,920
|
|
|
|
|
|
Carrying amount of financial liabilities
|
|
|
2020
|
|
|
2019
|
|
|
|
£
|
|
|
£
|
|
|
|
Measured at amortised cost
|
|
21,311
|
|
|
22,159
|
|
|
|
13.
|
PROVISIONS FOR LIABILITIES
|
|
|
Clawback
Provision |
|
Total |
£ | £ |
Balance at 6 April 2019 | 4,289 | 4,546 |
Utilised during period | (2,466 | ) | (257 | ) |
Balance at 5 April 2020 | 1,823 | 4,289 |
|
The provisions for liabilities and charges is made for the clawback of commission received in situations where this is considered likely. |
|
14.
|
CALLED UP SHARE CAPITAL
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
2020
|
2019
|
|
|
value:
|
£
|
£
|
|
|
228,153
|
Ordinary
|
£1
|
228,153
|
|
228,153
|
|
|
|
15.
|
RESERVES
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 6 April 2019
|
|
|
|
|
Profit for the year
|
|
|
|
|
Dividends
|
(
|
)
|
|
|
At 5 April 2020
|
|
|
|
|
16.
|
ULTIMATE PARENT COMPANY
|
|
|
The ultimate parent company is HFMC Wealth Holdings Limited, a company registered in England and Wales.
|
|
|
HFMC Wealth Holdings Limited prepares group financial statements and copies can be obtained from the
|
|
Company Secretary, Russell House, 140 High Street, Edgware, Middlesex, United Kingdom, HA8 7LW.
|
|
17.
|
CONTINGENT LIABILITIES
|
|
|
The company is part of the HFMC Group Holdings Limited "VAT Group" and as such is joint and severally liable
for the VAT liabilities of that group.
|
HFMC WEALTH MANAGEMENT LTD (REGISTERED NUMBER: 02355062)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
FOR THE YEAR ENDED 5 APRIL 2020
|
|
|
|
18.
|
RELATED PARTY DISCLOSURES
|
|
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 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 group.
|
|
|
Key management personnel
|
|
|
During the year, the company paid £2,250 (2019: £2,400) in respect of the provision of accountancy and
consultancy services to a Partnership where one of the key management personnel is a Partner.
|
|
|
The key management personnel, including the directors, are employed by other entities within the group. No
further compensation other than the above was paid by the Company.
|
|
19.
|
ULTIMATE CONTROLLING PARTY
|
|
|
HFMC Wealth Limited is under the control of the board of directors of its ultimate parent company HFMC Wealth
Holdings Limited.
|