Period from 1 December 2021 to
Registration number:
Cooper Associates Wealth Management Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Cooper Associates Wealth Management Limited
Balance Sheet
31 December 2022
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2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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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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Profit and loss account |
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Shareholders' funds |
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Cooper Associates Wealth Management Limited
Balance Sheet
31 December 2022
For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06890675
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland 'FRS102'' , including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Going concern
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation
remains appropriate.
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and estimates that have a significant effect on the financial statements are as follows:
Going concern, as mentioned in the accounting policy above.
During the period the company made an acquisition. The company is required to pay an additional amount for the acquisition, payable after the period end, dependent on future performance. The directors expect the performance criteria to be met and therefore estimate that the full amount of contingent consideration of £544,337 will be paid. This amount is included in provisions for liabilities.
Intangible assets are carried at cost, less amortised charges and any subsequent accumulated impairment loss. This requires an estimation in the amortisation rates, as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred.. The carrying amount is £3,293,158 (2021 -£786,842).
Revenue recognition
Turnover comprises amounts received in the period for services provided plus any amounts accrued for services provided prior to the period end.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold properties - property improvements |
4% straight line |
Fixtures and fittings |
20% reducing balance |
Office equipment |
25% reducing balance |
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 |
5 - 10 years straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans: and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid, or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 December 2021 |
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Additions |
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At 31 December 2022 |
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Amortisation |
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At 1 December 2021 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 30 November 2021 |
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During the year the company acquired a subsidiary undertaking, Pengilly Cox Financial Associates Limited, and then immediately hived up the trade, assets and liabilities. This resulted in a goodwill addition of £2,745,434.
Tangible assets |
Leasehold properties |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 December 2021 |
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Additions |
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At 31 December 2022 |
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Depreciation |
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At 1 December 2021 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 30 November 2021 |
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Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2021 |
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Additions |
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At 31 December 2022 |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 30 November 2021 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Ground Floor
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Ordinary |
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40 St. James Street
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Ordinary |
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Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Debtors |
2022 |
2021 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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Corporation tax |
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652,866 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Loans and borrowings |
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Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Creditors due within one year includes bank loans and overdrafts: 2022 - £469,408 (2021 - £285,056), on which there is a fixed and floating charge on all property and assets held by the company. These loans also carry joint and several personal guarantees which have been given by the directors.
2022 |
2021 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Other borrowings |
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Creditors due after one year include bank loans and overdrafts: 2022 - £2,667,354 (2021 - £638,507), on which there is a fixed and floating charge on all property and assets held by the company. These loans also carry joint and several personal guarantees which have been given by the directors.
Deferred tax and other provisions |
Deferred contingent consideration |
Total |
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Additional provisions |
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At 31 December 2022 |
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At 31 December 2022 the company had a deferred contingent consideration liability in respect of an acquisition made during the period. This liability relates to a deferred acquisition consideration payment which is subject to an agreed performance criteria being achieved.
Cooper Associates Wealth Management Limited
Notes to the Financial Statements
Period from 1 December 2021 to 31 December 2022
Related party transactions |
Transactions with directors |
2022 |
At 1 December 2021 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Mr L A Cooper |
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Loan to director repayable on demand |
( |
- |
- |
( |
2021 |
At 1 December 2020 |
Advances to director |
Repayments by director |
At 30 November 2021 |
Mr L A Cooper |
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Loan to director repayable on demand |
( |
( |
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( |
Summary of transactions with subsidiaries
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |