Company registration number 08196422 (England and Wales)
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
C G Harrison
S A Webber
Company number
08196422
Registered office
Cannon Place
78 Cannon Street
London
England
EC4N 6AF
Auditor
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
Business address
Stephenson House
2nd Floor
2 Cherry Orchard Road
Croydon
CR0 6BA
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1
Independent auditor's report
2 - 4
Profit and loss account
5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 30 November 2021.
Principal activities
The principal activity of the company was that of an employee benefit consultancy.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C G Harrison
D W Johnstone
(Resigned 31 December 2021)
S A Webber
Auditor
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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). 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:
-
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.
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
S A Webber
Director
27 May 2022
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
- 2 -
Opinion
We have audited the financial statements of Creative Benefit Wealth Management Limited (the 'company') for the year ended 30 November 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 November 2021 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.
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
Auditor's
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.
Conclusions relating to going concern
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:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
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
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
- 3 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the company is entitled to the small companies exemption in relation to preparing the strategic report due to it being a member of an ineligible group.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. 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.
Auditor's responsibilities for the audit of the financial statements
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 an
auditor's
report 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
.
Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
- 4 -
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
• Reading minutes of meetings of those charged with governance;
• Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
• Identifying and testing journal entries;
• Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the
financial statements
is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
As part of an audit in accordance with ISAs (UK), we have exercised our professional judgement and maintained professional scepticism throughout the audit.
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 an auditor's report 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.
Philip Woodgate (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
30 May 2022
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
2021
2020
Notes
£
£
Turnover
3
2,153,402
1,996,694
Cost of sales
1,928
(6,288)
Gross profit
2,155,330
1,990,406
Administrative expenses
(2,070,253)
(1,885,582)
Other operating income
1,065
8,030
Profit before taxation
86,142
112,854
Tax on profit
6
11,799
Profit for the financial year
97,941
112,854
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
2021
2020
£
£
Profit for the year
97,941
112,854
Other comprehensive income
-
-
Total comprehensive income for the year
97,941
112,854
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 7 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
7
467,172
619,528
Cash at bank and in hand
86,378
100,466
553,550
719,994
Creditors: amounts falling due within one year
8
(185,641)
(413,226)
Net current assets
367,909
306,768
Provisions for liabilities
Provisions
9
6,383
43,183
(6,383)
(43,183)
Net assets
361,526
263,585
Capital and reserves
Called up share capital
11
19,998
19,998
Profit and loss reserves
341,528
243,587
Total equity
361,526
263,585
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
C G Harrison
S A Webber
Director
Director
Company Registration No. 08196422
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2019
19,998
130,733
150,731
Year ended 30 November 2020:
Profit and total comprehensive income for the year
-
112,854
112,854
Balance at 30 November 2020
19,998
243,587
263,585
Year ended 30 November 2021:
Profit and total comprehensive income for the year
-
97,941
97,941
Balance at 30 November 2021
19,998
341,528
361,526
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 9 -
1
Accounting policies
Company information
Creative Benefit Wealth Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Cannon Place, 78 Cannon Street, London, England, EC4N 6AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Company has also taken advantage of the exemption from preparing a cash flow statement.
During the year
Creative Benefit Wealth Management Limited
was a
subsidiary
under the majority control
of
Creative Benefit Solutions Limited
and the results of Creative Benefit Wealth Management Limited are included in the consolidated financial statements of
Creative Benefit Solutions Limited
which are available from
Cannon Place, 78 Cannon Street, London, England, EC4N 6AF.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
The company operated at a profit for the year of £81,574 (2020: £112,854). At the year end net current assets amounted to £351,542 (2020: £306,768) and net assets amounted to £345,159 (2020: £263,585).
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared cash flow and profit forecasts which show that the company can meet its financial obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
In the annual review of the Company’s going concern, the Directors have considered the immediate and longer term impact of the Covid-19 pandemic for the group. The directors have taken action to reduce the overhead cost base of the business where appropriate and also safeguard cashflow by utilising government support initiatives such as the furlough scheme. After a careful review of the business forecasts, making prudent assumptions for new client business, the impact to existing business and the direct costs associated with this, the directors are satisfied that the cashflow forecasts support that there is no material uncertainty in relation to the going concern position of the business. The Directors are committed to carrying out regular reviews of the Company’s cash flows to monitor the ongoing situation and take further steps as required.
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover
Turnover represents adviser-charges and fees receivable from third party providers and fees for consultancy services.
Fees are recognised as follows:
- Fees and adviser-charges are recognised on the completion of the relevant documentation to effect the completion of the transaction.
- Renewal fees are recognised when receivable.
Adviser charges are stated net of a provision for clawback. The provision for clawback is made appropriate to the type of policy written.
Consultancy services income is recognised on a percentage completion basis over the course of the contract.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include
s
cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
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 of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
During the year, the
company
received £
1,065 (2020: £8,030)
under the government backed Coronavirus Job Retention
Scheme (CJRS), following the outbreak of Covid-19 during the year. This amount has been recognised as
other operating income.
1.12
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have assessed the critical judgements made in the process of applying the company's accounting policies that have а significant effect on the amounts recognised in financial statements. The directors are of the view that there are no judgements that need to be highlighted above the descriptions within the accounting policies in note1 above.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Fees and adviser charging
2,153,402
1,996,694
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
2,153,402
1,996,694
2021
2020
£
£
Other revenue
Grants received
1,065
8,030
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 13 -
4
Operating profit
2021
2020
Operating profit for the year is stated after (crediting):
£
£
Government grants
(1,065)
(8,030)
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
17
17
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,106,070
1,026,901
Social security costs
57,773
69,900
Pension costs
65,765
57,001
1,229,608
1,153,802
6
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
(11,799)
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
6
Taxation
(Continued)
- 14 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
86,142
112,854
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
16,367
21,442
Tax effect of expenses that are not deductible in determining taxable profit
161
Adjustments in respect of prior years
(11,799)
Group relief
(16,367)
(21,603)
Taxation credit for the year
(11,799)
-
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
284,676
600,070
Other debtors
163,707
Prepayments and accrued income
18,789
19,458
467,172
619,528
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
34,500
42,124
Amounts owed to group undertakings
239,737
Taxation and social security
1,312
Other creditors
33,117
26,797
Accruals and deferred income
116,712
104,568
185,641
413,226
9
Provisions for liabilities
2021
2020
£
£
Clawback provision
6,383
43,183
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
9
Provisions for liabilities
(Continued)
- 15 -
Movements on provisions:
Clawback provision
£
At 1 December 2020
43,183
Additional provisions in the year
(36,800)
At 30 November 2021
6,383
10
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,765
57,001
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2021
2020
£
£
Issued and fully paid
19,998 A Ordinary shares of £1 each
19,998
19,998
19,998
19,998
CREATIVE BENEFIT WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 16 -
12
Related party transactions
During the year, Creative Benefit Solutions Limited funded expenditure on behalf of Creative Benefit Wealth Management Limited totalling £1,080,611 (2020: £1,815,702) and repayments totalling £1,483,684 (2020: £1,738,415) were made. At the balance sheet date, the company was owed £163,707 (2020: £239,737 owed to) by Creative Benefit Solutions Limited. Creative Benefit Solutions Limited is a related party by virtue of its shareholding in the company.
During the year, Creative Benefit Wealth Management Limited funded expenditure on behalf of Creative Auto-Enrolment Limited totalling £13,692 (2020: £3,001) and repayments totalling £3,555 (2020: £5,746) were made. At the balance sheet date, the company owed £11,485 (2020: £1,349) to Creative Auto-Enrolment Limited. Creative Auto-Enrolment Limited is a related party by virtue of common ownership of Creative Benefit Solutions Limited.
One of the
directors, D.W. Johnstone,
is
also
a
director of Chambers Townsend Consultancy Limited (CTC) and
a
shareholder of Chambers Townsend Holdings Limited, its parent company. During the year CTC invoiced Creative
Benefit Wealth Management Limited
£
Nil
(20
20
:
£720
); at the year end, the balance outstanding was £
nil
(20
20
: £
Nil).
13
Control
The company is under the control of Creative Benefit Solutions Limited. There is no single, ultimate controlling party.
2021-11-30
2020-12-01
false
CCH Software
CCH Accounts Production 2022.100
C G Harrison
D W Johnstone
S A Webber
08196422
2020-12-01
2021-11-30
08196422
bus:Director1
2020-12-01
2021-11-30
08196422
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2020-12-01
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2021-11-30
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2020-12-01
2021-11-30
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2020-11-30
08196422
core:CurrentFinancialInstruments
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2021-11-30
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core:CurrentFinancialInstruments
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2020-11-30
08196422
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2021-11-30
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core:CurrentFinancialInstruments
2020-11-30
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2021-11-30
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2020-11-30
08196422
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2021-11-30
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2020-11-30
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2019-11-30
08196422
2019-11-30
08196422
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2021-11-30
08196422
core:ShareCapitalOrdinaryShares
2020-11-30
08196422
core:UKTax
2020-12-01
2021-11-30
08196422
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2019-12-01
2020-11-30
08196422
bus:OrdinaryShareClass1
2020-12-01
2021-11-30
08196422
bus:OrdinaryShareClass1
2021-11-30
08196422
bus:PrivateLimitedCompanyLtd
2020-12-01
2021-11-30
08196422
bus:FRS102
2020-12-01
2021-11-30
08196422
bus:Audited
2020-12-01
2021-11-30
08196422
bus:FullAccounts
2020-12-01
2021-11-30
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iso4217:GBP