REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Director and |
|
Audited Financial Statements for the Year Ended 31st August 2021 |
|
for |
|
Tindle Wealth Management Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Director and |
|
Audited Financial Statements for the Year Ended 31st August 2021 |
|
for |
|
Tindle Wealth Management Limited |
Tindle Wealth Management Limited (Registered number: 10937225) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31st August 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Director | 2 |
|
Report of the Independent Auditors | 3 |
|
Income Statement | 6 |
|
Other Comprehensive Income | 7 |
|
Balance Sheet | 8 |
|
Statement of Changes in Equity | 9 |
|
Notes to the Financial Statements | 10 |
|
Tindle Wealth Management Limited |
|
Company Information |
for the year ended 31st August 2021 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants |
Statutory Auditors |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Report of the Director |
for the year ended 31st August 2021 |
|
The director presents his report with the financial statements of the company for the year ended 31st August 2021. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of independent financial advisory and wealth management services . |
|
DIRECTOR |
|
|
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
|
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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. |
|
AUDITORS |
The auditors, Grant Harrod Lerman Davis LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Tindle Wealth Management Limited |
|
Opinion |
We have audited the financial statements of Tindle Wealth Management Limited (the 'company') for the year ended 31st August 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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). |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st August 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. |
|
Basis for opinion |
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 the provisions available for small entities, in the circumstances set out in note twelve to the financial statements, 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 |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
|
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
|
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
|
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. |
|
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 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 the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Tindle Wealth Management Limited |
|
|
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 identified material misstatements in the Report of the Director. |
|
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was 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 Director. |
|
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Tindle Wealth Management Limited |
|
|
Auditors' 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 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. |
|
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: |
|
We have obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry it operates. We determined that the following laws and regulations were most significant: FRS102, Companies Act 2006, Health and Safety, Financial Conduct Authority. |
|
We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management who are responsible for legal and compliance procedures. Our findings were corroborated by review of the board minutes and papers prepared by the board of directors. |
|
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included: |
|
- Obtaining an understanding of how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. |
|
- Challenging assumptions and judgements made by management in its significant accounting estimates |
|
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations. |
|
- Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud. |
|
We did not identify any key audit matters relating to irregularities, including fraud |
|
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. |
|
Use of our report |
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. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants |
Statutory Auditors |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
|
|
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Income Statement |
for the year ended 31st August 2021 |
|
2021 | 2020 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
OPERATING PROFIT/(LOSS) |
|
( |
) |
|
Interest receivable and similar income |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
|
( |
) |
|
Tax on profit/(loss) | 6 |
|
|
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
|
( |
) |
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Other Comprehensive Income |
for the year ended 31st August 2021 |
|
2021 | 2020 |
Notes | £ | £ |
|
PROFIT/(LOSS) FOR THE YEAR |
|
( |
) |
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
|
( |
) |
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Balance Sheet |
31st August 2021 |
|
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Statement of Changes in Equity |
for the year ended 31st August 2021 |
|
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
|
Balance at 1st September 2019 |
|
( |
) | ( |
) |
|
Changes in equity |
Issue of share capital |
|
- |
|
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st August 2020 |
|
( |
) |
|
|
Changes in equity |
Total comprehensive income | - |
|
|
Balance at 31st August 2021 |
|
( |
) |
|
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Notes to the Financial Statements |
for the year ended 31st August 2021 |
|
1. | STATUTORY INFORMATION |
|
Tindle Wealth Management Limited is a
|
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions |
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": |
|
• | the requirements of Section 7 Statement of Cash Flows. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Revenue received for services not yet performed is deferred and released over the period of performance on a straight line basis. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
3. | TURNOVER |
|
The turnover and profit (2020 - loss) before taxation are attributable to the one principal activity of the company. |
|
4. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
|
|
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Notes to the Financial Statements - continued |
for the year ended 31st August 2021 |
|
4. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
2021 | 2020 |
|
Director |
|
|
|
2021 | 2020 |
£ | £ |
Director's remuneration |
|
|
|
5. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
2,200 |
4,800 |
|
6. | TAXATION |
|
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31st August 2021 nor for the year ended 31st August 2020. |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2021 | 2020 |
£ | £ |
Profit/(loss) before tax |
|
( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
|
|
( |
) |
|
Effects of: |
Utilisation of tax losses | ( |
) |
|
Losses carried forward | - | 3,722 |
Total tax charge | - | - |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Tax |
|
|
Prepayments |
|
|
|
|
Tindle Wealth Management Limited (Registered number: 10937225) |
|
Notes to the Financial Statements - continued |
for the year ended 31st August 2021 |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
|
|
VAT | 1,995 | 1,080 |
Deferred income |
|
|
Accrued expenses |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Directors' loan accounts | 15,000 | 15,000 |
|
The director's loan account above is in the name of Mr. S. M. Tindle. |
|
10. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 113,870 | 113,870 |
|
11. | RESERVES |
Retained |
earnings |
£ |
|
At 1st September 2020 | ( |
) |
Profit for the year |
|
At 31st August 2021 | ( |
) |
|
12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
|
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
|
13. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is S M Tindle. |
|
The ultimate controlling party is
|