Company Registration No. 13168186 (England and Wales)
CLAYMORE WEALTH MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
CLAYMORE WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
G K Humphreys
(Appointed 2 February 2021)
C D Payne
(Appointed 29 January 2021)
Company number
13168186
Registered office
Belmont House
Station Way
Crawley
United Kingdom
RH10 1JA
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
CLAYMORE WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
CLAYMORE WEALTH MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the period ended 31 December 2021.
Principal activities
The principal activity of the company is that of the provision of investment, administrative and strategic advisory services.
Review of Business
The results of the year are set out on page 7. The profit for the year before tax was £548,656 and the net asset position was £2,436,947.
Principal Risks and Uncertainties
The company's business is the provision of administrative services. The main risks are defined as follows:
Liquidity Risk - the risk that the Company is unable to make a payment, particularly to suppliers, when required. This is reduced by adequate funding and basic liquidity requirements; and
Operational Risk – the risk of loss arising from inadequate or failed internal processes, personnel or systems. This is reduced through implementation of a control framework.
Key Performance Indicators
Management do not yet assess the Company’s performance against Key Performance Indicators (“KPIs”) in this, the first year of the company’s operation
.
Future Developments
The directors confirm that the company will continue to provide investment, administrative and strategic advisory services and the Company’s activities are not expected to change in the foreseeable future. The Company is also developing a bespoke software for client reporting and analytics.
Promoting the success of the company
The directors have acted in a way that they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole and in doing so had regard, amongst other matters, to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly between members of the company.
The Company’s principle activities are set out above and when making business decisions the board carefully considers the impact on the success of the Company, its long term (financial and non-financial) impact.
Long term success is predicated on the collective talent, skills and values of the Company’s workforce, so the board considers and discusses information from across the organisation to help it understand the impact of its operations on the interests and views of the employees and as a result has implemented a hybrid flexible working policy.
The Directors understand that supplier relationships are key to the effective running of the business and as such the firm endeavours to pay all suppliers within the stated payment terms. This is managed as part of the liquidity risk mitigation controls.
As the Company is still growing the environmental and community impact are yet to be fully understood, but is a consideration for management core to the day to day operations ad growth strategy.
To ensure that the Company is performing at the highest standards the firm became regulated by the FCA in the year and adhered to all the relevant regulatory and capital requirements in the period.
CLAYMORE WEALTH MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
The directors recognise the necessity to act fairly across the group entities to ensure the success of the group as a whole, and not just the Company. This is managed through the use of Service agreements between companies detailing the scope of services and pricing structure.
G K Humphreys
Director
28 September 2022
CLAYMORE WEALTH MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the period ended 31 December 2021.
Claymore Wealth Management Limited was incorporated on 29 January 2021. Therefore these financial statements represent the 11 month period from incorporation to 31 December 2021.
Results and dividends
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
G K Humphreys
(Appointed 2 February 2021)
C D Payne
(Appointed 29 January 2021)
Auditor
HW Fisher LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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.
Donations
No charitable or political donations were made during the year.
Going concern
The Directors confirm that they are satisfied that the Company has adequate resources to continue in operation and meet its liabilities as they fall due for a period at least 12 months from the date that the financial statements are approved.
On behalf of the board
G K Humphreys
Director
28 September 2022
CLAYMORE WEALTH MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -
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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
CLAYMORE WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLAYMORE WEALTH MANAGEMENT LIMITED
- 5 -
Opinion
We have audited the financial statements of Claymore Wealth Management Limited (the 'company') for the period ended 31 December 2021 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows 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 FRS 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 31 December 2021 and of its profit for the period 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
In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.
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 strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CLAYMORE WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYMORE WEALTH MANAGEMENT LIMITED
- 6 -
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 strategic report and 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.
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
.
As part of our planning process:
-
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
-
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.
-
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
-
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
CLAYMORE WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYMORE WEALTH MANAGEMENT LIMITED
- 7 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
-
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
-
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
-
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
-
Testing revenue lines, in particular cut-off, for evidence of management bias.
-
Viewing and obtaining third-party confirmation of material bank balances.
-
Documenting and verifying all significant related party balances and transactions.
-
Physically verifying a sample of tangible fixed assets.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with management.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Simon Mott-Cowan (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
28 September 2022
CLAYMORE WEALTH MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
Period
ended
31 December
2021
Notes
£
Turnover
3
4,128,890
Administrative expenses
(3,579,760)
Operating profit
4
549,130
Interest payable and similar expenses
8
(474)
Profit before taxation
548,656
Tax on profit
9
(111,709)
Profit for the financial period
436,947
The profit and loss account has been prepared on the basis that all operations are continuing operations.
These results represent the 11 month period from 29 January 2021 being the date of incorporation to 31 December 2021.
CLAYMORE WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 9 -
2021
Notes
£
£
Fixed assets
Intangible assets
10
550,262
Tangible assets
11
112,798
663,060
Current assets
Debtors
12
3,851,418
Cash at bank and in hand
474,932
4,326,350
Creditors: amounts falling due within one year
13
(2,524,263)
Net current assets
1,802,087
Total assets less current liabilities
2,465,147
Provisions for liabilities
Deferred tax liability
14
28,200
(28,200)
Net assets
2,436,947
Capital and reserves
Called up share capital
16
2,000,000
Profit and loss reserves
436,947
Total equity
2,436,947
The financial statements were approved by the board of directors and authorised for issue on 28 September 2022 and are signed on its behalf by:
G K Humphreys
Director
Company Registration No. 13168186
CLAYMORE WEALTH MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
436,947
436,947
Issue of share capital
16
2,000,000
-
2,000,000
Balance at 31 December 2021
2,000,000
436,947
2,436,947
CLAYMORE WEALTH MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 11 -
2021
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(846,510)
Interest paid
(474)
Net cash outflow from operating activities
(846,984)
Investing activities
Purchase of intangible assets
(551,190)
Purchase of tangible fixed assets
(126,894)
Net cash used in investing activities
(678,084)
Financing activities
Proceeds from issue of shares
2,000,000
Net cash generated from/(used in) financing activities
2,000,000
Net increase in cash and cash equivalents
474,932
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
474,932
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information
Claymore Wealth Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Belmont House, Station Way, Crawley, United Kingdom, RH10 1JA.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The company was incorporated on 29 January 2021. These financial statements cover the 11 month period from that date to 31 December 2021.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from
Management Service Agreements
for the provision of professional services is
invoiced at cost plus mark up and
invoiced quarterly in advance. Revenue is recognised in the period in which the service is completed.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
Intangible fixed assets
Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Straight line over 10 years
Intangible assets which are not yet in use are not amortised at year end.
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Straight line over 5 years
IT hardware
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.10
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.
The company only has basic financial instruments which are stated at cost less impairment.
1.11
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.
1.12
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
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.
Critical judgements
The following judgement
has
had
a
significant
effect on amounts recognised in the financial statements.
Development costs
Included within these financial statements are development costs which represent costs incurred by the Company for developing a bespoke software for client reporting and analytics. Although not ready for intended use, the Company anticipates that this intangible asset will provide future economic benefit.
3
Turnover and other revenue
2021
£
Turnover analysed by class of business
Provision of services
4,128,890
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 15 -
2021
£
Turnover analysed by geographical market
United Kingdom
4,128,890
4
Operating profit
2021
Operating profit for the period is stated after charging:
£
Exchange differences
7,289
Research and development costs
96,638
Depreciation of owned tangible fixed assets
14,096
Amortisation of intangible assets
928
Operating lease charges
117,662
5
Auditor's remuneration
2021
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
25,000
For other services
All other non-audit services
5,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
8
Their aggregate remuneration comprised:
2021
£
Wages and salaries
2,072,620
Social security costs
285,326
Pension costs
66,068
2,424,014
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 16 -
7
Directors' remuneration
2021
£
Remuneration for qualifying services
1,043,333
Company pension contributions to defined contribution schemes
21,900
1,065,233
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
£
Remuneration for qualifying services
600,000
8
Interest payable and similar expenses
2021
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
474
9
Taxation
2021
£
Current tax
UK corporation tax on profits for the current period
83,509
Deferred tax
Origination and reversal of timing differences
28,200
Total tax charge
111,709
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
9
Taxation
(Continued)
- 17 -
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2021
£
Profit before taxation
548,656
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
104,245
Tax effect of expenses that are not deductible in determining taxable profit
6,273
Effect of change in corporation tax rate
6,768
Fixed asset differences (super deduction)
(5,577)
Taxation charge for the period
111,709
10
Intangible fixed assets
Development costs
£
Cost
At 29 January 2021
Additions
551,190
At 31 December 2021
551,190
Amortisation and impairment
At 29 January 2021
Amortisation charged for the period
928
At 31 December 2021
928
Carrying amount
At 31 December 2021
550,262
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 18 -
11
Tangible fixed assets
Plant and equipment
IT hardware
Total
£
£
£
Cost
At 29 January 2021
Additions
11,482
115,412
126,894
At 31 December 2021
11,482
115,412
126,894
Depreciation and impairment
At 29 January 2021
Depreciation charged in the period
1,141
12,955
14,096
At 31 December 2021
1,141
12,955
14,096
Carrying amount
At 31 December 2021
10,341
102,457
112,798
12
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
592,605
Other debtors
2,853,217
Prepayments and accrued income
405,596
3,851,418
13
Creditors: amounts falling due within one year
2021
£
Trade creditors
1,364,778
Corporation tax
83,509
Other taxation and social security
458,186
Other creditors
267,965
Accruals and deferred income
349,825
2,524,263
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 19 -
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2021
Balances:
£
Accelerated capital allowances
28,200
28,200
2021
Movements in the period:
£
Liability at 29 January 2021
-
Charge to profit or loss
28,200
Liability at 31 December 2021
28,200
The deferred tax liability
set out above, charged at 25%,
relates to accelerated capital allowances
and will reverse over the intended life of the asset.
15
Retirement benefit schemes
2021
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
66,068
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.
16
Share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
During the year 2,000,000 Ordinary shares were issued at a nominal value of £1 per share. All shares hold equal voting and dividend rights.
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 20 -
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
£
Within one year
78,660
18
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
£
Aggregate compensation
1,536,263
Other information
The company is taking advantage of the FRS 102 33.1A exemption in relation to disclosing related party transactions with fellow subsidiaries which are also part of
Claymore Investment Trust (“CIT”)
.
As at the period end, the following balances were outstanding with companies who share common directors and ultimate controlling parties
:
Receivable
Glaive Management Limited - £83,935.67
Longbow Management S.r.l. - £545,416.00
19
Ultimate controlling party
The parent entity is CIT and the ultimate controlling parties as at 31 December 2021 were Dr Frank Zindel and Martin Goetze.
The parent entity does not prepare accounts or consolidated accounts that are available in the public domain.
CLAYMORE WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 21 -
20
Cash absorbed by operations
2021
£
Profit for the period after tax
436,947
Adjustments for:
Taxation charged
111,709
Finance costs
474
Amortisation and impairment of intangible assets
928
Depreciation and impairment of tangible fixed assets
14,096
Movements in working capital:
Increase in debtors
(3,851,418)
Increase in creditors
2,440,754
Cash absorbed by operations
(846,510)
21
Analysis of changes in net funds
29 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
-
474,932
474,932
2021-12-31
2021-01-29
false
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
G K Humphreys
C D Payne
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