Company Registration No. 09560492 (England and Wales)
DAVID COATES WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
DAVID COATES WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DAVID COATES WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
78,937
92,279
Tangible assets
4
1,006
1,585
79,943
93,864
Current assets
Debtors
5
33,378
50,783
Cash at bank and in hand
184,063
114,199
217,441
164,982
Creditors: amounts falling due within one year
6
(26,243)
(24,031)
Net current assets
191,198
140,951
Total assets less current liabilities
271,141
234,815
Provisions for liabilities
(171)
(301)
Net assets
270,970
234,514
Capital and reserves
Called up share capital
7
123,100
123,100
Profit and loss reserves
147,870
111,414
Total equity
270,970
234,514
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
DAVID COATES WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2019
31 July 2019
- 2 -
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 December 2019
Mr D S Coates
Director
Company Registration No. 09560492
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
David Coates Wealth Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Turnover
Turnover represents amounts receivable for services net of trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% per annum on cost
Computer equipment
20% per annum on cost
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
.
1.5
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2018 and 31 July 2019
133,414
Amortisation and impairment
At 1 August 2018
41,135
Amortisation charged for the year
13,342
At 31 July 2019
54,477
Carrying amount
At 31 July 2019
78,937
At 31 July 2018
92,279
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018 and 31 July 2019
3,063
Depreciation and impairment
At 1 August 2018
1,478
Depreciation charged in the year
579
At 31 July 2019
2,057
Carrying amount
At 31 July 2019
1,006
At 31 July 2018
1,585
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
14,519
18,434
Other debtors
18,859
32,349
33,378
50,783
6
Creditors: amounts falling due within one year
2019
2018
£
£
Taxation and social security
24,233
22,231
Other creditors
2,010
1,800
26,243
24,031
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
123,100 ordinary shares of £1 each
123,100
123,100
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.50
32,349
40,856
669
(55,181)
18,693
32,349
40,856
669
(55,181)
18,693
The loan to the director was unsecured and repayable on demand.