Company Registration No. 09560492 (England and Wales)
DAVID COATES WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
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 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
92,279
105,620
Tangible assets
4
1,585
1,712
93,864
107,332
Current assets
Debtors
5
50,783
7,975
Cash at bank and in hand
114,199
110,709
164,982
118,684
Creditors: amounts falling due within one year
6
(24,031)
(46,112)
Net current assets
140,951
72,572
Total assets less current liabilities
234,815
179,904
Provisions for liabilities
(301)
(325)
Net assets
234,514
179,579
Capital and reserves
Called up share capital
7
123,100
123,100
Profit and loss reserves
111,414
56,479
Total equity
234,514
179,579
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 2018
31 July 2018
- 2 -
For the financial year ended 31 July 2018 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 6 December 2018
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 2018
- 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 or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Fixtures, fittings & equipment
15% straight line
Computer equipment
20% straight line
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 2018
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2017 and 31 July 2018
133,414
Amortisation and impairment
At 1 August 2017
27,794
Amortisation charged for the year
13,341
At 31 July 2018
41,135
Carrying amount
At 31 July 2018
92,279
At 31 July 2017
105,620
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017
2,672
Additions
391
At 31 July 2018
3,063
Depreciation and impairment
At 1 August 2017
960
Depreciation charged in the year
518
At 31 July 2018
1,478
Carrying amount
At 31 July 2018
1,585
At 31 July 2017
1,712
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
18,434
7,975
Other debtors
32,349
-
50,783
7,975
6
Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
22,231
26,112
Other creditors
1,800
20,000
24,031
46,112
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
123,100 ordinary shares of £1 each
123,100
123,100
123,100
123,100
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 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
(18,200)
92,937
382
(42,770)
32,349
(18,200)
92,937
382
(42,770)
32,349
The aforementioned advances are unsecured and repayable on demand.