Company registration number 09560492 (England and Wales)
DAVID COATES WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
38,914
52,255
Tangible assets
4
2,030
2,828
40,944
55,083
Current assets
Debtors
5
76,642
72,150
Cash at bank and in hand
197,028
193,113
273,670
265,263
Creditors: amounts falling due within one year
6
(21,832)
(20,402)
Net current assets
251,838
244,861
Total assets less current liabilities
292,782
299,944
Provisions for liabilities
(385)
(537)
Net assets
292,397
299,407
Capital and reserves
Called up share capital
123,100
123,100
Profit and loss reserves
169,297
176,307
Total equity
292,397
299,407
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2022 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.
DAVID COATES WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2022
31 July 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 3 December 2022
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 2022
- 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, United Kingdom, 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.
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.
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
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.
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:
2022
2021
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2021 and 31 July 2022
133,414
Amortisation and impairment
At 1 August 2021
81,159
Amortisation charged for the year
13,341
At 31 July 2022
94,500
Carrying amount
At 31 July 2022
38,914
At 31 July 2021
52,255
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021 and 31 July 2022
6,470
Depreciation and impairment
At 1 August 2021
3,642
Depreciation charged in the year
798
At 31 July 2022
4,440
Carrying amount
At 31 July 2022
2,030
At 31 July 2021
2,828
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
12,704
14,613
Other debtors
63,938
57,537
76,642
72,150
6
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
19,302
18,102
Other creditors
2,530
2,300
21,832
20,402
DAVID COATES WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 6 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
David Coates
2.00
57,366
68,092
2,255
(63,866)
63,847
57,366
68,092
2,255
(63,866)
63,847
The loan to the director was unsecured and repayable on demand.