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COMPANY REGISTRATION NUMBER: 07990232
Hutchinson Wealth Management Ltd
Filleted Unaudited Financial Statements
31 March 2017
Hutchinson Wealth Management Ltd
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
11
Hutchinson Wealth Management Ltd
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
130,434
37,253
Tangible assets
6
34,746
2,827
Investments
7
331,194
177,094
---------
---------
496,374
217,174
Current assets
Debtors
8
37,921
46,811
Cash at bank and in hand
300,714
242,363
---------
---------
338,635
289,174
Creditors: amounts falling due within one year
9
153,389
103,879
---------
---------
Net current assets
185,246
185,295
---------
---------
Total assets less current liabilities
681,620
402,469
Creditors: amounts falling due after more than one year
10
221,904
79,652
Provisions
Taxation including deferred tax
696
696
---------
---------
Net assets
459,020
322,121
---------
---------
Hutchinson Wealth Management Ltd
Statement of Financial Position (continued)
31 March 2017
2017
2016
Note
£
£
£
Capital and reserves
Called up share capital
12
10
Profit and loss account
459,008
322,111
---------
---------
Members funds
459,020
322,121
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 October 2017 , and are signed on behalf of the board by:
Mr S T Hutchinson
Director
Company registration number: 07990232
Hutchinson Wealth Management Ltd
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2015 (as previously reported)
10
154,337
154,347
Prior period adjustments
73,240
73,240
----
---------
---------
At 1 April 2015 (restated)
10
227,577
227,587
----
---------
---------
Profit for the year
152,034
152,034
----
---------
---------
Total comprehensive income for the year
152,034
152,034
Dividends paid and payable
( 57,500)
( 57,500)
----
---------
---------
Total investments by and distributions to owners
( 57,500)
( 57,500)
At 31 March 2016
10
322,111
322,121
Profit for the year
160,897
160,897
----
---------
---------
Total comprehensive income for the year
160,897
160,897
Issue of shares
2
2
Dividends paid and payable
( 24,000)
( 24,000)
----
--------
--------
Total investments by and distributions to owners
2
( 24,000)
( 23,998)
----
---------
---------
At 31 March 2017
12
459,008
459,020
----
---------
---------
Hutchinson Wealth Management Ltd
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, Craven Lodge, 37 Victoria Avenue, Harrogate, HG1 5PX. The principal activity continues to be that of a financial advisor.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents amounts receivable for goods and services.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2016
323,222
Additions
160,819
---------
At 31 March 2017
484,041
---------
Amortisation
At 1 April 2016
285,969
Charge for the year
67,638
---------
At 31 March 2017
353,607
---------
Carrying amount
At 31 March 2017
130,434
---------
At 31 March 2016
37,253
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2016
3,928
3,928
Additions
11,100
26,948
38,048
--------
--------
--------
At 31 March 2017
11,100
30,876
41,976
--------
--------
--------
Depreciation
At 1 April 2016
1,101
1,101
Charge for the year
1,665
4,464
6,129
--------
--------
--------
At 31 March 2017
1,665
5,565
7,230
--------
--------
--------
Carrying amount
At 31 March 2017
9,435
25,311
34,746
--------
--------
--------
At 31 March 2016
2,827
2,827
--------
--------
--------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2016
177,094
Additions
154,100
---------
At 31 March 2017
331,194
---------
Impairment
At 1 April 2016 and 31 March 2017
---------
Carrying amount
At 31 March 2017
331,194
---------
At 31 March 2016
177,094
---------
The investment relates to an investment in HWM (Harrogate) LLP, an LLP in which the company and its director are members of.
8. Debtors
2017
2016
£
£
Trade debtors
36,934
42,309
Other debtors
987
4,502
--------
--------
37,921
46,811
--------
--------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
50,301
43,182
Trade creditors
1,674
Corporation tax
59,651
37,822
Social security and other taxes
2,837
Other creditors
43,437
18,364
---------
---------
153,389
103,879
---------
---------
10. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
221,904
79,652
---------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S T Hutchinson
( 3)
2
( 17,355)
( 17,356)
----
----
--------
--------
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S T Hutchinson
( 126,847)
194,260
( 67,416)
( 3)
---------
---------
--------
----
12. Related party transactions
The company was under the control of Mr S.T. Hutchinson throughout the current and previous year. Mr S.T. Hutchinson is the managing director and owns 100% of the issued share capital. Dividends totalling £24,000 (2016 - £57,500) were paid to Mr S.T. Hutchinson and his wife during the year. No further transactions with related parties were undertaken such as are required to be disclosed.
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Hutchinson Wealth Management Ltd
Management Information
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Hutchinson Wealth Management Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Hutchinson Wealth Management Ltd
Year ended 31 March 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GOSTLING LIMITED Chartered accountant
Unit 1, Union Business Park Snaygill Industrial Estate Skipton North Yorkshire BD23 2QR
17 October 2017