Company Registration No. 07111144 (England and Wales)
Wealth Fortress 1 Ltd
Unaudited accounts
for the year ended 30 June 2022
Wealth Fortress 1 Ltd
Unaudited accounts
Contents
Wealth Fortress 1 Ltd
Company Information
for the year ended 30 June 2022
Directors
Terence Franks
Iain Stamp
Company Number
07111144 (England and Wales)
Registered Office
61 VICTORIA ROAD
SURBITON
KT6 4JX
ENGLAND
Accountants
Richard McIntosh
5 South Charlotte Street
Edinburgh
EH2 4AN
Wealth Fortress 1 Ltd
Statement of financial position
as at 30 June 2022
Intangible assets
238,455
121,637
Cash at bank and in hand
30,579
124,477
Creditors: amounts falling due within one year
(152,190)
55,274
Net current assets
473,937
529,308
Total assets less current liabilities
1,081,102
659,271
Creditors: amounts falling due after more than one year
(63,000)
(196,267)
Net assets
1,018,102
463,004
Called up share capital
1
1
Profit and loss account
1,018,101
463,003
Shareholders' funds
1,018,102
463,004
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2022 and were signed on its behalf by
Terence Franks
Director
Company Registration No. 07111144
Wealth Fortress 1 Ltd
Notes to the Accounts
for the year ended 30 June 2022
Wealth Fortress 1 Ltd is a private company, limited by shares, registered in England and Wales, registration number 07111144. The registered office is 61 VICTORIA ROAD, SURBITON, KT6 4JX, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33.33% on cost
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Wealth Fortress 1 Ltd
Notes to the Accounts
for the year ended 30 June 2022
4
Intangible fixed assets
Other
Charge for the year
15,447
5
Tangible fixed assets
Computer equipment
6
Investments
Other investments
Valuation at 1 July 2021
8,326
Fair value adjustments
232
Valuation at 30 June 2022
350,922
7
Debtors: amounts falling due within one year
2022
2021
Amounts due from group undertakings etc.
491,472
323,972
Accrued income and prepayments
-
6,436
Other debtors
104,076
19,149
Wealth Fortress 1 Ltd
Notes to the Accounts
for the year ended 30 June 2022
8
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
35,209
43,750
Taxes and social security
129,006
-
Loans from directors
(12,624)
(121,000)
9
Creditors: amounts falling due after more than one year
2022
2021
Other creditors
63,000
70,000
Taxes and social security
-
126,267
10
Average number of employees
During the year the average number of employees was 2 (2021: 2).