IRIS Accounts Production v23.2.0.158 01911493 Board of Directors Board of Directors 6.4.22 5.4.23 5.4.23 0 0 0 0 false true true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure019114932022-04-05019114932023-04-05019114932022-04-062023-04-05019114932021-04-05019114932021-04-062022-04-05019114932022-04-0501911493ns15:PoundSterling2022-04-062023-04-0501911493ns11:Director12022-04-062023-04-0501911493ns11:Director22022-04-062023-04-0501911493ns11:CompanySecretary12022-04-062023-04-0501911493ns11:PrivateLimitedCompanyLtd2022-04-062023-04-0501911493ns11:FRS1022022-04-062023-04-0501911493ns11:Audited2022-04-062023-04-0501911493ns11:SmallCompaniesRegimeForDirectorsReport2022-04-062023-04-0501911493ns11:FullAccounts2022-04-062023-04-0501911493ns11:OrdinaryShareClass12022-04-062023-04-0501911493ns11:OrdinaryShareClass22022-04-062023-04-0501911493ns11:OrdinaryShareClass32022-04-062023-04-0501911493ns11:Director32022-04-062023-04-0501911493ns11:Director42022-04-062023-04-0501911493ns11:Director52022-04-062023-04-0501911493ns11:RegisteredOffice2022-04-062023-04-0501911493ns6:CurrentFinancialInstruments2023-04-0501911493ns6:CurrentFinancialInstruments2022-04-0501911493ns6:ShareCapital2023-04-0501911493ns6:ShareCapital2022-04-0501911493ns6:RetainedEarningsAccumulatedLosses2023-04-0501911493ns6:RetainedEarningsAccumulatedLosses2022-04-0501911493ns6:ShareCapital2021-04-0501911493ns6:RetainedEarningsAccumulatedLosses2021-04-0501911493ns6:RetainedEarningsAccumulatedLosses2021-04-062022-04-0501911493ns6:RetainedEarningsAccumulatedLosses2022-04-062023-04-0501911493ns11:OrdinaryShareClass12021-04-062022-04-0501911493ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-0501911493ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-0501911493ns6:OtherProvisionsContingentLiabilities2022-04-062023-04-0501911493ns6:OtherProvisionsContingentLiabilities2023-04-0501911493ns11:OrdinaryShareClass12023-04-0501911493ns11:OrdinaryShareClass22023-04-0501911493ns11:OrdinaryShareClass32023-04-0501911493ns6:RetainedEarningsAccumulatedLosses2022-04-05
REGISTERED NUMBER: 01911493












REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

FOR

HFMC WEALTH LIMITED

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


HFMC WEALTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5TH APRIL 2023







DIRECTORS: M E Waller
P Patient
R H Ibbotson
J N J Hoyland
S Dunn





SECRETARY: L A R Paris





REGISTERED OFFICE: Russell House
140 High Street
Edgware
Middlesex
HA8 7LW





REGISTERED NUMBER: 01911493





AUDITORS: Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5TH APRIL 2023


The directors present their report with the financial statements of the company for the year ended 5th April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of independent financial advisors.

REVIEW OF BUSINESS
The results for 2023 reflect a turnover of £5,631,977 (2022: £5,895,182). Trading profits for the year were £353,419 (2022: £861,151).

The Company's capital and reserves increased by £286,061 to £1,505,671 (2022: £1,129,610).

The Board monitors the progress of the company's performance and the individual strategic elements on a monthly basis by reference to three KPI's;
1. Profits
2. Cashflow
3. Turnover

DIRECTORS
The directors shown below have held office during the whole of the period from 6th April 2022 to the date of this report.

M E Waller
P Patient
R H Ibbotson
J N J Hoyland
S Dunn

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Moore Kingston Smith LLP, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.


HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5TH APRIL 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

BY ORDER OF THE BOARD:



L A R Paris - Secretary


4th October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC WEALTH LIMITED


Opinion
We have audited the financial statements of HFMC Wealth Limited (the 'company') for the year ended 5th April 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 5th April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC WEALTH LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC WEALTH LIMITED


- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Matthews (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP

4th October 2023

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 5TH APRIL 2023

2023 2022
Notes £    £   

REVENUE 3 5,631,977 5,895,182

Cost of sales (5,173,483 ) (4,934,370 )
GROSS PROFIT 458,494 960,812

Administrative expenses (101,237 ) (96,428 )
OPERATING PROFIT 4 357,257 864,384

Interest receivable and similar income 170 16
357,427 864,400

Interest payable and similar expenses 5 (3,907 ) (3,249 )
PROFIT BEFORE TAXATION 353,520 861,151

Tax on profit 6 (67,459 ) (148,221 )
PROFIT FOR THE FINANCIAL YEAR 286,061 712,930

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

286,061

712,930

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

STATEMENT OF FINANCIAL POSITION
5TH APRIL 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 8 1,360,104 1,416,979
Cash at bank 6,448 8,031
1,366,552 1,425,010
CREDITORS
Amounts falling due within one year 9 (98,503 ) (205,400 )
NET CURRENT ASSETS 1,268,049 1,219,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,268,049

1,219,610

PROVISIONS FOR LIABILITIES 11 (12,378 ) -
NET ASSETS 1,255,671 1,219,610

CAPITAL AND RESERVES
Called up share capital 12 100,000 100,000
Retained earnings 13 1,155,671 1,119,610
SHAREHOLDERS' FUNDS 1,255,671 1,219,610

The financial statements were approved by the Board of Directors and authorised for issue on 4th October 2023 and were signed on its behalf by:




M E Waller - Director



R H Ibbotson - Director


HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5TH APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 6th April 2021 100,000 406,680 506,680

Changes in equity
Total comprehensive income - 712,930 712,930
Balance at 5th April 2022 100,000 1,119,610 1,219,610

Changes in equity
Dividends - (250,000 ) (250,000 )
Total comprehensive income - 286,061 286,061
Balance at 5th April 2023 100,000 1,155,671 1,255,671

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023


1. COMPANY INFORMATION

HFMC Wealth Limited is a Limited company incorporated in England and Wales. It's principal place of business is HFM House, New Road, Weybridge, Surrey, KT13 9BW England.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents the commissions earned from the one principal activity of providing financial services. It is measured at the fair value of the consideration received or receivable net of value added tax. Full credit is taken for the initial commissions due on all business transacted in the year irrespective of the period of the policy. Renewal commission is accounted for when received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Revenue recognition
Turnover represents the amounts receivable for the provision of financial services.

Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer credits.

Financial Instruments
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and ' Section 12 ' Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


2. ACCOUNTING POLICIES - continued

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets , other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from group undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


3. REVENUE

The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the United Kingdom. The total revenue is derived from services.

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Auditors' remuneration 8,470 8,160

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 3,907 3,249

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 67,459 163,665
Under/Over Provision prior yea rs - (15,444 )

Tax on profit 67,459 148,221

UK corporation tax has been charged at 19% (2022 - 19%).

7. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of 1 each
Interim 250,000 -

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 543,554 689,081
Prepayments and accrued income 816,550 727,898
1,360,104 1,416,979

Amounts owed by group undertakings are interest free and repayable on demand. The difference between the amortised value and the carrying value is deemed to be non material.

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,208 17,139
Tax 67,172 163,548
Accruals and deferred income 22,123 24,713
98,503 205,400

10. FINANCIAL INSTRUMENTS

Carrying amount of financial assets
2023 2022
£    £   
Debt instruments measured at amortised cost 1,360,104 1,416,979


Carrying amount of financial liabilities
2023 2022
£    £   
Measured at amortised cost 31,331 41,852

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions
Clawback provision 12,378 -

Clawback
provision
£   
Provided during year 12,378
Balance at 5th April 2023 12,378

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
66,000 Ordinary A 1 66,000 66,000
24,000 Ordinary B 1 24,000 24,000
10,000 Ordinary C 1 10,000 10,000
100,000 100,000

HFMC WEALTH LIMITED (REGISTERED NUMBER: 01911493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


13. RESERVES
Retained
earnings
£   

At 6th April 2022 1,119,610
Profit for the year 286,061
Dividends (250,000 )
At 5th April 2023 1,155,671

14. ULTIMATE PARENT COMPANY

The ultimate parent company is HFMC Wealth Holdings Limited, a company registered in England and Wales.

HFMC Wealth Holdings Limited prepares group financial statements and copies can be obtained from the
Company Secretary, Russell House, 140 High Street, Edgware, Middlesex, United Kingdom, HA8 7LW.

15. CONTINGENT LIABILITIES

The company is part of the HFMC Group Holdings Limited "VAT Group" and as such is joint and severally liable for the VAT liability of that group.

The company has provided security under a multilateral cross guarantee for the bank loan disclosed in the group consolidated financial statements, covering a number of entities under the control of HFMC Wealth Holdings Limited.

The company has given two fixed and floating charges over its assets in respect of lending facilities provided to HFMC Group Holdings Limited.

At the year end the outstanding liability amounted to £4,832,423 (2022: £4,134,323).

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17. ULTIMATE CONTROLLING PARTY

HFMC Wealth Limited is under the control of the board of directors of its ultimate parent company HFMC Wealth Holdings Limited.