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Registration number: 05553273

UnaVida Wealth Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

UnaVida Wealth Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

UnaVida Wealth Management Limited

Company Information

Director

Mr R L C Best

Registered office

8f Millars Brook
Molly Millars Lane
Wokingham
Berkshire
RG41 2AD

Accountants

Hobbs Granger Roitt LLP
Chartered Certified Accountants
8g Millars Brook
Molly Millars Lane
Wokingham
Berkshire
RG41 2AD

 

UnaVida Wealth Management Limited

(Registration number: 05553273)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

232

433

Current assets

 

Debtors

6

141,346

134,950

Investments

5

49

20,997

Cash at bank and in hand

 

234,727

256,407

 

376,122

412,354

Creditors: Amounts falling due within one year

7

(88,709)

(39,195)

Net current assets

 

287,413

373,159

Net assets

 

287,645

373,592

Capital and reserves

 

Called up share capital

8

34,750

34,750

Share premium reserve

7,810

7,810

Profit and loss account

245,085

331,032

Total equity

 

287,645

373,592

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 October 2023
 

.........................................
Mr R L C Best
Director

   
     
 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8f Millars Brook
Molly Millars Lane
Wokingham
Berkshire
RG41 2AD
England

The principal place of business is:
4 Beech Court
Wokingham Road
Hurst
Berkshire
RG10 0RQ

These financial statements were authorised for issue by the director on 12 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% Straight line on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments are measured at fair value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits,

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

999

999

At 31 August 2023

999

999

Depreciation

At 1 September 2022

567

567

Charge for the year

200

200

At 31 August 2023

767

767

Carrying amount

At 31 August 2023

232

232

At 31 August 2022

433

433

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 September 2022

20,997

20,997

Additions

10,917

10,917

Fair value adjustments

(2,338)

(2,338)

Disposals

(29,527)

(29,527)

At 31 August 2023

49

49

Carrying amount

At 31 August 2023

49

49

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

250

Prepayments

5,558

5,561

Other debtors

135,788

129,139

 

141,346

134,950

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

2,485

Trade creditors

 

31,555

3,795

Taxation and social security

 

4,600

25,108

Accruals and deferred income

 

49,608

4,608

Other creditors

 

2,946

3,199

 

88,709

39,195

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

7,500

7,500

7,500

7,500

Ordinary B shares of £1 each

2,250

2,250

2,250

2,250

 

9,750

9,750

9,750

9,750

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

15,000

15,000

15,000

15,000

Ordinary B shares of £1 each

10,000

10,000

10,000

10,000

 

25,000

25,000

25,000

25,000

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

2,485

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary A shares

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £4.444 (2022 - £2.667) per each Ordinary A shares

 

100,000

 

60,000

         

11

Related party transactions

Included as other debtors, as at 31 August 2023, the director owes £25,000 (2022 - £25,000) to the company with respect to a share rights issue on 6 June 2018. This is share capital not paid up and is disclosed under other debtors. No interest is charged on this balance

Included as other borrowings in creditors, the company owed the director £Nil at 31 August 2022 (2022: £2,483).

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,000

25,000

Contributions paid to money purchase schemes

-

4,000

45,000

29,000

Summary of transactions with entities with joint control or significant interest

Wills Tax and Trusts Limited is a company under the common control of Ray Best. Mr Best is the sole director and shareholder for each company.
 UnaVida Wealth Management Limited provided funding to Wills Tax and Trusts Limited but in return Wills Tax and Trusts Limited has borne a variety of core infrastructure and running costs for a number of years without rechaging them to UnaVida.

These have included lease rental costs, rates, motor, travel and telephony costs.

During the year ended 31 August 2023, Wills Tax and Trusts Ltd has made recharges for these costs of £76,781 which include VAT of £12,797 (VAT that is not recoverable by UnaVida) in order to reimburse the related company.

 The inter company loan is open item, repayable on demand and carries no interest on outstanding balances.
 

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Rendering of services

76,781

2022

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

104,139

104,139

Advanced

6,642

6,642

At end of period

110,781

110,781

 

UnaVida Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2022

Entities with joint control or significant influence
£

Total
£

At start of period

66,122

66,122

Advanced

38,017

38,017

At end of period

104,139

104,139

Terms of loans to related parties

Inter company account to facilitate the trading of Wills Tax and Trusts Limited.

No interest is charged on the balance.

 

12

Financial instruments

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at fair value through profit or loss

49

20,997

Financial assets measured at fair value

Portfolio investments
Mid Market values as advised at period ends

The fair value is £49 (2022 - £20,997) and the change in value included in profit or loss is £(2,338) (2022 - £(4,822)).