Registration number:
Wills Tax & Trusts Ltd
for the Year Ended 31 August 2023
Wills Tax & Trusts Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wills Tax & Trusts Ltd
Company Information
Director |
Mr R L C Best |
Registered office |
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Accountants |
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Wills Tax & Trusts Ltd
(Registration number: 10578983)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Retained earnings |
(107,587) |
(133,927) |
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Shareholders' deficit |
(107,387) |
(133,727) |
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:
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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
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Wills Tax & Trusts Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The presentation currency for accounts purposes is sterling. All amounts are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
The company's Balance Sheet as at 31 August 2023 reflects net current liabilities.
These derive from substantial investment in seminars run by the company during the 3 year period 2018 to 2020 and ongoing marketing in more recent periods.
In addition to the above, Wills Tax and Trusts (WT&T) continues to bear a significant share of running costs such as rent, rates, telephone and stationery costs for premises shared by UnaVida Wealth Management Limited (UVWM - the creditor). In 2023, WT&T has begun the recharge of costs to UVWM for a share of these in order to ensure that costs and more fairly shared and to prevent an increase with inter company indebtedness.
The director confirms that ongoing support the activities of Wills Tax and Trusts Limited will continue.
Wills Tax & Trusts Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
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. Turnover is shown net of any discounts.
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.
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 |
Furniture, fittings and equipment |
Straight line over 3 years |
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 considered for any impairment in value. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Wills Tax & Trusts Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Wills Tax & Trusts Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100 |
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100 |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank overdrafts |
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Related party transactions |
Summary of transactions with entities with joint control or significant interest
Other income £63,984 (2022: £NIl) reflects management charges to UnaVida Wealth ManagementLimited for rent, rates, printing, postage and other overheads costs. Some of the charges are made in recognition of earlier years's costs which had not been passed on to date. VAT was applied to these costs.
Other creditors as at 31 August 2023 include £110,781 (2022 - 104,036) owed to UnaVida Wealth Management Limited.
MW Trustees and Ray Best
Overheads include rental costs of £29,531 (2022 - £35,000) for the offices occupied by the company under a tenancy agreement held in the name of M.W.Trustees and Ray Best. The trustees act for the Ray Best Trust.
Trade creditors include £11,450 (2022: £10,500) owed to the Trustees at 31 August 2023
All balances are payable on demand.
No interest is chargeable on any of the balances.
Income and receivables from related parties
Wills Tax & Trusts Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
2023 |
Entities with joint control or significant influence |
Receipt of services |
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2022 |
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Loans from related parties
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
No interest is charged on the balance.