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Registration number: 10578983

Wills Tax & Trusts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Wills Tax & Trusts Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Wills Tax & Trusts Ltd

Company Information

Director

Mr R L C Best

Registered office

4 Beech Court
Wokingham Road
Hurst
Berkshire
RG10 0RQ

Accountants

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

 

Wills Tax & Trusts Ltd

(Registration number: 10578983)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

889

1,422

Current assets

 

Debtors

5

43,142

1,811

Cash at bank and in hand

 

4,870

5,679

 

48,012

7,490

Creditors: Amounts falling due within one year

6

(156,288)

(142,639)

Net current liabilities

 

(108,276)

(135,149)

Net liabilities

 

(107,387)

(133,727)

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

(107,587)

(133,927)

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:

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

 

Wills Tax & Trusts Ltd

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 & Wales.

The address of its registered office 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Wills Tax & Trusts Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,600

1,600

At 31 August 2023

1,600

1,600

Depreciation

At 1 September 2022

178

178

Charge for the year

533

533

At 31 August 2023

711

711

Carrying amount

At 31 August 2023

889

889

At 31 August 2022

1,422

1,422

5

Debtors

Current

2023
£

2022
£

Trade debtors

31,605

71

Prepayments

10,337

-

Other debtors

1,200

1,740

 

43,142

1,811

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,627

1,961

Trade creditors

 

22,221

14,229

Taxation and social security

 

8,998

141

Accruals and deferred income

 

3,117

20,917

Other creditors

 

120,325

105,391

 

156,288

142,639

 

Wills Tax & Trusts Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

 

200

200

200

200

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,627

1,961

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

The director, R L Best is also a director and controlling shareholder of UnaVida Wealth Management Limited.

 UnaVida Wealth Management Limited

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

63,984

2022

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

104,036

104,036

Advanced

6,745

6,745

At end of period

110,781

110,781

2022

Entities with joint control or significant influence
£

Total
£

At start of period

66,122

66,122

Advanced

37,914

37,914

At end of period

104,036

104,036

Terms of loans from related parties

The inter company balance is repayable on demand.

No interest is charged on the balance.