Registered number
11058541
Opulence Wealth Management Uk Ltd
Filleted Accounts
31 March 2023
Opulence Wealth Management Uk Ltd
Registered number: 11058541
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 56,212 74,948
Tangible assets 4 33,001 1
89,213 74,949
Current assets
Debtors 5 3,500 10,295
Cash at bank and in hand 19,106 70,068
22,606 80,363
Creditors: amounts falling due within one year 6 (12,851) (22,905)
Net current assets 9,755 57,458
Total assets less current liabilities 98,968 132,407
Creditors: amounts falling due after more than one year 7 (57,065) (90,560)
Net assets 41,903 41,847
Capital and reserves
Called up share capital 1 1
Profit and loss account 41,902 41,846
Shareholder's funds 41,903 41,847
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shabeer Ahmed
Director
Approved by the board on 4 October 2023
Opulence Wealth Management Uk Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 93,684
At 31 March 2023 93,684
Amortisation
At 1 April 2022 18,736
Provided during the year 18,736
At 31 March 2023 37,472
Net book value
At 31 March 2023 56,212
At 31 March 2022 74,948
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 4,347 - 4,347
Additions 979 40,270 41,249
At 31 March 2023 5,326 40,270 45,596
Depreciation
At 1 April 2022 4,346 - 4,346
Charge for the year 195 8,054 8,249
At 31 March 2023 4,541 8,054 12,595
Net book value
At 31 March 2023 785 32,216 33,001
At 31 March 2022 1 - 1
5 Debtors 2023 2022
£ £
Trade debtors 3,500 6,800
Other debtors - 3,495
3,500 10,295
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 12,101 21,391
Other creditors 750 1,514
12,851 22,905
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 57,065 90,560
8 Other information
Opulence Wealth Management Uk Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Fitzroy Court
6 Whitehorse Road
Croydon
Surrey
CR0 2AX
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