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Registered number: 09831162
















WEALTH CLUB LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023


































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WEALTH CLUB LIMITED

 
COMPANY INFORMATION


DIRECTORS
G E Bowen 
M Caricato 
A J F Davies 
S A H Leech 
R G Richards 




REGISTERED NUMBER
09831162



REGISTERED OFFICE
20 Richmond Hill

Bristol

BS8 1BA




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






WEALTH CLUB LIMITED


CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11 - 12
Company statement of financial position
13 - 14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18 - 35



WEALTH CLUB LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

INTRODUCTION
 
Wealth Club is an award-winning online investment platform for high-net-worth and sophisticated investors. It is the largest service of its kind in the UK. 

We offer a broad range of opportunities: from tax-efficient investment into funds such as VCTs and EIS, to direct investment into early-stage single company opportunities, to investing in private equity and forestry. In March we also launched our Quality Shares Portfolio – a concentrated discretionary share portfolio aimed at high-net-worth individuals with a genuine interest in investing. 

Our service puts investors in control. On our website clients can access impartial investment research which allows them to compare options and decide for themselves where to invest as well as having a simple and quick way to apply and monitor their investments. If clients have a query, they can pick up the phone and speak to someone immediately who is highly knowledgeable about all the investments on our website but who isn’t a salesperson. We pride ourselves on our client service.

Our overall aim is to help high-net-worth and sophisticated investors manage and increase their wealth by giving them the very best tools, information and service.

During the year we were delighted to be named “Best Investment Platform” at the Growth Investor Awards 2022, the fourth time we have won this accolade.

BUSINESS REVIEW
 
Wealth Club is pleased to report another year of highly profitable growth. 

Group turnover grew 7% to £8.1 million (2022: £7.6 million) and EBITDA increased by 16% to £3.6 million (2022: £3.1 million). 

Alongside the growth in turnover and EBITDA, recurring revenue, membership and client numbers also grew once more. However, due to poor investment sentiment resulting from global economic uncertainty the amount of new money invested through our service in the year dropped 19% to £260 million, this compares favourably to the reported 23% drop in the wider UK venture capital market.   

The total invested through Wealth Club since inception (February 2016) reached £1.2 billion as of 30th June 2023. Client numbers now total 11,148, up 15% on the previous financial year. Our membership (the total network of high net worth and sophisticated investors) grew 21% to 57,000.  

PRINCIPAL RISKS AND UNCERTAINTIES
 
The source of greatest external risk to our business is likely to be any changes in the economic, political and fiscal environment. A recession, continuing high inflation, changes to tax rules or a dip in investor sentiment could all impact our business and present challenges. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
Group turnover grew 7% to £8.1 million (2022: £7.6 million) and EBITDA increased by 16% to £3.6 million (2022: £3.1 million), maintaining a healthy EBITDA margin of 44%.

We continued to increase our product offering and further diversify our revenue streams.  Recurring revenue in the year was £4.6 million (2022: £4.1 million), representing 57% of total turnover (up from 54% last year) which reinforces the ongoing quality of our earnings. 

Group cash at 30 June 2023 was £4.3m (2022: £2.1m) and the business is debt free. 

Page 1


WEALTH CLUB LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

OTHER KEY PERFORMANCE INDICATORS
 
Throughout the year we have continued to innovate, launching a new product, preparing for new product initiatives and enhancing our existing technology offering.  We have front loaded significant additional costs in order to invest in our long-term sustainable growth, had we not done this our EBITDA for the financial period would be higher. We expect our annual capital flows (this year £260 million) to increase significantly over the mid term as our new products mature and demand increases for existing products.  

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
The board of directors believes they have fulfilled their individual and collective duties to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole.


This report was approved by the board on 22 October 2023 and signed on its behalf.



A J F Davies
Director

Page 2


WEALTH CLUB LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,397,765 (2022:£2,191,851).

DIRECTORS

The directors who served during the year were:

G E Bowen 
M Caricato 
A J F Davies 
S A H Leech 
R G Richards 

FUTURE DEVELOPMENTS

There is immense opportunity for Wealth Club across tax efficient and DIY main market savings and investments. We intend to continue growing our existing business as well as offering a greater range of alternative, private equity and more mainstream listed investments.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group fosters business relationships with its clients by acting on feedback, using dedicated customer relationship managers and by maintaining a high quality of service at all times. The group fosters business relationships with its suppliers by supporting a high number of local suppliers, ensuring relationships are mutually beneficial and paying invoices within agreed payment terms. 

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Group’s greenhouse gas emission and energy consumption for the year is 102,648kWh (2022: 87,405kWh) which relates to light, power and heating for the office.

This has been calculated through kWh stated on invoices received from our energy suppliers.

The Group’s employee to kWh ratio is 3,540kWh (2022: 3,014kWh).

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

In July 2023 dividends amounting to £500,093 were paid.

Page 3


WEALTH CLUB LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






A J F Davies
Director

Date: 22 October 2023

20 Richmond Hill
Bristol
BS8 1BA

Page 4


WEALTH CLUB LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


WEALTH CLUB LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEALTH CLUB LIMITED
OPINION


We have audited the financial statements of Wealth Club Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statement of financial position, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6


WEALTH CLUB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEALTH CLUB LIMITED (CONTINUED)

OPINION 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7


WEALTH CLUB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEALTH CLUB LIMITED (CONTINUED)

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 an Auditors' report 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 Group financial statements.


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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
the nature of the industry and sector, control environment and business performance;
the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;
any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.

In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. These included health and safety regulations, employment legislation, data protection laws and regulations stipulated by the Financial Conduct Authority (FCA).

Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation claims;
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; reviewing Board meeting minutes;
reviewing correspondence with the FCA for indications of non-compliance; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant
Page 8


WEALTH CLUB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEALTH CLUB LIMITED (CONTINUED)

transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.






Simon Morrison FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

23 October 2023
Page 9


WEALTH CLUB LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,058,386
7,573,003

Cost of sales
  
(739,968)
(920,737)

Gross profit
  
7,318,418
6,652,266

Administrative expenses
  
(4,241,070)
(3,986,668)

Operating profit
 5 
3,077,348
2,665,598

Interest receivable and similar income
 9 
20,249
46

Interest payable and similar expenses
 10 
-
(89,753)

Profit before taxation
  
3,097,597
2,575,891

Tax on profit
 11 
(699,832)
(384,040)

Profit for the financial year
  
2,397,765
2,191,851

  

Total comprehensive income for the year
  
2,397,765
2,191,851

Profit for the year attributable to:
  

Owners of the parent Company
  
2,397,765
2,191,851

  
2,397,765
2,191,851

The notes on pages 18 to 35 form part of these financial statements.

Page 10


WEALTH CLUB LIMITED
REGISTERED NUMBER:09831162

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
174,198
468,632

Tangible assets
 14 
503,158
562,727

Investments
 15 
42,876
42,876

  
720,232
1,074,235

Current assets
  

Debtors
 16 
6,331,493
5,133,583

Cash at bank and in hand
 17 
4,317,453
2,058,216

  
10,648,946
7,191,799

Creditors: amounts falling due within one year
 18 
(3,079,635)
(1,891,506)

Net current assets
  
 
 
7,569,311
 
 
5,300,293

Total assets less current liabilities
  
8,289,543
6,374,528

Creditors: amounts falling due after more than one year
 19 
(151,130)
(113,165)

Provisions for liabilities
  

Deferred taxation
 20 
(27,760)
(48,396)

  
 
 
(27,760)
 
 
(48,396)

Net assets
  
8,110,653
6,212,967


Capital and reserves
  

Called up share capital 
 21 
1,300,982
1,300,969

Capital redemption reserve
  
30
30

Profit and loss account
  
6,809,641
4,911,968

Equity attributable to owners of the parent Company
  
8,110,653
6,212,967

  
8,110,653
6,212,967


Page 11


WEALTH CLUB LIMITED
REGISTERED NUMBER:09831162
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A J F Davies
Director

Date: 22 October 2023

The notes on pages 18 to 35 form part of these financial statements.

Page 12


WEALTH CLUB LIMITED
REGISTERED NUMBER:09831162

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
174,198
56,372

Tangible assets
 14 
503,158
562,727

Investments
 15 
3,510,786
3,510,787

  
4,188,142
4,129,886

Current assets
  

Debtors
 16 
6,195,665
4,940,620

Cash at bank and in hand
 17 
2,811,400
1,182,633

  
9,007,065
6,123,253

Creditors: amounts falling due within one year
 18 
(3,344,079)
(2,679,646)

Net current assets
  
 
 
5,662,986
 
 
3,443,607

Total assets less current liabilities
  
9,851,128
7,573,493

  

Creditors: amounts falling due after more than one year
 19 
(151,130)
(113,165)

Provisions for liabilities
  

Deferred taxation
 20 
(27,760)
(48,396)

  
 
 
(27,760)
 
 
(48,396)

Net assets
  
9,672,238
7,411,932


Capital and reserves
  

Called up share capital 
 21 
1,300,982
1,300,969

Capital redemption reserve
  
30
30

Profit and loss account brought forward
  
6,110,933
3,556,424

Profit for the year
  
2,760,385
2,554,509

Other changes in the profit and loss account

  

(500,092)
-

Profit and loss account carried forward
  
8,371,226
6,110,933

  
9,672,238
7,411,932


Page 13


WEALTH CLUB LIMITED
REGISTERED NUMBER:09831162
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A J F Davies
Director

Date: 22 October 2023

The notes on pages 18 to 35 form part of these financial statements.

Page 14


WEALTH CLUB LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
1,300,969
30
2,720,117
4,021,116


Comprehensive income for the year

Profit for the year
-
-
2,191,851
2,191,851
Total comprehensive income for the year
-
-
2,191,851
2,191,851


Total transactions with owners
-
-
-
-



At 1 July 2022
1,300,969
30
4,911,968
6,212,967


Comprehensive income for the year

Profit for the year

-
-
2,397,765
2,397,765
Total comprehensive income for the year
-
-
2,397,765
2,397,765


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(500,092)
(500,092)

Shares issued during the year
13
-
-
13


Total transactions with owners
13
-
(500,092)
(500,079)


At 30 June 2023
1,300,982
30
6,809,641
8,110,653


The notes on pages 18 to 35 form part of these financial statements.

Page 15


WEALTH CLUB LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
1,300,969
30
3,556,424
4,857,423


Comprehensive income for the year

Profit for the year

-
-
2,554,509
2,554,509


Total transactions with owners
-
-
-
-



At 1 July 2022
1,300,969
30
6,110,933
7,411,932


Comprehensive income for the year

Profit for the year

-
-
2,760,385
2,760,385


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(500,092)
(500,092)

Shares issued during the year
13
-
-
13


Total transactions with owners
13
-
(500,092)
(500,079)


At 30 June 2023
1,300,982
30
8,371,226
9,672,238


The notes on pages 18 to 35 form part of these financial statements.

Page 16


WEALTH CLUB LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,397,765
2,191,851

Adjustments for:

Amortisation of intangible assets
422,079
421,964

Depreciation of tangible assets
67,771
49,239

Interest paid
-
89,753

Interest received
(20,249)
(46)

Taxation charge
699,832
384,040

(Increase) in debtors
(1,197,909)
(1,758,368)

Increase in creditors
864,276
331,745

Corporation tax (paid)
(358,651)
(513,348)

Net cash generated from operating activities

2,874,914
1,196,830


Cash flows from investing activities

Purchase of intangible fixed assets
(127,645)
(8,500)

Purchase of tangible fixed assets
(8,202)
(425,615)

Interest received
20,249
46

Net cash from investing activities

(115,598)
(434,069)

Cash flows from financing activities

Issue of ordinary shares
13
-

Loans due from/(repaid to) directors
-
(1,000,000)

Dividends paid
(500,092)
-

Interest paid
-
(89,753)

Net cash used in financing activities
(500,079)
(1,089,753)

Net increase/(decrease) in cash and cash equivalents
2,259,237
(326,992)

Cash and cash equivalents at beginning of year
2,058,216
2,385,208

Cash and cash equivalents at the end of year
4,317,453
2,058,216


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,317,453
2,058,216

4,317,453
2,058,216


Page 17


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


GENERAL INFORMATION

Wealth Club Limited is a private company, limited by shares, incorporated and registered in England and Wales. Its registered office is 20 Richmond Hill, Bristol BS8 1BA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Where transactions and balances have been presented differently in the current period, the prior period comparative has been updated to ensure consistency with the current period classification.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 June 2017.

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which
have been complied with. The parent company has taken advantage of the exemption from preparing
a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of
cash flows, included within these financial statements, includes the company's cash flows.

 
2.3

GOING CONCERN

The directors have prepared forecasts including cash flow projections and carefully considered the recent events and any reasonably foreseeable changes in market conditons that may arise. 

With these in mind, the directors have considered the ability to continue as a going concern and believe this to be an appropriate basis on which to prepare accounts as the directors have the resources and intend to continue to support the company for the foreseeable future.

Page 18


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (continued)

  
2.4

REVENUE

Turnover is comprised of initial fees and commission and trail income and other revenue. Initial fees and commission are recognised once the funding requirement of a raise has been met by the investor. For certain products payment of such fees and commission is deferred and paid over a defined time period. This is considered to be trail income and is only recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Other revenue of the Group and Company is invoiced in line with the relevant agreements and recognised either as revenue on the invoice date or in the case of services invoiced in advance over the term of the service. Revenue from a contract to provide services is recognised in the period in which the services are provided. Performance/exit fees are only recognised on the occurrence of a successful exit event. In all cases, revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (continued)

 
2.11

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis..

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 21


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (continued)

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.18

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.19

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily available from other sources. Actual results may subsequently differ from these estimates. 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The critical accounting judgments adopted by management applicable to this company are:

The extent of trail income recognised, and valuation of income receivable is determined through judgement and an estimation of expected fees arising from completed contractual obligations that are payable in instalments. There’s an inherent risk that such income may not be recoverable and there is a market risk due to a change in market conditions (for income subject to changes in net asset value). The directors take these risks into account when projecting income receivable.

Goodwill is amortised on a systematic basis over its useful economic life. The amortisation charge for the year is recognised in the profit or loss. Valuation of goodwill (Consolidated Statement of Financial Position) and investment in subsidiaries (Parent Company Statement of Financial Position) is estimated by reference to the ongoing value derived from the trade and assets from which it arises. The directors assess the performance of the related trade for any indicators of impairment by reference to past performance, forecasts and known market factors.

Bad debt is recognised when it is probable that the outstanding balance will not be received in full. The impairment of financial assets is measured at cost and where there is objective evidence of impairment, the entity recognises the impairment loss in the profit or loss immediately. The evidence of impairment depends on factors such as the financial viability of the debtor, breach of contract, press releases or other economic factors. Management estimates these factors based on current market information. 

Page 23


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Initial Fees & Commission
3,469,212
3,476,623

Trail Income and Other Recurring Revenue
4,589,174
4,096,380

8,058,386
7,573,003


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,058,386
7,573,003

8,058,386
7,573,003



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
105,784
106,512


6.


AUDITORS' REMUNERATION

2023
2022
£
£

Fees payable to the Group's auditors and its associates for the audit of the Group's annual financial statements
20,800
18,000


FEES PAYABLE TO THE GROUP'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
 

Audit-related assurance services
1,650
1,500

Taxation compliance services
3,300
3,000

Page 24


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,153,591
1,938,943
2,153,591
1,938,943

Social security costs
252,504
235,946
252,504
235,946

Cost of defined contribution scheme
157,782
88,537
157,782
88,537

2,563,877
2,263,426
2,563,877
2,263,426


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administrative staff
29
26
29
26


8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
828,198
851,500

Group contributions to defined contribution pension schemes
75,987
52,538

904,185
904,038


The highest paid director received remuneration of £211,000 (2022:£221,200).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,300 (2022:£6,200).

During the year 2 directors received shares under the long-term incentive schemes (2022 -NIL)


9.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
20,249
46

20,249
46

Page 25


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Other loan interest payable
-
89,753

-
89,753


11.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
720,468
355,669


720,468
355,669


TOTAL CURRENT TAX
720,468
355,669

DEFERRED TAX


Origination and reversal of timing differences
(20,636)
28,371

TOTAL DEFERRED TAX
(20,636)
28,371


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
699,832
384,040
Page 26


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022:lower than) the standard rate of corporation tax in the UK of 20.5% (2022:19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,097,597
2,575,891


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022:19%)
635,007
489,419

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
80,173
80,173

Expenses not deductible for tax purposes
2,251
1,434

Additional deduction for R&D expenditure
-
(190,786)

Other differences leading to an increase (decrease) in the tax charge
(17,599)
3,800

TOTAL TAX CHARGE FOR THE YEAR
699,832
384,040


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no matters that are expected to materially affect future tax charges.


12.


DIVIDENDS

2023
2022
£
£


Dividends paid to A Ordinary shares
449,829
-


Dividends paid to C Ordinary shares
50,263
-

500,092
-

Page 27


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


INTANGIBLE ASSETS

Group





Development expenditure
Goodwill
Total

£
£
£



COST


At 1 July 2022
105,538
2,061,296
2,166,834


Additions
127,645
-
127,645



At 30 June 2023

233,183
2,061,296
2,294,479



AMORTISATION


At 1 July 2022
49,166
1,649,036
1,698,202


Charge for the year on owned assets
9,819
412,260
422,079



At 30 June 2023

58,985
2,061,296
2,120,281



NET BOOK VALUE



At 30 June 2023
174,198
-
174,198



At 30 June 2022
56,372
412,260
468,632



Page 28


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
           13.INTANGIBLE ASSETS (CONTINUED)

Company




Development expenditure

£



COST


At 1 July 2022
105,538


Additions
127,645



At 30 June 2023

233,183



AMORTISATION


At 1 July 2022
49,166


Charge for the year
9,819



At 30 June 2023

58,985



NET BOOK VALUE



At 30 June 2023
174,198



At 30 June 2022
56,372

Page 29


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


TANGIBLE FIXED ASSETS

Group and Company






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 July 2022
551,025
35,314
51,678
638,017


Additions
-
-
8,202
8,202



At 30 June 2023

551,025
35,314
59,880
646,219



DEPRECIATION


At 1 July 2022
36,093
8,637
30,560
75,290


Charge for the year on owned assets
54,859
6,668
6,244
67,771



At 30 June 2023

90,952
15,305
36,804
143,061



NET BOOK VALUE



At 30 June 2023
460,073
20,009
23,076
503,158



At 30 June 2022
514,932
26,677
21,118
562,727


15.


FIXED ASSET INVESTMENTS

Group





Trade investments

£





At 1 July 2022
42,876




Page 30


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Company





Investments in subsidiary companies
Trade investments
Total

£
£
£



COST OR VALUATION


At 1 July 2022
3,467,910
42,876
3,510,786



At 30 June 2023
3,467,910
42,876
3,510,786





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wealth Club Asset Management Limited
20 Richmond Hill, Bristol, BS8 1BA
Ordinary
100%
Wealth Club Nominees Limited
20 Richmond Hill, Bristol, BS8 1BA
Ordinary
100%


16.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

DUE AFTER MORE THAN ONE YEAR

Prepayments and accrued income
1,170,662
957,870
1,170,662
957,870

1,170,662
957,870
1,170,662
957,870

DUE WITHIN ONE YEAR

Trade debtors
867,366
760,460
855,198
626,013

Other debtors
76,172
-
76,172
-

Prepayments and accrued income
4,217,293
3,415,253
4,093,633
3,356,737

6,331,493
5,133,583
6,195,665
4,940,620



17.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,317,453
2,058,216
2,811,400
1,182,633

4,317,453
2,058,216
2,811,400
1,182,633


Page 31


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
64,866
18,420
60,035
17,370

Amounts owed to group undertakings
-
-
791,199
1,088,829

Corporation tax
527,300
165,482
514,754
154,066

Other taxation and social security
467,652
173,791
467,652
173,791

Other creditors
106,101
322,172
106,101
322,172

Accruals and deferred income
1,913,716
1,211,641
1,404,338
923,418

3,079,635
1,891,506
3,344,079
2,679,646



19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accruals and deferred income
151,130
113,165
151,130
113,165

151,130
113,165
151,130
113,165



Page 32


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(48,396)


Charged to profit or loss
20,636



AT END OF YEAR
(27,760)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(52,327)
(57,734)
(52,327)
(57,734)

Short term timing differences
24,567
9,338
24,567
9,338

(27,760)
(48,396)
(27,760)
(48,396)


21.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



88,375 (2022:88,375) A Ordinary shares of £0.01 each
884
884
129,999,900 (2022:129,999,900) B Ordinary shares of £0.01 each
1,299,999
1,299,999
9,875 (2022:8,625) C Ordinary shares of £0.01 each
99
86

1,300,982

1,300,969

During the year 1,250 £0.01 ordinary C shares were issued following the exercise of share options by employees.




Page 33


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

22.


SHARE-BASED PAYMENTS

The company has 10,445 outstanding share options over ordinary A shares of £0.01. In the year 10 options were forfeited as a staff member left the scheme, 1250 share options were exercised and 500 options have been granted in the year. In considering the conditions arising at the date of grant and scheme rules for the options the directors have determined that any charge arising under share based payments as prescribed by FRS102 is not material to the financial statements therefore no such charge has been recognised.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

445

9,945

274
 
8,875
 
Granted during the year

2498

500

1866
 
1,070
 
Forfeited during the year

1866

(10)

-
 
-
 
Exercised during the year

1

(1,250)

-
 
-
 
OUTSTANDING AT THE END OF THE YEAR
616

9,185

445
 
9,945
 





23.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £157,800 (2022: £88,200). Contributions totalling £106,100 (2022: £NIL) were payable to the fund at the reporting date and are included in creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
109,282
108,648
109,282
108,648

Later than 1 year and not later than 5 years
325,839
432,324
325,839
432,324

435,121
540,972
435,121
540,972


25.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related Party Disclosure" and has not disclosed details of transactions with companies within the group.

Page 34


WEALTH CLUB LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

26.


POST BALANCE SHEET EVENTS

In July 2023 dividends amounting to £500,093 were paid.


27.


CONTROLLING PARTY

The controlling party is A J F Davies by virtue of his majority shareholding in the company.

 
Page 35