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Registration number: 12980797

VWM Holdings Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

VWM Holdings Limited

Contents of The Financial Statements
for the Year Ended 30 June 2023

 

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

VWM Holdings Limited

Company Information
for the Year Ended 30 June 2023

Directors

Mr James Charles Silk

Mr Paul Anthony Tanner

Mr James Peter Michael Scragg

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates Limited
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
VWM Holdings Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VWM Holdings Limited for the year ended 30 June 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of VWM Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of VWM Holdings Limited and state those matters that we have agreed to state to the Board of Directors of VWM Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VWM Holdings Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that VWM Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of VWM Holdings Limited. You consider that VWM Holdings Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of VWM Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

1 February 2024

 

VWM Holdings Limited

(Registration number: 12980797 )
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

2,394,000

2,459,000

Creditors: Amounts falling due within one year

5

(212,139)

(210,598)

Net assets

 

2,181,861

2,248,402

Capital and reserves

 

Called up share capital

6

5,713,740

5,713,740

Share premium reserve

19,586,260

19,586,260

Retained earnings

(23,118,139)

(23,051,598)

Shareholders' funds

 

2,181,861

2,248,402

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

.........................................
Mr James Charles Silk
Director

 

VWM Holdings Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2022

5,713,740

19,586,260

(23,051,598)

2,248,402

Loss for the year

-

-

(66,541)

(66,541)

At 30 June 2023

5,713,740

19,586,260

(23,118,139)

2,181,861

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2021

5,713,740

19,586,260

(1,872)

25,298,128

Loss for the year

-

-

(23,049,726)

(23,049,726)

At 30 June 2022

5,713,740

19,586,260

(23,051,598)

2,248,402

 

VWM Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

These financial statements were authorised for issue by the Board on 1 February 2024.

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.

 

VWM Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

VWM Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in subsidiaries

2,394,000

2,459,000

Subsidiaries

£

Cost or valuation

At 1 July 2022

25,426,500

Provision

At 1 July 2022

22,967,500

Provision

65,000

At 30 June 2023

23,032,500

Carrying amount

At 30 June 2023

2,394,000

At 30 June 2022

2,459,000

The company has reduced the carrying amount of its investment to equal the Net Assets of its wholly owned subsidiary as the subsidiary ceased to trade in January 2023.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

VWM Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Victoria Wealth Management Limited

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

England

100,000 Ordinary 1p

100%

100%

Subsidiary undertakings

Victoria Wealth Management Limited

The principal activity of Victoria Wealth Management Limited is Financial Services.

 

VWM Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

211,097

209,613

Accruals and deferred income

 

1,042

985

 

212,139

210,598

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100,000

1,000

100,000

1,000

Preference of £1 each

5,712,740

5,712,740

5,712,740

5,712,740

 

5,812,740

5,713,740

5,812,740

5,713,740