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Company No: 07513182 (England and Wales)

THE WEALTH HARBOUR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE WEALTH HARBOUR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE WEALTH HARBOUR LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
THE WEALTH HARBOUR LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 4,308 9,308
4,308 9,308
Current assets
Debtors 5 167,491 103,636
Cash at bank and in hand 5,170 25,115
172,661 128,751
Creditors: amounts falling due within one year 6 ( 65,855) ( 35,922)
Net current assets 106,806 92,829
Total assets less current liabilities 111,114 102,137
Creditors: amounts falling due after more than one year 7 0 ( 2,282)
Provision for liabilities 0 ( 1,237)
Net assets 111,114 98,618
Capital and reserves
Called-up share capital 8 945 945
Profit and loss account 110,169 97,673
Total shareholders' funds 111,114 98,618

For the financial year ending 31 December 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 financial statements of The Wealth Harbour Limited (registered number: 07513182) were approved and authorised for issue by the Director on 21 February 2024. They were signed on its behalf by:

James Clifford John Dent
Director
THE WEALTH HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE WEALTH HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Wealth Harbour Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3rd Floor Eagle Tower, Montpellier Drive, Cheltenham, GL50 1TA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Prior year restatements are made where a material adjustment is required in the prior year figures. The comparatives are adjusted to allow comparability between periods. See note 2 for further details.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Management charges 45,159 (22,829) 22,330

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2023 10,976 18,918 29,894
At 31 December 2023 10,976 18,918 29,894
Accumulated depreciation
At 01 January 2023 7,510 13,076 20,586
Charge for the financial year 1,412 3,588 5,000
At 31 December 2023 8,922 16,664 25,586
Net book value
At 31 December 2023 2,054 2,254 4,308
At 31 December 2022 3,466 5,842 9,308

5. Debtors

2023 2022
£ £
Amounts owed by connected companies 122,010 32,649
Other debtors 45,481 70,987
167,491 103,636

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,135 6,742
Accruals 2,450 2,100
Taxation and social security 35,983 23,264
Obligations under finance leases and hire purchase contracts 844 3,341
Other creditors 22,443 475
65,855 35,922

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 2,282

The hire purchase agreement was secured on the asset.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
852 Ordinary shares of £ 1.00 each (2022: 945 shares of £ 1.00 each) 852 945
45 Ordinary A shares of £ 1.00 each (2022: nil shares) 45 0
48 Ordinary B shares of £ 1.00 each (2022: nil shares) 48 0
945 945

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 9,558 11,289

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,348 (2022: £834). Contributions totalling £1,157 (2022: £475) were payable to the fund at the reporting date.

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Dividends declared and paid to directors 90,820 44,648

As at the balance sheet date, total amounts of £26,199 (2022: £53,397) remain outstanding and owed by the company director. Interest has been charged at 2% per annum and all balances have been repaid within 9 months after the year end.