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REGISTERED NUMBER: 11196414 (England and Wales)








Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Fortitude Wealth Management Limited

Fortitude Wealth Management Limited (Registered number: 11196414)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fortitude Wealth Management Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: A D Macintyre





REGISTERED OFFICE: 81-82 Castle Street
Canterbury
Kent
CT1 2QD





REGISTERED NUMBER: 11196414 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Fortitude Wealth Management Limited (Registered number: 11196414)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,079,974 1,262,672
Tangible assets 5 3,469 3,703
1,083,443 1,266,375

CURRENT ASSETS
Debtors 6 5,000 8,975
Investments 7 39,665 5,000
Cash at bank 474,503 314,405
519,168 328,380
CREDITORS
Amounts falling due within one year 8 316,009 215,477
NET CURRENT ASSETS 203,159 112,903
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,286,602

1,379,278

CREDITORS
Amounts falling due after more than one
year

9

(912,503

)

(1,116,854

)

PROVISIONS FOR LIABILITIES 10 (1,992 ) -
NET ASSETS 372,107 262,424

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Fair value reserve 12 4,665 -
Retained earnings 365,442 260,424
SHAREHOLDERS' FUNDS 372,107 262,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fortitude Wealth Management Limited (Registered number: 11196414)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2024 and were signed by:





A D Macintyre - Director


Fortitude Wealth Management Limited (Registered number: 11196414)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Fortitude Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Fortitude Wealth Management Limited (Registered number: 11196414)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 1,421,279
AMORTISATION
At 1 March 2023 158,607
Amortisation for year 182,698
At 29 February 2024 341,305
NET BOOK VALUE
At 29 February 2024 1,079,974
At 28 February 2023 1,262,672

Fortitude Wealth Management Limited (Registered number: 11196414)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2023 5,526
Additions 1,476
At 29 February 2024 7,002
DEPRECIATION
At 1 March 2023 1,823
Charge for year 1,710
At 29 February 2024 3,533
NET BOOK VALUE
At 29 February 2024 3,469
At 28 February 2023 3,703

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 5,000 8,975

7. CURRENT ASSET INVESTMENTS
29.2.24 28.2.23
£    £   
Unlisted investments 39,665 5,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Taxation and social security 127,110 67,477
Other creditors 188,899 148,000
316,009 215,477

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Other creditors 912,503 1,116,854

10. PROVISIONS FOR LIABILITIES
29.2.24
£   
Deferred tax 1,992

Fortitude Wealth Management Limited (Registered number: 11196414)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 (8,267 )
Provided during year 10,259
Accelerated capital allowances
Balance at 29 February 2024 1,992

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
2,000 Ordinary £1 2,000 2,000

12. RESERVES
Fair
value
reserve
£   
Investment revaluation 4,665

At 29 February 2024 4,665