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Registration number: 09002794

Victoria Wealth Management Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Victoria Wealth Management Limited

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

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Victoria Wealth Management Limited

Company Information
for the Year Ended 30 June 2023

Directors

Mr James Peter Michael Scragg

Mr Paul Anthony Tanner

Mr James Charles Silk

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
Victoria Wealth Management 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 Victoria Wealth Management Limited for the year ended 30 June 2023 as set out on pages 3 to 11 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 Victoria Wealth Management Limited, as a body, in accordance with the terms of our engagement letter dated 18 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of Victoria Wealth Management Limited and state those matters that we have agreed to state to the Board of Directors of Victoria Wealth Management 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 Victoria Wealth Management Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Victoria Wealth Management 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 Victoria Wealth Management Limited. You consider that Victoria Wealth Management 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 Victoria Wealth Management 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

19 January 2024

 

Victoria Wealth Management Limited

(Registration number: 09002794 )
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

16,145

Current assets

 

Debtors

5

3,467,006

3,742,860

Cash at bank and in hand

 

2,876

1,160

 

3,469,882

3,744,020

Creditors: Amounts falling due within one year

6

(1,076,229)

(1,298,098)

Net current assets

 

2,393,653

2,445,922

Total assets less current liabilities

 

2,393,653

2,462,067

Provisions for liabilities

-

(3,068)

Net assets

 

2,393,653

2,458,999

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

2,249,600

2,249,600

Retained earnings

143,053

208,399

Shareholders' funds

 

2,393,653

2,458,999

 

Victoria Wealth Management Limited

(Registration number: 09002794 )
Balance Sheet as at 30 June 2023

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 19 January 2024 and signed on its behalf by:
 

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

 

Victoria Wealth Management Limited

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

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2022

1,000

2,249,600

208,399

2,458,999

Loss for the year

-

-

(65,346)

(65,346)

At 30 June 2023

1,000

2,249,600

143,053

2,393,653

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2021

1,000

2,249,600

152,161

2,402,761

Profit for the year

-

-

56,238

56,238

At 30 June 2022

1,000

2,249,600

208,399

2,458,999

 

Victoria Wealth Management 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 19 January 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Victoria Wealth Management Limited

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

2

Accounting policies (continued)

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

20% Reducing balance

Short Leasehold

20% Reducing balance

Office Equipment

33% Reducing balance

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.

 

Victoria Wealth Management Limited

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Pensions

For a defined benfit scheme, the liabilty recorded in the balance sheet is the present value of defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlement or curtailments, are charged to the Income Statement. Interest on pension plan liablities are recognsed within finacne expense.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 1).

 

Victoria Wealth Management Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

22,922

42,368

65,290

Disposals

(22,922)

(42,368)

(65,290)

At 30 June 2023

-

-

-

Depreciation

At 1 July 2022

15,411

33,734

49,145

Eliminated on disposal

(15,411)

(33,734)

(49,145)

At 30 June 2023

-

-

-

Carrying amount

At 30 June 2023

-

-

-

At 30 June 2022

7,511

8,634

16,145

Included within the net book value of land and buildings above is £Nil (2022 - £7,511) in respect of short leasehold land and buildings.
 

 

Victoria Wealth Management Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

7

2,340,795

2,551,248

Other debtors

 

1,126,211

1,191,612

 

Victoria Wealth Management Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

15,602

Taxation and social security

1,075,191

1,281,275

Accruals and deferred income

1,039

1,101

Other creditors

(1)

120

1,076,229

1,298,098

7

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Directors Loans

2,551,248

(210,452)

2,340,796

       
     

 

2022

At 1 July 2021
£

Repayments by director
£

At 30 June 2022
£

Directors Loans

2,588,586

(37,338)

2,551,248

       
     

 

8

Parent and ultimate parent undertaking

The company's immediate parent is VWM Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Qubic Trustees Ltd as trustee of the VWM Holdings Limited Trust, incorporated in England and Wales.