REGISTERED NUMBER: |
REGENCY WEALTH INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2022 TO 31 MAY 2023 |
REGISTERED NUMBER: |
REGENCY WEALTH INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2022 TO 31 MAY 2023 |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
REGENCY WEALTH INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
BALANCE SHEET - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Regency Wealth Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support. |
At the date of approving the financial statements the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Taxation |
Taxation for the period 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. |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
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. |
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 period 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. |
Turnover |
Investment income |
Investment income is recognised on receipt of dividends paid to the company. |
Listed investments |
Listed investments held as Fixed assets are shown at the quoted market value at the balance sheet date. Fair value movement on listed investments are recognised through Income Statement. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small. |
Provisions are not made for future operating losses. |
Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 December 2022 |
Fair value adjustment |
Impairments | ( |
) |
Dividends received | 169 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 30 November 2022 |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 May 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | 138,082 |
Valuation in 2023 | 19,678 |
157,760 |
The market value of investments as at 30 November 2022 was £138,082. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Deferred tax asset | 3,113 | 8,146 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to related |
parties | 175,696 | 175,000 |
Accrued expenses |
7. | DEFERRED TAX |
£ |
Balance at 1 December 2022 | ( |
) |
Deferred tax | 5,033 |
Balance at 31 May 2023 | ( |
) |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 30 | 30 |
Ordinary B | £1 | 70 | 70 |
100 | 100 |
On incorporation 30 Ordinary A and 70 Ordinary B shares were issued by the company. |
REGENCY WEALTH INVESTMENTS LTD (REGISTERED NUMBER: 13770649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 MAY 2023 |
9. | RELATED PARTY DISCLOSURES |
During the period the company received an interest free loan from Regency Oils (Wales) Limited of £175,000. This loan is repayable on demand and is included within creditors due less than one year. |
This company is connected due to common directors and ownership. |
10. | CHANGE OF ACCOUNTING REFERENCE DATE |
The accounting reference date has been shortened from the 30 November to 31 May. These accounts are therefore for a six month period. |