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COMPANY REGISTRATION NUMBER: SC485224
Wealthflow Asset Management Ltd
Filleted Unaudited Financial Statements
30 September 2023
Wealthflow Asset Management Ltd
Balance Sheet
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
52,095
21,395
Cash at bank and in hand
5,372
41,321
--------
--------
57,467
62,716
Creditors: amounts falling due within one year
6
542
542
--------
--------
Net current assets
56,925
62,174
--------
--------
Total assets less current liabilities
56,926
62,175
--------
--------
Net assets
56,926
62,175
--------
--------
Capital and reserves
Called up share capital
1,400
1,400
Profit and loss account
55,526
60,775
--------
--------
Shareholders funds
56,926
62,175
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wealthflow Asset Management Ltd
Balance Sheet (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr D R Glassey
Director
Company registration number: SC485224
Wealthflow Asset Management Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Charlotte Square, Edinburgh, EH2 4DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions .
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
1
----
Impairment
At 1 October 2022 and 30 September 2023
----
Carrying amount
At 30 September 2023
1
----
At 30 September 2022
1
----
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,700
Other debtors
26,395
21,395
--------
--------
52,095
21,395
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2
2
Other creditors
540
540
----
----
542
542
----
----
7. Directors' advances, credits and guarantees
During the year, the company repaid the loan to the directors, totalling £20,000, on 30th June 2023. Also during the year a further loan was advanced, totalling £25,000, which will be repaid by 30 June 2024.
8. Reserves
The only movement in equity during the year was in respect of the profit. All of the profit and loss account is distributable.