Wealth and Tax Management Ltd 02020674 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of provision of wealth management. Digita Accounts Production Advanced 6.30.9574.0 true true 02020674 2023-01-01 2023-12-31 02020674 2023-12-31 02020674 bus:OrdinaryShareClass1 2023-12-31 02020674 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 02020674 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 02020674 core:CurrentFinancialInstruments 2023-12-31 02020674 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02020674 core:Non-currentFinancialInstruments 2023-12-31 02020674 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02020674 core:Goodwill 2023-12-31 02020674 core:FurnitureFittings 2023-12-31 02020674 core:MotorVehicles 2023-12-31 02020674 core:OfficeEquipment 2023-12-31 02020674 core:PlantMachinery 2023-12-31 02020674 bus:SmallEntities 2023-01-01 2023-12-31 02020674 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02020674 bus:FullAccounts 2023-01-01 2023-12-31 02020674 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02020674 bus:RegisteredOffice 2023-01-01 2023-12-31 02020674 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02020674 bus:Director4 2023-01-01 2023-12-31 02020674 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02020674 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02020674 core:Goodwill 2023-01-01 2023-12-31 02020674 core:FurnitureFittings 2023-01-01 2023-12-31 02020674 core:MotorVehicles 2023-01-01 2023-12-31 02020674 core:OfficeEquipment 2023-01-01 2023-12-31 02020674 core:PlantMachinery 2023-01-01 2023-12-31 02020674 countries:AllCountries 2023-01-01 2023-12-31 02020674 2022-12-31 02020674 core:Goodwill 2022-12-31 02020674 core:FurnitureFittings 2022-12-31 02020674 core:MotorVehicles 2022-12-31 02020674 core:OfficeEquipment 2022-12-31 02020674 core:PlantMachinery 2022-12-31 02020674 2022-01-01 2022-12-31 02020674 2022-12-31 02020674 bus:OrdinaryShareClass1 2022-12-31 02020674 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 02020674 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 02020674 core:CurrentFinancialInstruments 2022-12-31 02020674 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02020674 core:Non-currentFinancialInstruments 2022-12-31 02020674 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02020674 core:FurnitureFittings 2022-12-31 02020674 core:MotorVehicles 2022-12-31 02020674 core:OfficeEquipment 2022-12-31 02020674 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02020674

Wealth and Tax Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Wealth and Tax Management Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Wealth and Tax Management Ltd

Company Information

Directors

Mr Anthony William Byrne

Ms Cholpon Djanuzakova

Company secretary

Ms Cholpon Djanuzakova

Registered office

17 Shirwell Crescent
Furzton Lake
Milton Keynes
MK4 1GA

Accountants

KRW Accountants Limited
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Wealth and Tax Management Ltd

(Registration number: 02020674)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

18,142

22,185

Current assets

 

Debtors

6

279,886

334,855

Cash at bank and in hand

 

4,537

3,937

 

284,423

338,792

Creditors: Amounts falling due within one year

7

(147,814)

(161,232)

Net current assets

 

136,609

177,560

Total assets less current liabilities

 

154,751

199,745

Creditors: Amounts falling due after more than one year

7

(14,167)

(55,257)

Provisions for liabilities

(5,546)

(5,546)

Net assets

 

135,038

138,942

Capital and reserves

 

Called up share capital

62

62

Capital redemption reserve

34,942

34,942

Retained earnings

100,034

103,938

Shareholders' funds

 

135,038

138,942

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.

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 10 April 2024 and signed on its behalf by:
 

.........................................
Mr Anthony William Byrne
Director

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
17 Shirwell Crescent
Furzton Lake
Milton Keynes
MK4 1GA

These financial statements were authorised for issue by the Board on 10 April 2024.

The company registration number is 02020674

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% straight line

Goodwill

Goodwill is the difference between fair value of consideration paid for an acquired entity and the aggregate of the fair value of that's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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.

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

66,600

66,600

At 31 December 2023

66,600

66,600

Amortisation

At 1 January 2023

66,600

66,600

At 31 December 2023

66,600

66,600

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

35,237

17,580

46,304

136,640

235,761

Disposals

-

-

-

93,400

93,400

At 31 December 2023

35,237

17,580

46,304

230,040

329,161

Depreciation

At 1 January 2023

29,111

15,319

32,506

136,640

213,576

Charge for the year

1,633

340

2,070

-

4,043

Eliminated on disposal

-

-

-

93,400

93,400

At 31 December 2023

30,744

15,659

34,576

230,040

311,019

Carrying amount

At 31 December 2023

4,493

1,921

11,728

-

18,142

At 31 December 2022

6,126

2,261

13,798

-

22,185

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

5,832

6,417

Amounts owed by related parties

130,131

164,906

Prepayments

 

6,242

6,241

Other debtors

 

137,681

157,291

   

279,886

334,855

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

40,624

Trade creditors

 

7,531

9,667

Amounts owed to group undertakings and undertakings in which the company has a participating interest

116,025

76,333

Taxation and social security

 

11,595

31,437

Other creditors

 

2,663

3,171

 

147,814

161,232

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,167

55,257

 

Wealth and Tax Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary, A, C & E of £1 each

62

62

62

62

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,167

24,167

Hire purchase contracts

-

31,090

14,167

55,257

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

-

30,624

10,000

40,624