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REGISTERED NUMBER: 07690337 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Olympia Wealth Management Ltd

Olympia Wealth Management Ltd (Registered number: 07690337)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Olympia Wealth Management Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R E Frasca
M Alfonsi





REGISTERED OFFICE: 60 Cannon Street
London
EC4N 6NP





REGISTERED NUMBER: 07690337 (England and Wales)





AUDITORS: Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

Olympia Wealth Management Ltd (Registered number: 07690337)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of financial services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R E Frasca
M Alfonsi

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M Alfonsi - Director


1 July 2024

Report of the Independent Auditors to the Members of
Olympia Wealth Management Ltd

Opinion
We have audited the financial statements of Olympia Wealth Management Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Olympia Wealth Management Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. Where the risk was considered to be high, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Olympia Wealth Management Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

1 July 2024

Olympia Wealth Management Ltd (Registered number: 07690337)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 3,341,214 2,397,623

Cost of sales 2,711,343 2,031,370
GROSS PROFIT 629,871 366,253

Administrative expenses 725,656 757,406
(95,785 ) (391,153 )

Other operating income 8,858 52
OPERATING LOSS 6 (86,927 ) (391,101 )

Interest receivable and similar income 4,019 254
(82,908 ) (390,847 )

Interest payable and similar expenses 7 1,726 6,302
LOSS BEFORE TAXATION (84,634 ) (397,149 )

Tax on loss 8 50 14,883
LOSS FOR THE FINANCIAL YEAR (84,684 ) (412,032 )

Olympia Wealth Management Ltd (Registered number: 07690337)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

LOSS FOR THE YEAR (84,684 ) (412,032 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(84,684

)

(412,032

)

Olympia Wealth Management Ltd (Registered number: 07690337)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 9,591 13,580

CURRENT ASSETS
Debtors 10 1,097,611 647,293
Cash at bank 402,178 480,221
1,499,789 1,127,514
CREDITORS
Amounts falling due within one year 11 1,045,753 712,783
NET CURRENT ASSETS 454,036 414,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,627

428,311

CAPITAL AND RESERVES
Called up share capital 12 141,939 129,939
Share premium 521,454 413,454
Retained earnings (199,766 ) (115,082 )
SHAREHOLDERS' FUNDS 463,627 428,311

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2024 and were signed on its behalf by:





M Alfonsi - Director


Olympia Wealth Management Ltd (Registered number: 07690337)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 129,939 296,950 413,454 840,343

Changes in equity
Total comprehensive income - (412,032 ) - (412,032 )
Balance at 31 December 2022 129,939 (115,082 ) 413,454 428,311

Changes in equity
Issue of share capital 12,000 - 108,000 120,000
Total comprehensive income - (84,684 ) - (84,684 )
Balance at 31 December 2023 141,939 (199,766 ) 521,454 463,627

Olympia Wealth Management Ltd (Registered number: 07690337)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (197,248 ) (83,221 )
Interest paid (1,726 ) (6,302 )
Tax paid (50 ) -
Net cash from operating activities (199,024 ) (89,523 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,306 ) (1,327 )
For Ex movement of fixed assets 268 (875 )
Interest received 4,019 254
Net cash from investing activities 981 (1,948 )

Cash flows from financing activities
Share issue 12,000 -
Share Premium 108,000 -
Net cash from financing activities 120,000 -

Decrease in cash and cash equivalents (78,043 ) (91,471 )
Cash and cash equivalents at beginning of
year

2

480,221

571,692

Cash and cash equivalents at end of year 2 402,178 480,221

Olympia Wealth Management Ltd (Registered number: 07690337)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Loss before taxation (84,634 ) (397,149 )
Depreciation charges 7,027 8,582
Finance costs 1,726 6,302
Finance income (4,019 ) (254 )
(79,900 ) (382,519 )
(Increase)/decrease in trade and other debtors (450,318 ) 1,386,404
Increase/(decrease) in trade and other creditors 332,970 (1,087,106 )
Cash generated from operations (197,248 ) (83,221 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 402,178 480,221
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 480,221 571,692


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 480,221 (78,043 ) 402,178
480,221 (78,043 ) 402,178
Total 480,221 (78,043 ) 402,178

Olympia Wealth Management Ltd (Registered number: 07690337)

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

1. STATUTORY INFORMATION

Olympia Wealth Management Ltd 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

Compliance with accounting standards
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover
Turnover represents amounts receivable for services net of VAT on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - At varying rates on cost

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.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Olympia Wealth Management Ltd (Registered number: 07690337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2022 is given below:

£   
UK Office 1,367,727
Italian Branch Office 1,029,896
2,397,623

This analysis is not considered to be applicable to the year ended 31 December 2023.

Both the UK and Italian offices supply services to clients throughout the European Union.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 548,890 558,884
Social security costs 160,913 172,817
Other pension costs 2,524 2,394
712,327 734,095

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 2 2
UK Staff 1 1
Italian Staff 10 10
13 13

5. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 66,188 65,000

6. OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 7,027 8,582
Auditors' remuneration 6,000 5,000
Auditors' remuneration for non audit work 5,040 6,040
Foreign exchange differences 14,521 (19,659 )

Olympia Wealth Management Ltd (Registered number: 07690337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 1,726 6,302

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
Prior Period Adjustment 50 14,883
Tax on loss 50 14,883

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Loss before tax (84,634 ) (397,149 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(21,159

)

(75,458

)

Effects of:
Expenses not deductible for tax purposes 1,685 1,346
Depreciation in excess of capital allowances 930 1,378
Losses brought forward (115,285 ) -

Losses carried forward 133,829 87,617

Prior year adjustment 50 -
Total tax charge 50 14,883

Olympia Wealth Management Ltd (Registered number: 07690337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 108,011
Additions 3,306
Disposals (76,309 )
Exchange differences (1,194 )
At 31 December 2023 33,814
DEPRECIATION
At 1 January 2023 94,431
Charge for year 7,027
Eliminated on disposal (76,309 )
Exchange differences (926 )
At 31 December 2023 24,223
NET BOOK VALUE
At 31 December 2023 9,591
At 31 December 2022 13,580

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,005,862 583,351
Amounts owed by group undertakings 10,498 10,498
Other debtors 35,498 16,634
Prepayments 45,753 36,810
1,097,611 647,293

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 151,275 146,685
Social security and other taxes 230,456 295,020
Other creditors 52,445 52,371
Net Wages 67,139 61,691
Accrued expenses 544,438 157,016
1,045,753 712,783

Olympia Wealth Management Ltd (Registered number: 07690337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
112,939 Ordinary £1 141,939 129,939

13. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Olympia Group S.A. a company incorporated in Luxembourg,

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Riccardo Frasca.