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REGISTERED NUMBER: 09873045 (England and Wales)















Financial Statements for the Year Ended 5 April 2024

for

42 Wealth Management Ltd

42 Wealth Management Ltd (Registered number: 09873045)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


42 Wealth Management Ltd

Company Information
for the Year Ended 5 April 2024







DIRECTORS: S C Moseley
Ms S M Moseley-Gray





REGISTERED OFFICE: Charter House
Sandford Street
Lichfield
WS13 6QA





REGISTERED NUMBER: 09873045 (England and Wales)





AUDITORS: Copia Wealth & Tax Limited
8 Pendeford Place
Pendeford Business Park
Wobaston Road
Wolverhampton
WV9 5HD

42 Wealth Management Ltd (Registered number: 09873045)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,697 4,966

CURRENT ASSETS
Debtors 5 203,477 199,466
Cash at bank 72,145 60,354
275,622 259,820
CREDITORS
Amounts falling due within one year 6 104,444 118,569
NET CURRENT ASSETS 171,178 141,251
TOTAL ASSETS LESS CURRENT
LIABILITIES

177,875

146,217

CREDITORS
Amounts falling due after more than one year 7 (43,360 ) (53,712 )

PROVISIONS FOR LIABILITIES (1,674 ) (944 )
NET ASSETS 132,841 91,561

CAPITAL AND RESERVES
Called up share capital 30,100 100
Retained earnings 102,741 91,461
132,841 91,561

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 September 2024 and were signed on its behalf by:





Ms S M Moseley-Gray - Director


42 Wealth Management Ltd (Registered number: 09873045)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

42 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

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Satisfactory rendering of financial intermediation advice to derive commissions.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment - 33% on reducing balance
Fixtures and Fittings - 20% on reducing balance

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised 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.


42 Wealth Management Ltd (Registered number: 09873045)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 6 April 2023 7,091
Additions 4,252
At 5 April 2024 11,343
DEPRECIATION
At 6 April 2023 2,125
Charge for year 2,521
At 5 April 2024 4,646
NET BOOK VALUE
At 5 April 2024 6,697
At 5 April 2023 4,966

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Other debtors 2,625 2,625
Amount owed from related party 165,257 164,363
Prepayments and accrued income 35,595 32,478
203,477 199,466

42 Wealth Management Ltd (Registered number: 09873045)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans and overdrafts (see note 8) 10,111 9,593
Other loans (see note 8) - 20,000
Corporation Tax - 6,731
Social security and other taxes 4,874 463
Directors' loan accounts 38,512 30,512
Accrued expenses 50,947 51,270
104,444 118,569

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans (see note 8) 16,514 26,866
Other creditors 26,846 26,846
43,360 53,712

8. LOANS

An analysis of the maturity of loans is given below:

5.4.24 5.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,111 9,593
Other loans - 20,000
10,111 29,593

Amounts falling due between one and two years:
Bank loans - 1-2 years 16,514 26,866

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year - £24,760 (2023: £18,032).
Within five year - £52,500.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Shaun Philpott BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of Copia Wealth & Tax Limited

11. RELATED PARTY DISCLOSURES

The company was owed £165,257 (2023:£164,363) by Temple Row Financial Limited which is a company under the common control of the directors.


The company had a further subordinated loan of £20,000 owed to Temple Row Financial Limited. The loan has since been written off during the year.