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REGISTERED NUMBER: 09736806 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for


Wellbeing HoldCo Limited

Previously known as

MPMS Management Limited



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited








Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2023





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

6




Consolidated Statement of Income and Retained Earnings

10




Consolidated Statement of Financial Position  

11




Company Statement of Financial Position  

12




Consolidated Statement of Cash Flows  

13




Notes to the Consolidated Financial Statements

14





Wellbeing HoldCo Limited



previously known as MPMS Management Limited



Company Information

for the Year Ended 31 December 2023









DIRECTORS:

M Parello


L Kaiser







REGISTERED OFFICE:

Unit 3, Building 2


The Colony Wilmslow


Altrincham Road


Wilmslow


Cheshire


SK9 4LY







REGISTERED NUMBER:

09736806 (England and Wales)







AUDITORS:

Ascendis Audit Limited


Statutory Auditors & Chartered Accountants


Unit 3, Building 2


The Colony


Altrincham Road


Wilmslow


Cheshire


SK9 4LY



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Group Strategic Report

for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.


REVIEW OF BUSINESS

Executive Summary:

In the face of ongoing economic uncertainties, Daintree Wealth Management has demonstrated resilience and adaptability throughout the year. Our commitment to delivering exceptional financial planning services, driven by innovation and client-centricity, has positioned us for sustained growth.


Daintree Wealth Tomorrow has been growing steadily, and importantly, is having the desired positive impact on people's lives I was hoping it would. We have a strong pipeline of businesses who are potentially looking to work with us, to create positive financial and life outcomes for employees.


Financial Performance:

Despite the challenging economic environment, Daintree Wealth Management has maintained a robust financial performance. This success is a testament to the dedication and expertise of our team.


PRINCIPAL RISKS AND UNCERTAINTIES

Regulatory Compliance:

Compliance with industry regulations is fundamental to our operations. We have invested in rigorous training and development programs to ensure our team remains up-to-date with the latest regulatory changes. Daintree Wealth Management has maintained a commendable record of compliance throughout the year.


Technological Advancements:

In an ever-evolving digital landscape, we recognise the importance of technology in delivering efficient and effective financial planning services. Our investment in cutting-edge technology tools and platforms has allowed us to streamline our processes, improve data security, and enhance the overall client experience.


Market Expansion:

To further diversify our client base and increase market share, Daintree Wealth Management has initiated plans for expansion into the corporate benefits and financial wellbeing space through its fellow subsidiary, Daintree Wealth Tomorrow.


Talent Development:

Our success is deeply rooted in the skills and dedication of our team. To foster a culture of continuous learning, we have implemented comprehensive training programs and mentorship initiatives.



In conclusion, I would like to express my gratitude to our clients, and employees for their continued support.


Together, we will continue to build our business into a leading force in the UK financial planning landscape.




Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Group Strategic Report

for the Year Ended 31 December 2023


KEY PERFORMANCE INDICATORS

The key performance indicators of the group are as follows:-



2023


2022


Net profit margin (profit after tax/sales)


32.4%


32.2%


Net current assets


£439,047


£335,903


Number of family clients


128


116




ON BEHALF OF THE BOARD:





M Parello - Director



5 March 2024



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Report of the Directors

for the Year Ended 31 December 2023


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


CHANGE OF NAME

The group passed a special resolution on 28 April 2023 changing its name from MPMS Management Limited to Wellbeing HoldCo Limited.


DIVIDENDS

The total distribution of dividends for the year ended 31 December 2023 will be £123,000 (2022: £120,000).


FUTURE DEVELOPMENTS

Looking ahead, Daintree Wealth Management and Daintree Wealth Tomorrow are both well-positioned to capitalise on emerging opportunities and navigate potential challenges. Our strategic focus on innovation, client satisfaction, and regulatory compliance will remain at the forefront of our operations.


DIRECTORS

M Parello has held office during the whole of the period from 1 January 2023 to the date of this report.


Other changes in directors holding office are as follows:


L Kaiser - appointed 17 July 2023


FINANCIAL INSTRUMENTS

The group uses various financial instruments which include bank loans, cash and various items, such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.


The significant risks arising from the group's financial instruments are credit risk, liquidity risk and cash flow risk.


Credit risk

The group's principal financial assets are cash at bank and trade debtors. The credit risk associated with cash at bank is limited as the principal bank has a high credit rating assigned by international credit-rating agencies, and the cash on deposit is held by a banking platform which shows the credit scores of its banking institutions. The principal credit risk therefore arises from trade debtors.


Credit risk is minimised by means of credit checking procedures and fees being agreed in advance with customers.


Liquidity risk

The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs through the day to day involvement of management in business decisions.


Cash flow risk

Management monitor cash flows on a daily basis which ensures that the group has sufficient funds for operations.


DISCLOSURE IN THE STRATEGIC REPORT

The director's review of business, and consideration of the risks and uncertainties surrounding the business can be

found in the Strategic Report.




Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Report of the Directors

for the Year Ended 31 December 2023


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors, Ascendis Audit Limited, will be proposed for re-appointment under S455 of Companies Act 2006.


ON BEHALF OF THE BOARD:






M Parello - Director



5 March 2024


Report of the Independent Auditors to the Members of

Wellbeing HoldCo Limited


Opinion

We have audited the financial statements of Wellbeing HoldCo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit 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 group 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 group's and the parent 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Wellbeing HoldCo Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Wellbeing HoldCo Limited



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:


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, we considered the following:


- the nature of the industry, control environment and business performance including the design of the company and group's remuneration policies including bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company and group's documentation of their policies and procedures relating to:


- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: bank payment processing (for personal benefit), payroll, together with the presentation of non-underlying items within the financial statements. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the FCA regulations, Companies Act 2006, and tax legislation.


In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty.


Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:


- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of

material misstatement due to fraud; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal

entries and other adjustments, assessing whether the judgements made in making accounting estimates are

indicative of a potential bias, and evaluating the business rationale of any significant transactions that are

unusual or outside the normal course of business.


We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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

Wellbeing HoldCo Limited



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.





Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)

for and on behalf of Ascendis Audit Limited

Statutory Auditors & Chartered Accountants

Unit 3, Building 2

The Colony

Altrincham Road

Wilmslow

Cheshire

SK9 4LY


6 March 2024



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Consolidated

Statement of Income and

Retained Earnings

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



TURNOVER

3

830,029


785,505




Cost of sales

(41,218

)

(95,945

)


GROSS PROFIT

788,811


689,560




Administrative expenses

(441,878

)

(362,513

)


346,933


327,047




Gain/(loss) on disposal of

fixed asset investments

2,729


(4,484

)


OPERATING PROFIT

5

349,662


322,563




Interest receivable and similar income

10,395


627



360,057


323,190




Interest payable and similar expenses

6

(6,170

)

(7,431

)


PROFIT BEFORE TAXATION

353,887


315,759




Tax on profit

7

(84,857

)

(63,153

)


PROFIT FOR THE FINANCIAL YEAR

269,030


252,606




Retained earnings at beginning of year

163,655


204,377




Dividends

9

(123,000

)

(120,000

)



RETAINED EARNINGS FOR THE

GROUP AT END OF YEAR

309,685


336,983




Profit attributable to:

Owners of the parent

269,030


252,606





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Consolidated Statement of Financial Position

31 December 2023



2023


2022


Notes

£   

£   


FIXED ASSETS

Intangible assets

10

40,736


45,183



Tangible assets

11

72,573


5,931



Investments

12

56,949


54,220



170,258


105,334




CURRENT ASSETS

Debtors

13

110,576


84,195



Cash at bank and in hand

530,326


424,619



640,902


508,814



CREDITORS

Amounts falling due within one year

14

(201,855

)

(172,911

)


NET CURRENT ASSETS

439,047


335,903



TOTAL ASSETS LESS CURRENT

LIABILITIES

609,305


441,237




CREDITORS

Amounts falling due after more than one

year

15

(180,810

)

(175,788

)



PROVISIONS FOR LIABILITIES

20

(18,143

)

(1,127

)


NET ASSETS

410,352


264,322




CAPITAL AND RESERVES

Called up share capital

21

767


767



Share premium

22

99,825


99,825



Capital redemption reserve

22

75


75



Retained earnings

22

309,685


163,655



SHAREHOLDERS' FUNDS

410,352


264,322




The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:






M Parello - Director




Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Company Statement of Financial Position

31 December 2023



2023


2022


Notes

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


190



Investments

12

157,049


154,320



157,049


154,510




CURRENT ASSETS

Debtors

13

1,466


7,800



Cash at bank

3,364


100,859



4,830


108,659



CREDITORS

Amounts falling due within one year

14

(23,618

)

(123,591

)


NET CURRENT LIABILITIES

(18,788

)

(14,932

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

138,261


139,578




CREDITORS

Amounts falling due after more than one

year

15

(35,823

)

(37,857

)



PROVISIONS FOR LIABILITIES

20

-


(36

)


NET ASSETS

102,438


101,685




CAPITAL AND RESERVES

Called up share capital

21

767


767



Share premium

22

99,825


99,825



Capital redemption reserve

22

75


75



Retained earnings

22

1,771


1,018



SHAREHOLDERS' FUNDS

102,438


101,685




Company's profit for the financial year

123,753


280,525




The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:






M Parello - Director




Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Consolidated Statement of Cash Flows

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

27

345,829


326,537



Interest paid

(6,170

)

(7,431

)


Tax paid

(63,923

)

(57,666

)


Net cash from operating activities

275,736


261,440




Cash flows from investing activities

Purchase of intangible fixed assets

(3,164

)

-



Purchase of tangible fixed assets

(1,524

)

(2,203

)


Purchase of fixed asset investments

-


(55,000

)


Interest received

10,395


627



Net cash from investing activities

5,707


(56,576

)



Cash flows from financing activities

New loans in year

-


1,150



Loan repayments in year

(55,686

)

(54,085

)


Capital repayments in year

(5,235

)

-



Amount introduced by directors

13,705


2,394



Amount withdrawn by directors

(5,520

)

(5,202

)


Share buyback

-


(175,648

)


Equity dividends paid

(123,000

)

(120,000

)


Net cash from financing activities

(175,736

)

(351,391

)



Increase/(decrease) in cash and cash equivalents

105,707


(146,527

)


Cash and cash equivalents at beginning of

year

28

424,619


571,146




Cash and cash equivalents at end of year

28

530,326


424,619





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Wellbeing HoldCo Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09736806. The address of the registered office is Unit 3, Building 2, The Colony Wilmslow, Altrincham Road, Wilmslow, Cheshire, SK9 4LY.



The principal place of business is One Balloon Street, Manchester, M4 4BE.



The principal activity of the group is that of financial planning, financial education, and management services.



The principal activity of the company is that of a holding company.



The functional and presentational currency of the group is Pound Sterling (£).



Monetary amounts in these financial statements are rounded to the nearest £.


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



BASIS OF CONSOLIDATION


The group financial statements consolidate the financial statements of the company and its two trading subsidiary undertakings drawn up to 31 December.The dormant subsidiary, Daintree Asset Management Limited, is not consolidated on the grounds of immateriality.



A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities



As the group was created by means of a share for share exchange, the group is consolidated using the merger method.



Intercompany transactions and balances between the company and its subsidiaries are eliminated in full on consolidation.



SIGNIFICANT JUDGEMENTS AND ESTIMATES

The director has made a judgement in respect of the goodwill arising on acquisitions and the appropriate useful economic life of this asset: the director has estimated that this goodwill has a useful economic life of 10 years.



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



TURNOVER


Turnover is measured at the fair value of the consideration receivable in the year net of VAT. VAT is charged on all fees and invoices except for trading and financial planning fees.



Implementation fees are recognised once the funds are transferred.



Trading fees are recognised at the time of the transaction.



All other fees are calculated daily and invoiced on a monthly basis.



INTANGIBLE ASSETS

Intangible assets are stated at cost less accumulated amortisation and are represented by:

- Goodwill: this arose from the acquisition of a business in 2020. Amortisation is being provided evenly over its estimated useful economic life of 10 years.

- Website expenditure: this is capitalised where there is a clearly defined project, related expenditure is separately identifiable and it has been assessed for technical and commercial viability. Amortisation is being provided evenly over its useful life of five years.

The carrying amounts of the group's assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated and an impairment provision made if appropriate.


TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over its estimated useful lives, using the following methods:

Computer and Office equipment - 25% on cost
Motor vehicles - 20% reducing balance

At each reporting date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised as an expense immediately.


TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in Consolidated Other Comprehensive Income or directly in Equity.

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 Statement of Financial Position date.



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 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 Statement of Financial Position 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


Assets held under hire purchase agreements are capitalised in the Statement of Financial Position and


depreciated over their useful economic lives. The obligation to the lessor is recognised as a liability.



Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease


obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.



Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.



PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to the Consolidated Income Statement in the period to which they relate.



FIXED ASSET INVESTMENTS


Shares in group undertakings are stated at cost less impairment.



Shares in listed companies are stated at fair value with gains and losses recognised in the Consolidated Statement of Comprehensive Income.



TRADE AND OTHER DEBTORS


Trade and other debtors are stated at amortised cost less impairment losses for bad and doubtful debts.



Trade and other creditors


Trade and other creditors are recognised at amortised cost.



Cash and cash equivalents


Cash and cash equivalents comprise cash at bank. Bank borrowings are included in creditors.


3.

TURNOVER



There is only one class of business and all income is generated in the UK.


4.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

195,370


113,260




Social security costs

9,090


3,797




Other pension costs

20,190


18,911



224,650


135,968





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


4.

EMPLOYEES AND DIRECTORS - continued



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


2023


2022



Office and management

7


5





2023


2022

£   

£   



Directors' remuneration

13,316


11,843




Directors' pension contributions to money purchase schemes  

15,000


13,759





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1




5.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Other operating leases

30,807


30,073




Depreciation - owned assets

5,222


3,494




Goodwill amortisation

6,200


6,198




Website amortisation

1,411


1,200




Auditors' remuneration

7,250


6,250




Foreign exchange differences

76


-




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank interest

23


-




Bank loan interest

6,147


7,431



6,170


7,431




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

69,021


63,966




Over provision in prior year

(1,180

)

-




Total current tax

67,841


63,966





Deferred tax

17,016


(813

)



Tax on profit

84,857


63,153





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


7.

TAXATION - continued



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:



2023


2022

£   

£   



Profit before tax

353,887


315,759




Profit multiplied by the standard rate of corporation tax in the UK of

23.520 % (2022 - 19 %)  

83,234


59,994





Effects of:


Expenses not deductible for tax purposes

952


1,594




Income not taxable for tax purposes

(597

)

852




Capital allowances in excess of depreciation

(16,139

)

-




Depreciation in excess of capital allowances

-


120




Adjustments to tax charge in respect of previous periods

(1,180

)

-




Deferred tax (credit)/charge  

17,016


(813

)



Amortisation  

1,791


1,406




Marginal relief  

(683

)

-




Change in tax rates for deferred tax  

463


-




Total tax charge

84,857


63,153




8.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS


2023


2022

£   

£   



Ordinary A1 shares of £1 each


Interim

123,000


120,000





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


10.

INTANGIBLE FIXED ASSETS



Group


Goodwill


Website


Totals

£   

£   

£   



COST


At 1 January 2023

61,992


6,000


67,992




Additions

-


3,164


3,164




At 31 December 2023

61,992


9,164


71,156




AMORTISATION


At 1 January 2023

18,596


4,213


22,809




Amortisation for year

6,200


1,411


7,611




At 31 December 2023

24,796


5,624


30,420




NET BOOK VALUE


At 31 December 2023

37,196


3,540


40,736




At 31 December 2022

43,396


1,787


45,183




11.

TANGIBLE FIXED ASSETS



Group


Computer



and



Motor


office



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 January 2023

-


27,189


27,189




Additions

70,340


1,524


71,864




At 31 December 2023

70,340


28,713


99,053




DEPRECIATION


At 1 January 2023

-


21,258


21,258




Charge for year

1,719


3,503


5,222




At 31 December 2023

1,719


24,761


26,480




NET BOOK VALUE


At 31 December 2023

68,621


3,952


72,573




At 31 December 2022

-


5,931


5,931





The motor vehicle is held under a hire purchase agreement.



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


11.

TANGIBLE FIXED ASSETS - continued



Company


Computer


and


office


equipment

£   



COST


At 1 January 2023


and 31 December 2023

14,071




DEPRECIATION


At 1 January 2023

13,881




Charge for year

190




At 31 December 2023

14,071




NET BOOK VALUE


At 31 December 2023

-




At 31 December 2022

190




12.

FIXED ASSET INVESTMENTS



Group


Listed


investments

£   



COST OR VALUATION


At 1 January 2023

54,220




Revaluations

2,729




At 31 December 2023

56,949




NET BOOK VALUE


At 31 December 2023

56,949




At 31 December 2022

54,220





Cost or valuation at 31 December 2023 is represented by:



Listed


investments

£   



Valuation in 2017

47,800




Valuation in 2018

5,617




Valuation in 2019

(2,357

)



Valuation in 2020

(21,723

)



Valuation in 2021

(29,337

)



Valuation in 2022

54,220




Valuation in 2023

2,729



56,949





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

FIXED ASSET INVESTMENTS - continued



Company


Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



COST OR VALUATION


At 1 January 2023

100,100


54,220


154,320




Revaluations

-


2,729


2,729




At 31 December 2023

100,100


56,949


157,049




NET BOOK VALUE


At 31 December 2023

100,100


56,949


157,049




At 31 December 2022

100,100


54,220


154,320





Cost or valuation at 31 December 2023 is represented by:



Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



Valuation in 2017

-


47,800


47,800




Valuation in 2018

-


5,617


5,617




Valuation in 2019

-


(2,357

)

(2,357

)



Valuation in 2020

-


(21,723

)

(21,723

)



Valuation in 2021

-


(29,337

)

(29,337

)



Valuation in 2022

-


(2,034

)

(2,034

)



Valuation in 2023

-


2,729


2,729




Cost

100,100


56,254


156,354



100,100


56,949


157,049





The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Subsidiaries



Daintree Wealth Management Limited


Registered office: One Balloon Street, Manchester, M4 4BE


Nature of business: Financial planning and management services


%


Class of shares:

holding



Ordinary

100.00




Daintree Wealth Tomorrow Limited


Registered office: Same as the parent company


Nature of business: Financial education and planning services


%


Class of shares:

holding



Ordinary

100.00




Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

FIXED ASSET INVESTMENTS - continued



Daintree Asset Management Limited


Registered office: Same as the parent company


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

100


100





13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Trade debtors

73,545


54,487


-


-




Amounts owed by group undertakings

-


-


900


900




Other debtors

13,294


6,089


-


6,089




VAT

-


-


216


463




Prepayments and accrued income

23,737


23,619


350


348



110,576


84,195


1,466


7,800





There was no bad debt provision at either year end date.


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

55,255


58,333


5,255


8,333




Other loans (see note 16)

431


574


-


-




Hire purchase contracts  (see note 17)

7,618


-


-


-




Trade creditors

12,559


19,191


-


-




Amounts owed to group undertakings

-


-


8,400


110,482




Corporation tax

69,021


65,103


-


-




Social security and other taxes

3,640


1,549


-


-




VAT

12,979


13,199


-


-




Other creditors

6,147


5,315


2,387


2,389




Director's loan account

8,802


617


6,576


407




Accruals

25,403


9,030


1,000


1,980



201,855


172,911


23,618


123,591





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans (see note 16)

123,323


175,357


35,823


37,857




Other loans (see note 16)

-


431


-


-




Hire purchase contracts  (see note 17)

57,487


-


-


-



180,810


175,788


35,823


37,857




16.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Amounts falling due within one year or on

demand:



Bank loans

55,255


58,333


5,255


8,333




Other loans

431


574


-


-



55,686


58,907


5,255


8,333




Amounts falling due between one and two

years:



Bank loans - 1-2 years

55,388


55,255


5,388


5,255




Other loans - 1-2 years

-


431


-


-



55,388


55,686


5,388


5,255




Amounts falling due between two and five

years:



Bank loans - 2-5 years

54,458


100,818


16,958


13,318




Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

13,477


19,284


13,477


19,284




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

7,618


-




Between one and five years

57,487


-



65,105


-





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


17.

LEASING AGREEMENTS - continued



Group


Non-cancellable operating

leases


2023

2022


£   

£   



Within one year

42,300


17,820




Between one and five years

21,150


-



63,450


17,820




18.

SECURED DEBTS



The following secured debts are included within creditors:



Group


2023

2022


£   

£   



Hire purchase

65,105


-





The hire purchase liability is secured on the vehicle financed.


19.

FINANCIAL INSTRUMENTS



Financial instruments at the year end amounted to:-




2023



2022



Fair Value Through Profit & Loss Account


£   



£   




Fixed asset investments


56,949



54,220





20.

PROVISIONS FOR LIABILITIES



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Deferred tax

18,143


1,127


-


36





Group


Deferred



tax


£   



Balance at 1 January 2023

1,127




Charge to Statement of Comprehensive Income during year

17,016




Balance at 31 December 2023

18,143





Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


20.

PROVISIONS FOR LIABILITIES - continued



Company


Deferred



tax


£   



Balance at 1 January 2023

36




Credit to Income Statement during year

(36

)



Balance at 31 December 2023

-





Deferred taxation represents Accelerated Capital Allowances at each year end.


21.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



767

Ordinary A1

£1

767


767




22.

RESERVES



Group


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2023

163,655


99,825


75


263,555




Profit for the year

269,030


269,030




Dividends

(123,000

)

(123,000

)



At 31 December 2023

309,685


99,825


75


409,585





Company


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2023

1,018


99,825


75


100,918




Profit for the year

123,753


123,753




Dividends

(123,000

)

(123,000

)



At 31 December 2023

1,771


99,825


75


101,671





23.

PENSION COMMITMENTS



The company operates a defined contribution pension scheme. The pension charge for the year represents the contributions payable by the company to the scheme and amounted to £5,190 (2022: £5,411). There were £1,158 (2022: £1,103) of contributions payable to the scheme at the year end.



Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


24.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



During the year dividends of £72,966 (2022: £71,186) were payable to the director.


25.

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 transactions with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



At the year end the company was owed £900 (2022: £900) by, and owed £8,400 (2022: £110,482) to, fellow group companies.


26.

ULTIMATE CONTROLLING PARTY



The controlling party is M Parello.


27.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2023


2022

£   

£   



Profit before taxation

353,887


315,759




Depreciation charges

12,833


10,893




(Gain)/loss on revaluation of fixed assets

(2,729

)

4,484




Finance costs

6,170


7,431




Finance income

(10,395

)

(627

)


359,766


337,940




(Increase)/decrease in trade and other debtors

(26,381

)

13,790




Increase/(decrease) in trade and other creditors

12,444


(25,193

)



Cash generated from operations

345,829


326,537




28.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

530,326


424,619




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

424,619


571,146






Wellbeing HoldCo Limited (Registered number: 09736806)



previously known as MPMS Management Limited



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


29.

ANALYSIS OF CHANGES IN NET FUNDS



Other



non-cash



At 1.1.23

Cash flow

changes

At 31.12.23

£   

£   

£   

£   



Net cash



Cash at bank


and in hand

424,619


105,707


530,326



424,619


105,707


530,326




Debt


Finance leases

-


5,235


(70,340

)

(65,105

)



Debts falling due


within 1 year

(58,907

)

3,221


-


(55,686

)



Debts falling due


after 1 year

(175,788

)

52,465


-


(123,323

)


(234,695

)

60,921


(70,340

)

(244,114

)



Total

189,924


166,628


(70,340

)

286,212




30.

MAJOR NON-CASH TRANSACTIONS



The non-cash movement of £70,340 represents the new motor vehicle hire purchase agreement.