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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
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 |
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 |
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 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( | ) | ( | ) |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 20 | ( | ) |
NET ASSETS |
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 |
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 |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 | 154,320 |
Revaluations | 2,729 |
At 31 December 2023 | 157,049 |
NET BOOK VALUE |
At 31 December 2023 | 157,049 |
At 31 December 2022 | 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 | - | - |
Other debtors | 13,294 | 6,089 |
VAT | - | - |
Prepayments and accrued income | 23,737 | 23,619 |
110,576 | 84,195 |
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 |
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 | - | - |
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 |
Director's loan account | 8,802 | 617 | 6,576 | 407 |
Accruals | 25,403 | 9,030 |
201,855 | 172,911 |
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 |
Other loans (see note 16) | - | 431 |
Hire purchase contracts (see note 17) | 57,487 | - |
180,810 | 175,788 |
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 |
Other loans | 431 | 574 |
55,686 | 58,907 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 55,388 | 55,255 |
Other loans - 1-2 years | - | 431 | - |
55,388 | 55,686 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 54,458 | 100,818 |
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 |
Credit to Income Statement during year | ( | ) |
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: | £ | £ |
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 |
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. |