REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Daintree Wealth Management Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Daintree Wealth Management Limited |
Daintree Wealth Management Limited (Registered number: 10762963) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Daintree Wealth 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 |
Daintree Wealth Management Limited (Registered number: 10762963) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report 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. |
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 Limited. |
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. |
KEY PERFORMANCE INDICATORS |
The key performance indicators of the company are as follows:- |
2023 | 2022 |
Net profit margin (profit after tax/sales) | 35.7% | 33.9% |
Net current assets | £434,074 | £341,943 |
Number of family clients | 128 | 116 |
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. |
ON BEHALF OF THE BOARD: |
Daintree Wealth Management Limited (Registered number: 10762963) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of financial planning and management services. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £135,000 (2022: £295,000). |
FUTURE DEVELOPMENTS |
Looking ahead, Daintree Wealth Management is 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 company 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 company's operations. Their existence exposes the company 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 company'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 company 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 company 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. |
Daintree Wealth Management Limited (Registered number: 10762963) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company'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 |
Daintree Wealth Management Limited |
Opinion |
We have audited the financial statements of Daintree Wealth Management Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 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 |
Daintree Wealth Management Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Daintree Wealth Management 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'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'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 company 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 company'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 |
Daintree Wealth Management 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 |
Daintree Wealth Management Limited (Registered number: 10762963) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
282,767 | 317,481 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
347,769 | 326,087 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Daintree Wealth Management Limited (Registered number: 10762963) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
Daintree Wealth Management Limited (Registered number: 10762963) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Profit for the year | - | 258,288 | 258,288 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Profit for the year | - | 262,456 | 262,456 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Daintree Wealth Management Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10762963. The address of the registered office is One Balloon Street, Manchester, M4 4BE. |
The principal place of business is One Balloon Street, Manchester, M4 4BE. |
The functional and presentational currency of the company is Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
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. |
TURNOVER |
Turnover is measured at the fair value of the consideration receivable in the year net of VAT. VAT is charged on all fees 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 company'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. |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 company 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 Income Statement, except to the extent that it relates to items recognised in 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. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
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. |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Office and management |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Operating lease - rent |
Depreciation - owned assets |
Goodwill amortisation |
Website amortisation |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank charges |
Bank interest payable |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
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 |
Over provision in prior year | (1,180 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Goodwill amortisation | 1,742 | 1,406 |
Group relief | (3,207 | ) | (1,797 | ) |
Deferred tax (credit)/charge | 17,053 | (687 | ) |
Total tax charge | 80,240 | 61,216 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill | Website | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | TANGIBLE FIXED ASSETS |
Computer |
and |
Motor | office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 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 |
The motor vehicle is held under a hire purchase agreement. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
There was no bad debt provision at either year end. |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loan (see note 14) |
Other loan (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 10,966 | 11,050 |
Other creditors |
Director's loan account | 2,226 | 210 |
Accruals |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loan (see note 14) |
Other loan (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
Other loan < 1yr |
Amounts falling due between one and two years: |
Bank loan - 1-2 years |
Other loan - 1-2 years | - |
Amounts falling due between two and five years: |
Bank loan - 2-5 years |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 65,105 | - |
The hire purchase liability is secured on the vehicle financed. |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 18,143 | 1,091 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2023 |
Deferred taxation represents accelerated capital allowances at each year end. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
Daintree Wealth Management Limited (Registered number: 10762963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
20. | 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. |
21. | ULTIMATE PARENT COMPANY |
Wellbeing Holdco Limited is regarded by the directors as being the company's ultimate parent company. |
Consolidated financial statements, which include those of this company, are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ. |
22. | 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. |
At the year end the company was owed £64,700 (2022: £110,482) by, and owed £nil (2022: £399) to, fellow group companies. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |