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Registration number: 07654200

Thind Wealth Advisory Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Thind Wealth Advisory Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Thind Wealth Advisory Limited

Company Information

Directors

Mr Gurtinder Singh Thind

Mr Gurvinder Singh Thind

Registered office

3 Crewe Road
Sandbach
Cheshire
CW11 4NE

 

Thind Wealth Advisory Limited

(Registration number: 07654200)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,461,245

2,611,207

Tangible assets

5

3,547

4,285

 

2,464,792

2,615,492

Current assets

 

Debtors

6

696,365

631,222

Cash at bank and in hand

 

39,434

89,884

 

735,799

721,106

Creditors: Amounts falling due within one year

(471,803)

(592,696)

Net current assets

 

263,996

128,410

Total assets less current liabilities

 

2,728,788

2,743,902

Creditors: Amounts falling due after more than one year

(2,154,987)

(2,097,339)

Provisions for liabilities

(674)

(814)

Accruals and deferred income

 

(78,338)

(187,058)

Net assets

 

494,789

458,691

Capital and reserves

 

Called up share capital

7

1,200

1,200

Retained earnings

493,589

457,491

Shareholders' funds

 

494,789

458,691

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Thind Wealth Advisory Limited

(Registration number: 07654200)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr Gurvinder Singh Thind
Director

   
     
 

Thind Wealth Advisory Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Crewe Road
Sandbach
Cheshire
CW11 4NE
United Kingdom

The principal place of business is:
Woolpack House
70 Brinksway
Stockport
SK3 0BY
United Kingdom

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Thind Wealth Advisory Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Fixtures & fittings

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised evenly over its useful life of 15 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Thind Wealth Advisory Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Thind Wealth Advisory Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 4).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

3,967,774

Additions acquired separately

109,391

At 31 December 2023

4,077,165

Amortisation

At 1 January 2023

1,356,567

Amortisation charge

259,353

At 31 December 2023

1,615,920

Carrying amount

At 31 December 2023

2,461,245

At 31 December 2022

2,611,207

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

30,576

30,576

Additions

1,698

1,698

At 31 December 2023

32,274

32,274

Depreciation

At 1 January 2023

26,291

26,291

Charge for the year

2,436

2,436

At 31 December 2023

28,727

28,727

Carrying amount

At 31 December 2023

3,547

3,547

At 31 December 2022

4,285

4,285

 

Thind Wealth Advisory Limited

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

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

1,000

1,000

1,000

1,000

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

 

1,200

1,200

1,200

1,200

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £39.00 per each Ordinary A

 

39,000

 

39,000

Interim dividend of £Nil per each Ordinary B

 

-

 

-

Interim dividend of £Nil per each Ordinary C

 

-

 

-

   

39,000

 

39,000

9

Related party transactions

Key management personnel

Mr Gurvinder Thind

Summary of transactions with key management

Directors Loan Account

 As at 31st December 2023 the company owed Mr Gurvinder Thind £49,543 (2022: £12,757) in the form of a directors loan. Interest was charged to the sum of £30 (2022: £918).
 

 

Thind Wealth Advisory Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,570

Summary of transactions with associates

Thind Capital Ventures Ltd - Inter-company loan
 
As at the 31st December 2023 the company was owed the amount of £614,332 (2022: £562,473) from Thind Capital Ventures Ltd, a company in which Mr Gurvinder Singh Thind is a director and shareholder,
 

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr G S Thind.