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Registered number: 13162919
Ludice Wealth Management Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Grant and Co (Accountants) Ltd
Units 4 & 5 Rockfield Business Park
Old Station Drive, Leckhampton
Cheltenham
Gloucestershire
GL53 0AN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13162919
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,772 2,647
2,772 2,647
CURRENT ASSETS
Debtors 5 975 237
Cash at bank and in hand 75,280 53,756
76,255 53,993
Creditors: Amounts Falling Due Within One Year 6 (30,947 ) (36,420 )
NET CURRENT ASSETS (LIABILITIES) 45,308 17,573
TOTAL ASSETS LESS CURRENT LIABILITIES 48,080 20,220
Creditors: Amounts Falling Due After More Than One Year 7 (16,000 ) (16,000 )
NET ASSETS 32,080 4,220
CAPITAL AND RESERVES
Called up share capital 8 4,000 4,000
Profit and Loss Account 28,080 220
SHAREHOLDERS' FUNDS 32,080 4,220
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss C I Tupper
Director
04/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ludice Wealth Management Ltd is a private company, limited by shares, incorporated in Scotland, registered number 13162919 . The registered office is 2 Queens Parade, Cheltenham, GL50 3BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 2)
5 2
Page 3
Page 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 February 2023 3,530
Additions 1,049
As at 31 January 2024 4,579
Depreciation
As at 1 February 2023 883
Provided during the period 924
As at 31 January 2024 1,807
Net Book Value
As at 31 January 2024 2,772
As at 1 February 2023 2,647
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 975 -
Net wages - 237
975 237
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,126 3,540
Other creditors 4,222 21,380
Taxation and social security 25,599 11,500
30,947 36,420
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 16,000 16,000
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4,000 4,000
Page 4