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Registered number: 07351657









AVANTI WEALTH MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AVANTI WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 07351657

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
1,171,236
46,676

Tangible assets
 6 
8,879
19,805

  
1,180,115
66,481

Current assets
  

Debtors: amounts falling due within one year
 7 
1,101,525
1,027,022

Current asset investments
 8 
239,360
188,378

Cash at bank and in hand
 9 
47,419
121,150

  
1,388,304
1,336,550

Creditors: amounts falling due within one year
 10 
(401,950)
(127,464)

Net current assets
  
 
 
986,354
 
 
1,209,086

Total assets less current liabilities
  
2,166,469
1,275,567

Creditors: amounts falling due after more than one year
 11 
(892,188)
(24,167)

Provisions for liabilities
  

Deferred tax
 13 
(2,036)
(2,784)

  
 
 
(2,036)
 
 
(2,784)

Net assets
  
1,272,245
1,248,616


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
1,272,045
1,248,416

  
1,272,245
1,248,616


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
AVANTI WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 07351657
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K Isaac
Director
Date: 23 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Avanti Wealth Management Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 2a Wrotham Business Park, Barnet, EN5 4SZ.
The company's principal activity is wealth management.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20% straight line
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Exceptional items


Page 6

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
347,484


Additions
1,175,040



At 31 December 2023

1,522,524



Amortisation


At 1 January 2023
300,808


Charge for the year on owned assets
50,480



At 31 December 2023

351,288



Net book value



At 31 December 2023
1,171,236



At 31 December 2022
46,676



Page 7

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
75,903
15,975
91,878


Additions
2,630
-
2,630



At 31 December 2023

78,533
15,975
94,508



Depreciation


At 1 January 2023
56,098
15,975
72,073


Charge for the year on owned assets
13,556
-
13,556



At 31 December 2023

69,654
15,975
85,629



Net book value



At 31 December 2023
8,879
-
8,879



At 31 December 2022
19,805
-
19,805

Page 8

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
34,611
70,608

Other debtors
1,063,079
951,837

Prepayments and accrued income
3,835
4,577

1,101,525
1,027,022



8.


Current asset investments

2023
2022
£
£

Listed investments
239,360
188,378

239,360
188,378



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
47,419
121,150

47,419
121,150



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
218,578
10,000

Trade creditors
1,200
1,200

Corporation tax
110,880
113,538

Other taxation and social security
-
2,559

Other creditors
84
167

Accruals and deferred income
71,208
-

401,950
127,464


Page 9

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
892,188
24,167

892,188
24,167



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
218,578
10,000


218,578
10,000

Amounts falling due 1-2 years

Bank loans
892,188
24,167


892,188
24,167



1,110,766
34,167



13.


Deferred taxation




2023


£






At beginning of year
(2,784)


Charged to profit or loss
748



At end of year
(2,036)

Page 10

 
AVANTI WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,036)
(2,784)

(2,036)
(2,784)


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £115,998 (2022 - £56,307). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


15.


Related party transactions

At the year end, there was amounts due from the directors of £841,506 (2022: £758,334).

 
Page 11