Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31172023-01-01falsewealth management software17truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02619307 2023-01-01 2023-12-31 02619307 2022-01-01 2022-12-31 02619307 2023-12-31 02619307 2022-12-31 02619307 c:Director3 2023-01-01 2023-12-31 02619307 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02619307 d:Buildings d:LongLeaseholdAssets 2023-12-31 02619307 d:Buildings d:LongLeaseholdAssets 2022-12-31 02619307 d:FurnitureFittings 2023-01-01 2023-12-31 02619307 d:FurnitureFittings 2023-12-31 02619307 d:FurnitureFittings 2022-12-31 02619307 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02619307 d:OfficeEquipment 2023-12-31 02619307 d:OfficeEquipment 2022-12-31 02619307 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02619307 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02619307 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 02619307 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02619307 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02619307 d:CurrentFinancialInstruments 2023-12-31 02619307 d:CurrentFinancialInstruments 2022-12-31 02619307 d:Non-currentFinancialInstruments 2023-12-31 02619307 d:Non-currentFinancialInstruments 2022-12-31 02619307 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02619307 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02619307 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02619307 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02619307 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02619307 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02619307 d:ShareCapital 2023-12-31 02619307 d:ShareCapital 2022-12-31 02619307 d:SharePremium 2023-12-31 02619307 d:SharePremium 2022-12-31 02619307 d:RetainedEarningsAccumulatedLosses 2023-12-31 02619307 d:RetainedEarningsAccumulatedLosses 2022-12-31 02619307 c:FRS102 2023-01-01 2023-12-31 02619307 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02619307 c:FullAccounts 2023-01-01 2023-12-31 02619307 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02619307 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 02619307 2 2023-01-01 2023-12-31 02619307 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02619307 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

02619307









THEWEALTHWORKS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THEWEALTHWORKS LIMITED
REGISTERED NUMBER: 02619307

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,201,963
1,044,196

Tangible assets
 5 
2,453
6,734

  
1,204,416
1,050,930

Current assets
  

Debtors: amounts falling due within one year
 6 
185,570
200,552

Cash at bank and in hand
 7 
386
331

  
185,956
200,883

Creditors: amounts falling due within one year
 8 
(366,225)
(275,756)

Net current liabilities
  
 
 
(180,269)
 
 
(74,873)

Total assets less current liabilities
  
1,024,147
976,057

Creditors: amounts falling due after more than one year
 9 
(394,011)
(390,161)

  

Net assets
  
630,136
585,896


Capital and reserves
  

Called up share capital 
  
416,251
416,251

Share premium account
  
543,361
543,361

Profit and loss account
  
(329,476)
(373,716)

  
630,136
585,896

Page 1

 
THEWEALTHWORKS LIMITED
REGISTERED NUMBER: 02619307
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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.

The Company has opted not to file the profit and loss account 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: 




M Jones
Director

Date: 26 September 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Thewealthworks Limited is a Company limited by shares incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Directors' report.

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

Page 4

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Taxation

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.

 
2.12

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.

 The estimated useful lives range as follows:

Development expenditure
-
10
years

Page 5

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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:

Long-term leasehold property
-
8 years straightline
Fixtures and fittings
-
3 years straightline

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 17).

Page 6

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
2,317,374


Additions
324,572



At 31 December 2023

2,641,946



Amortisation


At 1 January 2023
1,273,178


Charge for the year on owned assets
166,805



At 31 December 2023

1,439,983



Net book value



At 31 December 2023
1,201,963



At 31 December 2022
1,044,196



Page 7

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
15,324
10,421
62,132
87,877



At 31 December 2023

15,324
10,421
62,132
87,877



Depreciation


At 1 January 2023
15,324
10,421
55,398
81,143


Charge for the year on owned assets
-
-
4,281
4,281



At 31 December 2023

15,324
10,421
59,679
85,424



Net book value



At 31 December 2023
-
-
2,453
2,453



At 31 December 2022
-
-
6,734
6,734


6.


Debtors

2023
2022
£
£


Trade debtors
52,610
65,563

Other debtors
73,530
73,530

Prepayments and accrued income
28,522
5,359

Tax recoverable
30,908
56,100

185,570
200,552


The company has tax losses carried forward of £349,915 (2022: £349,915). At present, no deferred tax asset has been recognised in respect of these losses as we are currently unsure when they will crystalise.

Page 8

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
386
331

Less: bank overdrafts
(111,008)
(20,904)

(110,622)
(20,573)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
111,008
20,904

Bank loans
36,400
36,400

Trade creditors
9,793
10,308

Other taxation and social security
52,297
49,055

Other creditors
47,490
40,909

Accruals and deferred income
109,237
118,180

366,225
275,756



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
75,833
112,233

Other loans
318,178
277,928

394,011
390,161


Page 9

 
THEWEALTHWORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
36,400
36,400


36,400
36,400

Amounts falling due more than one year

Bank loans
75,833
112,233

Other loans
318,178
277,928


394,011
390,161



430,411
426,561



11.


Pension commitments

The Company contributes to defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund.


12.


Related party transactions

In creditors there are interest bearing loans provided by the directors of £205,928 (2022: £297,928). 

 
Page 10