Company registration number 04976263 (England and Wales)
WADE FINANCIAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WADE FINANCIAL SERVICES LIMITED
COMPANY INFORMATION
Directors
S Conway
Ms H M Lovett
(Appointed 2 December 2023)
Mr P Davies
(Appointed 2 December 2023)
Company number
04976263
Registered office
20 St Dunstan's Hill
London
EC3R 8HL
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
Lloyds Bank plc
102 Grey Street
Newcastle upon Tyne
NE99 1SZ
WADE FINANCIAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WADE FINANCIAL SERVICES LIMITED
BALANCE SHEET
AS AT
1 DECEMBER 2023
01 December 2023
- 1 -
1 December 2023
31 May 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,612
59,424
Current assets
Debtors
4
583,360
616,734
Cash at bank and in hand
859,136
626,167
1,442,496
1,242,901
Creditors: amounts falling due within one year
5
(444,306)
(337,076)
Net current assets
998,190
905,825
Total assets less current liabilities
1,056,802
965,249
Provisions for liabilities
6
(27,289)
(43,133)
Net assets
1,029,513
922,116
Capital and reserves
Called up share capital
8
176,288
176,288
Profit and loss reserves
853,225
745,828
Total equity
1,029,513
922,116
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 1 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Mr P Davies
Director
Company registration number 04976263 (England and Wales)
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Wade Financial Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 St Dunstan's Hill, London, EC3R 8HL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
On 2 December 2023 the company's parent undertaking was acquired by Foster Denovo Group Limited and thus the company's accounting period has been shortened to match the date of completion. Therefore, the previous accounting period is 5 months and 29 days longer and so comparative figures are not directly comparable.
1.3
Turnover
Turnover represents commissions and fees receivable.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or revaluation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable or operating as intended.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
15% on reducing balance
Office equipment
33.33% on cost and 15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 the 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.
1.9
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.10
Retirement benefits
The company operates a defined contribution pension scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.12
Repayment of indemnity commission is estimated at 1.5% of annual turnover, being the director's best estimate of the liability at the year end.
1.13
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
17
17
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 June 2023
26,855
125,001
151,856
Additions
3,960
3,960
At 1 December 2023
30,815
125,001
155,816
Depreciation and impairment
At 1 June 2023
18,625
73,807
92,432
Depreciation charged in the period
901
3,871
4,772
At 1 December 2023
19,526
77,678
97,204
Carrying amount
At 1 December 2023
11,289
47,323
58,612
At 31 May 2023
8,230
51,194
59,424
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
8,473
22,670
Corporation tax recoverable
115,493
115,493
Other debtors
410,204
388,649
Prepayments and accrued income
49,190
89,922
583,360
616,734
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
1,854
2,263
Amounts owed to group undertakings
226,550
184,976
Corporation tax
191,377
106,051
Other taxation and social security
10,073
5,970
Accruals and deferred income
14,452
37,816
444,306
337,076
6
Provisions for liabilities
2023
2023
£
£
Repayment of indemnity commission
13,858
29,557
Deferred tax liabilities
7
13,431
13,576
27,289
43,133
Movements on provisions apart from deferred tax liabilities:
£
At 1 June 2023
29,557
Reversal of provision
(15,699)
At 1 December 2023
13,858
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2023
Balances:
£
£
Accelerated capital allowances
13,431
13,576
2023
Movements in the period:
£
Liability at 1 June 2023
13,576
Credit to profit or loss
(145)
Liability at 1 December 2023
13,431
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 DECEMBER 2023
- 6 -
8
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
176,288
176,288
176,288
176,288
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2023
£
£
Within one year
31,867
32,157
Between two and five years
77,500
93,289
109,367
125,446
10
Events after the reporting date
On 2 December 2023, 100% of the share capital in the company’s parent company, Wade Corporate Services Limited, was acquired by Foster Denovo Group Limited.
WADE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 DECEMBER 2023
- 7 -
11
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Other interest receivable
2023
2023
£
£
Key management personnel
4,541
7,712
The following amounts were outstanding at the reporting end date:
2023
2023
Amounts due from related parties
£
£
Key management personnel
240,720
226,285
Other information
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 related party transactions with wholly owned subsidiaries within the group.
12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
S Conway - director
2.25
161,618
7,120
168,738
161,618
7,120
168,738
Interest amounting to £1,879 (2023 £3,206) bas been charged on the loan at the HMRC Official Rate of Interest of 2.25% (2023 2.25%/2.00%)
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