Company registration number 02108373 (England and Wales)
WEALTHSPEND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WEALTHSPEND LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
WEALTHSPEND LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
163,725
168,662
Investment property
4
7,838
12,388
171,563
181,050
Current assets
Stocks
48,673
95,799
Cash at bank and in hand
959,798
1,012,507
1,008,471
1,108,306
Creditors: amounts falling due within one year
5
(143,028)
(168,781)
Net current assets
865,443
939,525
Total assets less current liabilities
1,037,006
1,120,575
Provisions for liabilities
(627)
(532)
Net assets
1,036,379
1,120,043
Capital and reserves
Called up share capital
1,002
1,002
Revaluation reserve
6
121,500
121,500
Profit and loss reserves
913,877
997,541
Total equity
1,036,379
1,120,043

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 year ended 30 June 2024 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 members have not required the company to obtain an audit of its financial statements for the year 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.

WEALTHSPEND LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mr K Hood
Director
Company registration number 02108373 (England and Wales)
WEALTHSPEND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Wealthspend Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Market Street, Wymondham, Norfolk, England, NR18 0AJ.

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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- 2% straight line
Fixtures and fittings
- 20% straight line
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

WEALTHSPEND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 8

2024
2023
Number
Number
Total
10
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
271,766
11,756
283,522
Additions
-
0
1,994
1,994
At 30 June 2024
271,766
13,750
285,516
Depreciation and impairment
At 1 July 2023
105,904
8,955
114,859
Depreciation charged in the year
5,435
1,497
6,932
At 30 June 2024
111,339
10,452
121,791
Carrying amount
At 30 June 2024
160,427
3,298
163,725
At 30 June 2023
165,862
2,800
168,662
WEALTHSPEND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
7,838

 

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89
13
Corporation tax
10,734
27,071
Other taxation and social security
9,070
17,552
Other creditors
123,135
124,145
143,028
168,781
6
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
121,500
121,500
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